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The Principle Regarding the Two Terms of the Report

   

Added on  2019-10-31

6 Pages900 Words313 Views
Running head: BUSINESS LAW AND ETHICSContractual ProblemsName of the student:Name of the university:Author note:

1BUSINESS LAW AND ETHICSTable of ContentsIntroduction:...............................................................................................................................2Discussion:.................................................................................................................................2Directing mind and will:.........................................................................................................2Piercing the corporate veil:.....................................................................................................3Conclusion:................................................................................................................................4Reference:..................................................................................................................................5

2BUSINESS LAW AND ETHICSIntroduction:The principle regarding the two terms of the report is related to the company law. It isto be stated that the phrases of this report have been important in nature regarding the legalnature of the company and it is necessary to define the provision of the terms practically sothat it is possible to understand the scope of the two terms. Discussion:Directing mind and will:There is no particular definition provided in any of the legislation regarding theessentiality of the terms “directing mind and will”. It can be stated literally that the termdenotes the person who are generally directed the mind and will of the company (De Wet2017).It is a well principle of law that company has a separate legal entity and the companywill not be held liable for the wrongful acts of the directors or the shareholders of thecompany. It is a fact that though the company is a separate legal entity and it is not liable forany acts of the member of the company, it is not a person (Flint 2016). It is not possible forthe company to work alone without the help of the directors and stakeholders. In certain caselaw, it has been observed that the directors will be held liable if there is any discrepancieshappened regarding the company matter. The same principle was adopted in the case of DPPv Kent and Sussex Contractors Ltd [1944] KB 146. The necessity regarding the directing the mind and will was followed in the case of theLennard’s Carrying Co. Ltd v Asiatic Petroleum Co. Ltd [1915] AC 705. The directors ofthe company are usually engaged with the company affairs and take all the important

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