The Company Law for Accounts Essay Example | Topics and Well Written Essays - 2250 words

The Company Law for Accounts - Essay Example In case a promoter makes a profit secretly, the company may commence a legal action for rescission or recovery of the profits made secretly. This promoter is assumed to have executed without utmost good faith. This means that disclosure of their activities is the most important issue and they must work within the objectives of the promoters and must use their skills knowledge for the best of the firm (Siddharthacadey, 2010).A promoter is any person involved in the planning to incorporate or initiate a running of a company, other than persons involved in a purely professional capacity. A promoter need not necessarily be the main person behind the incorporation, but he must have some executive function. The stereotype of a company and sells his business to it is a promoter. A promoter has a fiduciary duty to the company he is forming and this requires him to disclose all profits he makes during the promotion of the company...The courts have established the principle that a promoter stands in a fiduciary relationship with the company, which he is forming. This does not mean that he is barred from making a profit out of the promotion. It means that any profit made must be disclosed to the company. Breach of promoters’ duty If a promoter makes a profit and fails to disclose he breaches his duty of fiduciary. In the event of non- disclosure of profits the company may commence proceedings for rescission or for recovery of the undisclosed profits. The case study The case at hand is that Candy received a gift that he did not disclose to the other promoters. Therefore, he should be compelled to rescind the property to the company. The law prohibits individuals from unjustly enriching themselves at the expense of other partners. The other party should be compensated adequately to act as consideration. However, it should be noted that not all instances that parties are required to make compensated. In the case of unformed company the promoter is required to disclose rather compensate. In contract law, the pre-incorporation contracts are not enforceable, but the benefit accruing from it is disclosable. Being the fiduciary person Candy had certain legal obligations to fulfil towards the beneficiary. However, the very moment the Candy has taken a wrong approach of lying company, the bond of fiduciary relationship has been violated. This was confirmed in the case of Gluckstein v Barnes [1900]. In the case promoters had made profits before incorporation but they failed to disclose this fact. In their case, they misrepresented facts in prospectus that they were to buy a property at certain amount which they were unable to raise.

The Linguistic Acquisition Device Essay Example | Topics and Well Written Essays - 1000 words

The Linguistic Acquisition Device - Essay Example He was able to give an evident account of the case of Victor of Aveyron who showed severe difficulty in developing language skills after years of isolation in the woods where he only interacted with animals. Subsequent observed improvement in language acquisition by Victor of Aveyron and a similar case of Genie in the United States seemed to provide reliable backup towards the theories of Chomsky. In the two cases of feral children, isolation from human interaction at childhood was attributed to the slow rate of language acquisition. The film Secret of the wild child is a reflection of how one United States girl commonly known as Genie was discovered in 1970 after suffering from physical abuse over a decade of isolation. The ensuing efforts to make her learn language proved difficult to achieve and this led to the advance element of Critical Period Hypothesis. In this theory, it is emphasized that there is a period mostly from infancy to adolescence when a human being has the highest potential of gaining native language competency. Outside this time limit, a child will experience severe difficulty in learning a language. The case of Genie who was discovered having been isolated for more than the critical age was an evidence of this research finding. This theory further asserts why adults find it difficult to learn the language than children as they have exceeded the critical period. After 13 years of isolation and deprivation, the mother of Genie left her abusive husband.Her mother, grandmother and herself had gone into the Social Welfare office in Temple City, California, to learn about resources for the blind in November 1970. It is at this point that a social worker grew curious over the possibly abnormal posture of the young girl who also looked younger than her actual age. The social worker’s initial thought of autism of the girl compelled her to enquire and subsequently.