Company Law Study Outline Flashcards
A 10-card deck covering the main introductory company law outline topics from CL TOPIC 1, 2, and 3.
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Q. What is company law?
A. It is the study of the rules and principles that govern and regulate the affairs of a company or corporation.
Q. Name two broad types of corporations mentioned in the study outline.
A. Corporation sole and corporation aggregate.
Q. What is one key effect of incorporation on a company’s legal status?
A. Upon incorporation, a company becomes a separate legal entity distinct from its members.
Q. What does perpetual succession mean in relation to a company?
A. The company continues to exist despite changes such as death, bankruptcy, or insanity of its members.
Q. What does the doctrine of ultra vires mean?
A. It means 'beyond power'; any act done beyond the company’s powers under its constitutive documents is beyond its authority.
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