Is a company a legal fiction?
“A company is a legal entity considered as a fictional person in law, distinct from its members and with separate company rights and liabilities”. Before incorporation, a company does not exist and cannot enter into legal associations. …
What is the general purpose of legal fiction?
The use of legal fictions is required when law functions as an expression of thought about the rules that govern social activity. Legal fiction is an assumption that is technically untrue or unknown that is used to guide legal decisions.
Is law a fiction?
It is an order of things which does not exist, but which the law prescribes or authorizes. It differs from presumption because it establishes as true, something which is false; whereas presumption supplies the proof of something true. The law never feigns what is impossible.
Why is terra nullius a legal fiction?
Terra nullius means “nobody’s land”. This doctrine has existed in the law of nations throughout the development of Western democracy. The fact that it is a Latin phrase gives us the clue that it is derived from Roman law – the concept that ownership by seizure of a thing no one owns is legitimate.
What is meant by common law?
In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. The defining characteristic of “common law” is that it arises as precedent.
What is meant by principle of equity?
Equity proceeds in the principle that a right or liability should as far as possible be equalized among all interested. In other words, two parties have equal right in any property, so it is distributed equally as per the concerned law.
Is equity a cash?
Cash equity is also a real estate term that refers to the amount of home value greater than the mortgage balance. It is the cash portion of the equity balance.
How much equity can I borrow from my home?
Depending on your financial history, lenders generally want to see an LTV of 80% or less, which means your home equity is 20% or more. In most cases, you can borrow up to 80% of your home’s value in total. So you may need more than 20% equity to take advantage of a home equity loan.