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ATT Law CBE > Legal terms definitions > Flashcards

Legal terms definitions Flashcards

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1
Q

Allotted share capital

A

So much of the nominal or authorised share capital of a company that has been allotted to shareholders but not yet issued

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2
Q

Allotment

A

Acceptance by a company of an offer to subscribe for its shares

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3
Q

Amalgamation

A

An arrangement that involves the bringing together of two or more undertakings of separate companies (“the participating companies”) within a single company (“the receiving company”)

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4
Q

Animus manendi

A

The intention that an individual must have to acquire a domicile of choice in a territory

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5
Q

Animus non revertendi

A

The intention that an individual must have to abandon a domicile of choice in a territory

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6
Q

Annuity

A

The periodic payment received from the surrender of a lump sum

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7
Q

Annulment

A

An order of court which brings a voidable marriage to an end or declares a void marriage never to have existed

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8
Q

Anticipatory breach

A

A refusal by one party to perform their duties under a contract before the time fixed for performance

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9
Q

Apparent authority

A

The authority of a person to act on behalf of a principal in a case where the principal represents a third party that that person is their agent

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10
Q

Appropriate

A

To identify the property of a deceased estate that may be passed to a legatee

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11
Q

Aquis

A

The body of law of the EU

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12
Q

Articles of association

A

One of the documents that forms the constitution of a company which is a contract between the company and its member and which contains the detailed written rules governing the running of a company

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13
Q

Assent

A

A formal statement by the personal representative of a deceased estate that they do not require an item of property for the purposes of the administration and that it can pass to a legatee

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14
Q

Assign

A

To transfer a lease or intangible property

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15
Q

Authorised share capital

A

Nominal share capital

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16
Q

Bailment

A

The act of delivering possession of goods to another for an agreed use

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17
Q

Balance of probabilities

A

The onus on proof in civil proceedings

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18
Q

Bare trust

A

A trust that does not impose active duties on the trustees; a nomineeship

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19
Q

Beneficial ownership

A

Equitable ownership

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20
Q

Beneficiary

A

The person who in equity benefits from the property settled in trust

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21
Q

Bicameral

A

A parliament comprised of two legislative chambers

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22
Q

Binding precedent

A

A decision of a court that must be followed by another court

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23
Q

Body corporate

A

An entity created by the law that has no real or tangible existence but which the law recognises as having legal personality

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24
Q

Bona vacantia

A

Property that otherwise has no owner and so passes into the ownership of the crown

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25
Q

Bond

A

A loan note

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26
Q

Bonus issue

A

Existing shareholders are given the right to subscribe for no payment for additional shares

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27
Q

Call

A

A demand by a company upon its shareholders to pay an amount in respect of its uncalled share capital

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28
Q

Call option

A

A contract of option that binds the grantor to sell an underlying asset and gives the grantee the right to require the grantor to sell the asset

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29
Q

Capital maintenance

A

The company law rule that forbids a company from paying its share capital back to its shareholders unless authorised to do so

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30
Q

Capital redemption reserve

A

The amount equal to the nominal value of shares bought back by a company

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31
Q

Certainty of intention

A

The words used to settle a trust must be imperative and show that the settlor intended to settle a trust

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32
Q

Certainty of objects

A

The beneficiaries of a trust must be ascertainable

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33
Q

Certainty of subject matter

A

The property to become trust property must be identified precisely and the interests of the beneficiaries in that property must be ascertainable

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34
Q

Chattel

A

A chose in possession - a thing that a person can possess in physical form; a tangible moveable asset

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35
Q

Chattels real

A

Leasehold land

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36
Q

Chose in action

A

Intangible property

37
Q

Chose in possession

A

Tangible property

38
Q

Charge

A

The legal mechanism for securing a debt against an asset

39
Q

Codicil

A

A formal document drawn up after a will to add to or alter the terms of a will

40
Q

Codification Act

A

An act of the UK parliment that brings into one place both the common law and statute law on a particular matter

41
Q

Common law

A

The law of England and Wales developed by the courts

42
Q

Commorientes

A

The death of individuals at the same time or in circumstances where it cannot be known who survived the other

43
Q

Company limited by guarentee

A

Does not have share capital and whose members act as guarantors for the company’s debts up to an agreed limit

44
Q

Company limited by shares

A

Has a share capital and whose members are liable for the company’s debts up to an amount they have agreed to subscribe for their shares

45
Q

Concurrent wills

A

The wills of a person dealing with property situated in different countries

46
Q

Condition precedent

A

Suspends the existence of a contract

47
Q

Condition subsequent

A

Brings a binding contract to an end

48
Q

Constitution of a trust

A

The act of transferring and vesting the legal title of trust property in the trustees

49
Q

Constructive dismissal

A

The resignation of an employee against their will on account of their employer’s conduct which has resulted in unreasonable changes to their contract of employment

50
Q

Contingent reversionary interest

A

The interest of a remainderman of a trust that will vest only if certain conditions are met

51
Q

Contributory negligence

A

A person’s own carelessness that results in loss to themselves

52
Q

Convertible shares

A

A class of shares in a company which at the time of issue carry the right at a future time to be changed into another class of shares

53
Q

Court a quo

A

The inferior court from which an appeal has come to a court more senior in the court hierarchy

54
Q

Court of Appeal

A

Second most senior court in England and Wales, and Northern Ireland

55
Q

Covenant

A

An agreement by which one person promises another that they will do or will not do something in relation to their land

56
Q

Cumulative preference shares

A

Shares of a company that carry a preferential right to a dividend such that if a dividend is not paid in one year, the shareholder is entitled to double the dividend in the next year (and so on)

57
Q

Damages

A

Common law remedy for breach of contract designed to put the injured party into the position they would have been in

58
Q

Debenture

A

Secured loan/certificate issues by a company to holders of its loan stock acknowledging its indebtedness to them

59
Q

Debt factoring

A

The sale of book debts for less than their face value

60
Q

Decree absolute

A

The final order of the court that grants a divorce and so dissolves a marriage

61
Q

Decree nisi

A

Provisional order of the court given when it is satisfied that a person has met the legal and procedural requirements to obtain a divorce

62
Q

Decree of judicial separation

A

An order of the court where the couple remain legally married but are no longer recognised in law as being a couple

63
Q

De facto director

A

Acts as company director but has not been formally appointed to the office

64
Q

Deferred shares

A

Issued on the basis the rights attaching to them will take effect only at a later date or on the happening of a future event

65
Q

Demise

A

Premises subject to a lease

66
Q

Demonstrative legacy

A

Legacy payable out of a specific fund or specified part of the testator’s estate

67
Q

Devise

A

A legacy of realty (i.e. freehold property)

68
Q

Discretionary trust

A

Trustees have discretion over the distribution of the trust income to beneficiaries of the trust

69
Q

Dissolution order

A

Final order of the court that brings a civil partnership to an end

70
Q

Dividend

A

Payment out of a part of a company’s profits for a period in respect of a share in a company

71
Q

Dividend in specie

A

A non-cash dividend

72
Q

Doctrine of precedent

A

Principles according to which case law operates as a source of law

73
Q

Domicile of choice

A

acquires by their own action by the combination of residence in and intention to indefinitely reside in a territory

74
Q

Domicile of dependency

A

aquires under age of 16 from domicile of person who are they are legally dependent

75
Q

Domicile of origin

A

acquires on birth

76
Q

Dominant tenement

A

Land that has the advantage of an easement

77
Q

Easement

A

The right of a person to use the land of another in a certain way

78
Q

Enactment

A

Legislation of any kind

79
Q

En ventre sa mere

A

An unborn child

80
Q

Estate in land

A

A period of time that exists in relation to land

81
Q

Executor

A

The personal representative of a deceased person appointed under the deceased’s will to carry out the terms of the will

82
Q

Ex gratia

A

Voluntary payment

83
Q

Exhaustive discretionary trust

A

Trustees are under a duty to distribute all of the net income of the trust that has arisen in a particular period but exercise a discretion as to which beneficiaries the income is to be distributed to

84
Q

Ex parte

A

Legal proceedings conducted in court by one party only

85
Q

Extra-statutory concession

A

Statement by HMRC giving taxpayers beneficial tax treatment that they would not otherwise benefit from under the strict letter of the law

86
Q

Fee simple

A

A freehold estate

87
Q

Fiduciary

A

Relationship between persons that is based on trust

88
Q

Fixed charge

A

Charge attaching to an identified, physical asset of a company as security for a debt

89
Q

Fixed interest trust

A

Interest in possession trust

ATT Law CBE (21 decks)

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