Key Legal Concepts Flashcards
What is
Realty
Personalty
Joint tenants
Tenants in common
Realty - property deemed to be real if a court will restore it to a dispossessed ownner and not provide compensation. Deemed immovable - land and what attached to it.
Personalty - anything else.
Joint tenents -each joint owner owns 100% of the property. On death the surviving owner takes legal ownership, can not be overridden.
Tenants in common - joint legal owners regarded as one but own a share of the property. If one dies the share goes to whoever entitled to inherit under the will or law of intestancy.
Marian was married but had no children, although her parents were still alive. She died without leaving a will. The value of her estate was £600,000. How much did her husband inherit?
Ian who made no will, left an estate of £350,000. How much did his wife and each of his two children inherit?
Marian’s husband inherited the entire estate. Parents only inherit if there is no spouse or children
Ian’s wife inherited £310,000 (the first £270,00 + half the excess above) the children inherited £20,000 each (the remaining £40,000)
Jagdeep is a partner in Pascoe & partners, in the event the business becomes insolvent, her liability is limited to the amount she has invested into the partnership, together with any personal guarantees she has given. True or false?
False
There is no information to suggest this is an Limited liability partnership (LLP) so she has unlimited liability.
Jagdeep is also a shareholder in Allenton Engineering ltd. If the company were to become insolvent, what personal liability would she have for its debts?
None.
Seperate legal entity so no liability for its debts.
For a contract to be valid, there must be consideration. What does this mean?
A) there must be payment or promise to provide payment.
B) both parties to the contract must be over 18
C) both parties must be open and honest in their dealings with each other
D) there is a right to cancel the contract
A) there must be payment or promise to provide payment.
Rebecca owns a small paddock that she no longer needs for her horses. The neighbouring farmer has offered to buy it and they shook hands on the sale over a drink in the pub. Later, the farmer changed his mind, and tried to withdraw from the sale. Rebecca argued that their agreement in the pub constituted a contract and he must honor it. Was she right?
No
Sales of land must always be in writing and the transfer effected by deed.
Which is true of independent financial advisors in terms of law of agency?
A) they act on behalf of a network
B) they act on their own account
C) they act as agents of their client
D) they act as agents of their conpany
C) they act as agents of their client
Why do mortgage lenders always insist that joint mortgages are always on a joint tenancy basis?
To reduce risk to the provider. Each borrower is 100% liable for the payments thus if one defaults the other can be pursued for all of the outstanding funds.
Tenents in common means they can only pursue the share from the individual owing.
Which of the following statements about the requirements for a valid will is correct?
A) an executor can not be a beneficiary
B) there must be a minimum if one witness
C) a witness can not inherit
C) a witness can not inherit
Harry has died without leaving a will. His estate will be distributed by:
A) an administrator
B) a solicitor
C) an executor
D) an official receiver
A) an administrator
What role does the court play in enduring powers of attorney?
A) enduring powers of attorney must be registered upon execution with the court of of protection
B) any action taken by attorneys must be agreed by the court of protection
C) the court of protection retains a list of all those qualified to act as attorneys
D) enduring powers of attorney can only be revoked with the consent of the court of protection
D) enduring powers of attorney can only be revoked with the consent of the court of protection
One of the financial restrictions placed on undischarged bankrupts is:
A) they are only able to borrow nominal amounts of money
B) they are unable to buy goods, except for their own consumption
C) they are unable to contribute to protection policies
D) they are only able to work on an employed basis
A) they are only able to borrow nominal amounts of money
