Law Flashcards
Common Law
body of laws based on legal precedents established by courts.
Equity
Based on a judiciary assessment of fairness
An Act
A bill that has been approved by the House of Commons and the House of Lords and has been given Royal Assent by the Monarch.
Statute Law
The body of Principles and rules of law laid down in statutes.
Case Law
Case law is the law created by the courts.
Judicial Precedent
The source of law where past decisions create law for judges to refer back to for guidance in futures cases.
Subordinate Legislation
Used to fill in the details of Acts.
Approved Codes of Practise (ACOP)
Guidance with specific legal standing.
Who often writes the Approved Codes of Practise (ACOP)
The Advisory, Conciliation and Arbitration service (ACAS)
What are the seven factors that must be present in a contract?
- Offer
- Acceptance
- Capacity
- Intention
- Consideration
- Legality
- Formalities
Lien
A right to keep possession of property belonging to someone else until a debt is repaid.
What are the three main pillars of the “Law of Obligations”
- Tort
- Contracts
- Unjust Enrichment
The word Tort…
… is used to signal certain civil wrongs rather than under criminal law.
Unjust Enrichment
When one person is enriched at the expense of another in circumstances that the law deems unfair and unjust.
If you’re a sole trader, …
… you run your own business as an individual and are self employed.
Deed of Partnership
A deed that outlines how each partner is involved and the terms of the partnership
Who needs to be notified when a partnership is dissolved?
- Bank
- Tax office
- Suppliers
- Customers
Limited Liability Partnership (LLP)
Designed to be a halfway point between a traditional partnership and a private limited company.
How long must Public Limited Companies retain copies of their accounts?
6 years.
What is the minimum number of shareholders for a private limited company?
One.
Who can be issued shares from a private limited company?
Friends, family, specifically selected persons. (Not the general public)
Where must a company be registered before it can become existent and trade?
Companies House (Registrar of Companies)
What documents are needed to register a company?
- Memorandum of Association
- Articles of Association
- The Form IN01
What is a Certificate of Incorporation?
A document issued to a UK company when it’s been registered with Companies House.
What does the Trading Certificate confirm for a Public Limited Company?
That’s the company meets the £50,000 of issued shares needed.
What is The Company Register?
A register containing information about shareholders.
What is the Director’s register?
A register containing personal details about the director.
What is a person with significant control (PSC)?
A person with significant control (PSC) is someone who owns or controls your company.
What is Share Capital?
Share capital is the value of money raised by investment into the company through shares.
What are the two types of shares?
Ordinary shares and Preference shares.
What is the dissolution of a company often referred to as?
The dissolution of a company is often referred to as winding up or in liquidation.
What is a Community Interest Company?
A company set up for the purpose of reinvesting the money made back into the company or community rather than to make profit.
Co-Operatives
A Co-Operative is a business owned and operated by a group of people.
