You can get a court to order a specific breach of contract remedy if you want the other party to perform the contract or make restitution for their failure to perform. This remedy is not available if you’ve suffered only damages, and it’s usually reserved for situations where monetary damages would be an inadequate remedy …
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 …
What Are the Exceptions to the Statute of Frauds? Read More »
Generally, you can sue your business partner for not working if it is a breach of partnership agreement. This means your partner is acting in a manner that is contrary to your agreement. While suing your business partner can be the most difficult decision, it may be the only option to hold them liable 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 …
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 …
What Are My Rights as a Shareholder in a Private Company? Read More »
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 …
Yes, a partnership may be able to sue a partner, commonly due to breach of fiduciary duty. A partnership is a type of business arrangement where two or more people agree to share the profits, losses, and liabilities of a jointly-owned business. In a general partnership, each partner must accept unlimited personal liability for the …
Yes, there are a variety of ways a partner can be removed from the partnership, depending on the circumstances. The easiest route is to follow the procedure outlined in a written partnership agreement. A comprehensive partnership agreement will include provisions explaining how and why a partner can be expelled from the partnership. However, if you …
