Premium Essay

Business and Corporate Law


Submitted By Pirateyork
Words 322
Pages 2
Mr. Balfour (D) and Mrs. Balfour (P) lived in Ceylon and visited England on a vacation. The plaintiff remained in England for medical treatment and the defendant agreed to send her a specific amount of money each month until she could return. The defendant later asked to remain separated and Mrs. Balfour sued for restitution of her conjugal rights and for alimony equal to the amount her husband had agreed to send.

Mrs. Balfour obtained a decree nisi and five months later was granted an order for alimony. The lower court entered judgment in favor of the plaintiff and held that the defendant’s promise to send money was enforceable. The court held that Mrs. Balfour’s consent was sufficient consideration to render the contract enforceable and the defendant appealed.

Must both parties intend that an agreement be legally binding in order to be an enforceable contract?
Under what circumstances will a court decline to enforce an agreement between spouses?
Holding and Rule
Yes. Both parties must intend that an agreement be legally binding in order to be an enforceable contract.
The court will not enforce agreements between spouses that involve daily life.
Agreements between husband and wife over matters that affect their daily lives are not subject to contractual interpretation, even when consideration is present. Spouses normally intend that the terms of their agreements can be varied as situations develop. The court held that it was presumed that the parties made the agreement as husband and wife and did not intend that it could be sued upon. The court held that as a matter of public policy it could not resolve disputes between spouses.

Judgment for plaintiff Mrs. Balfour reversed.

Contracts related to the social aspect of marriage will not be enforced by the courts. Contracts between spouses related to business relationships can

Similar Documents

Premium Essay

Business Law and Corporate Ethics

...| | Business Law and Corporate EthicsBe Careful What You Sign| | Tiffany Sigala| 7/30/2014| The purpose of this essay will be to state my opinion of which country the dispute should be handled in.| If Letisha does not pay and Sudson sues her for breach of contract, what legal arguments could be raised in Letisha’s defense against the enforcement of the automatic renewal clause? According to, some state and local laws do not enforce automatic renewal clauses are. Without knowing what state or locality she lives in, it would be hard to tell for sure if this fact would help her or not. It is important to not only read the full contract before signing it, but also consult state and local laws. In an article found on[->0], sometimes a renewal clause that shocks the court might not be enforced. This might be something that works in Letisha’s favor because part of Sudson’s renewal clause is that the lease will renew for three terms of five years each, which seems a bit outrageous. The same website says that some states also require companies to send out a notice advising customers of the provision for automatic lease renewal. It does look like Letisha may have a couple of ways that she might be able to get out of paying Sudson’s for another fifteen years. What legal arguments could be raised by Sudson in support of the enforcement of the automatic renewal clause against Letisha? The only argument I can find is that...

Words: 744 - Pages: 3

Premium Essay

Enviromental Law

...Enviromental Law There are many differences between corporate law and environmental law; however, the similarities that exist are numerous as well. Although the environmental and business world are constantly changing due to advances in technology, law ethic, and human rights issues, the world of law changes and develops just as quickly to govern the two ever changing types of law. Although changes are made to corporate and environmental law somewhat often, the differences and similarities are always easily seen. To begin with, lawyers interpret the law through actions and words for the protection of an individual, a business, concern, or an idea. They must be highly educated in several important areas: the law, economics, history, human motivation and behavior, and the practicalities of day to day living. The education of lawyers never ends because they must constantly be informed of important information, which may be of use to the client. Their education is also considered never to end because of the fact that the law is always changing and evolving. Environmental law is one of the newest entries in the legal world. Environmental law requires a concern for the nation's resources, knowledge of where the resources are, what they are used for, how and why they may be endangered, damaged, or exploited. Environmental law also requires a concern for those whose job it is to protect them (Vig 120). Environmental lawyers may work alone or in a group. Environmental lawyers...

Words: 2427 - Pages: 10

Premium Essay

Acf 2011 Sem 2

...Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT University Swinburne University of Technology The University of Ballarat The University of Melbourne Victoria University WESTERN AUSTRALIA...

Words: 16200 - Pages: 65

Premium Essay


...Berkeley Journal of International Law Volume 26 | Issue 2 Article 5 2008 Corporate Governance as Social Responsibility: A Research Agenda Amiram Gill Recommended Citation Amiram Gill, Corporate Governance as Social Responsibility: A Research Agenda, 26 Berkeley J. Int'l Law. 452 (2008). Available at: This Article is brought to you for free and open access by the Law Journals and Related Materials at Berkeley Law Scholarship Repository. It has been accepted for inclusion in Berkeley Journal of International Law by an authorized administrator of Berkeley Law Scholarship Repository. For more information, please contact Gill: Corporate Governance as Social Responsibility: A Research Agenda Corporate Governance as Social Responsibility: A Research Agenda By Amiram Gill* In the post-Enron years, corporate governance has shifted from its traditional focus on agency conflicts to address issues of ethics, accountability, transparency,and disclosure. Moreover, corporate social responsibility (CSR) has increasinglyfocused on corporate governance as a vehicle for incorporating social and environmental concerns into the business decision-making process, benefiting not only financial investors but also employees, consumers, and communities. Currently, corporate governance is being linked more and more with business practices and public policies that are stakeholder-friendly. This ...

Words: 13200 - Pages: 53

Premium Essay


...HI5027 Corporate Law About companies § Introduction to companies § The architecture of companies § Historical development § Separate legal personality Week 1 Introduction to Companies Company Law HI5027 Corporate Law Holmes Institute 2011 2 Introduction to companies Companies § What are companies and why do we have them? § What are the key attributes of a company? § The dominant form of business organisation § Over 1.7 million companies in Australia § Created through a process of registration under statute - an artificial legal person § Have the special legal attribute of separate personality HI5027 Corporate Law Holmes Institute 2011 3 HI5027 Corporate Law Holmes Institute 2011 4 What is the purpose of companies? Small and large companies § Traditionally, a means by which a large group of people with capital and management resources could come together to conduct an enterprise on an ongoing basis § Now also widely used for small business and by individuals § Most companies are small businesses § About 2,000 companies are listed. (Listed companies are companies in which you can buy or sell shares through the ASX.) HI5027 Corporate Law Holmes Institute 2011 5 HI5027 Corporate Law Holmes Institute 2011 6 1 The architecture of companies Capital structure § Capital structure Ø equity capital (shares) Ø debt capital § Management structure Ø board of directors and other officers Ø members (shareholders) ...

Words: 1117 - Pages: 5

Premium Essay

Addressing Challenges of Groups and Teams

...RUNNING HEAD: Riordan Corporate Compliance Plan Gregory L. Flanders Business LAW 531 Professor Linda Fried 17 July 2011 Corporate Compliance Plan Date: July 18, 2011 Subject: Riordan Corporate Compliance Plan To: Riordan Executive Officers and Directors I. Introduction Riordan Manufacturing was founded in 1991 with patent awards from processing polymers into strong plastic substrates. Riordan Manufacturing is a profitable plastics manufacturer with annual earnings of $46 million. The company is wholly owned by Riordan Industries, a Fortune 1000 company with revenues over $1 billion. The products include plastic beverage containers produced at the plant in Albany, Georgia, custom plastic parts produced at the plant in Pontiac, Michigan, and plastic fan parts produced at the facilities in Hangzhou, China. The company's research and development is done at the corporate headquarters in San Jose. Riordan’s major customers are automotive parts manufacturers, aircraft manufacturers, the Department of Defense, beverage makers and bottlers, and appliance manufacturers (University of Phoenix, 2003). II. Corporate Compliance Overview Senior leadership for Riordan Manufacturing, Inc. created a corporate compliance plan tailored to the corporation’s specific areas of plastic research and development, design, and manufacturing business. Riordan’s policies set forth in this document applies equally and legitimately to each employee without any regard to...

Words: 2523 - Pages: 11

Premium Essay

Company as a Juristic Person: Kenya Perspective

...Running Head: Business Law Business Law Oweya Vincent Makaya University of Nairobi THE COMPANY AS A JURISTIC PERSON VERSUS RESPONSIBILITY FOF THE DIRECTOR’S ACTIONS. Introduction: For a very long time a company has been treated as a corporate entity or a juristic person. In fact the concept of limited liability stems from this premise. Despite being an artificial person a company is wholly a creature of human beings, by human beings and for human beings. It solely rely on humans to conduct and transact any business. This research paper seeks to examine the concept of juristic personality, its advantages and its relationship with its owners. It delves into how decisions are made by this juristic personality, its liabilities and liabilities of those running it. The paper shall seek to examine if this veil of juristic person exists permanently or it can be lifted. What are the consequences of lifting that gown of juristic personality? The Concept of juristic personality. Companies and corporations are said to be legal or juristic personalities. This arises from the incorporation process. A corporation is a word that is said to have been derived from a Latin word corpus which means among other things “body”. An incorporated body becomes what is known as a “corpora coporata” in Latin or corporate body. The idea of a juristic person in law refers to an entity recognized in law as an artificial person. What this means is the entity recognized...

Words: 3144 - Pages: 13

Premium Essay

Du Lich

...Corporate governance Corporate governance: basic stance Honda considers corporate governance one of the most important management issues. We’re strengthening it on the basis of our fundamental corporate philosophy, aiming to have the global community—including our customers, shareholders and investors—place even greater trust in us as we strive to be a company society wants to exist. To ensure objective oversight of management, Honda appoints outside directors to its Board of Directors and outside auditors to its Board of Auditors. To strengthen its business execution system in each region and workplace, as well as enhance the supervisory function of the Board of Directors, Honda has introduced an Operating Officer System. To help its Board of Directors respond quickly to changing business environments, as well as to improve the flexibility of its decisionmaking process, Honda limits directors’ assignments to one year and Corporate Governance: Organization Board of Auditors: 5 Auditors (Outside Auditors: 3 Auditors) Business Ethics Committee: 6 Officers Compliance Officer Regional Sales Operations (Japan) Regional Operating Board Risk Management Officer Regional Operations (North/ Central America) Regional Operating Board determines their compensation in accordance with business results. Based on its fundamental corporate philosophy, Honda has refined its organizational structure. A general manager from the Board of Directors or an Operating Officer is now assigned to...

Words: 2162 - Pages: 9

Premium Essay

Business Communication

...THE DOCTRINE OF PIERCING THE CORPORATE VEIL: ITS LEGAL AND JUDICIAL RECOGNITION IN ETHIOPIA Endalew Lijalem Enyew ♣ Abstract: Upon acquisition of legal personality a company enjoys certain attributes such as limited liability. While the separate legal personality of a company enables it to enjoy rights and assume obligations quite different from its members, the limited liability of shareholders refers to the fact that the company alone is liable for its debts. However, such privilege of limited liability may not always exist when the legal personality of a company is abused and used for illegitimate or unlawful purposes and other reasons. This article examines some of the grounds by which the corporate veil can be pierced under Ethiopian law and the role of courts in recognizing the doctrine. Based on the analysis of the relevant legislative provisions and some court cases, it is found that Ethiopian company law, though not sufficient, provides some clear grounds of piercing the corporate veil and certain possible grounds which may call for the application of the doctrine. It is also argued that Ethiopian courts should apply the doctrine of piercing the corporate veil, through the purposive interpretation of the statutory provisions, if doing so produces equitable results and fairness. Key Words: Company, corporate veil, piercing the veil, Ethiopia DOI _____________ Introduction The separate legal personality of a company renders...

Words: 17819 - Pages: 72

Premium Essay

Dimensions of Csr

...The four main dimensions of corporate responsibility For CSR to be accepted by a conscientious business person, it should be framed in such a way that the entire range of business responsibilities is embraced. It is suggested here that four kinds of social responsibilities constitute CSR; Economic, Legal, Ethical and Philanthropic. These four categories or components of CSR are commonly depicted as a pyramid . Economic Responsibilities A company's first responsibility is its economical responsibility. As such, its principal role is to produce goods and services that consumers needed and wanted and to make an acceptable profit in the process. A company needs to be primarily concerned with turning a profit. This is for the simple fact that if a company does not make money, it cannot stay afloat, employees will lose jobs and the company will be unable to take care of its social responsibilities. At some point the idea of the profit motive got transformed into a notion of maximum profits, and this has been an enduring value ever since. All other business responsibilities are predicated upon the economic responsibility of the firm, because without it the others become moot considerations. The table below shows the components of economical responsibilities | Components of Economical responsibility | 1. | It is important to perform in a manner consistent with maximizing earnings per share | 2. | It is important to be committed to being as profitable as possible | 3. | It is important...

Words: 1039 - Pages: 5

Premium Essay


...The Role of Corporate Law in Preventing a Financial Crisis: Reflections on In re Citigroup Inc. Shareholder Derivative Litigation Franklin A. Gevurtz* TABLE OF CONTENTS I. INTRODUCTION .................................................................................................. II. CITIGROUP AS A CASE STUDY IN EXCESSIVE RISK-TAKING .............................. III. TOOLS FOR CURBING EXCESSIVE RISK-TAKING AND THE ROLE OF CORPORATE LAW ............................................................................................... A. The Tools for Curbing Excessive Risk-taking ............................................. 1. Regulation of Business Activities .......................................................... 2. Capital Requirements ........................................................................... 3. Compensation Rules ............................................................................. 4. Liability for Unreasonable Risks .......................................................... 5. Selection of Management (Rules of Corporate Governance) ............... B. Dividing the Tools Between Banking and Corporate Law .......................... IV. WHY IT MATTERS: CITIGROUP AS AN ILLUSTRATION OF THE LIMITATIONS OF STATE CORPORATE LAW ........................................................ A. Citigroup As a Case Study In Weak Corporate Law................................... 1. Overview ..................................................

Words: 22913 - Pages: 92

Premium Essay

Corporate Governance

...Bond Law Review Volume 15 Issue 1 Special Issue: Comparative Corporate Governance 7-1-2003 Article 13 Corporate Governance in Malaysia Kamini Singam Recommended Citation Singam, Kamini (2003) "Corporate Governance in Malaysia," Bond Law Review: Vol. 15: Iss. 1, Article 13. Available at: This Article is brought to you by the Faculty of Law at ePublications@bond. It has been accepted for inclusion in Bond Law Review by an authorized administrator of ePublications@bond. For more information, please contact Bond University's Repository Coordinator. Corporate Governance in Malaysia Abstract This article examines the corporate governance system in Malaysia. A sound corporate governance system should help create an environment conducive to the efficient and sustainable growth in the Malaysian corporate sector. Since the Southeast Asian financial crisis in 1997 – 98 (‘financial crisis’), corporate governance has become a key policy issue confronting many Southeast Asian countries, including Malaysia. This article considers the distinctive problems of corporate governance in Malaysia, despite several steps for reform that have taken place since the financial crisis. There will be a brief discussion on the meaning of corporate governance and an overview of the present status of corporate governance in Malaysia, in particular after the financial crisis. Keywords corporate governance, Malaysia, Southeast Asian financial...

Words: 13068 - Pages: 53

Premium Essay


...ePublications@bond Corporate Governance eJournal Faculty of Law 4-12-2007 Corporate Social Responsibility: Impact of globalisation and international business Kim Kercher Bond University, Recommended Citation Kim Kercher. (2007) "Corporate Social Responsibility: Impact of globalisation and international business" ,, . This Journal Article is brought to you by the Faculty of Law at ePublications@bond. It has been accepted for inclusion in Corporate Governance eJournal by an authorized administrator of ePublications@bond. For more information, please contact Bond University's Repository Coordinator. Corporate Social Responsibility: Impact of globalisation and international business Abstract [Extract] Corporate Social Responsibility (CSR) is associated with the conduct of corporations and in particular whether corporations owe a duty to stakeholders other than shareholders. Whilst the phrase ‘Corporate Social Responsibility’ may be gaining momentum, the concept itself is not new. The question as to whether corporations owe duties to broader stakeholders has been debated at various times throughout the twentieth century. Keywords corporate social responsibility, corporations, globalisation, international business This journal article is available at ePublications@bond: Corporate Social Responsibility ‐   Impact of globalisation and international business    By Kim Kercher  ...

Words: 6423 - Pages: 26

Free Essay

Company Law

...Finance Ltd v Umunna represent the law in Singapore? To determine whether the decision in Island Export Finance Ltd (IEF Ltd) v Umunna represent the law in Singapore, the application of the common and statutory law will be used. Upon applying the right principles, the decision will represent Singapore law. Resignation to take up a corporate opportunity Singapore law states that the court held a director breached of his duty by taking up the opportunity if he resigns from a company to take up a corporate opportunity without the company’s permission where (i) the resignation was prompted or influenced by a desire to acquire the opportunity sought by the company or (ii) it was the director’s position with the company rather than a new initiative that led the director to the opportunity which the director later acquired. Intention for resignation A director will be held in breach of duty if his main intention of resignation is to take up the opportunity. Based on the facts, Umunna resigned due to his dissatisfaction with IEF. Hence, U was held not in breach of his fiduciary duty. This aligned with Singapore law as seen from Personal Automation Mart [PAM] v Tan Swe Sang where Tan resigns to take advantage of the contract sought by PAM and the court held that Tan had breached her fiduciary duties. Definition of corporate opportunity and source of information Singapore law defines a corporate opportunity as a business opportunity which the company is...

Words: 1718 - Pages: 7

Premium Essay


...Chapter 2 Corporate Social Responsibility, Corporate Governance and Corporate Regulation 2.1 Introduction CSR is increasingly an essential issue for companies.1 It is a complex and multidimensional organisational phenomenon that is understood as the scope for which, and the ways in which, an organisation is consciously responsible for its actions and non-actions and their impact on its stakeholders. It represents not just a change to the commercial setting in which individual companies operates, but also a pragmatic response of a company to its consumers and society.2 It is increasingly being understood as a means by which companies may endeavour to achieve a balance between their efforts to generate profits and the societies that they impact in these efforts.3 This chapter discusses these issues. First, it describes CSR and its core principles. Second, it describes CG and narrates CG’s convergence with CSR. Third, it highlights how different economies are incorporating CSR notions in their corporate regulation. 1 Jeremy Moon and David Vogel, ‘Corporate Social Responsibility, Government, and Civil Society’ in Andrew Crane et al. (eds), Oxford Handbook of Corporate Social Responsibility (2008) 303; David Vogel, The Market for Virtue: The Potential and Limits of Corporate Social Responsibility (2005); Nada K Kakabadse, Cecile Rozuel and Linda Lee-Davies, ‘Corporate Social Responsibility and Stakeholder Approach: A Conceptual Review’ (2005) 1(4) International ...

Words: 16989 - Pages: 68