Legal Concepts Flashcards
What is a legal person.
A legal person can be a person or corporation who has rights, protections, privileges, responsibilities and liabilities under law.
What is a legal personality.
A legal personality allows one of more natural persons to act as a single entity for legal purposes. This may shield its participants from personal liability.
What is a legal personality.
A legal personality allows one of more natural persons to act as a single entity for legal purposes. This may shield its participants from personal liability.
What is a power of attorney.
A power of attorney is a legal agreement that gives another person the power to make certain decisions on their behalf.
What are the two forms of Lasting Power of Attorney.
Property and affairs lasting power of attorney: gives the recipient the ability to make decisions about the givers’ financial affairs.
Personal welfare lasting power of attorney: gives the recipient the ability to make decisions about the giver’s personal healthcare and welfare
Lasting Powers of Attorneys
What is a contract.
A contract is an agreement creating and defining the obligations between two or more parties.
What are the four elements of a contract.
- Offer and acceptance (specific terms set out and accepted)
- Consideration (something of value passing between parties)
- Intention (intention for the agreement to become legally binding)
- Terms and conditions (contracts are not normally binding if the terms and conditions are unclear)
Under what four conditions can a contract be discharged
- Performance: obligations accomplished by both parties
- Agreement: both parties agree to end the contract
- Frustration: completion of the contract is impossible
- Breach: one party does not fulfill the terms and conditions
Ownership of Property
What are the two types of ownership under English Law:
- Legal ownership: named on the title documents e.g. land registry, share register.
- Beneficial ownership: have the beneficial rights of ownership (e.g. use of property, voting rights on shares, financial benefits)
Define insolvency
Insolvency is a situation when a company cannot pay it’s debts (is a state of being)
Define Bankruptcy
Bankruptcy is a matter of law. Anyone can apply to the law to become bankrupt (e.g. individuals, sole traders, partners of a partnership)
When companies go into bankruptcy, they are placed into administration.
- How much debt can bankruptcy be declared for.
- How can the debtor/creditor make a petition for bankruptcy
- Bankruptcy’s can be made on debts of more than £5,000
- The debtor: the debtor’s petition is made voluntarily by the debtor
- The creditor: the creditors petition the courts for an enforcement order
What is a will
A will is a written document that sets out how a deceased person’s estate is to be distributed.
What are the 5 conditions for a will to be valid
- Must be in writing
- Must be signed and witnessed
- The person must be 18 or over when it’s made
- The person must have the mental capacity to understand the will
- The person must not have made it under pressure from someone else
What is a probate
A probate establishes ownership of the deceased person’s estate before assets are distributed.
