BUS2 365 Lecture Notes - Lecture 11: Supermarine S.5, Supermarine S.6, Sunk Costs

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Issues of capacity and authority have historically been problematic for creditors. Implications of the process of contracting that happens around the birth of a corporation around the process of incorporations. If not, can a corporation attract liability in contract before it"s formally incorporated: can liability under these contracts be imposed on the representatives of the corporation, all this in mind with goal of protecting creditors. Incorporation: corporation only exists in the eyes of the law through a process of registration. There is no discretion on issuance of incorporation: seen to come into existence on the date of the certificate. Facts: plaintiff, scott, agreed to purchase certain items from the defendant corporation by a certain date. In hindsight, cpw valve wanted to avoid this contract, so argued that scott"s corporation did not exist on june 15. Three possibilities: (1) date application is submitted with all requisite formalities having been satisfied.

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