Foundational Legal Concepts Explained
Classified in Law & Jurisprudence
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Legal Facts
Events that matter to the law, producing a legal effect, i.e., as a result of the fact, a right is born, modified, or terminated. For example, in a contract of sale, the buyer acquires the right to demand the purchased item, and the seller acquires the right to demand payment. A debtor, by paying cash (which must be money or an equivalent), extinguishes their obligation to the creditor.
Legal Person
A legal person (or corporation) is a subject of rights and obligations, not physically present as an individual human being, but as an institution created by one or more individuals to fulfill a role. In other words, a legal person is any entity with the capacity to acquire rights and incur obligations that is not a natural person. Thus,... Continue reading "Foundational Legal Concepts Explained" »