Legal Concepts Flashcards
What is a Legal person?
Has rights, protections, privileges, responsibilities, and liabilities under law
What is a Legal personality?
Allows one or more persons to act as a single entity for legal purposes and can shield participants from personal liability
What is a power of attorney?
A legal document allowing a donor/giver to give a donee/recipient the power to make decisions on their behalf
What does LPA stand for
Lasting power of attorney
What is a property and affairs LPA
Gives the recipient the ability to make decisions about the giver’s FINANCIAL AFFAIRS
What is a personal welfare LPA
Gives the recipient the ability to make decisions about the giver’s PERSONAL HEALTHCARE AND WELFARE
Who do LPAs need to register with?
Office of the Public Guardian
Define Contract
An agreement creating and defining the obligations between two or more parties
What is meant be offer and acceptance in contracts?
Specific terms and conditions set out and accepted with no further negotiation
What is meant by consideration in contracts?
Something of value passing between the parties, e.g. one promises to provide a service and the other promises to pay
What is meant by intention in contracts?
Intention of the agreement to become legally binding, assumed in commercial contracts
What can make a contract not legally binding?
If the Ts and Cs are unclear
What are the potential conditions for a contract ending?
- PERFORMANCE: obligations accomplished by both parties
- AGREEMENT: both parties agree to end contract
- FRUSTRATION: completion of contract impossible
- BREACH: one party does not fulfil T&Cs - damages can be awarded to innocent party
What is legal property ownership?
Person is named on title documents e.g. Land Registry
What is beneficial/equitable property ownership?
Person has beneficial rights of ownership e.g. use of property
Conditions of co-ownership as tenants in common?
- Joint owners own a SEPERATE SHARE
- Share passes to beneficiaries on death
Conditions of co-ownership as joint owners?
- Joint owners have an IDENTICAL INTEREST
- Interest passes to remaining owner on death
Define insolvency
A situation when a COMPANY cannot pay its debts
Define bankruptcy
ANYONE can apply to the LAW to become bankrupt
Companies are placed into ADMINISTRATION
What value must debt exceed to declare bankruptcy?
> £5,000
Who can request bankruptcy?
The debtor voluntarily, or the creditor petitions the court for an enforcement officer
What is a will?
Written document setting out how a deceased person’s estate is to be distributed
Conditions for a valid will:
Written
Signed and Witnessed
Person is >18, mentally sound, and not under pressure
Define probate
Process of establishing ownership of deceased person’s estate before assets are distriuted
