Topic 1-3

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Derecho Flashcards on Topic 1-3, created by gerard fauria on 12/05/2019.
gerard fauria
Flashcards by gerard fauria, updated more than 1 year ago
gerard fauria
Created by gerard fauria almost 5 years ago
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Question Answer
What is a partnership at will? A partnership where no express agreement has been made concerning the duration/termination OR a partnership for a fixed term that is continued without new agreement made.
When do we talk about implied authority? P appoints A to an office-> usual authority of that office.
Explain Mercantil Credit Co Ltd v Garrod Partnership agreement prohibited P from selling cars - he does it. No actual authority, but he had apparent authority. Partnership is liable.
When will limited partners start having limited liability in a LP? When the certificate of registration is issued (partnership registered through delivery of statement of particulars to Registrar of Companies).
What are designated members in a LLP? Members who are notified to Companies House and have statutory obligations (filling accounts and administrative matters). There must be min. 2 in a LLP.
Explain Macaura v Northern Assurance M sold timber to his company. Timber burned. M had taken policies in his own name to protect it. But he no longer owned timber (now owned by company)-> no insurable interest.
Name the 4 alternative legal basis for disregarding the corporate veil Agency, trust, guarantee, and vicarious liability in tort
When is the evasion principle applied? -Wrongdoer has control of company -No innocent 3rd party interests in company -Wrongdoer using company to evade pre-existing or independent liabilities -C has no other remedy
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