Acknowledgment Under Limitation Act, 1963: Extending Legal Deadlines
The doctrine of acknowledgment plays a pivotal role under the Limitation Act, 1963, which governs the period within which a legal remedy must be sought. Section 18 of the Act explicitly deals with the effect of acknowledgment of liability on the computation of the limitation period.
Meaning and Scope of Acknowledgment
Acknowledgment, under Section 18 of the Limitation Act, refers to an admission or recognition of an existing liability in respect of a property or a right. When such acknowledgment is
Read MoreElements and Features of Administrative Acts
Administrative Act: Elements & Features
Constituent Elements
The Will
The Will is the manifestation of the administrative body’s intent to issue an administrative act affecting the rights, obligations, or interests of the administration or individuals in connection with the administration.
Stages of Intent Declaration
The declaration of intent involves three stages:
Determination Phase
This is an internal decision by the public official to issue an administrative act. It operates automatically based
Funding Sources for Spanish Autonomous Communities
Funding Sources for Autonomous Communities
Compensation Fund Transfers
The purpose of the Compensation Fund is to correct interterritorial economic imbalances and implement the principle of solidarity. The fund is intended solely for investment costs.
The size of the fund is obtained by applying a percentage of public investment, defined as all expenditure included in the General State Budget for new civil investments. The resulting amount is weighted by the relative population of the beneficiary Autonomous
Read MoreUnderstanding Spanish Business Taxation
Taxation Concepts in Business
Non-Tax Income
Income which is derived from a contract between government authorities or between a public entity and a private party. Example: the sale of goods.
Fiscal Income (Taxes)
These are called taxes by law. It is classified into three categories:
Types of Fiscal Income
Taxes
Taxes are payable without any direct consideration, because there is no direct relationship between the amount paid and what use is made of tax-funded services.
Rates
These are taxes that are required
Information Asymmetry and Consumer Protection Dynamics
Information Asymmetry in Markets
Information asymmetry refers to a lack of equivalence between parties in a transaction. It signifies a market distortion where one party in a consumption relationship possesses detailed relevant information about the product or service, its associated risks, and the optimal use of its ingredients and manufacturing elements, while the other party lacks this information.
A consumer relationship is established between two main parties: a consumer and a supplier. In this
Read MoreEU Competition Law: Prohibitions, Unfair Practices & Directives
EU Competition Law: Core Concepts
European Union (EU) competition law addresses various conducts and market structures to ensure fair competition. Key areas include:
Prohibited and Controlled Conducts
Prohibited Conducts:
- Collusion: Governed by Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Article 1 of the Ley de Defensa de la Competencia (LDC – Spanish Competition Act).
- Abuse of Dominant Position: Governed by Article 102 TFEU and Article 2 LDC.
Controlled Conducts:
- Mergers: