Legal, legal, legitimate, legal means to be in compliance with the law. Legality may apply to compliance with laws of any kind (e.g., natural, divine, general, or canonical). The legal sovereign right applies to what is sanctioned by law or in accordance with the law, especially when written or administered by the courts. Legal residents of the State who are legitimate may refer to a legal right or status, but also, within the framework of widespread use, to a right or status supported by accepted tradition, custom or norms. A completely legitimate question about the legalization of taxes applies to strict compliance with the provisions of the law and applies in particular to what is regulated by law. the legal use of medicines by doctors Independent legal importance, good faith, venture capital, delaware corporate law Venture capital agreements are inherently incomplete. When interpreting such contracts, the courts could formally meet the expectations of the parties by inquiring only about the clear meaning of the contract or by qualitatively applying the presumed expectations of the parties, whether or not those expectations are expressed in the contract. Delaware courts have opted for a formal approach. In doing so, they seem to have made an effort to force the contracting parties to be complete. While the duty of good faith seems to respond to the inevitable incompleteness of contracts, the courts largely ignore this obligation in preferential stock cases. This omission, coupled with the doctrine of legal independence – which deals with amendments to articles of association by merger separately from amendments to articles of association through the approval of the board of directors and shareholders – virtually ensures that preferred shareholders are exposed to opportunistic behaviour on the part of ordinary shareholders.
Whether the courts should respond to allegations of injustice in this context depends on a comparative institutional analysis. Just because contracts lead to incomplete contracts does not mean that courts should be obliged to fulfil such contracts. On the other hand, this article suggests that the application of the duty of good faith in this context could provide valuable incentives for renegotiations in unforeseen circumstances. n. 1) Payment or money. (2) As an essential element of contract law, consideration is an advantage that must be negotiated between the parties and the essential reason for the conclusion of a contract by a party. The consideration must have value (at least for the parties) and is exchanged for performance or promise of performance by the other party (such a service itself is consideration). In a contract, a counterparty (item) is exchanged for another counterparty.
Not doing an action (abstention) can be a consideration, such as: “I`m going to pay you $1,000 not to build a road next to my fence.” Sometimes the consideration is “nominal,” meaning it is only given for the form, such as “$10 in exchange for the transfer of the security,” which is used to hide the actual amount paid. Contracts may become unenforceable or voidable due to “non-consideration” (voided by withdrawal) if it is determined that the intended consideration is worth less than expected, damaged or destroyed, or if the service is not properly performed (for example, if the mechanic does not drive the car properly). Illegal or immoral acts to the point of violating established public order may not be used in exchange for enforceable contracts. Examples: prostitution, gambling where it has been banned, hiring someone who breaks a skater`s knee or causes someone to break a deal (persuading someone to withdraw from a promise). Anglo-French, from the Latin legalis, from leg-, lex law. Independent Legal Significance, Good Faith, and the Interpretation of Venture Capital Contracts For “A Venture Capital after the Bubble”, gesponsert vom Willamette University College of Law, Portland, Oregon am 5. März 2004. Business Law, Public Responsibility and Ethics Commons, Business Organizations Law Commons, Contracts Commons Copyright Information: Martinus Nijhoff, The Hague, Netherlands 1966.