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Law > Chapter 1 - Legal principles and international law > Flashcards

Chapter 1 - Legal principles and international law Flashcards

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1
Q

What is the definition of civil law?

A

Disputes between private individuals and organisations.

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2
Q

Who are the parties involved in a criminal law case?

A

Prosecution (state)

Accused/defendant

Accused is found guilty/not

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3
Q

In criminal law, what is the aim of legal action and what are the possible settlements?

A

Aim - Punishment

Settlement - Court must be used

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4
Q

In criminal law, what is the standard and burden of proof?

A

Standard - Beyond reasonable doubt

Burden - Prosecution must prove

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5
Q

What is an example of a criminal law suit?

A

Insider dealing

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6
Q

What are the main remedies in criminal law?

A

Fine and/or imprisonment

No direct remedy to the injured party

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7
Q

What is the definition of criminal law?

A

Crime is conduct prohibited by law

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8
Q

Who are the parties involved in a civil law case?

A

Claimant

Defendant

Defendant found liable/not

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9
Q

In civil law, what is the aim of legal action and what are the possible settlements?

A

Aim - Compensation (usually financial redress)

Settlement - can be settled in or out of court

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10
Q

In civil law, what is the standard and burden of proof?

A

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

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11
Q

What are 2 areas subject to civil law?

A

Negligence and Breach of contract

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12
Q

What are the main remedies in civil law?

A

Financial - damages

Non-financial - injunctions

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13
Q

In civil law, who brings the action and who decides the outcome?

A

Claimant and the Judge

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14
Q

In criminal law, who brings the action and who decides the outcome?

A

Jury

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15
Q

What is the difference between criminal and civil law?

A

Legal consequences and not the cause

Criminal law doesn’t give redress to individuals

Civil law doesn’t punish

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16
Q

What is legistlation?

A

Law created by parliament on a continual basis, aka statute law

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17
Q

What can parliament do?

A

Repeal earlier legistaltion

Overrules case law

Make new law

Codify case law

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18
Q

What is the difference between primary and secondary legislation?

A

Primary - created by acts of parliament

Secondary - created by specialist individuals as directed by an act of parliament, e.g. statutory instruments

19
Q

What is case law?

A

Law that has evolved through time as disputes are heard between parties in courts.

Legistaltion may apply to a prticular action

20
Q

Can both case law and legislation be applied to criminal and civil cases?

A

Yes

21
Q

Why is the economic crime and transparency bill significant?

A

Example of how changes over time require laws to evolve

Aims to tackle economic crime and improve transparency in respect to corporate entities.

22
Q

What are the choices of law parties agree to apply in advance of dealings?

A

UN laws or ICC laws

23
Q

What is the UNCISG?

A

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

24
Q

What is the scope of conventionof UNSIG?

A

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

25
Q

What are the obligations of buyers and sellers?

A

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

26
Q

When does passage of risk take place when carriage of good is included in the contract?

A

Time specified on the contract or if not specified, when goods are passed to the first carrier

27
Q

When does passage of risk occur when carriage of goods is not included in the contract?

A

Where the buyer takes over the goods or when seller puts them at buyers disposal

28
Q

When does passage of risk occur when goods sold are in transit?

A

When contract is made, regardless of location of goods

29
Q

What are ICC Intercoms?

A

Set standard terms for delivery, import and export duties, insurance and freight costs

30
Q

What is islamic finance?

A

Governed by Sharia Law which is bound up with islam and has been adopted as national law in some countries

31
Q

What is Riba (usury)?

A

Concept of unlawful gain in Sharia law

Charging/gaining interest is forbidden

Profit making is allowed

Structured as an investment with profit sharing potential

32
Q

How is a loan structured?

A

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.

33
Q

How is a deposit structured?

A

Person making a deposit is essentially loaning bank money and interest payments are interest on that loan.

34
Q

In terms of law, what is sustainability?

A

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.

35
Q

What acts promote environmental sustainability?

A

Environment act 2021
Companies act 2006

36
Q

What acts promote social sustainability?

A

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

37
Q

What acts promote governance sustainability?

A

Data protection act 2018

38
Q

What are impacts?

A

Impacts consider how the decisions/actions an organisation makes either positively or
negatively affect environmental, societal, and governance issues.

Useful for broader stakeholders

39
Q

What are dependencies?

A

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

40
Q

What is the full list of ICC intercoms?

A

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

41
Q

What is a statutory instrument?

A

Authorises a government minister/department to create detail of a law

42
Q

What does the annual finance act do?

A

Sets purpose and objectives in relation to finance

Working out the detail of the finance act is delegated

43
Q

What does judicial precedent mean?

A

Principles should be consistent and not lapse over time

Means that decisions of certain courts must be applied to any similar case

44
Q

Which ICC intercom has the min number of obligations on the seller?

A

EXW

Law (13 decks)

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