CORPORATIONS LAW ASSIGNMENT 1 THE LEGAL CONCEPT OF AGENCY Part A INTRODUCTION The legal concept of agency plays an essential role under commercial transactions. This essay will first explain the definition of agency and methods of creating agency relationship‚ then the benefits and drawbacks of agency will be illustrated. Finally‚ there are two examples presenting formal and informal agency relationship. THE LEGAL CONCEPT OF AGENCY An agency refers to a legal relationship between agent and
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Monopolistically competitive market In Principles of Economics (third edition)‚ N. Gregory Mankiw describes the market as the combination of buyers and sellers of a particular good or service (64). Economists have defined three key elements for any industry to be classified in the market: the number of firms‚ the similarity of the products and the ease of entering a certain industry. By using these features‚ four market structures can be classified—perfect competition‚ monopolistic competition‚
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1) Tender of performance is another term for completion of performance. Answer: FALSE Diff: 1 Topic: Substantial Performance: Minor Breach 2) Substantial performance constitutes a minor breach of the contract. Answer: TRUE Diff: 2 Topic: Substantial Performance: Minor Breach 3) When there is substantial performance of a contract with a minor breach‚ the other nonbreaching party may sue to recover the cost to repair the defect. Answer: TRUE Diff: 1 Topic: Substantial Performance:
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Binding Precedent The English Legal System is hierarchical whereby the decision of a higher court binds lower courts. The doctrine of binding precedent‚ stare decisis‚ (stand by things decided) is at the core of the legal system. The Superior Court is at the top of the legal pyramid and its decisions bind all lower courts‚ except on civil cases involving European law where the European Court of Justice is the court of last resort. Below the Superior Court‚ we have the Court of Appeal‚ and it is
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Judicial precedent is the source of law where past decisions create law for judges to refer back to for guidance in future cases. Precedent is based upon the principle of stare decisis et non quieta movere‚ more commonly referred to as ‘stare decisis’‚ meaning to “stand by decided matters”. A binding precedent is where previous decisions must be followed. This can sometimes lead to unjust decisions‚ which I will address when talking about the advantages and disadvantages of binding precedent. First
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1. ------------------------------------------------- Basic Legal Notions Law - is a set of rules that is binding the community. A set of rules that can be enforced and is officially recognized. Law must be capable or reform and change as society’s values and ethics change. Relationship between customs‚ rules and laws- Customs and rules govern behavior but the courts do not enforce them on community members. The community may generally see a custom as right but it is not legally enforceable.
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PROJECT: Chicken Point Cabin LOCATON: Chicken Point‚ Idaho‚ U.S.A. OWNER: Unknown ARCHITECT: Olson Kundig Allen Architects CONSULTING ENGINEERS: Monte Clark Engineering CONTRACTOR: Doric Creager‚ MC Company‚ Spokane FUNCION: Residential Architecture PROJECT COMPLETION: 2002 The Chicken Point Cabin is Located in the North Western area of the states‚ Idaho. In Idaho the climates are similar to its neighbor state Washington where it is much cloudy and precipitates almost
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Court...................................................................................................... 5 Ratio Decidendi & Obiter Dictum ......................................................................................... 6 Types of Precedent ................................................................................................................ 7 (1) Decisions of courts lower in the hierarchy........................................................................ 9 (2) Decisions
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Part 1. Judicial Precedent “Stare decesis et non quieta movere” – roughly translated means “Stand by what has been decided and do not unsettle the established” - This is the main legal principle‚ which judges are obliged to follow the already set-up precedents‚ established by prior decisions. This means that a decision made in one case can be binding on all following cases under similar circumstances. The principle of stare decisis consists of two components. The first is the rule that a decision
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Judicial Precedent is another important source of law‚ it is an independent source of law‚ where there are no legislations on the particular point in statute Books‚ and Judicial Precedent works great. Judicial precedent has been accepted as one of the important sources of law in most of the legal systems. It is also a continuous‚ growing source of law. According to Salmond‚ the doctrine of precedent has two meanings‚ namely (1) in a loose sense precedent includes merely reported case-law which may
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