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BESY > Lesson 1 > Flashcards

Lesson 1 Flashcards

1
Q

What are the 3 Classifications of law ?

A

1.Common law and equity
2. Public law and private law
3. Criminal law and Civil law

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2
Q

What is specific performance ?

A

It relates to a court order to carry out contractual duties

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3
Q

What is an Injunction?

A

Relates to a court order to stop doing something

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4
Q

What is a rescission ?

A

Relates to a court order cancelling a contract

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5
Q

What is public law ?

A

Concerns relations between individual and the state , also how local authorities exercise their powers

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6
Q

What are the 3 subsections of public law ?

A

1.Constitutional law
2. administrative law
3. Criminal law

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7
Q

What is private law ?

A

Concerns the relationships between citizens , individuals, businesses and small groups

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8
Q

What are the 6 main areas of private law ?

A
  1. Contract law
  2. Company law
  3. Law of tort
  4. Property law
  5. Family law
  6. Trusts
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9
Q

What is the difference between civil courts and criminal courts : what are there objectives

A

Civil courts objective is to seek to compensate individuals who have suffered loss or injury by another person

Criminal courts seek to punish those who have committed a criminal offence

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10
Q

What is direct legislation ?

A

Process of creating a new law

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11
Q

What is delegated legislation ?

A

Law passed as a result of a change in an existing law

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12
Q

What is a statutory instrument?

A

Allows An accord of parliament to be passed without the need for parliament to pass it

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13
Q

What are Bylaws ?

A

Laws made by local authorities

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14
Q

What is an Order in council

A

Relates to the government passing laws / legislation through the privy council in times of emergency. It evades the uses the parliamentary process

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15
Q

What is the Legislative Process in stages ?

A
  1. Drafting
  2. First reading
  3. Second Reading
  4. Committee stage
  5. Third reading / report stage
  6. House of lord approval
  7. Royal Assent
  8. Publication
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16
Q

What is Case Law ?

A

This is where laws are made by a judge by adding to existing laws. Many areas of laws have been created by judges making rules in cases.

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17
Q

What are major sources of laws in the English legal system ?

A

The outcomes of previous cases and the ruling by the judge in that case

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18
Q

What is meant by Precedent ?

A

This is a previous decision that current or future cases refer to when making a judgement

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19
Q

What are the two types of precedent ?

A
  1. Binding precedent
  2. Persuasive precedent
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20
Q

What is meant by binding precedent ?

A

Where the judge must follow the reason for the decision previously made

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21
Q

What is meant by Persuasive Precedent ?

A

This is where the judge in the case may at his own discretion follow the precedent but it’s not necessary. These judgements are made in lower courts

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22
Q

Why is Law so present in Accounting ?

A

Because the work carried out by an accountant can have serious legal consequences for both themselves and the client

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23
Q

Who would a business enter into a contract with ?

A

Suppliers
Customers
Employees

24
Q

What are the 6 things that just be present when forming a contract ?

A
  1. Offer
  2. Acceptance
  3. Consideration
  4. Legality
  5. Intention
  6. Capacity
25
Q

What is meant by offer ?

A

Definite statement of willingness to be bound to a contract. Requires and offeror and offeree

26
Q

What are the 3 terms used when cancelling a contract and what do they mean ?

A

Rejection - offer can be rejected by offeree to make a counteroffer

Revocation - withdrawal of an offer by the offeror

Lapse - expired time frame / death of offeree

27
Q

What is an invitation to treat ?

A

Invitation to treat is an invitation from one party to another to make an offer

28
Q

What is meant by Acceptance , and what does it imply ?

A

This is the unconditional agreement to terms of the offer.
It implies that the rest of the contract will go ahead

29
Q

What is meant by the term consideration ?

A

This is where both parties exchange an amount or object that is then a bargain enforceable by law

30
Q

What are the 5 criteria of consideration ?

A

sufficient - must have value , even if only minimal

Legal - exchange should not be illegal

Timely - consideration must not be in the past , must take place at time the contract is made

Executed - consideration is made at the time the contact is made

31
Q

What is capacity ?

A

Each person entering a contract must have the mental capacity to enter into a contract other wise it is not strong.

Eg - minors
- persons of unsound mind
- people under influence

32
Q

What is legality ?

A

Not possible to enter a contract if either party of that contract are breaking the law.

33
Q

What is intent ?

A

Intent is where both parties must have intent to enter into a legally binding contract

34
Q

What are terms and conditions of a contract

A

These are the responsibilities of both parties and the remedies of both parties if the contract is breached

35
Q

What is the difference between terms and representations ?

A

This is when the offeror uses persuasive promises to try to get the offeree to sign into the contract , however it may never become part of the contract

36
Q

What are express terms ?

A

These are terms that must be specifically entered into the contract to be enforceable

37
Q

What are implied terms ?

A

Terms that are not directly included In the contract but are still part of the contract

38
Q

What are conditions and warranties

A

Conditions - go to the root of contract , non performance of conditions can result in damages , discharge or both

Warranties - these are subsidiary and less important than conditions and can only result in damaged being claimed

39
Q

What is an exclusion clause and what are the 2 conditions that must be satisfied ?

A

It is intended to limit the liability of one party in the event of a breach , it must include conditions
- it must be incorporated into the contract

  • its working must cover the loss
40
Q

What is a valid contract ?

A

Had all the features of a contract and is legally binding

41
Q

What is a void contract ?

A

A contract that is not legally binding as a result of illegal tasks or impossible tasks

42
Q

What is a voidable contract ?

A

A voidable contract is where a valid contract can become null in void , an example is a contract between and adult and a minor

43
Q

What are the 4 ways a contract can be discharged ?

A
  • discharge by agreement
  • discharge by breach
  • discharge by frustration
  • discharge by performance
44
Q

What is a discharge by breach and what are the 2 types of breach ?

A

Where one party breaches the conditions of a contract either completely or satisfactorily
- actual breach
- anticipatory breach

45
Q

What is discharge by agreement ?

A

Where both parties involved agree to discharge the contract

46
Q

What is a discharge by Frustration?

A

Where through no fault of either party, something happens that makes it impossible to carry out the duties or processes included in the contract

47
Q

What is a discharge by performance ?

A

Where one or both parties do not perform as per contract and as a result it is deemed as non performance and the contract is then discharged

48
Q

What are the 2 types of remedies for breach of contract ?

A
  1. Damages
  2. Equitable remedies
49
Q

What are damages and what is the purpose of them ?

A

Damages are usually monetary compensation , the idea is to put the claimant into the same financial position they would have otherwise been in if the contract was not breached

50
Q

How is the amount payable calculated ?

A

Damages are calculated by taking the loss of the bargain , this includes money paid to the claimant and any losses incurred as a result of the breach of contract

51
Q

What are penalty clauses ?

A

A clause that threatens huge damages if any breach occurs , however because it is often unreasonable the courts will not hold it to be valid and therefore it is not legally binding enforceable

52
Q

Why are Liquidated damages ?

A

These relate to a reasonable pre-estimated amount expected to incur in a Breach of contract. There is usually an explanation of how these figures were determined and calculated. This is legally enforceable by the court

53
Q

What are Equitable remedies ?

A

These are where the monetary amount of compensation is inadequate where the breach is concerned . It is awarded by the court and will not be included in the contract .

54
Q

What is meant by action for price ?

A

This is where one party has failed to pay for what is contractually agreed so the court orders them to pay what is owed

55
Q

What is quantum merit ?

A

This is where the court will order the defendant to pay for the work that has been completed up tot the certain date it ceased . Eg a painter and decorator has completed 50% of a job and the owner of the house orders them to stop and dosent pay for the work completed.

56
Q

What is the consumer rights act 2015?

A

Provides statutory control over consumer contracts , provides protection from terms that are unfair and stops any exclusion clauses that a business may include to limit liability for damages payable to a consumer

BESY (5 decks)

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