Legal Relations Chap 16

  1. Identification Theory
    A theory specifying that a corporation is liable when the person committing the wrong is the corporations directing mind.
  2. Regulatory Offences
    An offence contrary to the public interest.
  3. Fiduciary Duty
    Can not intercept a corporate opportunity - A business opportunity in which the corporation has an interest.
  4. Duty of Competence
    Directors and officers must meet a general standard of competance
  5. Derivative Action
    Suit by a shareholder on behalf of a corporation to enforce a corporate cause of action
  6. Oppression Action
    Statutory remedy available to shareholders to protect their corporate interests
  7. Shareholders Agreement
    Agreement that defines the relationship among people that have an ownership interest in a corporation
  8. Unanimous Shareholder Agreement
    Agreement among all shareholders that restricts the power of the directors to manage the corporation.
  9. Termination of a Corporation
    • Winding up - process of dissolving
    • Lapse - neglect to file annual report
    • Court order - shareholders wrongfully treated and this is the only way to do justice
    • Bankruptcy - usually leads to dissolution
Card Set
Legal Relations Chap 16
Legal Relations Chapter 16