NOVATION, COOMPENSATION, CONFUSION, REMISSION NOVATION- modification of an obligation. – changing the principal object of the obligation. = substitution of the person of the debtor. Compensation- takes place when 2 people on their own right are creditor and debtor of each other. Confusion- takes place when the character of the creditor or debtor are merge on the same person. PENAL CLAUSE- Is an accessory undertaking to assume greater liability on the part of the obligor in case of breach. PRINCIPAL
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profits, whichever is the higher.” The issue presented in this question is whether SF can enforce the above provision against WFJ. Based on the facts, the general law can be applied to determine the effectiveness of the provision. S39(1) of the Companies Act (“CA”) states that the memorandum and articles shall bind the company and the members as if the respective parties had signed and sealed in a contract to observe all the provisions of the memorandum and the articles. Hence, the provision in the article
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life, and property insurance to only name a few. Insurance agencies accumulate millions of dollars of risk that if not handled appropriately can result in devastating loses. But, what if an insurance company wants insurance or they realize they have taken on too much risk? There must be a way for insurance agencies to protect themselves from the potentially crippling risk they have put on themselves. The answer is reinsurance, ‘insurance for insurance agencies.’ Insurance agencies can transfer the risk
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Confidential Disclosure Agreement: This Agreement is entered into this 14th day of January, 2013 by and between Infinity Inc., with offices in Illinois (hereinafter "Recipient") and Heartlandangels.com, with offices in Illinois (hereinafter "Discloser"). WHEREAS Discloser possesses certain ideas and information relating to new energy technology that is confidential and proprietary to Discloser (hereinafter "Confidential Information"); and WHEREAS the Recipient is willing to receive disclosure
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What is human trafficking? Commonly referred to as "modern-day slavery" is the illegal trade of human beings in return for labor or for exploitation (Sex Trafficking in the U.S., 2013). “Trafficking in persons” means the recruitment, transportation, transfer, harboring, or receipt of persons, by means of the threat or use of force or other forms of coercion, of abduction, of fraud, of deception, of the abuse of power or of a position of vulnerability or of the giving or receiving of payments or benefits
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CONTRACTS Stages in the life of a contract: 1. Preparation/Generation 2. Perfection/Birth 3. Consummation/Death Characteristics of Contracts: (ROMA) 1. Relativity (Art. 1311) 2. Obligatoriness & Consensuality (Art. 1315) 3. Mutuality (Art. 1308) 4. Autonomy (Art. 1306) Stipulation pour Autrui - stipulation in favor of a 3rd party. Requisites: 1. The stipulation must be part, not whole of the contract; 2. the contracting parties must have clearly and deliberately conferred
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CONTRACTS Stages in the life of a contract: 1. Preparation/Generation 2. Perfection/Birth 3. Consummation/Death Characteristics of Contracts: (ROMA) 1. Relativity (Art. 1311) 2. Obligatoriness & Consensuality (Art. 1315) 3. Mutuality (Art. 1308) 4. Autonomy (Art. 1306) Stipulation pour Autrui - stipulation in favor of a 3rd party. Requisites: 1. The stipulation must be part, not whole of the contract; 2. the contracting parties must have clearly and deliberately conferred
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* Foreign Companies * Advance Rulings * Transfer Pricing * DTAA * Comprehensive agreements * Limited agreements * Other Agreements * Tax Information Exchange Agreement (TIEA) * Witholding Tax * Tax Law and Rules * Acts * Income Tax Act * Wealth Tax Act * Gift Tax Act * Expenditure Tax Act * Interest Tax Act * Finance Acts * Rules * Income Tax Rules *
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acceleration of the global economy Part 3. Multinational financial management: theory and practice I. The MNC’s Policies A. Main Objective of MNC: Maximize shareholders’ wealth B. Other Objectives Reflect Its Ability to Link:via affiliate transfer mechanisms C. Mode of Transfer: Reflects freedom to select a variety of financial channels. D. Timing Flexibility: Most MNC have some flexibility in timing of fund flows. E. Value: The ability to avoid national taxes has led to controversy. II. Functions of financial
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Part 1 Business Enterprises in China 1.0 Introduction 2.0 Proprietorships 3.0 Partnerships 4.0 Corporates 1.0 Introduction In the People’s Republic of China, business organizations may be classified in to three main classes: individual proprietorships, partnerships, and corporations. The laws that effect these forms of business enterprises are diverse. There is no single code or statute that governs the PRC law of business enterprises. According to the sources of capital, there are domestic
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