UBML1053 BUSINESS LAW THURSDAY‚ 15 DECEMBER 2005 TIME: 2.00PM – 4.00PM (2 HOURS) BACHELOR OF COMMERCE (HONS) ACCOUNTING YEAR ONE Instructions to Candidates: Section A : [Total: 40 marks] 1. This section consist of ONE (1) compulsory question 2. Answer ALL the sub-questions. Section B : [Total: 60 marks] 3. This section consists of THREE (3) questions. 4. Answer only TWO (2) questions. 5. No marks will be given for any extra questions or sub-questions (i.e. parts a‚ b or c in a question) attempted
Premium Contract Contract law
Luis Armendia October 3‚ 2004 BUSINESS LAW UNIT ONE AND TWO QUESTIONS 1-4. Which source of law takes priority in the following situations‚ and why? a) A federal statute conflicts with the U.S. Constitution. A. CONSTITUTONAL LAW. Article VI‚ the Constitution is the supreme law; a law in violation of the Constitution will be declared unconstitutional and won’t be enforced. b) A federal statute conflicts with a state constitutional provision. A. STATUTORY LAW. A federal statute applies to all
Premium United States Constitution Law Constitution
in regard to insolvent trading and if they breach any law for insolvent trading what are the consequences they have to suffer and also law has given some defences for insolvent trading for directors in order to avoid penalty. S9 defines a director of a company- a person who is appointed to the position of a director or alternate director regardless of the name given to their position. Managing director is responsible for overall daily business. Non executive directors have part time involvement with
Premium Debt Managing director Bankruptcy
SAMPLE MULTIPLE CHOICE QUESTIONS QUESTIONS 1-3 Tricky‚ Esthero‚ and Macy decide to go into business together to promote new recording artists of alternative music genres‚ calling the business “Alternative Universe.” Assume for purposes of the following questions only‚ that they have chosen to operate the business as a general partnership‚ and that the partnership is formed in a jurisdiction that has adopted the Uniform Partnership Act (UPA). Tricky invested $1‚000‚ Macy invested $9
Premium Corporation Business law Partnership
Agency‚ with special focus on the liabilities involved between the parties. The Law of Agency: General Concepts Agency Laws comes under the purview of Commercial Law. The Indian Contract Act 1872‚ Section 182 defines an Agent as “a person employed to do any act for another or to represent another in dealings with third persons”. The other person to whom the agent is employed to is said to be the Principal. The law of agency helps form the different contractual‚ quasi-contractual relationships
Premium Contract Contract law Agency law
Law of Agency – the Contracts Act 1950 Great Northern Railway Co v Swaffield states that where impossible to get principal’s instructions‚ the agent’s action is necessary to prevent loss and the agent has acted in good faith‚ an agency of necessity arises. The Contracts Act 1950 states that an agent has to obey principal’s instructions. The Contracts Act 1950 states that an agent has to be careful‚ diligent and use any skill that he may
Premium Agency law Business law Agency
TOPIC THREE: LAW OF AGENCY * Nature and Creation of an Agent * Duties of an Agent to his Principal * Duties of a Principal to his Agent * Termination of Agency Contract NATURE OF AGENCY What is an agency? Section 135 of Contract Act 1950: “Agency is the relationship which subsists between the principal and the agent who has been authorized to act for him or represent him in dealings with others.” There are two types of agency contracts:- 1. Contract between principal & agent
Premium Agency Agency law Agent
an offer. According to section 13‚ "Tow or more persons are said to consent when they agree upon the same thing in the same thing in same sense." Thus‚ consent involves identity of minds in respect of the subject matter of the contract. In English Law‚ this is called ’consensus-ad-idem’. Contract act sec 14‚ is the which has been obtained by the free will of the parties. No pressure in the form of coercion fraud undue influence‚ mistake and misrepresentation in
Premium Contract
This case comes under Law of Agency. Agency Law is concerned with any “principal‚ agent and third party” relationship; a relationship in which one person has legal authority to act for another. Agency involves three parties : • Principal – Mr. Smithfield • Agent – U.K. Rail • Third Party – Pig resort/Care Centre Agency relationship may arise in five ways and one them which arise in this case is “Agency Of Necessity” and the requirements are : • Genuine necessity – there was a delay in delivering
Premium Business law Agency Agency law
BUSINESS ASSOCIATIONS OUTLINE I. Overview A. Major Course Themes i. Authority – what is corporation legally empowered to do and at what point is a corporation overstepping its bounds? ii. Responsibility – once authority has been established‚ what are the limitations of that authority – what is the duty of care? iii. Liability – what actions should directors take to insulate themselves and when can they be held liable for breaching duty of
Premium Partnership Business law Tort