Chapter 5 - Pre-incorporation contracts Flashcards
What is common-law
Also known as case law or precedent. It is the law developed by judges through the decisions of courts and similar tribunals rather than through legislative statutes or executive branch action.
What is a pre-incorporation contract?
A contract entered into by a person who is acting on behalf of a company that does not exist yet.
What is a promoter?
The catalyst for the conclusion of a pre-incorporation contract.
What is Delegation?
The transfer of duties or liabilities.
What is cession?
The transfer of rights.
What is an option agreement?
An agreement between two parties that provides one of the parties with the right, but not the obligation, to buy, sell, or obtain a specific asset at an agreed-upon price at some time in the future.
Stipuleri Alteri
A contract that is concluded for the benefit of a third party.
