Rule of Law

1.       Explain the elements of a good contract. The requisite elements that must be established to demonstrate the formation of a legally binding contract are: Offer First, an offer must be extended in order to begin a contract. This should include details of the agreement and its terms and conditions. Simply put, the offer is the offeror's attempt at entering into a contract with another. Sometimes businesses will look for contractors through an invitation to treat by letting people know that they are interested in entering into a contract. Acceptance Once the offer is extended, it's in the hands of the offeree to either accept or reject the proposal and its terms and conditions. Offerees can accept offers via mail, email, or verbally. Most states use the mailbox rule meaning that, if an offer is accepted via mail or email, the moment the acceptance is placed in a mailbox to be mailed or sent via email, it has officially been accepted. This holds tr

1.       Discuss the sources of law. There are numerous sources of law, including constitutions, legislatures, executives, judiciaries, administrative agencies, and international organizations. Constitutions The United States is governed by the US Constitution, which was ratified in 1789. Each of its constituent states also has its own constitution.[1] The Constitution is the fundamental law of the country; according to Article VI, Clause 2 of the Constitution, the Constitution (and federal statutes and other federal laws made in furtherance of the Constitution) is “the supreme Law of the Land.” How is the Constitution structured? The Constitution is divided into seven articles followed by amendments. Articles I through III establish the legislative, executive, and judicial branches of the federal government, respectively. Article IV covers the relationship between the states and the federal government. Article V outlines the method by which the Constitution may be ame

1.       Explain the purpose and functions of Law.   The law serves many purposes and functions in society. Four principal purposes and functions are establishing standards, maintaining order, resolving disputes, and protecting liberties and rights. The law is a guidepost for minimally acceptable behavior in society. The law serves many purposes and functions in society. Four principal purposes and functions are establishing standards, maintaining order, resolving disputes, and protecting liberties and rights. 1     Establishing Standards The law is a guidepost for minimally acceptable behavior in society. Some activities, for instance, are crimes because society (through a legislative body) has determined that it will not tolerate certain behaviors that injure or damage persons or their property. For example, under a typical state law, it is a crime to cause physical injury to another person without justification—doing so generally constitutes the crime of assault. 2 

1.       What are the differences between Private companies and Public companies? Biggest difference; a public company has a responsibility towards it's shareholders. It has to give periodical updates on how it's performing and disclose their books for the benefit of the public. They have to hold the shareholders' interests utmost and make a profit for them. A private company on the other hand doesn't have to disclose their books to the general public, and it's basically run by the boss/bosses alone and he/she/they has/have no obligation to make profit for their shareholders per se, which gives them the freedom to steer the company as they see fit. A good example would be Tesla and SpaceX. Founded and managed by the same person, Tesla is a public company, which means it has to make considered decisions and make sure the decision will benefit the company and shareholders financially. SpaceX on the other hand is private. And there's a reason for that

1.       Why do people prefer establishing a sole proprietorship but not a partnership? Each partner is a co-owner, and each has invested in the business. A partnership, as different from a corporation is not a separate entity from the individual owners. In that sense, it's more similar to a sole proprietorship because in both the business isn't separate from the owners, for liability purposes.

1.       What is Corporate Veil? Mention 3 situations that require lifting the corporate veil. IT LIKE CURTAINS distinct personality of a business is a legal privilege and must be used for legitimate business activities. Only for purposes. In the case of fraudulent and unfair use of the legal entity, the persons concerned will not take refuge behind the personality of the company. The Tribunal will take action Company and apply the principle/doctrine of what is called "corporate veil lifting or stabbing”. The court will consider the company and pretend that it is not a separate entity from the Members insisted and demanded from the members of the control persons to pay the debts to the Companies.

1.       Define State and identify elements of State. A State comes to be a state only when it has all these elements. Out of these four elements, Sovereignty stands accepted as the most important and exclusive element of the State. No other organization or institution can claim sovereignty. An institution can have population, territory and government but not sovereignty.

1.       Explain the structure of the Maldives judicial system. Maldives judiciary system The  judiciary  of the  Maldives  is based on a three-tiered  court system . The courts of first instance include the Civil, Criminal, Family and Juvenile courts established in Male' and the magistrate courts of the islands. COURTS Supreme Court : The Supreme Court, as stipulated under Article 141 of the Constitution of the Republic of Maldives is the highest authority for the administration of Justice in the Maldives. The Supreme Court is headed by a Chief Justice who is head of the Judiciary. Along with the Chief Justice, the Supreme Court consists of five Judges. The Constitution requires Supreme Court rulings to be disposed of by an uneven number of Judges sitting together in session. The Supreme Court is the highest authority on the interpretation of the Constitution, the Law, or any other matter dealt with by a court of law. The High Court : The High Court of the Mald

1.       Identify the need for a written constitution.   Written constitutions  reflect the un- written  social contracts, already in place at the time of the writing. Because times change, if the  written  contract is too inflexible, the  constitution  will fail. If it is too easy to change (amend), it will be subject to the popular whims and fears of the times. written constiution of maldives

1.       What is meant by Sovereignty? Sovereignty  is the full right and power of a governing body over itself, without any interference from outside sources or bodies. In political theory,  sovereignty  is a substantive term designating supreme authority over some polity.

1.       Distinguish between Agreement and Contract. An  agreement  is any understanding or arrangement reached between two or more parties. A  contract  is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.

1.       Define Unlimited Liability. Unlimited liability  refers to the legal obligations general partners and sole proprietors because they are  liable  for all business debts if the business can't pay its  liabilities .

1.       What is mean by rule of law? In short, the rules and regulations made and enforced by a society's government to manage the conduct of the people within said society that is called rule of law. Every society that has ever existed has recognized the need for laws.