Chapter 5 Flashcards
What are the key sources of law?
Acts of Parliament
Case law
Eu law
What is the primary source of law
Acts of Parliament (statute)
How are acts of Parliament created
Introduced via a green paper
What happens after consultation of the green paper
White paper produced with a revised proposal
What happens after a white paper
Proposed legislation is drafted into a bill
What are the 2 types of bills
Public majority of bills
Private minority of bill
Who introduces public bills
Government ministers
Who introduces private bills
MP’s
Members of the House of Lords
What are the 7 stages of a bill
1st reading
2nd reading
Committee stage
Report stage
3rd reading
Bill approved moves over to the other chamber
Royal assent
What does a bill come into force once riyal assent is given
May not be immediate but at a time specified
Act can be split into several sections coming I to force at different timrs
What is case law
Situation where a judge must interpret the law
How the law should be applied based on the facts of the case
What do judges create in case law
Precedents
What is precedent
Judges are bound to follow precedent in future cases that have similar facts or similar legal principles
What is precedent also known as
The doctrine of precedent
What occurs at the end of each case
Judgement by the judge
What is judgement
Judge giving their reasons for the decision on the case and why they reached that decision
What is the Latin term for the judgement
Ratio decedendi
What is the other Latin term referenced in jufgrment
Obier dicta
What is orbiter dicta
Part of judgement that future judges are not bound to follow
What are the 3 levels of precedent
Original
Binding
Persuasive
What is original precedent
Case with facts not seen before
The outcome creates original precedent for future cases
What is binding precedent
Decision from a previous case binds all future judges.
Facts of the original case are sufficiently similar to those in new cases and decision was m as e by a higher court than the new case is being heard in.
What is persuasive precedent
Decision made in a previous case that was not legally binding on future cases but
It can influence judges decision if they believe the legal principles used are relevant to the present case
What is the hierarchy of the courts
Supreme Court (House of lord)
Court of appeal
High Court
Magistrates Court
County court
Can the lower courts create binding precedent
No
They are bound by decisions of the higher courts
Why are companies bound by laws and regualtions
They are separate legal entities
What is the principle primary source of law
The companies act
Longest piece of legislation since 1856
How many sections does the companies act 2006 have
Over 1300 sections
When did the companies act come into force
The final provisions came I to force October 2009
Had the companies act been updated sunce
Yes by
Enterprise and regulatory reform act 2013
Small business enterprise and employment act 2015
What are the other areas now covered by their own acts of parluament
Insolvency act 1986
Company directors disqualification act 1986
Criminal justice act 1883 part v
Financial services and markets act 2990
Stock transfer act 1963
What is the FRC
Financial reporting council
What dies the FRC do
Regualtor responsible for corporate reporting and promoting high quality corporate governance
Who does the FRC regualte
Accountants
Auditors
Actuaries
Within the UK and Republic of ireland
What is the FCA
Financial Conduct authority
What does the FCA do
Aim to protect consumers
Ensure market stability and resilience
Competent authority for listing
Ensure listed companies continue to meet their obligations
Who is the CMA
Competition and markets authority
What does the cma do
Strengthening business competition
Prevent and reduce anti competition activities
Responsible for investigating mergers who committed offences
Investigate potential breaches of snt competition agreements
Can bring criminal proceedings against individuals
What is law of contract concerned with
Ensuring that legal agreements are made within the remit of contract law
Provides the elements that must be present
The situations they can be terminated
The consequences of termination
Protection to certain parties by regulating the use of certain terms
What does employment law cover
Relation between companies and its employees
Rights
Obligations
Responsibilities of employers & employees
Covering
Health and safety
Discrimination
Wrongful dismissal
