16. Key legal concepts Flashcards

1
Q

Legal Person

A

a person who can enter into legal contracts

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2
Q

x7 Binding contract

A
  1. offer and acceptance
  2. considerations
  3. Capacity to contract
  4. Certain terms and free from doubt
  5. Intention to create a legal partnership
  6. Legality of object
  7. Entered into freely
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3
Q

Caveat Emptor

A

Buyer BewArE

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4
Q

Uberrima fides

A

Utmost good faith

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5
Q

3x things if there is a Breach of contract

A
  1. Damages
  2. Order of specific performance
  3. Injunction
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6
Q

Agent

A

Acts on behalf of the principal within specific boundaries to conclude contracts

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7
Q

Apparent Authority

A

Something either done or said by the principal that leads to the impression that they have authorised the agents actions

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8
Q

Principal

A

The party granting permission to the agent to act on their behalf

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9
Q

ratification

A

actions taken by the agent without authority

then later giving permission

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10
Q

realty

A

property deemed to be real (real estate )

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11
Q

Personalty

A

All other property

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12
Q

Joint tenants

A

100% owned by each

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13
Q

Tenants in common

A

regarded as a single owner

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14
Q

Power of attorney

A

Legal responsibility to act on behalf of another person

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15
Q

Enduring Power of attorney

A

Client starting to lose mental capacity

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16
Q

Donor

A

Person who makes a power of attorney

17
Q

Donee

A

Person who is given power of attorney

referred as an attorney

18
Q

Lasting power of attorney

A

Clients loss of mental capacity:

  • Health and welfare
  • Property and financial affairs
19
Q

Formal Wills

A
  1. Must be in writing

2. Must be executed

20
Q

Testator

A

Person who makes the will

21
Q

Beneficiary

A

A person who benefits from the will

22
Q

Codicil

A

Document that formally amends a will

23
Q

Executor

A

Person named by testator as being responsible for carrying out the wills wishes

24
Q

Grant of probate

A

Legal authority of executors to distribute estate

25
Q

Deed of variation

A

legal agreement of beneficiaries to alter the terms of a will

26
Q

Intestacy

A

No will left behind

27
Q

Administrator

A

Person given role of distributing estate (intestacy )

28
Q

Letters of administration

A

Legal authority to distribute the estate of a person

Intestacy

29
Q

Settlor

A

The person who creates thee trust and originally owned the assets held

30
Q

Trust Deed

A

Document that sets out how the trust is to be managed

By who and for whom

31
Q

Trustee

A

Legal owner of property

with responsibility to take care and distribute trusts

32
Q

Insolvency

A

Liabilities exceeds assets

Can not meet their financial obligation with reasonable time

33
Q

Bankruptcy

A

£5,000+ in debt

Last 12 months

34
Q

Individual Voluntary arrangement

A

Agreement by creditors who represent at least 75% of the value of the debt to reschedule payments

35
Q

Company Voluntary Arrangement

A

Agreement by creditors who represent 75% of the value of debt . Aim of avoiding the business going into administration

36
Q

Official Receiver

A

official appointed by the court to identify and distribute the assets of bankrupt individual

37
Q

Insolvency practitioner

A

Appointed by court or receiver to identify and manage the distribution