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

Describe the principal-agent framework, Describe the principal-agent framew...

Describe the principal-agent framework In standard principal-agent framework an agent may be directed to maximize an objective function which may or may not be different from

Determine the kinds of advocacy tactics, Determine the kinds of advocacy ta...

Determine the kinds of advocacy tactics The kinds of advocacy tactics employed by policy entrepreneurs in setting agendas and generating support for their proposals may often

Taxtation law, Question 6 Indicate any amounts from these transactions tha...

Question 6 Indicate any amounts from these transactions that is assessable income for the 2016/17 tax year. (a) Frida is a resident taxpayer employed by Sharpe Office Supplies. Sh

Business Ethics, do u have this book (richard t degeorge business ethics)

do u have this book (richard t degeorge business ethics)

Concept of authority - agency law, Concept of Authority - Agency Law W...

Concept of Authority - Agency Law Whether this is the oral or written permission conferred on a person through another to do a particular thin.  Thus it is a factual concept a

Show the suggested actions to address phoenix activity, Q. Show the Suggest...

Q. Show the Suggested actions to address phoenix activity? There have been a range of options identified by previous works on phoenix activity, such as the Cole Inquiry and Tre

Commercial Law, Silcraze City Council owns and operates a Gym. It charges $...

Silcraze City Council owns and operates a Gym. It charges $20 per month as membership fees. On the Gym Membership Card it is written that the Cardholder has the right to use all th

What are the possible causes of employee grievances, QUESTION 1 What ar...

QUESTION 1 What are the role, powers, functions, aims and objectives of Trade Unions in maintaining a sound and harmonious relations? QUESTION 2 (a) What are the possib

Civil case - african customary law, Civil Case - African Customary Law ...

Civil Case - African Customary Law Moreover customary law is applicable only in civil cases.  Thus the District Magistrate's Court's Act 1967, S.2 restricts the civil case

Attorney general, Attorney General However the office of the Attorney ...

Attorney General However the office of the Attorney simply is established through sec (i) of the constitution. In the public service it is an office.  Appointment of

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