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Question practice Flashcards

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1
Q

Unless otherwise stated under UNCISG where does risk to goods pass from Weller to buyer in contract where carriage is included

A

when goods are passed to first carrier

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2
Q

t/f an auditor who is responsible for an auditors report containing materially false or misleading information commutes an offence under CA 2006 and is punishable by a fine and or imprisonment

A

Flase

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3
Q

Limitation period for tortious acts

A

six years

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4
Q

limitation for tortious personal injury

A

three years

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5
Q

By absence of express provision in articles, how are class rights varied

A

special resolution of relevant class

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6
Q

Do the following constitute valid payment for shares
Cash
Goodwill
Goods or property

A

yes

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7
Q

Timescale for payment of shares for redemption of redeemable shares

A

5-7 weeks

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8
Q

What is a quorum

A

minimum number of persons required to be at a general meeting (usually 2 membrers proxies or representatives)

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9
Q

Ordinary resolution required majority of votes cast

A

more than 50%

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10
Q

Special resolution required majority of votes cassed

A

more than or equal to 75%

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11
Q

What resolution for
change of name

A

special

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12
Q

what resolution for alteration of articles

A

special

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13
Q

what resolution for reduction of share capital

A

special

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14
Q

what resolution for winding up of company

A

special

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15
Q

when can written resolution not be used

A

public companies
private - removal of director or auditor

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16
Q

notice required for general meetings

A

14 days

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17
Q

Notice required for public company agm

A

21

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18
Q

how long is special notice of a meeting

A

28 days

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19
Q

when must special notice be given

A

to remove auditor
to remove director or appoint substitute on their removal

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20
Q

When is presumption parties to a commercial agreements are presumed to have intended the arrangements to be legally enforceable rebuttable

A

with clear precise evidence to the contrary

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21
Q

An advertisement in a newspaper is generally treated asa

A

invitation to treat

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22
Q

Does the postal rule apply to revocation of an offer?

A

No - must be communicated to the offeree

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23
Q

Damages for losses sustained are recoverable to the extent that

A

they are reasonably foreseeable and not too remote

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24
Q

T/F
specific performance can be awarded in cases involving performance of personal services

A

False

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25
Q

T/F
Specific performance can be awarded in cases involving a contract to build a house

A

false

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26
Q

what kind of remedy is specific performance

A

equitable remedy

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27
Q

Agency
if there is no remuneration in the written contract, what remuneration is repayable

A

a reasonable amount of remuneration

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28
Q

Sole trader incorporates, continued to insure assets in own name, factory burns down, what is legal position

A

can’t claim on insurance as the insurance is not effected in the name of the company and the company has the insurable interest

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29
Q

Is a pre=incorporation contract enforceable by or against the compnay

A

No - if it is not incorporated at the time

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30
Q

CA limited companies must keep adequate accounting records, and these must contain:

A

Record of assets and liabilities, daily entries of income and expenditure and if deal in goods statement of stock

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31
Q

Is a director in breach of duty if they misuse confidential information relating to the company for personal gain

A

Yes

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32
Q

Is a director in breach of duty for abusing a corporate opportunity

A

Yes - regardless of whether the company could actually take advantage of the opportunity itself

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33
Q

T/F
A director of a company is required to exercise their powers subject to any directions given by an ordinary resolution

A

False - not an agent of SH and not liable to act as instructed by them

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34
Q

T/F
A director of the company can fetter the exercise of their power by agreeing in advance to support any resolution proposed by the majority shareholder

A

False

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35
Q

Ordinary/Special resolution
Change of company name

A

special

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36
Q

Ordinary/Special resolution
alteration of articles

A

special

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37
Q

Ordinary/Special resolution
removal of company director

A

ordinary - with special notice

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38
Q

Ordinary/Special resolution
variation of class rights

A

special

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39
Q

Where does relief for unfairly prejudicial conduct apply

A

to public and private companies
where companies affairs are being/have been conducted in a way that is unfairly prejudicial to the interests of the members generally or some part of its members

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40
Q

Characteristic of floating charge
Charge over class of assets present and future, which in the ordinary course of business of the company will change

A

Yes

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41
Q

When are shares transferrable on a recognised stock exchange

A

public company if the company is listed

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42
Q

Schedule B one or more of a set of three objectives have to be met for administration application to be successful does that include
put reduce plan into place if it is possible to rescue the company in whole or in part as GC

A

YES

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43
Q

Schedule B one or more of a set of three objectives have to be met for administration application to be successful does that include
If corporate rescue is not possible, to maximise returns to creditors over and above what would be achieved had the company not gone into administration first

A

Yes

44
Q

Insolvency Act 1986 = petition to have company compulsorily would up successful
where there has been a fraud on the minority

A

No

45
Q

Insolvency Act 1986 = petition to have company compulsorily would up successful
Where the court is of the opinion that it is just and equitable that the company should be wound up

A

Yes

46
Q

For LLP
Incorporation document must state the name of the LLP which must end with the words LLP

A

Yes

47
Q

maximum penalty for fraudulent trainign

A

up to 10 years imprionsment and or unlimited fine

48
Q

what is fraudulent tradign

A

criminal offence, requiring element of dishonesty, not sufficient if suspected company may not be able to pay all its debts

49
Q

ML
what is integration

A

usually final movement of money where it is invested in what appears to be a legitimate business

50
Q

ML
What is placement

A

usually where the money is first hidden

51
Q

Is the below implied in common law
duty to protect against reasonably foreseeable risks to health, safety and welfare

A

yes

52
Q

Can wrongful dismissal occur where
A fixed term contract is terminated by the employer before the date it was due to expire

A

Yes

53
Q

Can wrongful dismissal occur where
Employer terminates the employment without notice, or with less notice than the employee is entitled to receive

A

Yes (termination with no or insufficient notice constitutes dismissal)

54
Q

To claim statutory redundancy payment, how many years continuous service needed

A

two years

55
Q

T/F
A data subject has a right to access data held about them unless it is held in an encoded form when access requires a court order

A

False

56
Q

T/F
a data subject whose rights have been infringed in that inaccurate data about them has been held can take action to rectify the inaccurate data

A

True

57
Q

What interest is protected when the amount awarded as damages is what is needed to put C in position they would have been had the contract been performed

A

Expectation

58
Q

Can a valid agency relationship be created by ratification

A

Yes

59
Q

T/F
The duties of an agent are limited to what was agreed and incorporated into the agency contract between the agent and principal

A

False

60
Q

An agents incidental and usual authority are part of their apparent authority

A

False

61
Q

An angels incidental and usual authority are implied because they are not expressly stated, but are still part of actual authroity

A

True

62
Q

T/F
If res ipsa loquitur is successfully argued by the claimant, the burden of proof shifts onto defendant to show they were not negligent

A

True

63
Q

T/F
In the event of there being a capital deficiency, the remaining partners of the firm will bear the loss equally in the absence of an express agreement to the contrary

A

False

64
Q

Is an LLP liable to tax along same lines as a registered company

A

No

65
Q

T/F
A member cannot bind the LLP by their actions unless they act within their actual express or implied authority

A

False

66
Q

Of the following options, which are applicable to an LLP
Voluntary arrangement
administration
voluntary liquidation
compulsory liquidation

A

All

67
Q

T/F
Under partnership act, a partner can be expelled by the other partners for any reason

A

False - must be in good faith and for a good reason

68
Q

Will the corporate veil be lifted in the following scenario
where the creditors of a subsidiary company are unlikely to receive settlement of their debts even though the holding company is financially very secure

A

No

69
Q

T/F
a company is always liable without limit for its own debts

A

True

70
Q

Can a company commence trading once incorporated provided a trading certificate is obtained within 12 months following incorporation

A

No

71
Q

T/F
When a company applies for registration, copy of proposed articles must be submitted to registrar

A

False - none provided, model articles apply

72
Q

T/F
A certificate of incorporation is conclusive evidence a company is registered in accordance with the companies act 2006

A

True

73
Q

T/F
Articles of association can be altered by passing ordinary resolution unless there is a provision for entrenchment in which case a special resolution is required

A

False - special resolution

74
Q

What is required to alter a provision for entrenchment

A

unanimous agreement or court order

75
Q

T/F
a company may provide that a provision for entrenchment cannot be repealed

A

False
nor can it provide the provision cannot be amnded

76
Q

T/F
A member is bound by an alternation made after becoming a member that requires them to purchase more shares or increase their liability in any way

A

No

77
Q

what kind of company provides directors remuneration reports

A

Quoted companies

78
Q

A confirmation statement must include details of resolutions passed by the company

A

No

79
Q

Does the memorandum require a statement that they wish to form a company

A

Yes

80
Q

What kind of company requires a trading certificate

A

Public

81
Q

T/F
Micro entities do not have to file a profit and loss account with the registrar

A

True

82
Q

T/F
Microentities do not have to file notes to the accounts with the registrar

A

False
two compulsory notes included advances to directors and financial commitmentes

83
Q

What can LLP not do

A

apply for bankruptchy

84
Q

How long does company have to report to IC after data breach

A

72 hours

85
Q

Are credit control department’s opinions concerning creditworthiness of commercial customers covered by the DPA 2018

A

No - individuals not organisation

86
Q

Can a data controller be either an individual or a compnay

A

Yes

87
Q

On Carriage included, when does risk of loss or damage pass sellter to buyer

A

when goods rech place indicated in the contract

88
Q

Is the word international in a company name prohibited

A

No - but the approval of secretary fo state is required

89
Q

T/F
public companies must publish the results of polls at general meetings

A

False - quoted companies must

90
Q

How long must a debt remain unsatisifed for before the creditor may petition for bankruptcy

A

21 days

91
Q

Within how many weeks must an appointed administrator hold a creditors meeting

A

10 weeks

92
Q

when is creditors meeting unecessary

A

administrator considers there to be insufficient property to make a distribution to unsecured creditors over and above ‘ring fenced asset distribution’ and 10% of creditors do not require one

93
Q

What time period must a private company give notice of refusal to register a requested transfer of shares

A

2 months

94
Q

What are phishing emails an example of - fraud by

A

representation

95
Q

If someone works on an ‘as and when’ basis, what are they likley to be classed as

A

independent contractor - mutuality of obligations not present

96
Q

Penalties for breach of health and safety legisltaion

A

unlimited fine and up to 2 years imprisonment

97
Q

1 month - 2 year continuous employment, notice required

A

not less than 1 week

98
Q

Minimum notice period employment rights act

A

1 week per year of continuous employment

99
Q

claim for unfair dismissal must be

A

3 months after termination

100
Q

When must an employer provided a written statement of dismissal

A

wif employee requests one within 14 days of their dismissal

101
Q

Minimum employment period for wrongful dismissal

A

N/A - No minimum

102
Q

What period of time followign a breach of employment contract can action for wrongful dismissal be bought?

A

six years

103
Q

How long must employee have been employed to claim statutory redundancy payment

A

continuous employment of 2 years

104
Q

Can a compnay be a data controller

A

Yes

105
Q

Can a company be a data subject

A

No - only individuals can be data subjects

Law Certificate (15 decks)

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