Legal Concepts Flashcards
1
Q
What is a legal personality
A
- Allows one or more person to act as a single entity for legal purposes
- Allows composite to be considered under law sepreatley from its indivdual members or shareholders e.g they may sue/ be sued, enter into contracts, incur debt, pay tax etc
- Legal personality may shield an entity participants such as shareholders from personal liability
2
Q
What is power of attorney
A
- It is a legal document that allows a person to give another person the power to make decisions about their financial affairs / personal health and wellbeing
3
Q
What are the two types of POA
A
- Enduring power of attorney (EPA)
- Lasting power of attorney (LPA)
4
Q
Under what act was the LPA created in 2007
A
- Under the Mental Capicity Act 2005 and replaces the previous EPA
5
Q
What must the LPA do to be effective
A
- Unlike its precedessor, the LPA must be registered with the office of the Public Guardian (OPG) to be effective
6
Q
What is a contract
A
- Agreement creating and defining the obligations between two or more parties
- Must have elements of offer and acceptance
7
Q
What are the stages of a contarct
A
- Following an offer, there must be a set of terms and conditions both parties have to be accepted before contract is to be complete
- There also must be a clear statement of consideration, meaning that it should state than party provides a service and the other pays in return for it to be enfocable.
8
Q
What is intention in a contract
A
- Should be a clear witten evidence/ statement that a contract is legally binding. - Assumed in commercial contracts
9
Q
What are terms and conditions of a contract
A
- A contract cannot be complete if the terms and conditions are not fully laid out and the conditions must be clear and not vauge
10
Q
What types of contracts are there
A
- Usually a written agreement, however if made orally then may still be upheld.
- Some contracts must be made in writing such as: the sale of property or tennancy agreements.
- If a contract dispute is argued in court with no written contract then the judge may look at how services, promises and exchanges were carried out
11
Q
What 4 ways can a contract to an end in:
A
- Performance- Where the obligation of the contract have been accomplished by both parties
- Agreement- When both parties agree to end the contract of if one party releases the other party from the agreement
- Frustration- Where events have occurred that make the completion of the contract and its obligations impossible to meet.
Breach- If one party does not fufuil one or more specified terms and conditions listed
12
Q
What is breach of contract
A
- One party doesnt follow obligations or set terms and conditions or if work carried out by one party that is defective - and made aware it is not being used
- Financial damages are only awarded if the innocent party can prove financial loss
- Court courts and solictor fees should be weighed up against the liklehood of any damages.
13
Q
What are the two types of property ownership
A
- Legal ownership
- Beneficial ownership
14
Q
What is legal ownership
A
- The people named on the title documents are the legal owners e.g. they are the registered proprietors at the land registery
15
Q
What is beneficial ownership
A
- Beneficial owners **have the right to live or use a property where they may not be the legal owner, right to share in the proceeds in any sale and have the power to control a sale of land or buildings **
- For example, client money is held in an account in the name of a firm (the legal owner) but is held in a trust for its beneficial owner, the client.
- Shares may be registered in a nominee name of a custodian who is not the beneficial owner
