Legal entity

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Legal entity

A person or organization that can legally enter into a contract, and may therefore be sued for failure to comply with the terms of the contract.

Legal Entity

A person who can enter a contract and therefore may be sued. A legal entity can be held liable for damages. It is important to note that a legal entity need not be an individual person. A corporation or other duly constituted organization is recognized as a person and, as such, is considered a legal entity.
References in periodicals archive ?
The new authority shall have the legal personality, legal capacity and financial and administrative independence in all its affairs.
While the Israeli government and its allies continue their attempts to stop the Palestinian diplomatic stream aimed at preserving the international legal personality of the State of Palestine, in preparation for its recognition as a full member of the United Nations, the occupation authorities continue their plans to destroy any opportunity to embody the Palestinian state on the ground by confiscating and judaizing Palestinian land, particularly areas classified (c), which constitute the majority of the occupied West Bank,the Palestinian Ministry of Foreign Affairs said in a statement on Monday.
As a starting point, the drafting history of Article 25(1) offers insights into the importance of both legal personality and opposability of legal rules to explaining the possibility of ICSID claims against State subdivisions.
The name change does not affect the legal personality of the existing entity which retains its rights and obligations in all existing legal relationships.
With respect to the role of veil piercing within corporate law, the court was asked to consider the fundamental issue of whether such a judicial discretion to disregard separate legal personality and limited liability actually exists in the United Kingdom, notwithstanding the significant number of lower-court cases that have assumed its existence for decades.
The Sandiganbayan ruled that Poloyapoy caused undue injury to the government when he unlawfully disbursed funds to SFMPC despite his knowledge that the cooperative had no legal personality.
The Competition Council is a separate legal personality, which enjoys administrative and financial independence, seeks to promote fair competition, and prevents monopolistic practices that affect the legitimate competition in order to achieve the economic policy pursued by the Kingdom in the economic field and promote the climate of competition in business sector.
Joining the ICC to become the 123rd member is a natural right for Palestine and an embodiment of its legal personality on the international level, OIC's Secretary General Iyad Ameen Madani said in a statement.
Commenting on statements by Turkish Prime Minister Ahmet Davutoglu, whose country does not recognise Cyprus, Venizelos said "Turkey does not understand a very simple fact: that the Republic of Cyprus exists, is a member state of the UN, a member state of the European Union and the Eurozone, has an international legal personality, national sovereignty and national sovereign rights.
The new law also included detailed provisions on "arbitration body", which was granted legal personality and an independent budget.
Notwithstanding the requirements for a custodian, separation of client and fund assets and other client and investor protective measures in the new Investment Management Regulations, there remains risk associated with the current lack of separate legal personality for local funds and corollary risk to fund assets.
The Assembly discussed during the session the draft law of establishing a general committee dubbed "Syrian Committee for Family and Population Affairs" located in Damascus that enjoys a legal personality, financial and administrative independence and connected to Minister of Social Affairs.