ADMS 2610 Lecture Notes - Ultra Vires, Public Knowledge, Insurable Interest

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Regular corporations: same powers as a natural person, limitations through internal bylaws (articles of incorporation) are not public knowledge but may in certain cases bind the public. Special act corporations: powers controlled by special act, limitations are public knowledge because they are contained in a statute. Ultra vires (an act that is beyond the legal authority or power of a legislature or corporate body) Special act corporations: not bound by contracts that are ultra vires. Regular corporations: bound by contracts that are ultra vires internal management rule. Ability to enter into contracts (collective bargaining agreements) allowed under labour legislation: normally would be unenforceable (restraint of trade) Declared bankrupts have limited capacity to contract. Until receipt of a discharge, the person may not enter into any contract except for necessaries. Contracts that offend public good are unenforceable. Contracts whose purpose is illegal, may be illegal are enforceable.

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