Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ACA > Law > Flashcards

Law Flashcards

1
Q

When must consideration happen for a contract?

A

At the time of the promise or at some time in the future.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

When is revocation made (letters)?

A

When the letter is received.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

When is acceptance made (letters)?

A

When the letter is sent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What MUST consideration be?

A

Sufficient.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What does consideration need not be?

A

Adequate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Can an offer be revocated by a reliable third party?

A

Yes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the difference between the level of care shown to children and adults?

A

A higher standard of care is owed to more vulnerable claimants such as children.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

When must a company secretary be qualified?

A

For public companies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is classed a a void contract?

A

An illegal one.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What 3 situations make a contract voidable?

A
  1. Lack of capacity.
  2. Lack of free will.
  3. Contract made due to misrepresentaion.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What can make a contract unenforceable?

A

When it’s not in the correct form.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the 3 elements of a contract?

A
  1. Agreement.
  2. Consideration.
  3. Intention.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What 3 things can be an offeree?

A
  1. One person.
  2. Group.
  3. Whole world.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What 3 things don’t constitute an offer?

A
  1. Invitation to treat.
  2. Statement of intention.
  3. Request for information.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are 5 ways an offer can be terminated?

A
  1. Rejection.
  2. Counter-offer
  3. Lapse
  4. Revocation
  5. Failure of condition.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define “executed”.

A

When the act is performed at time of agreement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Define “executory”.

A

A promise to do something in the future.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Explain “sufficient not adequate”.

A

As long as it has value it doesn’t matter if it isn’t equal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What 4 things are “good consideration”?

A
  1. Executed.
  2. Executory.
  3. Sufficient not adequate.
  4. Forbearance/waiver of existing rate
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What 4 things are “not good consideration”?

A
  1. Past
  2. Performance of an existing statutory duty (unless exceeded).
  3. Performance of an existing contractual duty.
  4. Waiver of existing debt.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Within what time period must a private company give notice of its refusal to register a requested transfer of its shares?

A

2 months and must give reason for its refusal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is a shareholder’s liability limited to?

A

The unpaid amount on their share capital.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

When must property transactions be approved?

A

When they exceed either £100k or £5k and 10% of the company’s assets.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Will a defective appointment render a director’s actions invalid?

A

No.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What makes up “express” terms?

A

Specifically agreed and must be clear.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What are the 3 ways terms can be “implied”?

A
  1. By custom.
  2. By statue.
  3. By the courts.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What does “privity of contract” mean?

A

Only the parties to the contract can enforce/be sued under it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What are the 2 exceptions to the privity of a contract?

A
  1. Agency law.

2. Contract (Rights of third parties) act.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What are the 3 ways a contract can be terminated?

A
  1. By performance.
  2. By frustration.
  3. By breach.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What does discharging a contract “by performance” mean?

A

Fulfilling contractual duties.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What does discharging a contract “by frustration” mean?

A

Forces outside the contract make performance impossible.

32
Q

What does discharging a contract “by breach” mean?

A

Contractual duties not properly performed.

33
Q

What is actual breach?

A

Breach at the time of the contract.

34
Q

What is anticipatory breach?

A

Breach before time performance is due.

35
Q

page 8

A

page 8

36
Q

What 3 things must a claimant prove for negligence?

A
  1. Breach of care owed.
  2. Breach of duty.
  3. Breach caused the damage suffered by claimant.
37
Q

Who is duty of care owed to?

A

“Neighbour” (Person claimant would reasonably foresee as affected by their actions.)

38
Q

What level of care may be accepted in an emergency?

A

Lower.

39
Q

What level of care may be accepted for a vulnerable claimant?

A

Higher.

40
Q

In what situation does the claimant not have to prove the breach of duty? (Latin)

A

Res ipsa loquitur.

41
Q

In what situation can you claim purely for financial losses?

A

If there is a “special relationship” between the parties.

42
Q

What is the point of damages?

A

To put the claimant in the position they would be in if negligence hadn’t happened.

43
Q

What are the 3 defences for negligence?

A
  1. Contributory negligence.
  2. Volenti non fit injuria.
  3. Exclusion clauses.
44
Q

What is “contributory negligence”?

A

Claimant is partly responsible for losses so damages are reduced.

45
Q

What is “volenti non fit injuria”?

A

Claimant freely consented to risk of harm, no damages are awarded.

46
Q

What are “exclusion clauses”?

A

Can limit/exclude liability, must pass legal tests.

47
Q

What is “vicarious liability”?

A

One person can be liable for another’s actions. (e.g. employer for employee)

48
Q

What are the 7 duties of an agent?

A
  1. Accountability.
  2. No conflict of interest.
  3. Performance.
  4. Obedience.
  5. Skill.
  6. Personal performance.
  7. Confidence,
49
Q

What are the 3 rights of an agent?

A
  1. Indemnity.
  2. Remuneration.
  3. Lien.
50
Q

What 3 different types of authority does an agent have?

A
  1. Actual express.
  2. Actual implied.
  3. Ostensible/apparant.
51
Q

What 2 ways does liability work with agents?

A
  1. Disclosed principal (principal is liable)

2. Undisclosed principal (agent is liable)

52
Q

Who has the authority in a partnership?

A

All partners are agents of the firm and can bind all the partners in contract if they are acting within their authority.

53
Q

What are new partners liable for?

A

Debts incurred since they became partner.

54
Q

What are retiring partners liable for?

A

Debts incurred since they became partner.

55
Q

What is the liability of an LLP partner limited to?

A

Their capital contribution.

56
Q

page 18

A

page 18

57
Q

What 3 documents are send on the registration of a company? (2 different options.)

A
  1. Memorandum of associatiion.
  2. Application.
  3. Statement of capital and initial shareholdings.
    OR
  4. Statement of guarantee.
  5. Statement of proposed officers.
  6. Statement of compliance.
58
Q

What date does a company exist from?

A

The date on the “Certificate of Incorporation”.

59
Q

What must public companies also gain before they commence trading?

A

A trading certificate.

60
Q

What is a “pre-incorporation contract”?

A

A contract that is made on behalf of company before registration.

61
Q

Who is liable for a “pre-incorporation contract”?

A

Promoter, not company.

62
Q

Can a company ratify a “pre-incorporation contract”?

A

No.

63
Q

Is a secretary required for a public company?

A

Yes.

64
Q

Should a secretary for a public company be qualified?

A

Yes.

65
Q

What type of company is required to issue a directors remuneration report?

A

Quoted.

66
Q

What is a “de facto” director?

A

Someone who acts as a director, although not validly appointed as one. They become liable as a director due to their conduct.

67
Q

What is a “de jure” director?

A

Someone who has been appointed following the correct procedure.

68
Q

What is a shadow director?

A

Someone that the directors take instructions/directions from.

69
Q

What is an alternate director?

A

A director may appoint an alternate director to attend and vote at board meetings.

70
Q

What is an executive director?

A

Likely to be a full-time employee involved in management. (e.g. marketing director)

71
Q

What is a non-executive director?

A

Part-time, brings outside expertise to board, not an employee and exerts control over executive directors.

72
Q

What is a MD?

A

Board delegates the day-to-day management of the company’s business to them.

73
Q

What is a chairman?

A

Responsible for ensuring procedure in meetings is followed, usually a non-executive director.

74
Q

What are the 3 ways a director can be appointed?

A
  1. Shareholders by ordinary resolution.
  2. Directors on casual basis.
  3. On incorporation.
75
Q

What are the 5 ways a director can “vacate” the office?

A
  1. Death/winding up.
  2. Removal by shareholders (ordinary resolution with special notice).
  3. Resignation.
  4. Required by articles.
  5. Disqualification.

ACA (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions