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accountability

Overview page. Subjects: Financial Institutions and Services — Accounting.

An obligation to give an account. For limited companies, it is assumed that the directors of the company are accountable to the shareholders and that this responsibility is discharged, in...

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agent

Overview page. Subjects: Business and Management.

A person appointed by another person, known as the principal, to act on his or her behalf. The directors of a company are agents of the shareholders (the principal). See agency relationship.

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bill of exchange

Overview page. Subjects: Economics.

A short-dated security issued to finance foreign trade. The customer pays an exporter not in cash but with a bill payable usually in 3 or 6 months. This can be sold in the discount market...

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Business Law

Overview page. Subjects: History of Law.

Roman law lacked many of the mechanisms modern lawyers would regard as essential to the functioning of the commercial economy. It had nothing like the modern bill of exchange, which ...

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community

Overview page. Subjects: Social Sciences — Arts and Humanities.

Many sociological and anthropological definitions exist, but most tend to privilege some combination of small-scale, relative boundedness, strong affective ties, traditionalism, and...

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company law

Overview page. Subjects: History of Law.

One of the eleven core subjects a law student must pass to qualify as a candidate for admission to practise law. See Priestley eleven.

Although company formation has largely been...

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corporate governance

Overview page. Subjects: Economics.

The processes, both formal and informal, through which a corporation is administered and managed. Corporate governance involves the legal requirements imposed upon the corporation, the...

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delegation

Overview page. Subjects: Law.

N.

1 The grant of authority to a person to act on behalf of one or more others, for agreed purposes.

2 See vicarious liability.

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doctrine of double effect

Overview page. Subjects: Medicine and Health — Law.

The doctrine that where a single action will forseeably have both a good and a bad outcome, a person may perform this action provided that (a) he intends only the good outcome, (b) the bad...

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intermediary

Overview page. Subjects: Economics — Business and Management.

Firms in a distribution channel that help a company to find customers or make sales to them. Intermediaries include brokers, agents, dealers, wholesalers, and retailers that buy and resell...

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