Is a document that governs the relationship between the company and the outside. It is basically a statement that the subscribers wish to form a company, have agreed to become members, and in the case of a company which is to have a share capital, to take at least one share each.

Significant enough substantial failure in the performance of a contract, as to give the affected party the right to sue for damages as well as release the aggrieved party from its obligations.

The term that describes a duty that is enforced by a court and where non-fulfilment may incur a penalty.

A situation where someone in a position of trust will be personally affected by the results of a decision, and so cannot make that decision fairly.

Any matter of fact that a party to a claim or action offers to provide to prove or disprove an issue in the case. The strongest type of evidence is that which provides direct proof of the truth of an assertion. At the other extreme is evidence that is merely consistent with an assertion but does not rule out other, contradictory assertions, and may be viewed as circumstantial evidence.

A person with a duty to act for another person’s benefit and who assumes a duty to act in good faith and with care, candor and loyalty in fulfilling this obligation of trust. A fiduciary relationship encompasses the elements of faith and confidence and is generally established only when the confidence given by one person is actually accepted by the other person. Mere respect for another individual’s judgment or general trust in his or her character is ordinarily insufficient for the creation of a fiduciary relationship. The duties of a fiduciary include loyalty and reasonable care of the assets within custody. All of the fiduciary’s actions are performed for the advantage of the beneficiary.

The process whereby a party is made aware of the commencement of legal proceedings affecting their rights, obligations or duties. Although the format may vary, there are strict requirements regarding service of a legal notice which must be adhered to if the legal notice to be effective.