Chapter 1 - Legal principles and international law Flashcards
What is the definition of civil law?
Disputes between private individuals and organisations.
Who are the parties involved in a criminal law case?
Prosecution (state)
Accused/defendant
Accused is found guilty/not
In criminal law, what is the aim of legal action and what are the possible settlements?
Aim - Punishment
Settlement - Court must be used
In criminal law, what is the standard and burden of proof?
Standard - Beyond reasonable doubt
Burden - Prosecution must prove
What is an example of a criminal law suit?
Insider dealing
What are the main remedies in criminal law?
Fine and/or imprisonment
No direct remedy to the injured party
What is the definition of criminal law?
Crime is conduct prohibited by law
Who are the parties involved in a civil law case?
Claimant
Defendant
Defendant found liable/not
In civil law, what is the aim of legal action and what are the possible settlements?
Aim - Compensation (usually financial redress)
Settlement - can be settled in or out of court
In civil law, what is the standard and burden of proof?
Standard - on the balance of probability, claimant must prove that it is more probable than not what they are claiming is true
Burden - Claimant must prove
What are 2 areas subject to civil law?
Negligence and Breach of contract
What are the main remedies in civil law?
Financial - damages
Non-financial - injunctions
In civil law, who brings the action and who decides the outcome?
Claimant and the Judge
In criminal law, who brings the action and who decides the outcome?
Jury
What is the difference between criminal and civil law?
Legal consequences and not the cause
Criminal law doesn’t give redress to individuals
Civil law doesn’t punish
What is legistlation?
Law created by parliament on a continual basis, aka statute law
What can parliament do?
Repeal earlier legistaltion
Overrules case law
Make new law
Codify case law
What is the difference between primary and secondary legislation?
Primary - created by acts of parliament
Secondary - created by specialist individuals as directed by an act of parliament, e.g. statutory instruments
What is case law?
Law that has evolved through time as disputes are heard between parties in courts.
Legistaltion may apply to a prticular action
Can both case law and legislation be applied to criminal and civil cases?
Yes
Why is the economic crime and transparency bill significant?
Example of how changes over time require laws to evolve
Aims to tackle economic crime and improve transparency in respect to corporate entities.
What are the choices of law parties agree to apply in advance of dealings?
UN laws or ICC laws
What is the UNCISG?
Source of contract law for parties in different countries (which contract to UN convention can choose to apply to their dealings.
Applies only to sale of commercial goods
Damages can be recovered if obligations aren’t met
What is the scope of conventionof UNSIG?
Governs formation and rights and obligations of buyers and sellers
Sets out rules relating to the passing of risk and loss or damage of the goods
What are the obligations of buyers and sellers?
Buyers:
Pay for goods
Sellers:
Deliver according to the contract
If either party fails to meet obligations, other party can claim damage for loss sufferred
When does passage of risk take place when carriage of good is included in the contract?
Time specified on the contract or if not specified, when goods are passed to the first carrier
When does passage of risk occur when carriage of goods is not included in the contract?
Where the buyer takes over the goods or when seller puts them at buyers disposal
When does passage of risk occur when goods sold are in transit?
When contract is made, regardless of location of goods
What are ICC Intercoms?
Set standard terms for delivery, import and export duties, insurance and freight costs
What is islamic finance?
Governed by Sharia Law which is bound up with islam and has been adopted as national law in some countries
What is Riba (usury)?
Concept of unlawful gain in Sharia law
Charging/gaining interest is forbidden
Profit making is allowed
Structured as an investment with profit sharing potential
How is a loan structured?
Bank buys the asset, then seller it to the borrower at a higher price (making a profit). The borrower then pays the price of the loan over a period of time. The bank owns the asset until the final payment is made.
How is a deposit structured?
Person making a deposit is essentially loaning bank money and interest payments are interest on that loan.
In terms of law, what is sustainability?
Describes a world of thriving economies and just societies based on what nature can afford. Must consider both the impacts and dependencies of an organisation.
What acts promote environmental sustainability?
Environment act 2021
Companies act 2006
What acts promote social sustainability?
Equality act 2010
Employment rights act 1996
National minimum wage act 1998
Bribery act 2010
Proceeds of crime act (POCA) 2002
Money Laundering regulations 2017
What acts promote governance sustainability?
Data protection act 2018
What are impacts?
Impacts consider how the decisions/actions an organisation makes either positively or
negatively affect environmental, societal, and governance issues.
Useful for broader stakeholders
What are dependencies?
Consider how the current and future environmental, social and governance issues
affect can affect the organisation’s ability to create and maintain value.
Useful for investors
What is the full list of ICC intercoms?
EXW - Ex-works
FCA - Free carrier
CPT - Carriage paid to
CIP - Carriage and insurance paid to
DAP - Delivered at place
DPU - Delivered at place unloaded
DDP - Delivered duty paid
Only applied to goods transported by sea:
FAS - Free alongside ship
FOB - Free onboard
CFR - Cost and freight
CIF - cost, insurance and freight
What is a statutory instrument?
Authorises a government minister/department to create detail of a law
What does the annual finance act do?
Sets purpose and objectives in relation to finance
Working out the detail of the finance act is delegated
What does judicial precedent mean?
Principles should be consistent and not lapse over time
Means that decisions of certain courts must be applied to any similar case
Which ICC intercom has the min number of obligations on the seller?
EXW
