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York University (33,553)
ADMS 2610 (409)
Sam Ling (23)
Lecture 2

Lecture 2 - The Law of Contract [Chapter 9 - Legal Capacity to Contract and the Requirement of Legality]

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York University
Administrative Studies
ADMS 2610
Sam Ling

Lecture 2The Law of Contract ADMS 2610Ling Part 3Chapter 9Legal Capacity to Contract and the Requirement of LegalityOverviewCorporations Labour unions Bankrupt personsCorporationsTypes of corporations o Regular corporationsSame powers as a natural person Limitations through internal bylaws articles of incorporation are not public knowledge but may in certain cases bind the publico Special act corporationsPowers controlled by special act Limitations are public knowledge because are contained in a statuteUltra vires o An act that is beyond the legal authority or power of a legislature or corporate body o Special act corporationsNot bound by contracts that are ultra vires o Regular corporationsBound by contracts that are ultra viresinternal management ruleOther EntitiesLabour unions o Ability to enter into contracts collective bargaining agreements allowed under labour legislation Normally would be unenforceable restraint of tradeBankrupt persons o Declared bankrupts have limited capacity to contracto Until receipt of discharge bankrupts can only enter into contract for necessaries
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