Business Law Unit 7 - A contract is either consensual or...

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Click to edit Master subtitle style 11/3/10 Business Law Unit 7 Dr. Al Shaikh
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11/3/10 Legally, the Company is a Definition of a Contract : According to article 125 of the Civil Transactions Law No. /1985 a Contract is: “the binding between an offer made by either contracting party and an acceptance by another, and their mutual agreement in a manner that
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11/3/10 Requirements of the validity The requirements vary from one type of contracts to another. In general, the requirements are: 1- consent (reciprocal approval of the contractual parties). 2-Legitimate subject. 3- legitimate cause.
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11/3/10 Other substantial Multiplicity of contracting parties (minimum 10 for the PJSC, 3 for Pr. Contribution of each contracting party with share/s , either in cash, in kind or (in certain companies)a performance of work … Every contracting party should share the profits generated and share the
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11/3/10 The Com. Company is a”
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Unformatted text preview: A contract is either consensual or formal : whenever the Law does not require a Formal process (lawful form) for the validity of the contract, its consensual. Otherwise, its formal. The Com. Company is a formal contract ; the Law requires: 1) to be 11/3/10 Consequences of a In principle, unless the Law stipulates otherwise, the failure of a main legal requirement shall result in the invalidity of the contract. Business considerations led to particular rules in Companies Law ( la socit de fait ). 11/3/10 Particular sanctions for the La socit de fait: According to articles 8 & 9 of Law No. 8/1984 : 1- Partners may plead invalidity arising from the failure to transcribe or to legalize the contract towards one another, but not towards third parties ... 11/3/10 The National Participation in Art. 22 of Law No. 8/1984 stipulates: Every company incorporated in the State must have one...
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This note was uploaded on 11/02/2010 for the course BUSSINES 210 taught by Professor Ali during the Spring '09 term at United Arab Emirates University.

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Business Law Unit 7 - A contract is either consensual or...

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