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Discuss the Principle of Limited Liability, Why It Arises in the Law

question 102

Essay

Discuss the principle of limited liability, why it arises in the law governing corporations, and its significance.


Definitions:

Reinstatement

The act of restoring someone or something to their previous position, status, or conditions, often used in employment or insurance contexts.

Compulsory Arbitration

A mandatory arbitration process enforced by law or contract, requiring parties to resolve their dispute through arbitration rather than through litigation in court.

Essential Services

Services deemed crucial to the public welfare, including healthcare, utilities, and emergency services, which are often protected by law during strikes or disputes.

Strike Situation

A work stoppage by employees as a protest, typically to gain improved employment conditions or pay.

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