Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA travel agency is required to provide full written information on a vacation package it sells
Maritime, Aviation and Transportation Law
Dispute Resolution
A family booked an overseas vacation from a travel agency and the travel agent noted that one of the passports was marked as invalid, but nevertheless, the vacation package was issued and upon landing in Turkey one of the family members was not allowed in because the passport was valid for less than 6 months. […]
When the language of an agreement is unclear one may use the preceding term sheet for interpretation
High-Tech and Technology
Commercial, Banking and Financial
Labor Law and Immigration
Three entrepreneurs founded a startup company and in a term sheet agreed that their shares will be subject to a reverse-vesting mechanism so that the company may buy back shares not yet vested at termination of employment and that two may decide to dismiss the third. They later signed an agreement that replaced the term […]
How to avoid being left out of the startup that you established
High-Tech and Technology
Business, Corporate and Joint Ventures
Mergers and Acquisitions
Steve Jobs, the brilliant mind behind Apple, who founded the company from his parents’ garage, was removed from his position in the company in 1985. In a 2005 speech at the Stanford University, he was quoted saying: “How can you get fired from a company you started?” But Steve Jobs is not alone in the […]
Signing a document on behalf of a corporation while deviating from permission will usually bind the corporation
Business, Corporate and Joint Ventures
Dispute Resolution
A lawyer demanded a fee for legal services provided to a non-profit society under a retainer fee agreement signed by one of the society members, along with the society’s stamp. The Court rejected the claim against the society. An action deviating from a corporation’s objectives or performed without permission is invalid unless ratified by the […]
A purchaser of land that turns the blind eye and does not make checks before the transaction may lose its rights
Real Estate
Dispute Resolution
An apartment owner discovered that his rights in the apartment were recorded in the Land Registry under the name of another, without his knowledge. The Court accepted the claim and held that the transfer of rights in the Land Registry is to be canceled and the rights restored to the original owners. Israeli law states […]
Using distress of a party to an agreement in order to achieve an unfair advantage is grounds for rescission of the contract
Commercial, Banking and Financial
Dispute Resolution
A person purchased an apartment and later sold it at a price lower by a third than the market value after being unable to meet the mortgage payments and suffering from a poor emotional state, including due to drug use, and was even admitted to a mental health institution shortly after signing the agreement. The […]
Without an agreement otherwise later shareholders loan do not have priority over earlier ones
Business, Corporate and Joint Ventures
Dispute Resolution
An investor invested funds in a company that built a commercial center through interest bearing shareholders loans against the allocation of 12% of the company’s shares, with the investment agreement stipulating that the loans in the company would be repaid proportionally. Despite this, the investor did not receive information about the company’s operations and the […]
