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Company Law > Company Law > Flashcards

Company Law Flashcards

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1
Q

Sale of goods

A

The general principles of contract law such as offer and acceptance, consideration and intention to create legal relations apply to contracts for the sale of goods

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2
Q

Goods

A

Defines by or related to SOGA has its physical tangible form such as a car, phone, and things attatched to land but not including land, money transfers, business and service

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3
Q

Price

A

Defined by SOGA is a money consideration by the buyer and the seller for transaction of title or property(ownership) of goods

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4
Q

Contract for sale

A

Trade of ownership goods from seller to buyer is immediate

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5
Q

Agreement to sell

A
  • Future Goods

- Unascertained goods

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6
Q

A contract for sale of goods

A

Is a contractual agreement made by parties about terms that the seller transfers or agrees to transfer the property of goods to buyer for a money (called price) consideration.

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7
Q

Terms of agreement

A

Detailed conditions set for trade, express terms and implied terms, duties of each buyer and seller

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8
Q

Terms expressed in contract

A

They are conditions set for trade specifically written or orally agreed in contract

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9
Q

Terms implied in contract

A

Terms are not specifically written or orally agreed in contract but they are fully enforceable by law

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10
Q

5 implied terms

A 
Right to sell
Right to sell by description
Right to sell by sample
Satisfactory quality
Fit for purpose
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11
Q

SoGA

A

The SOGA governs the nature, terms and quality of the goods and transfer of ownership from one party to another . The act only applies to the sale of goods in return for money and does not apply where goods are not related to sales such as installing, fixed or hired goods.

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12
Q

Contract of employment

A

Employment law is the law that covers the workplace much about contracts between employers and employees.
Sources- common law, statues and directives from europe
Forms- regulatory law and restructive

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13
Q

Employment tribunal

A

If dont make correct decision you can appeal to employment appeal tribunal.

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14
Q

Written particular

A

A contract of employment does not require any written formalities and can be made orally. But certain written particulars are required to be given to all employee under the employment rights act 1996. Must be given to all the employees within two months . Not if job last less than 1 month

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15
Q

A worker as employee

A

A person working under a service of contract

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16
Q

A worker as independant contract employment

A

A person working under a contract for service

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17
Q

Terminationof employment contract

A

The period of notice to terminate job by statutes

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18
Q

Without notice

A

Notice shall be given to all employees that have guilty of gross misconduct. The employee dismissed immediately is called “summary dismissal”

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19
Q

The minimum notice

A

1 week for service up to 2 years, 2 weeks for service up to 2 years, 3 weeks for service up to 3 years 4 weeks for service up to 4 years

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20
Q

Notice by employees

A

A week notice as minimum for service time longer than 1 month employment

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21
Q

Automatically unfair dismissals

A 
Relating to pregnancy
Health and safety
Spent conviction
Retail/betting on sundays
Union reasons
Industrial action
Part time
Jury service
Statutory right
22
Q

Wrongfull dismissal

A

Dismissal in breach of contract, such as dismissal without notice to employees or dismissal without following precedures

23
Q

Dismissal outcomes

A

Take to court award compensation
Reinstatment
Reengagment

24
Q

Constructive dismissal

A

Employee is entitled to resign without giving notice to employer because of the employer’s behaviour that it is in breach of employment law

25
Q

Discrimination law

A 
Sex
Gender reassigment
Pregancy/maternity
Sexual orientation
Disability
Age
Religion/belief
Marriage/civil partnership
Race
26
Q

Disability

A

A person has to be disabled before they can be protected under this characteristic

  • treated more favourably than normal people
  • substantial and long term effect on the persons ability to carry out his normal day to day activities
  • must be disabled or expected for 12 months
27
Q

Form a company

A

Need to go companies house and file the following documents

  • memorendum of association
  • article of association
  • a statutory decleration
  • adress of registres office &statment of directors and secretaries
28
Q

Memorendum of association

A
  • company name
  • share capital
  • registered office
  • company object
29
Q

Article of association

A

Sets of internal rules and regulations which governs the relationship between the members and the company and between members

30
Q

Article of association covers

A
  • how meetings should be conducted
    -the rule of voting
    -capital issues
    -rules for appointment and remov of directors
    -
31
Q

The articles can be altered by?

A

A special resolution in general shareholder meeting

A unanimous written resolution only for private companies

32
Q

Loan to directors

A

Amount of loan limit to 5000

Shareholders have to agree

33
Q

Financial assistance

A

Company provides buyers with a financial help to purchAse its own shares using company’s finance and financial capability

34
Q

Is it lawfull? Financial assitance

A

Yes when principles are followed

35
Q

The principles for financial assistance

A

1 assitance is given in good faith in the interests of the whole company

  1. Using dividend that is lawfully made
  2. Order of court
36
Q

For private companies financial assitance

A

As long as net assets is nit reduced and the whitewash is made

37
Q

Whitewash

A

A statutory procedure to make financial assitance lawfull

  1. Make a declaration of buyer and amount of funds to be given with attatchment of auditors report on the effect on creditors
  2. permission of more than 75% of shareholders special resolution
38
Q

Contract law

A

A contract is a legally enforceable agreement between two or more parties that each will do or not do something abd at the time of the agreement they intended to create legal relations

39
Q

Contract law

A

Is a set of regulations or past judgements made by the court that have been applied to rule contractual exchamges in which the rules are enforeable by the courts in business and commercial context

40
Q

Forming a contractual agreement

A

Stage 1: agreement

Stage 2: agreement to context

41
Q

Void

A

There is no contract

42
Q

Voidable

A

There is a contract but one party is given an option to withdraw from agreement

43
Q

Unenforceable

A

There is a contract but if one party does not carry it out the courts will not enforce the contract

44
Q

Bilateral contract

A

A promise made in return for a promise

45
Q

Unilateral contract

A

One party promises to do something. The other party does not promise to do something but when it does the project is complete.

46
Q

Offeror

A

Makes the offer

47
Q

Offeree

A

Accepts the offer

48
Q

Offer

A

Must be certain and not vague

49
Q

Adverts are an invitation to treat

A

Customer makes an offer to buy the goods at cash desk. The contract is complete when the cashier accepts the offer.

50
Q

Termination of offer

A 
Revocation-withdrawal
Lapse of time
Death
Counter offer
Acceptance
51
Q

5 essential elements for forming a legally enforceable contract

A
  1. agreement
  2. intention to create legal relation betweem comtractual parties
  3. form and capacity to implement contract
  4. Consideration
  5. terms of contract
52
Q

Misrepresentation

A

When on party makes a false or incorrect statment about a verifiable fact or past event and that statment induces the other party into the contract

Company Law (1 decks)

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