Principal (commercial law)

About: Principal (commercial law) is a research topic. Over the lifetime, 1579 publications have been published within this topic receiving 35379 citations. The topic is also known as: Principal (commercial law).

God and the Problem of Order: The Role of Perfect Information and Absolute Power in Economics, Religion and Law

Abstract: The “problem of order” is resolved idyllically in Arrow-Debreu general-equilibrium models through the assumption of perfect information, where each actor is god-like, omniscient, and where this omniscience results in the veracity of the first theorem of welfare economics, where an equilibrium is Pareto efficient, where no actor, given her original endowments of alienable and inalienable capital, can improve her position Analogously, in many religions, God is understood to be omniscient; order emerges through God’s ability to sanction malfeasance costlessly Ideally, a comparable order would likewise be the consequence of the assumption in both economics and religion of an omnipotent principal In both economics and religion, equilibria serve as idealized, transcendent, critical standards In the real, immanent, world, where information is imperfect and no power is absolute, the institutionalization of law is necessary to maintain order Religion has bequeathed to the legal order moral principles that may legitimate the law and make it binding, while economics, as a theory of incentives in the immanent world, models the imposition of legal sanctions, which penalize actors who approach and violate the law strategically The law is an institutional order, where both constitutive norms and legal rules are legitimated through “religious” values and supported by “economic,” situational sanctions

The agency of an independent primary school principal in the management of a media centre innovation.

Abstract: The agency or personal involvement of the principal within a school is perceived as being of vital importance to the success of innovations. Leadership is necessary, not only to manage the escalating changes in academia, but more importantly to inspire, protect and encourage educators. One of the current trends in education is the move towards self-management which is a decentralization of power control from the state to the school. Selfmanagement implies choice and this enables the principal to validate the opinions and ideas of everyone who is involved in the process of school governance. The success or failure of an innovation usually depends on the support of the stakeholders. Change can be stressful, and unless the principal is part of the process, the implementation may not be successful. The context of this study is an independent primary school which has recently undergone many changes, most of which appear to have been initiated and managed by the principal. Independent schools have more autonomy than public schools as they are usually self-funded. The principal is accountable not only to the Board of Governors, but also to the parent body which generally has high expectations of the school. This study investigates the impact of the principal’s agency on the development of a multi-media centre at the school. The extent of his involvement within the school and his leadership style was first established and then the implementation of a new innovation, that of the media centre, was explored. Case study methodology based on semi-structured interviews with selected participants from within the school was employed. These participants represented different perspectives on the principal’s leadership and management of the media centre. In addition, documents and photographs were analysed for triangulation purposes.

Agency of Necessity

Abstract: The doctrine of agency of necessity which prescribes that in a situation of emergency the agent is automatically authorized to act on the principal's behalf, is one of the oldest means of creating anagency. However, of late, the growth and development of the law of express and implied authority has made such ancient notions redundant. This article will explicate the doctrine of agency of necessity. Next, the creation of agency by authority will be evaluated. Finally, the article will critique the creation of agency by operation of law and argue in favour of amalgamating it within the general law of actual and apparent authority.

The Foreseeability Doctrine in Contractual Damage Cases

Abstract: This study makes the proposal to introduce the contract remoteness test into the Hungarian civil law as a principal restriction on compensatory damages. The author sums up the development of the reasonable contemplation test in the English common law first formulated in Hadley v. Baxendale. He compares it with Art. 1150 of the Code civil, Art. 252 of the German BGB and Art. 74 of the Vienna Sales Convention, before making his proposal for the new Hungarian Civil Code.

The Deed Not the Motive: Fiduciary Law Without Loyalty

Abstract: This essay criticizes the conventional view that loyalty lies at the heart of fiduciary law. What matters in fiduciary relationships, I argue, is that fiduciaries fulfill their mandates (eg, executing trusts, promoting the principal’s business, providing legal services): whether that task is performed loyally is not, and should not be, the law’s concern. Indeed, in most fiduciary relationships the issue of loyalty cannot even arise because it is typically not possible for fiduciaries to act loyally — or disloyally — even if they were inclined to do so. I further argue that the unimportance of loyalty in fiduciary relationships has four implications for the broader understanding of fiduciary law: (1) the no-conflict rule is a prophylactic duty; (2) the no-profit rule is part of the no-conflict rule; (3) disgorgement of profits is a remedy for breach of the no-conflict duty; and (4) fiduciary law is in most cases part of contract law, broadly understood.