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Chapter 1 - Legal principles and international law Flashcards

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?

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
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
26
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
27
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
28
When does passage of risk occur when goods sold are in transit?
When contract is made, regardless of location of goods
29
What are ICC Intercoms?
Set standard terms for delivery, import and export duties, insurance and freight costs
30
What is islamic finance?
Governed by Sharia Law which is bound up with islam and has been adopted as national law in some countries
31
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
32
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.
33
How is a deposit structured?
Person making a deposit is essentially loaning bank money and interest payments are interest on that loan.
34
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.
35
What acts promote environmental sustainability?
Environment act 2021 Companies act 2006
36
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
37
What acts promote governance sustainability?
Data protection act 2018
38
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
39
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
40
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
41
What is a statutory instrument?
Authorises a government minister/department to create detail of a law
42
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
43
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
44
Which ICC intercom has the min number of obligations on the seller?
EXW

Law (13 decks)

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