legally there is no proper definition for equity but it can be described up to a certain standard. It is about flexibility, justice and fairness which require discretion and uncertainty. It acts as a supplement to the common law. Such as: Land Law, Contract Law, and Tort. Equity developed due to the lack of remedies and non-fulfillment of the common law and it could be said that equity came after the birth of common law to correct the strictness and harshness of common law. Lord Chancellor who introduced
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Determine whether you would incorporate and state the advantages and disadvantages of doing so. Running a health care organization should involve many people. Incorporating a vast number of multi-disciplinary specialists is required for the organization to be managed appropriately. This is helpful as it ensures that the facility has enough people with different levels of expertise and all medical fields are properly furnished with adequate personnel. This also helps patients know the health care
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CHAPTER 1 LAW OF CONTRACTS 2 Business Law Including Company Law 1.1 NATURE OF CONTRACT [Sections 1–2] INTRODUCTION We enter into contracts day after day. Taking a seat in a bus amounts to entering into a contract. When you put a coin in the slot of a weighing machine, you have entered into a contract. You go to a restaurant and take snacks, you have entered into a contract. In such cases, we do not even realise that we are making a contract. In the case of people engaged in trade
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1.0. INTRODUCTION A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement. Contract have a history that where or when established. Contract law is based on the principle expressed in the Latin phrase “pacta sunt servanda”, (“agreements must be kept"). The common law of contract originated with the now-defunct writ of assumpsit, which was originally a tort action based on reliance. Contract law falls within the general law of obligations
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SALES OF GOODS QSTN: Identify and discuss four remedies of a buyer of a defective product under the digital platform of OLX. The OLX platform is an advertisement of goods to be sold, and descriptions of goods are set out there. For a binding contract to be formed, a definite offer must be followed by unequivocal acceptance . An offer is an expression of willingness to contract made with the intention that it shall become binding on the offeror as soon as it is accepted by the offeree. An invitation
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LAW/421 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in Week Five. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Introduction to Law Objective: Define the functions of law in society. 1. Precedent evolves from a. state and federal constitutions b. state and federal
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1. Richard and Suzanne Williams owned Sycamore City Cheese Co. Sycamore City sold its products to three major customers that used the cheese as a “filler” to blend into their cheeses. In 1982, Mark Case, a certified public accountant, became Sycamore City’s accountant and the Williams’ personal accountant. The Williams had known Case since he was seven years old, and even before he became their accountant, he knew the details of Sycamore City’s business. Case’s duties went beyond typical accounting
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MEANING, CHARACTERISTICS AND TYPES OF A COMPANY INTRODUCTION Industrial has revolution led to the emergence of large scale business organizations. These organization require big investments and the risk involved is very high. Limited resources and unlimited liability of partners are two important limitations of partnerships of partnerships in undertaking big business. Joint Stock Company form of business organization has become extremely popular as it provides a solution to overcome the limitations
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1/13/16 The Basics of the Legal System – Chapters 1 & 4 Sources of Law in the U.S 1. The Constitution * The U.S. Constitution is the supreme law of the land * The U.S Constitution establishes the federal government and enumerates its powers * The body of the constitution * Creates the three branches of government and grants certain powers to each branch * The amendments to the constitution * Protect individual rights by putting limitations on the governments
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LESSON : 1 MEANING, CHARACTERISTICS AND TYPES OF A COMPANY STRUCTURE 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.0 Objective Introduction Meaning of Company Characteristics of a Company Distinction between Company and Partnership Types of Company Summary Keywords Self Assessment Questions Suggested Readings OBJECTIVE After reading this lesson, you should be able to: (a) (b) (c) 1.1 Define a company and explain its features. Make a distribution between company and partnership firm. Explain the various
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