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10 Cards in this Set
- Front
- Back
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1. In what sense could a company be described as a ‘legal person’?
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1. A company is a ‘legal person’ in that it has a separate legal existence and can, for instance, enter into contracts. The contract is not with the directors but with the company.
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2. Harry has died without leaving a will. His estate will be distributed by:(a) An administrator.(b) A solicitor.(c) A probate officer.
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2. (a) An administrator.
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3. Which of the following statements about a will is correct?(a) An executor cannot be a beneficiary.(b) A beneficiary cannot be a witness.(c) A witness cannot be an executor.
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3. (b) A beneficiary cannot be a witness.
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4. Marian was married but had no children although her parents were still alive. She died without leaving a will. If her estate was £600,000, how much will her husband inherit?
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4. The entire estate.
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5. What is ‘consideration’ in relation to a contract?
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5. It is the payment (or a promise to pay) for the goods or services that are the basis of the contract
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6. Can a contract be made verbally?
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6. Yes, many can, eg contracts for the purchase/sale of unit trusts can be made by telephone, with a recording of the conversation providing proof. Contracts for the sale of land, however, must be in writing.
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7. In agency law, what is ‘ratification’?
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7. The process by which the principal formally agrees to stand by a contract made by their agent, even though the agent has exceeded the authority granted by the principal.
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8. Why do mortgage lenders insist that joint mortgages are always on a joint tenancy basis?
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8. If one borrower should default on the contract, the lender will wish to be able to obtain full repayment from the remaining borrower.
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9. Whose consent is required before an enduring power of attorney can be revoked?(a) The donee.(b) The donor.(c) The Court of Protection
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9. (c) The Court of Protection.
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10. What is the normal period for which a bankruptcy order remains in force?
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10. 12 months.
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