ACCA Corporate & Business Law (LW ENG) 2023-2024
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ACCA Corporate & Business Law (LW ENG) 2023-2024 - Leaderboard
ACCA Corporate & Business Law (LW ENG) 2023-2024 - Details
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Questions:
60 questions
| 🇬🇧 | 🇬🇧 |
| What are the functions of law? | Public and Private |
| What is Law? | A set of rules recognised, applied and enforceable by Civil Government through the courts. |
| What is Law? | "A set of rules of conduct recognised and applied by a State to members of the community, and enforced through the courts." |
| What is Constitutional and Administrative Law? | "The rules of government and of the administration of justice." |
| What is Criminal Law? | "[The] rules of conduct imposed to protect and regulate society. If the criminal law is broken, the wrongdoer may be punished (e.g. by imprisonment or financial penalty, called a "fine", to be paid into the public purse). A person is guilty of a crime if they have broken the rules in circumstances in which they are considered to have done so wilfully or knowingly – they must have a "guilty mind" as well as having performed a wrongful action." |
| What is Contract Law? | " The law governing enforceable agreements between individuals who have voluntarily entered into contracts." |
| What is Tort Law? | "A system of rules providing individuals with remedies against one another in circumstances where they have not voluntarily entered into an agreement for example, recognised wrongs such as negligence and fraud." |
| What is Company Law? | "The laws regulating the rights and obligations of corporations created under the Companies Act 2006." |
| What is Insolvency Law? | "The laws governing the management and distribution of the assets of debtors who are formally unable to meet their liabilities." |
| What is Case Law? | "The judicial interpretation, explanation and application of law by reference to individual cases." |
| What are intrinsic aids? | "[Matters] within an Act itself which may help make the meaning clearer." -ACCA |
| What is Case Law? | "The judicial interpretation, explanation and application of law by reference to individual cases." |
| What are Extrinsic Aids? | "[Matters] which may help put an Act into context." - ACCA |
| What does RES IPSA LOQUITAR mean? | The thing speaks for its self |
| What is the neighbour principle? | A duty of care may be owed to a person, even where no contractual relationship exists. |
| What are Damages? | "A monetary award for the direct, foreseeable consequential loss suffered by the injured party, to restore them to the position they would have enjoyed if the wrong had not been committed." - ACCA |
| What are General Damages? | "[To] compensate the claimant for the non-monetary harm suffered. This may include physical pain and suffering, loss of reputation, psychological damage, etc. These matters are not easily quantifiable, and can vary by case, although the concept of precedent allows for a "rule of thumb" on these matters. General damages are generally awarded only in personal claims – that is, in claims brought by individuals who have suffered personal harm." - ACCA |
| What are Special Damages? | "[To] compensate the claimant for the quantifiable monetary losses suffered. The losses may be direct (e.g. expenses generated by the other party's tort) or indirect (economic loss such as loss of profits). Special damages are claimed in both personal and commercial actions." - ACCA |
| What/ Who is a Tortfeasor? | "A person who commits a tort." - ACCA |
| What is Negligence? | "The omission to do what a reasonable person would do or the doing of something which a prudent and reasonable person would not do." - ACCA |
| What is a Standard of Care? | "The degree of care which should be expected of a person in order to discharge his duty of care to others." - ACCA |
| What is novus actus interveniens ? | A new intervening cause |
| What are the three tests used to determine whether there an individual is employed or self-employed? | - The Control Test - The Integration Test - The Economic Reality Test (or Multiple Test) |
| Factors in in the cases of employed vs self-employed are? | - Who is in control - Who provides the equipment - Whether there are any other helpers employed - The degree of financial risk undertaken - Degree of responsibility - The extent to which they have an opportunity of profit from sound management in performance of tasks. - Whether there is a regular method of payment - Whether the person works regular hours - Whether there is mutuality of obligations |
| What are the express terms? | The terms agreed by the parties themselves whether written or orally. |
| What is in minimum notice period for the termination of a contract by an employee to the employer? | At least one weeks notice, providing that there has been a minimum of four weeks continuous employment. |
| What in the minimum notice period for an employer if there has been 1 month - 2 years of continuous employment? | The minimum notice period given to the employee is one week. |
| What is the minimum notice period for an employer if there has been 2 - 12 years of continuous employment? | The minimum period given to the employee is one week per complete year. |
| What is the minimum notice period of an employer if there has been more than 12 years of continuous employment? | The minimum notice period given to the employee is 12 weeks. |
| What are the types of dismissal? | - Summary dismissal (Serious breach of contract) - Constructive Dismissal - Wrongful Dismissal - Unfair Dismissal - Dismissal on Notice - Redundancy |
| What is Wrongful Dismissal? | Where the employer terminates the contract without giving proper notice or during its fixed term. |
| What is Summary Dismissal? | Dismissal without notice for a serious breech of contract by the employee. |
| When is Summary Dismissal rightful? | - The employee has waived their rights or have accepted payment in lieu of a notice. And/ OR - The employer repudiates the contract themselves of are in a fundamental breach of contract. |
| What legislation covers employment law? | The Employment Rights Act 1996 |
| What is Unfair Dismissal? | The termination of an employment contract by the employer without a justifiable reason. |
| Who is a District Judge? | The lowest level of the judiciary. A judge with at least seven years of advocates experience before appointment. |
| Who is a Circuit Judge? | A judge ..."who preside at [the second level]. The minimum qualification for appointment as a circuit judge is 10 years' advocacy practice, together with experience as a district judge." - ACCA |
| Who is a High Court Judge? | A judge..."whose minimum professional experience is significant experience as a High Court advocate and/or service as a circuit judge for at least two years." - ACCA |
| Who is an Appeal Court Judge? | A judge..."selected from the ranks of the High Court judges. They include the Lord Chief Justice of England and Wales (LCJ); and a number of formally appointed "Lords Justices of Appeal" (the abbreviation of the title being LJ if singular and LJJ if plural)." - ACCA |
| Who are the Justices of the Supreme Court? | Judges..."appointed from each jurisdiction of the UK in recognition of their superior expertise as High Court and/or Court of Appeal judges." -ACCA |
| What is the duty of a judge in England and Wales? | "To identify, interpret and apply both case law and statute." - ACCA |
| What does ratio decidendi mean? | "The specific legal reasoning behind the decision." - ACCA |
| What are the sources of law in England & Wales ? | - Case Law - Statute Law - EU law |
| What is Case Law? | "The judicial interpretation, explanation and application of law by reference to individual cases." - ACCA This is the doctrine of precedent. |
| What is Statute Law? | "Laws enacted directly by Parliament or indirectly under Parliament's authority" - ACCA |
| What is the ranking of laws? | "Legislation takes precedent over case law." |
| What is Trust? | "A relationship in which a person owns and manages assets for the benefit of another person." - ACCA |
| What is a Trustee? | "The person who owns and manages the assets." - ACCA |
| What is a Beneficiary? | "The person on whose behalf [a] trustee manages the assets." - ACCA |
| What are the remedies in equity law? | - Injunctions - Rescission - Specific performance - Estoppel |
| What are injunctions? | "Court orders compelling a person to do something or to cease doing something required to remedy the claimant's problem." - ACCA |
| What is Rescission? | "A declaration that a defective contract is void (i.e. legally ineffective from its inception) so that the parties must return to one another any money or other assets which had changed hands between them under the contract." - ACCA |
| What is a specific performance? | "A court order compelling a party to a contract to perform their obligations under the contract." - ACCA |
| What is Estoppel | "A civil court has power in exceptional circumstances to estop (i.e. prevent) a person going back on something said or promised (even though not strictly bound by contract or other law)." |
| If there is a conflict between Common Law and Equity, which hold precedent? | Equitable principles prevail over common law. |
| When are the Equitable (Equity law) principles' remedies available? | These are only awarded at the court's discretion and are only awarded when damages would not be adequate to resolve a matter. |
| What are Statutes? | Acts of parliament |
| What can statutes do? | - Introduce new laws - Repeal old laws - Codify case law into statutory law - Consolidate existing legislation on the same subject into a single statute. |
| What laws can statutes override? | They can override case laws. |
| What is Delegated legislation? | "Rules which have the authority of statutes but which are made indirectly, under parliamentary authority." - ACCA |
| What are Statutory Instruments? | "Rules and regulations made by government departments under the authority of Parliament." - ACCA |