Law for Business Managers

Law for
Business Managers

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
Enforceability of Promises..........................................................................................................1
PART 2............................................................................................................................................3
Doctrine of tort............................................................................................................................3
PART 3............................................................................................................................................6
“A corporation may be defined as a legal entity or artificial person”.........................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Law can be referred to as the rules and provisions that are enforced by statutory bodies
within a nation in a bid to execute regulation of business operations and individual's activities.
There are several laws which can be applied upon organisations for provision of legal support to
corporate activities. In this regard, it is well known that an important and crucial element in
relation to management of business and conduction of its day to day activities is formulation of
contracts or binding promises. Case laws are the guidance in accordance with which many
disputes or conflicts arising within the course of an individual's life or business, are resolved.
The present report is categorised into 3 sections. The first section throws light upon 3 promises
and the decision based on case laws whether they are binding or not. The second part is
concerned about doctrine of tort. The last section put forth the features of artificial personality.
PART 1
Enforceability of Promises
In terms of law, a promise is acknowledged to be a firm agreement made in a bid to
execute an act, refrain from acting or making a payment or delivery. The parties to a promise are
regarded to be a promisor as well as a promisee. A promise which is made in written form is
called agreement, which is affixed with a seal to be called as a covenant. There is nothing lawful
within a promise and it is just acknowledged to be declaration made by one individual to another
one in return of a significant consideration. In the given case, there are different types of promise
which are made by Sergio to his son Alexander, his secretary and Natasha ( the local newsagent )
in exchange of 3 different amounts in case the promises are met within the defined time. In
relation to this, there are certain legal provisions that are required to be fulfilled in order to make
a promise legally binding in nature. With respect to this, it is known that the legality of a promise
does not depend upon the promise being made in oral terms or in written form. The legal
provisions associated with a legally binding promise are described as follows:-
 In order to make a promise binding upon the promisor, there must be adequate
consideration. This is regarded to be one of the most crucial elements which state that
promise can not be made in the absence of a consideration.
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