Examlex
Daniel Patrick Moynihan received a lot of attention for his report published in 1965, "The Negro Family: The Case for National Inaction." In this report he claimed:
De Facto Corporation
A company that operates as if it were legally incorporated, even though it has not completed the necessary legal formalities and documentation.
Corporation By Estoppel
Corporation by estoppel is a legal doctrine preventing someone from denying a business's corporate status when they have treated it as a corporation in previous transactions.
Novation
In a contract, the substitution of a third party for one of the original parties. The duties remain the same under the contract, but one original party is discharged and the third party takes that original party’s place.
Implied Corporate Powers
Powers not explicitly stated in a corporation's charter or bylaws but are necessary to conduct the day-to-day operations.
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