Chinese and Comparative Company Law Essay Example | Topics and Well Written Essays - 750 words

Chinese and Comparative Company Law - Essay ExampleNevertheless(prenominal), some for the most part accepted knowledge includes that of extreme document sometimes referred to as charter or agreement which is a certificate characterizing the existence of the entity which the legal philosophy recognizes and allows acting as natural persons and regulating the structure and control of the entity and its members. It was generally accepted that the specific form of the constitutional documents depends upon the type of entity (Djankov, et al, 2002).On one side of the fence, common law is a system of law whose sources are the decisions in cases by judges. Besides, every system will have a legislature that passes new laws and statutes, nevertheless, these do not modify a collected and codified soundbox of law. Common law comes from England and was passed on to Commonwealth countries, and almost every former colony of the British Empire (except for Malta and Scotland ). Furthermore, it is currently observed in, coupled Kingdom (excluding Scotland), United States (excluding Louisiana) Canada (excluding Quebec), Ireland, Australia, India, South Africa, and Hong Kong and in some other countries. In addition to these countries, several others have adapted the common law system into a mixed system. For instance, India, Pakistan, and Nigeria map largely on a common law system, however, incorporate religious law (Coffee, 2001). Likewise, telephoner refer to a separate legal entity, as in English law, or whitethorn simply refer to a business, as is the common use in the United States. In addition, a company may or may not be a separate legal entity. Any business or commercial economic activity may be referred to as a company examples of this include my company, our company, the company, and their company. A corporation may accurately be called a company nonetheless, a company should not necessarily be called a corporation, which has discrete characteristics. According to Blacks Law Dictionary, in the U.S. a company could be a corporation, less commonly, an association, partnership or union, carrying industrial enterprise.Contract is a legally required trade of promises or an accord between parties that the law will implement. Contract law is based on the Latin phrase pacta sunt servanda literally, promises must be held in reserve. Breach of a contract is acknowledged by the law and remedies can be provided as many people make contracts everyday. Most of the times, written contracts are mandatory such as when buying a house. On the other hand, the vast majority of contracts can be and are made orally, like the process where a vendor guarantees the material bought by a customer. Contract law is categorize as part of a general law of obligations under civil law systems (La Porta et al, 1998). Therefore, it may be acceptable in China that constitutional documents in common law country may be seen as a contract between the company and the directors, bu t not in small acceptable practices. This is so because one of the more prevalent reasons enterprises has second thoughts about doing business in China had been legal in context as at that place are no established laws that actually guard and protect the interests of investors (Ahlstrom, Nair, Young, 2003). While some countries adopt common law legal systems, judges have the consent and