Civil liabilities, Business Law and Ethics

Assignment Help:

Civil Liabilities:

LIABILITY FOR FAILURE TO STATE ANY MATTER OR REPORT

At Common Law, a contract of allotment is not a contract Uberrimae Fidei. The company is therefore not under a legal obligation to disclose or state in its prospectus any relevant matter or report. The allottee of shares has, therefore, no remedy against the company if he bought the shares which he would not have bought had the company made the relevant disclosure. This rule has not been changed by the disclosure requirements of the Companies Act.

However, the allottee may have a remedy for an omission if the failure to state any relevant fact had the indirect effect of rendering a stated fact untrue, with S.48 (a) of the Act. For example, in COLES v WHITE CITY (MANCHESTER) GREYHOUND ASSOCIATION LTD the prospectus stated that the land to be acquired by the company was "eminently suitable" for greyhound racing. No mention was made of the fact that approval of the local council was required in order to build public stands and kennels. This was held by the Court of Appeal to be a ground for rescission by the plaintiff.


Related Discussions:- Civil liabilities

Definitions of phoenix activity, phoenix activity involves "the evasion of ...

phoenix activity involves "the evasion of tax and other liabilities, such as employee entitlements, through the deliberate, systematic and sometimes cyclic liquidation of related c

Determine the complexities of the policy process, Determine the Complexitie...

Determine the Complexities of the policy process Complexity of the policy process, affects the form of delegation of powers to the agents by the principal. When there are a lar

What do you mean by breach of duty, What do you mean by breach of duty? ...

What do you mean by breach of duty? Breach of duty: It is based onto a “reasonable man” would conclude if there has been any negligence, so. The basis stems through what

canadian business law assignment help, Are you searching Canadian business...

Are you searching Canadian business law assignment tutors for help in your college and university assignments? Do you need expert’s assistance in Canadian law assignments? We at w

What are the main objectives of contract administration, QUESTION (a) W...

QUESTION (a) What is a contract and what are the elements of a valid and enforceable contract according to English Law? (b) List down 5 main documents which form part of a b

Agency, John owns a 1951 Mercedes Sl that he wishes to sell. He instructs R...

John owns a 1951 Mercedes Sl that he wishes to sell. He instructs Ross to sell the car, and in return, will be paid £5,000 commission. Ross manages to find a buyer, Paul, Paul and

Registered companies, Registered Companies: A registered company is fo...

Registered Companies: A registered company is formed by registration under the Companies Act. It is this type of company that people usually have in mind when they talk of "a

#title.CONTRACT., WHAT ARE MITIGATING FACTORS OF A CONTRACT

WHAT ARE MITIGATING FACTORS OF A CONTRACT

Explain the open method of coordination, Explain the open method of coordin...

Explain the open method of coordination There are at least five levels at which coordination can occur such as, - international, regional, national, sub-national and sectoral

Strategic planning, Select an existing business that utilizes short, medium...

Select an existing business that utilizes short, medium, and long-term strategic planning. You may also use your own company. Consider how the organization's operational-level plan

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd