BADM*1010 Study Guide - Midterm Guide: Corporate Law, Accounts Receivable, Trust Company
Document Summary
Representation that helps you decide to enter into a contract. A misrepresentation about how a car has 2 thousand km. on it. 3 types of misrepresentation: innocent, negligent, fraudulent: non-est factum (this is not what i meant to sign) The situation where someone signs something but (cid:449)hat the(cid:455) sig(cid:374)ed (cid:449)as(cid:374)"t (cid:449)hat the(cid:455) thought they were signing. Being able to search the premises without giving prior warning, so the person is not given any chance to destroy the evidence: circumstances under partnership exists. Partnership: the relationship between 2 or more people carrying on a business with a view to profit. Suppose you and friend want to raise money for charity. This will not be a partnership because there is no profit, (cid:455)ou"re raisi(cid:374)g (cid:373)o(cid:374)e(cid:455) for charity. If (cid:455)ou"re i(cid:374) a (cid:374)or(cid:373)al part(cid:374)ership, (cid:455)our assets are lia(cid:271)le for the partnership debts. The partnership may have employees, that person runs up debts, your assets are liable to pay off those debts too.
