Management and Organizational Studies 2275A/B Lecture Notes - Lecture 7: Life Insurance, Indian Act

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: James Fraser Hildebrand

Document Summary

Corporation: capacity to contract is determined by legislation that formed corporation, usually, corporations have all contract rights as a person would due to it being an entity, if created by legislation, can have certain restrictions. If prohibited to participate in certain contract types, then all of those contracts are void. Now legislated for foreign countries in regards to trade. Treated like regular parties: trade unions and bankrupt both have limited capacity. Tu have capacity governed by legislation: indian act limits capacity of natives, for example they don"t have to worry about contracts like mortgage. Contracts must not have any illegal actions or must be in best interest/morally correct for it to be valid. Contracts performed illegally is when a contract is fulfilled in an unlawful way. In this situation, contracts may still legally be obligated to fulfill what is said even if contract is done in an illegal manner ex.