Legal responsibility for something.
A written or spoken agreement that is enforceable by law. The elements of an enforceable contract are an offer to enter into an agreement on specified terms, unqualified acceptance of the offer, and valuable consideration given in return.
Judge-made law that has been established over many years based on custom and judicial precedent. It is distinct from the law established by a statute.
A written agreement, to which all of the shareholders of a corporation are parties, that sets restrictions on the powers and obligations of the shareholders and directors of the corporation.
Written rules adopted by a corporation for the purpose of governing its affairs and its relationship with its shareholders, directors and officers.
Documents that set out how the internal affairs of a corporation should be governed. In Alberta, the constating documents are usually the Articles of Incorporation and the Bylaws.
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A legal entity established by legislation such as the Alberta Business Corporations Act. A corporation is separate and apart from its shareholders and is capable of owning the assets of a business. Another key feature of a corporation is the limited liability of its shareholders. Most corporations are for profit, but there are also specialized…
A written law passed by a legislative body.
Formal corporate documents filed with a government body, such as Service Alberta. In Alberta, Articles of Incorporation must contain information specified by the Business Corporations Act, such as the classes and maximum number of shares the corporation may isssue, the number of directors, and restrictions on share transfers.
