Personhood, legal persons Flashcards
Main sub-categ of private law
contract law- promises must be kept
property law- property must be respected
tort law- harming others is not allowed
what is personhood
human beings with intact mental capacities. they have rights and obligations
what is a legal person
companies, they have assets, need to be represented, only the legal person can be held liable (limited liability), can be liable on the basis of tort. has rights and obligations
civil law
based on a code that covers parts of law
common law
based on precedents supplemented with statutes that cover parts of law
what is a legal transaction
an expression of will, having legal effects
what is an illegal transaction
when the subject is illegal
what is agency/ representations
natural persons that represent legal persons
what is actual authority
a principal is bound to the third party only by acts which are within the agent’s authority.
the principal is liable, not the agent
what is apparent authority
a principal is bound despite the absence of the actual authority if he has allowed another person to appear to the outside world to be his agent or the third party discovered the person is an agent and has entered into a contract with him
the principal did not inform the third party that this person is his agent
Direct representation (civil)/ disclosed agency (Engl)
a contract made by the agent with a third party will bind only the principal (the agent is known to work on the behalf of the principal)
Indirect representation (civil)
when the agent acts in his name, he acquires rights and liabilities
Undisclosed agency (Engl)
when the agent enters into a contract in his own name, the third party acquired rights against the agent and/or the principal, even though the principal was undisclosed when the contract was made.
the principal can then also sue the third party
