question practice Flashcards
T/F
A contract will be void if it offends public policy
True
T/F
Consideration does not need to be adequate
True
T/F
Consideration does not need to be sufficient
True - just needs to have identifiable value
T/F
Where works are commenced on the basis of a letter of intent and before the terms are finalised, any claim must be considered on the basis of draft contract
False
Who is the burden of proof on to show reasonable steps were taken to mitigate loss
on defendent to show claimant failed to do so
Can a company agree to limit the auditors liability for negligence
Yes
What kind of companies need a trading certificate
public
what kind of companies hold an agm
public
T/F
All companies may exclude the statutory pre-emption rights by making an express provision to that effect In articles of association
False - public cannot
When is disqualification mandatory
someone is a director of insolvent company AND
is judged to be unfit to be concerned in management o fcompany
Will a defective appointment render directors actions invalid?
No
t/f purchasing own shares
where a purchase is made on a recognised investment exchange, the company is required to pass a resolution which specifies the min and max price that may be paid in respect of a specified max number of shares
True
T.F purchasing own shares
were purchase is made by means of off-market, the company is required to pass a special resolution approving the contract
True
If loans are in breach of financial assistance rules, what sanctions may be imposed
fine, imprisonment, civil liability
What is used to protect product names and logos
trademarks
What does copyright apply to
Music film and art
Does copyright need to be applied for
nO
what is the penalty for bribery
fine
Is processing data for charitable purposes an exemption to DPA
no
is scientific organisations processing data for core activities an exemption from DPA
Yes
Is processing data to prevent crimes such as ML aexempt from DPA
Yes
Is employers processing data in accordance with employment law exemption from DPA
Yes
T/F
IC has jurisdiction over all data protection in UK
True
When must IC be notified of data breaches
affect rights and freedoms of individuals
IC cap on fines
20m euros or 4% global turnover
When does right not to be unfairly dismissed arise
two years continuous employment
Agreement for transfer of land should be
in writing
purpose of injunction is to
enforce negative restraint in a contract
Will court lift the veil
where the directors are in breach of regulations governing the giving of financial assistance for purchase of company’s own shares
No
will court lift the veil
where members are using veil to evade legal obligations
Yes
will court lift the veil
where corporate structure used as sham
yes
will court lift veil where it is in the public interest
Yes
How many days do companies have to file its next annual return after the anniversary date
28 days
T/F
provided a director exercises their powers properly and within the company’s constitution, they are not subject to any other controls by its members, save for the members’ ultimate power to remove directors
False
when does wrongful trading apply
when company is wound up
Fraudulent trading liability
criminal - any time
civil - winding up
Does bankruptcy lead to disqualification
yes
Expiry date of authority conferred on director to allot maximum number of shares
within 5 years of being conferred
what must authority conferred on director to allot shares state
max number of shares to be allowed as well as expiry date
Authority conferred on a director to allot shares can be altered by
ordinary resolution
special resolution needed for redemption of redeemable shares T/F
True
What timescale must payment for redeemable shares be made when resolution made to redeem them
between 5 - 7 weeks
Who must approve the word ‘international’
Secretary of State
T/F
Public companies must publish results of polls at general meetings on their website
false
what kind of company must publish results of polls at general meetings on a website
quoted companies
T/F proxies cannot be included in determining whether a quorum is present
false
What time period must a private company give notice of its refusal to register a requested transfer of its shraes
2 months
T/F
Is it a defence under POCA 2002 if you can showw that they neither know nor suspect disclosure is likely to prejudice the investigation
True
Is an employer always obliged to provide an employee with a written statement of prescribed partiuclars within a specified period of the commencement of their employment
no - not I written contract already provided
within what period of time following a breach of employment contract can an action for wrongful dismissal be bought
six years
Can a company be a data subject
no only individuals can be
must record of written resolution and minutes of general meetings by company be kept at registered offices
No - may be kept at any other place specified in regulations prescribed by Secretary of State but must be available for inspection
How long must record of written resolutions and minutes of general resolutions be kept
10 years
T/F
Directors of a private company with one class of share may be authorised by a special resolution of the company’s members to allot shares as if the statutory rights of pre-emption did not apply
true - may also be given right in articles
T/F
Where purchase of shares of own shares is made by means of off market purchase, the company is required to pass a special resolution as opposed to an ordinary resolution approving the relevant contract
True
Directors in breach of financial assistance may face the following punishments
fine,
imprisonment
civil liability
Private company wanting to reduce capital what would special resolution need to be supported by
directors solvency statemetn
Trademarks are used to protect
product names and logos
penalty for failing to prevent bribery
a fine
how many partners to introduce a new partner must agree
all - unanimous agreement is required
How many partners to agree to ordinary management decision
Majority
Can a majority of existing members agree to admit a new member to LLP
no unanimous agreement
LLP change in membership must be communicated to Registrar of companies wihin
14 days
Unfair dismissal requirement employment
2 years continuous employment with existinCg (or an associated) employer
Contract for consumer credit must be
in writing
Contract for transfer of property must be by
deed
contract for lease over three years must be by
deed
contract for regular payment to charity must be by
deed
Mendelow’s matrix
low power low interest what do
min effort
Mendelow’s matrix
low power high interest
inform
Mendelow’s matrix
high power low interest what do
satisfy
Mendelow’s matrix
high power high interest are
key players
