ATT Mock 2 recap Flashcards
if a partnership has not fulfilled its end of the contract, can the customer seek redress from the partners themselves, rather than the partnership?
yes, they can seek redress from the named partners
are new partners liable for debts before joining the partnership?
no, unless they have agreed to be
are retiring partners liable for debts after leaving the partnership?
yes, unless the creditor has released them from liability.
where the creditor has not been informed that the partner has retired, they remain liable, because the creditor did not know of this
can a creditor seek a charge on the private property of a partner?
no
Tenancy in common is only recognised in _
equity
Is joint tenancy recognised in:
- common law
- equity
- both
?
both common law and equity.
joint tenancy is the only type of co ownership recognised at both common law and equity
tenancy in common is only recognised at equity
can a tenancy in common be converted into joint tenancy?
no
The rights of ownership at common law are _
limited
common law recognises only a limited amount of ownership, such as _ ownership
beneficial
absolute
limited
legal
legal
ownership at equity recognises all the rights of ownership, such as _ or _ ownership
legal absolute beneficial limited equitable
equitable, beneficial
when a person has absolute ownership over the property, they are said to have both _ and _ ownerhship of the property
legal and equitable
for a chattel to be part of the land, does it need to be attached in a substantial way?
yes
for a chattel to be part of the land, does it need to improve the building permanently?
yes
Are essential elements of a contract something that limits the degree to which the parties may mutually agree the terms of the contract?
no,
the ‘essential elements’ are that the parties intent to create legal relations, an agreement signified by offer and acceptance, and an agreement that is supported by consideration.
these things cannot limit the mutuality of an agreement because these are not terms - they form the basis of a contract
what is the simple difference between a right of pre-emption and a contract of option
the right of pre-emption is only IF the person wants to sell. the person is under no obligation to sell if they dont want to… but if they do, they are contractually obligated to sell it to the other person.
however in a call option, there is an obligation
what is a retention of title clause?
legal ownership only passes to the buyer once they have paid for the goods.
aka, retain the legal title of the goods, until paid for
is a contract for services (contractor) goverened by employment law or contract law? for the relationship between the two parties
contract law,
sole traders and partnerships are incorporated businesses.
true or false
false, they are unincorporated
losses from the trade of a company can be relieved against the director’s income from the company
true or false
false
‘company’ = separate legal identities
must hmrc be notified when a partnership is formed?
yes, for income tax and NIC purposes
is an office holder taxed the same as an employee
yes
if an employee is not consulted about the terms of their redundancy, may they have the right to claim for unfair dismissal?
yes
can a partnership agreement be verbal?
yes
how will a written partnership agreement interact with the partnership act 1890?
clauses in the written partnership agreement may override terms in the partnership act 1890
is a partnership a juristic or non juristic person?
non-juristic
must a partnership be formed with the view of creating a profit?
yes, clubs/ societies cannot be partnerships
what are the four unities for co-owned property?
unity of possession - entitled to every part
unity of interest - all have identical interest
unity of time - all start at the same time
unity of title - title must come from the same source
