Chapter 1 Flashcards
Civil law definition
Regulates disputes between individuals and organisations
Criminal law
Conduct prohibited by the law
Civil law aims and terminilogy
Claimant and defendant
Compensation
On balance of probability and claimant must prove
Specific performance
To make someone do something as a result of civil law dispute
Injunction
Make someone stop doing something
Who decides outcome in civil law case
Judge / can be settled out of court
Criminal law
Cps bring the case
Accused
court must be used and must be beyond reasonable doubt
Parliament can
Repeal earlier legislation: replacing old with new
Overrule case law
Make new laws
Codify new laws (convert and consolidate case laws into 1 statute)
Primary legislation
Created by act of parliament
Secondary legislation/delegated legislation
Delegate law to be created by specialists as directed by an act of parliament
Statutory instruments
Secondary legislation
Case law
Judge made law. law has evolved overtime as disputes are heard between parties in court
Judicial precedent
Decisions of judges mustn’t become inoperative through laps of time
Achieved by recording of legal decisions and by applying strict rules over how judges make decisions in the future
The economic crime and transparency bill
Aims to tackle economic crime and improve transparency in respect of corporate entities
Reforms to company house through ID verification
Reforms to prevent the abuse of limited partnership
Creation of additional powers to seize and recover suspended criminal crypto assets
Reforms to give businesses more confidence to share information in order to tackle money laundering
New intelligence gathering powers for law-enforcement and removal of unnecessary burdens on business
Impacts of the economic crime and transparency bill
DisApplying the civil liberty of breach of confidentiality to the extent that the information is being shared for the purpose of tackling economic crime
NLE such as NCA‘s financial intelligence unit will no longer need to have been sent a suspicious activity report before investigation
A reduction in documents that needed to be filed by businesses meaning law-enforcement resources can focus on tackling activity rather than processing documents
Civil Court hierarchy
County Court
High Court
Court of Appeal
Supreme Court
Criminal court hierarchy
Magistrates court
Crown Court
High Court
Court of Appeal
Supreme Court
Civil County Court
Small claims - less than £10,000
Fast track- £10,000-£25,000
Civil High Court
Multi track- complex cases that need more than a day or the value is over £25,000
Civil and criminal court of appeal
Here’s appeals from lower courts
Criminal magistrates court
All cases are heard at first instance it tries minor offences and passes major offences to the crown court
Crown Court
Charles made fences and his appeals from the magistrates court for minor offences heard by judge and the jury
Criminal High Court
Here’s some appeals from the Crown Court and the magistrates court
Tribunals and alternative dispute solutions
Part do not always have to take their civil dispute of courts two possible alternatives are to go to the tribunal or an ADR process
Tribunal
Alternative place to have a silver dispute, her usually employment law matter
Less formality than going to court
Decision is binding on those included in the case but not future cases but will be taken into consideration
Alternative dispute resolution
A process where parties with a dispute use any type of procedure or combination of procedures to resolve their differences rather than going to court
These can include arbitration mediation and conciliation
Arbitration
The dispute is settled by an independent person chosen by the parties, usually lawyers
They acted a similar way to judges
Parties was agreed to submit the process. This agreement is usually an arbitration agreement which was created at the beginning of the relationship in the initial contract terms. This means there is a contract govern in the arbitration process which is subject to contract laws.
Arbitration agreement sets at the process involved as well as the rights and obligations of the parties
Mediation and conciliation
Like arbitration involves an independent third-party in helping the parties to resolve their dispute
In these cases the third-party does not act like a judge instead they want to assist the parties and coming up with their own solution to the issue
Positives of alternative dispute resolution
As you choose, the person you can gain the service of an expert in the field they’re in
Cheaper than going to court
ADR proceedings are held in private
Can tailor the needs of party (changing way they behave, obtaining a promise that a party will not do something, obtaining an apology, obtaining an explanation, compensation)
Quicker going to court
Negatives of alternative dispute resolution
The decision of an expert lacks the legal authority of a decision made by a judge meaning the disagreement could go to court
Could run for a long time and end up in court anyways
Not legally enforceable meaning successful on the willingness of the parties if not voluntarily accepted the parties will need to pursue litigation
Two main sources of law for human rights in the UK
-European convention on human rights
Human rights act 1998
ECHR
Following World War II, the convention was created to prevent human rights abuse that occurred in the conflict. It’s set out rights and freedoms then a human should have which the UK stand up to 16 of them.
ECHR Rights that UK signed up for
Federal
Liberty
Equality and freedom fromdiscrimination
Right to family life
Privacy
Property
Life
Free elections
echr. Freedoms that the UK signed up for
Slavery and human trafficking
Speech
Torture and ill treatment
Religion and belief
Freedom of assembly
Violence against women
Human rights act 1998
Embed the ECHR into UK law. Means human rights cases can be heard in UK courts and it provides that all public bodies such as schools and hospitals must respect an individuals convention rights.
The act also impacts new legislation legislation is interpreted and applied in the court
Or common/case law must be interrupted in a way that is compatible with the convention
Means UK case law is overruled when it conflicts with the convention however only in exceptional circumstances
ECHR and human rights act impact on new legislation
Must make a statement of compatibility of the new legislation with the convention early in the legislative process
If it is incompatible with the convention statement to that effect can be made shared the government wish to continue with the proposed legis
Courts may strike out/council secondary legislation that violates the human rights act
ECHR human rights act impact on the courts
Existing legislation must be interpreted in a way that is compatible with the convention courts must take into account decisions and judgement of ECHR
If it can be adopted in the way that is compatible or a way that is compatible the courts must follow the interpretation that is compatible
How international laws apply to dispute?
Paul is gonna agree in advance which laws will apply if trading overseas
International laws - parties can choose to adapt international rule developed by United Nations and ICC (International Chamber of Commerce)
United Nations Convention on contracts for international sale of goods
Facilitate international trade
Is a source of contract law parties in different countries can choose to apply in their deals
UNCISG
United Nations Convention on contracts for international sale of goods
Types of contract that fall under UNCISG
Sale of goods between parties in contracting states
Sale of goods between parties who refer to CISG in the contract
Types of contract that do not fall under UNCISG
Sale of labour service
Sale of goods where the buyer provides most of the materials for the good
Sale of goods for personal use
Sale of goods via auction
Sale of restricted goods
Restricted goods
Aircraft, electricity and investments
Obligations of the buyer under UNCISG
To pay the price for the goods and comply with any formalities to enable payments to be made
Obligations of the seller under UNCISG
To deliver the goods to the place and at the time agreed in the contract
To deliver the goods of a quantity quality and description set out in the contract and to package them in the agreed manner
If the contract doesn’t set out the quantity quality and packaging requirements to follow the conformity requirements set out in the convention
If either the party fails to meet their obligations, the other party can claim damage damages for loss suffered
UNCISG passage of risk
The convention determines when part risk passes from one party to the other. This is essential in practice so the parties can buy appropriate
Carriage of good included in the contract risk passes at the time specified in the contract or if not specified when the goods are passed to the first carrier
Carriage of goods not included the contract risk passes where the buyer takes over the goods or where the seller puts them at the buyers disposal
Good sold in transit risk passes where the contract is made regardless of where the goods are
Incoterms definition
The standard terms used to form international contracts to promote uniformity there are 11 standard terms
EXW
EX works - goods available at sellers place of business
FCA
Free carrier - sellers clear the goods for export and delivers to a named carrier
CIP
Carriage and insurance paid to- sellers pays for carriage clears the goods for export and insures the goods
CPT
Carriage paid to- seller pays for the carriage and is responsible for clearing the goods for export risk passes to buyer wants good arrive at the named destination
DAP
Delivered at place- seller bears all the risk in delivering the goods ready to be uploaded at a named place
DPU
Delivered at a place unloaded- sell bears all the risk delivering and unloading goods at a named terminal
DDP
Delivery duty paid- seller as all costs and risk from clearing goods for export delivering and clearing of all goods for import at a name destination. In fact, the seller must discharge all of the delivery and customs responsibilities.
Incoterms of specific to ships
FAS
FOB
CFR
CIF
FAS
Free alongside ship ( seller delivers the goods to the ship and bears the export charge)
FOB
Free on board- seller has delivered the goods when they are delivered for export and pass the ships rail at the named port
CFR
Cost and freight - seller pays for delivery however the risk transfers to the buyer once the goods are loaded onto the ship the buyer must’ve arrange own insurance
CIF
Cost insurance freight - seller pays for delivery of goods and must ensure them though only at the most basic level of cover during transit
Standard terms not including ship
EXW
FCA
CIP
CPT
DAP
DPU
DDP
Islamic finance overview
Governed by sharia law
Sharia law is law bound with the religion of Islam
Sharia law has been adopted by some countries
Concept of riba
RIBA
Concepts of making an unlawful gain in sharia
For example, charging or gaining interest is illegal and buying using a loan is illegal
Solution to interest in Sharia
Bank will buy the asset, then sell the asset to buyer at a profit and the buyer is required to pay back overtime
The bank will own the asset until final payment is made
Sharia solution to bank deposit
Bank deposits are viewed as an investment made which is managed by the bank. When the money is returned, it is returned with the profit from the investment minus a management fee.
Sustainability
Describes a world of thriving economic and just society based on what nature can afford must consider both the impacts and dependencies of an organisation
ESG
Environmental and social governance
Looks at sustainability through a corporate lens ESG considers the impact of these risks on businesses and enterprise values
Laws relating to environmental sustainability(ESG)
Environmental act 2021
Companies act 2006
Laws relating to social sustainability
EQuality act 2010
Employment right act 1996
National minimum wage act 1998
Bribery act 2010
Proceeds of crime 2002
money laundering regulations 2017
Laws relating into governance
Data protection 2018
Impacts of ESG
How are the actions of an organisation makes either positively or negatively affect environmental society and government issues?
For example, workers rides, human rights, health and safety policies, waste greenhouse gas emissions, water usage, land usage and biodiversity
Dependencies of ESG
How the current and future ESG issues affect the organisations ability to create and maintain value
For example, worker health workplace diversity, climate conditions, resource availability, regulation and consumer expectations
