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).

The Principle of the Principal: An Examination of Hotel-Management Agreements and the Laws of Agency

Abstract: Three court cases have clarified the relationship between a hotel owner and its management firm. Those cases are Woolley v. Embassy Suites,Pacific Landmark v. Marriott, and Government Guarantee Fund of Finlandv. Hyatt. In each case, the owner charged that the manager had in some way defaulted on the terms of the contract and summarily terminated the manager-even though the contract provided for no such termination. Without examining the competing claims of default, the courts held that operating firms are agents of owners. As a point of common law (and statute), agency agreements may be terminated by either party. The open issue is what damages the owner must pay the operator for terminating the agreement. The courts suggested, however, that an agency with interest would be irrevocable. Two of the essential points of such an arrangement are an investment in the property by the management firm itself (not a subsidiary) and a contract provision stating that the agency truly protects some right of the agent ...

The Council v. Front Polisario Case: The Court of Justice's Selective Reliance on International Rules on Treaty Interpretation (Second Part)

Abstract: In the context of the debate on the relationship between EU and international law, it has been observed in the literature that the Court’s approach to international law seems to have shifted over time. It has been argued that, although in its earlier case-law the Court seemed to have adopted a friendly and open attitude towards international law, more recent case-law evidences a more reserved, inward-looking attitude and a tendency to eschew engagement therewith. In this context, the Court’s judgment in Front Polisario is highly relevant since the Court relied heavily on international rules on treaty interpretation and, thus, the judgment provides important insights into how the Court treats international law in its practice. This Article discusses the findings of the Court and argues that the Court’s reliance on international law was artificial and selective. The Article concludes by arguing that, ultimately, the Front Polisario judgment lends evidentiary force to critical voices in the literature that have casted doubt on the image of the EU, as evidenced by the jurisprudence of its principal judicial organ, as an actor maintaining a distinctive commitment to international law.

Blackstone's Criminal Practice 2013

Abstract: Michael Hirst is a principal contributing author (12 chapters) of this leading reference work for criminal law practitioners and judges, and is an online editor/updater for the entire work, which is now in its 23rd edition. It is published in hardback, with supplements, as an e-book, with supplements, and online, with monthly updates

Toward Participatory Equality: Protecting Minority Rights under International Law

Abstract: The principal claim made by this Article is that the realization of full and effective equality for all citizens and residents within a multi-ethnic state requires “participatory equality.” Creating a system of participatory equality entails, for most states, making drastic and fundamental changes to the state's legal system, public spaces, social and economic structures, and funding and space provided for ethnic, cultural, and religious institutions; however, this type of transformation is the only means of respecting human dignity and ensuring peace. This claim is first made as a normative moral claim based on principles of justice and dignity; as this Paper will show, a broad and effective interpretation of international law concerning minority rights supports the same normative claim.This Article first reviews existing international law and other legal frameworks regarding national minority rights, including discussions of the specific case of indigenous peoples'rights and the intersection between individual and collective rights. The bulk of the Paper proposes a universal model, building upon existing legal frameworks, for building participatory equality for all members of a society, which requires the full and equal sharing of its resources in three primary domains: the public, the internal, and the historical domain. The need for such a model is all the more so for indigenous and minority groups of substantial size living under systems that cater to a majority based on ethnicity, religion, race or other dominant traits. Only when a nation's legal system secures the rights of all citizens to share equally in all of these domains can that nation fulfill the purpose of international minority rights legal bodies and deliver substantive equality to majority and minority concerns, both in law and practice.

Delegation and Incentives

Abstract: This paper analyses the relation between authority and incentives. It extends the standard principal -- agent model by a project selection stage in which the principal can either delegate the choice of project to the agent or keep the authority. The agent's subsequent choice of effort depends both on monetary incentives and the selected project. We find that the consideration of effort incentives makes the principal less likely to delegate the authority over projects to the agent. In fact, if the agent is protected by limited liability, delegation is never optimal.