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Corporate Law > Chapter 1 > Flashcards

Chapter 1 Flashcards

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1
Q

Two important features of common law

A

Based on principles identified and expanded by the judiciary
In criminal law, the defendant has a right to be tried in front a jury who will dictate guilty or not guilty based on facts presented

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2
Q

Parliamentary sovereignty

A

Parliament is the supreme law maker. They can make laws which cannot be challenged in the courts and they are not bund by precedent

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3
Q

Explain House of Commons

A

Members of parliament elected for each constituency and following a general election the leader of the winning party is invited by the monarch to become a government and becomes prime minister

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4
Q

Explain House of Lords

A

Made up of archbishops, life peers and hereditary peers to hold the government to account,make and shape laws and debate big issues

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5
Q

Local councils

A

Locally elected councils that have power to make local rules on building policy, roads etc

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6
Q

Regional or National Assembly

A

Powers of central government have been devolved eg min of health and education

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7
Q

Define law

A

Set of rules applied by members of state and enforced through the courts

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8
Q

Elements of public law

A

Criminal law
Constitutional and admin law: rules of government and administration of justice

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9
Q

Private law

A

Concerned with relationships between people. It includes the law of obligations:
Contract law - law governing individuals who have entered into contracts
Company law - rules regulating the rights and obligations of corporations
Insolvency law - rules governing the management and distribution of assets of debtors who can’t meet their liabilities
Tort law - rules providing individuals with remedies against one another in circumstances where they have not voluntarily entered into an agreement

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10
Q

Examples of private law

A

Tort law
Insolvency law
Company law
Contract law

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11
Q

Three distinct functions of government

A

Legislative (parliament)
Executive (public servants who put the law into action)
Judiciary (decides on the law)

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12
Q

Main ranks of judges

A

District judge
Circuit judge
High court judge
Appeal judge
Supreme Court judge

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13
Q

Case law

A

Judicial decisions which serve as precedent in later cases

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14
Q

Statute

A

Laws enacted by parliament or indirectly under parliaments authority

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15
Q

Doctrine of precedent

A

When a judge follows principles expressed by predecessors of equal or higher rank in earlier cases

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16
Q

Common law

A

Governs basic principles of business law

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17
Q

Equity

A

A branch of case law that works on principles of fairness and good conscience rather than strict adherence to law. Equity recognizes fiduciary duties and responsibilities which arise out of positions of good faith

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18
Q

Trust

A

Relationship where a person manages the assets for the benefit of another person

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19
Q

Trustee

A

The person who manages the assets and owns them

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20
Q

Beneficiary

A

The person on whose behalf the trustee manages the assets

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21
Q

Examples of equitable remedies

A

Injunction - court order to stop doing something
Rescission - a declaration that a contract is void
Specific performance - an order to fulfill your duties in the contract
Estoppel - court order to stop a person from going back on something said or promised

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22
Q

When would equitable remedies be adequate

A

Only when monetary compensation would not be enough to solve the situation

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23
Q

How does parliament use statutes

A

To introduce new laws
Modify existing laws
Consolidate laws
Remove old laws that have become obsolete

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24
Q

Can statutes override case law

A

Yea

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25
Q

Act of parliament

A

Legislation that both parties have agreed to

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26
Q

Delegated legislation

A

Laws which are made indirectly under parliaments authority

27
Q

Privy council

A

Council made up of senior government officials that have the power to issue orders in council

28
Q

Orders in council

A

Orders that do not need further reference to parliament and are used for routine matters or in times of emergency

29
Q

Does the privy council also deal with regulations of chartered bodies institutions and associations ?

A

Yea

30
Q

Ratio decidendi

A

The specific legal reasoning behind a legal decision

31
Q

Human rights

A

The fundamental rights to which a human being is entitled

32
Q

What is the Human rights act

A

Binds public authorities not to breach an individuals rights

33
Q

Which is the lowest court and who presides over it

A

Magistrates court - District judge

34
Q

Explain the level of courts and the judges that preside over them

A
35
Q

What is the main aim of human rights act 1998

A

Not to breach an individuals rights

36
Q

What is common law

A

Based on legal decisions rather than statutes

37
Q

What is European Union law

A

EU treaties and their secondary legislation and decisions of the European Court of Justice. Ever since brexit ecj no longer applies but is retained in UK law

38
Q

Statutory instruments

A

Rules and regulations made by parliament or indirectly under parliaments authority

39
Q

What is the cornerstone of common law

A

Judicial precedent

40
Q

Obita decidendi

A

Other things said; statements which go beyond the ratio

41
Q

Recission

A

A party can cancel the contract; declare the contract void. Bring the party to a precontractual position

42
Q

Primary Sources of EU law

A

Treaties made between member states which set down the framework for future laws

43
Q

Secondary sources of EU Law

A

Regulations
Directives
Decisions

44
Q

Precedents set by higher courts ins judges in lower courts

A

True

45
Q

Literal rule

A

Words are given their plan literal meaning

46
Q

Golden rule

A

Requires to judges to avoid interpreting in such a way as to produce a repugnant result

47
Q

Purposive rule

A

Words are interpreted according to the purpose of the legislation

48
Q

In pari material

A

Two laws relating to the same subject matter must be construed together

49
Q

Expression unius est exclusion alterius

A

The expression of one excludes others

50
Q

Ejusdem generis

A

General words following particular words are of the same class

51
Q

Noscitur a socis- known by the company it keeps

A

Words derive their meaning from other words around them

52
Q

The crown

A

The monarchy in its constitutional function

53
Q

Position of the crown

A

Apolitical

54
Q

Standard of proof in civil cases

A

On the balance of probabilities

55
Q

Equity recognizes fiduciary duties and responsibilities which arises out of positions of good faith (bona fides)

A

True

56
Q

Principle common law remedy

A

Damages

57
Q

Injunction

A

Court order to stop doing something

58
Q

Specific performance

A

Court order to a party in a contract to carry out their obligation under the contract

59
Q

Estoppel

A

Civil court power to stop a person from going back on something said or promised

60
Q

Statutory instruments

A

Rules and regulations made by government departments under parliament authority

61
Q

Wrong per incuriam

A

Lack of proper attention to facts

62
Q

District judges

A

Sit on the lowest level courts. Have at least 7 years of experience as advocates before becoming a judge

63
Q

12 justices of the Supreme Court

A

Appointed from each jurisdiction in the UK in recognition of their superior expertise as High court or court of appeal judges

64
Q

Circuit Judges

A

Higher than district judge must have at least 10 years experience as an advocate together with experience as a district judge

Corporate Law (12 decks)

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