AFM231 Chapter Notes - Chapter 5: Legal Personality, Escalator, Liquidated Damages

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cyanbat359

19 Jun 2017

School

University of Waterloo

Department

Accounting & Financial Management

Course

AFM231

Professor

Sally Gunz

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Document Summary

Contract: a deliberate and complete agreement between two parties that is enforceable in a court of law o. Look into the definition o other party o. An agreement an offer to an agreement, and an acceptance from the. May be written or not written to do some act voluntarily. Complete (essential terms): agreement has to be certain/ complete o. Deliberate: must be entered willingly by both parties. Voluntary: made because both parties agree, not due to coercion, or o forced in o contract who have legal capacity o both sides o it is infinitely harder to do. Between 2 or more competent persons: must be at least 2 people in a. Not necessarily in writing: oral contracts are enforceable even though where writing is required (ch. At strict law (the statute of frauds), there are 3 big categories. Contracts requiring more than a year to perform.

Related Questions

Business law Agency and partnership 1.The creation of an agencyalways required a written document authorizing the agent to act forthe principal and signed by both the principal and the agent.T/F

2.No consideration is required to create an agency relationship.T/F

3.Failure to notify partner with whom an agent has dealt of hertermination can create liability to those parties under the theoryof apparent authority. T/F

4.Liability for the tortious acts of an agent will depend uponhow much control the principle had over the agent. T/F

5.General partner stand only to lose their investment in thepartnership if the partnership goes broke. T/F

6.Under the doctrine of respondent superior the principal isliable for any harm caused by his agent, when the agent is actingwithin the scope of his authority. T/F

7.If the partners fail to write down the proportional ownershipinterest then they will be presumed to be equal partners. T/F

8.In the absence of a written agreement, any partner can refuseto allow anyone to become a partner in his partnership, since it isa voluntary relationship. T/F

9.What is known by the agent is presumed to be known by theprincipal. T/F

10.A limited partnership only has limited partners. T/F

11.Limited partners have a limited right to manage thepartnership affairs. T/F

12.Partners cannot use the general partnership agreement to denythe claims of creditors of the partnership; if the assets of thepartnership are not enough to the debt of the partnership thenpartners are personally liable for the debts of the partnership.T/F

13.A partnership is not a tax paying entity, but must file a taxreturn. T/F

14.The principal of Marshaling of assets means that creditors ofan individual partner must first exhaust his assets before takingany partnership property. T/F

15.The statute of frauds does not generally require anypartnership agreement to be in writing. T/F

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AFM231 Chapter Notes - Chapter 5: Legal Personality, Escalator, Liquidated Damages

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