Complex Business Litigation

What Are the Exceptions to the Statute of Frauds?

The term “statute of frauds” often gets mentioned during disputes involving oral contracts. The statute of frauds outlines that some contracts must be “memorized” in a signed document that outlines the agreement. Nonetheless, a written agreement isn’t always required for contracts to be enforceable. In the US, different states recognize various exceptions to the statute …

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What Does Clawback Mean In a Contract?

Clawback in a contract requires that an employee returns the money paid to them by their employer. Remember that every employee signs a contract promising to deliver as the employer expects. However, when the performance report indicates otherwise, the clawback provision helps the employer solve the case. You have to pay the penalty aside from …

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Can a Shareholder Refuse to Sell their Share?

Generally, a shareholder can refuse to sell their shares, per the terms of the agreement. If there is no agreement or the agreement doesn’t have a buyout clause, then the shareholder may be forced to sell their shares. If part of the agreement requires a shareholder to sell their shares, then the majority shareholder can …

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What Is a Bankruptcy Trustee Responsible For?

A bankruptcy trustee is primarily responsible for administering a bankruptcy estate. From the adoption of the bankruptcy plan through the creditors’ meeting, the trustees are responsible for ensuring that the process runs seamlessly. If you filed for bankruptcy, you may wish to know the role of the bankruptcy trustee. In each consumer bankruptcy case, a bankruptcy trustee …

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Do Shareholders Have More Power Than Directors?

Generally, shareholders hold power in a company, and the directors are responsible for its daily operations. Often, shareholders and directors work together and decide the way forward for the company. However, this isn’t always the case, and disputes between directors and shareholders are common. Conflicts occur when shareholders disagree with the actions taken by directors. …

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What Are My Rights as a Shareholder in a Private Company?

The specific shareholder rights available to you as a shareholder in a private company will vary based on several factors, including the types, or classes, of stock offered by the corporation. Generally, there are two different classes of stock — common stock and preferred stock. Each class of stock comes with a particular set of …

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Can Directors Overrule Shareholders?

In most situations, directors and the board can overrule the wishes of the shareholders. A shareholder is an individual who owns shares of stock in a company. Shares are units of ownership that represent fractional parts, or percentages, of a company. Ownership gives shareholders the right to vote on certain matters such as electing directors …

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Why Are Preemptive Rights Important to Shareholders?

Preemptive rights grant existing shareholders buying preference when new shares of the company are issued. Essentially, the purpose of preemptive rights is to guarantee that an existing shareholder’s ownership interest is not reduced if the company issues more shares. A shareholder is an individual who owns shares of stock (units of ownership that represent fractional parts, …

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What Damages Can I Sue for in a Breach of Contract Case?

When one party does not fulfill its obligations under a contract, it is called a breach of contract, and the non-breaching party may be able to file a lawsuit. Possible damages could include money owed by the breaching party for services or goods rendered, loss of revenue caused when products or services were not provided …

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What Are the Legal Rights and Obligations Afforded by a Partnership?

While state statutes will prescribe certain rights and obligations that apply to every partnership formed in the state, partnership agreements can dictate additional rights and obligations that the partners agree upon. This allows partners to determine how their business will be run and set particular expectations for how profits, losses, and duties will be shared.   …

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