Brainscape's Knowledge GenomeTM

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


See full index

IMC Chapter 4 > Legal Ownership > Flashcards

Legal Ownership Flashcards

1
Q

What does a legal person have?

A

Rights, protections, privileges, responsibilities and liabilities under law

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

What does a legal personality allow?

A

Allows one or more natural persons to act as a single entity (a ‘composite person’) for legal purposes

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

What may a legal personality shield its participants from?

A

Personal liability

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

What is power of attorney

A

A legal document that allows one person (the donor or ‘giver’) to give another person (the done or ‘recipient’) the power to make certain decisions on their behalf

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

What did Lasting power of attorney (LPA) replace?

A

Replaced previous Enduring Power of Attorney (EPA) from 2007

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

What are the two types of LPA?

A

Property and affairs LPA and Personal welfare LPA

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

What does a Property and affairs LPA grant?

A

gives the recipient the ability to make decisions about the giver’s financial affairs

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

What does a Personal Welfare LPA grant?

A

gives the recipient the ability to make decisions about the giver’s personal healthcare and welfare

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

What must happen with an LPA for it to be effective?

A

o LPA’s need to be registered with the office of the public guardian to be effective and has to have been signed over when someone was in sound mind.

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

What is a contract?

A

an agreement creating and defining the obligations between two or more parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

In a contract what is offer and acceptance?

A

Specific terms and conditions set out and accepted. No further negotiation intended.

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

In a contract what is Consideration?

A

Something of value passing between the parties, e.g. one promises to provide a service and the promises to pay in return

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

In a contract what is Intention?

A

Intention for the agreement to become legally binding. Assumed in commercial contracts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

In a contract what happens if the T&Cs are unclear?

A

Contract not normally legally binding if the terms and conditions are unclear

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are e.g.s of contracts that must be in writing?

A

Sale of property, tenancy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Can Oral contracts be upheld?

A

Yes may still be upheld

17
Q

What 4 situations can a contract be discharged in?

A

1) Performance
2) Agreement
3) Frustration
4) Breach

18
Q

What is performance of a contract?

A

obligations accomplished by both parties

19
Q

What is Agreement of a contract?

A

both parties agree to end the contract

20
Q

What is frustration of a contract?

A

completion of the contract impossible

21
Q

What is a breach of Contract?

A

One party does not fulfil the terms and conditions

22
Q

If a contract is breached what can happen?

A

Damages can be awarded to the innocent party

23
Q

What are the two types of ownership under UK law?

A

Legal ownership and Beneficial or ‘equitable’ ownership

24
Q

What is legal ownership?

A

Owner named on the title document

25
Q

Give an e.g. of legal ownership

A

e.g. Land Registry, share register

26
Q

What is Beneficial (or ‘equitable’) ownership?

A

Have the beneficial rights or ownership (e.g. use of property, voting rights on shares, financial benefits)

27
Q

What is an example of beneficial ownership?

A

for example when using a broker to buy shares

28
Q

What three ways can property be owned?

A

o In the absolute ownership (of an individual)
o Owned by two or more co-owners as tenants in common
o Owned by two or more co-workers as joint owners

29
Q

Explain what is meant by tenants in common?

A

Joint owners own a separate share in a property. Share passes to their beneficiaries on death (normally established under their will)

30
Q

Explain what is meant my joint owners?

A

Joint owners have an identical interest. Interest passes to the remaining owner(s) on death.

IMC Chapter 4 (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions