Commercial Law

Cover Commercial Law
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The individual creditors are paid in full first; then partnership creditors ; the residue going to next of kin.
6. Is the corporate seal always necessary in order to bind a corporation? Can a foreign corporation avail itself of the statute of limitations of the state of New York in an action brought in the New York courts? Must a stockholder own stock for any particular length of time to enable him to issue a valid proxy to vote at any meeting of stockholders? Without any specified time being s
...tated as to its continuance, how long will a proxy continue in force?
No.
It cannot.
Yes ; at least ten days before such meeting.
Eleven months from the date of its execution.
7. What is (a) a release, (fc) a mutual release? In what respect does a release differ from a receipt? Can a mutual release, given on the adjustment of old accounts, be disturbed ? Explain.
(a) A release is a contract containing a relinquishment of some right or claim by some person in favor of an- other. Verbal contracts may be released by parol.


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