Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
Contracts involving land? |
All agreements for the sale of land must be made in writing and conveyances of land (actual transfer of ownership) must be performed by deed |
|
|
What are the requirements for a binding contract? |
Offer and acceptance. Consideration. Capacity to contract. Terms certain, complete and free from doubt. Intention to create a legal relationship. Legality of object. |
|
|
What are the remedies for breach of contract? |
-Damages -order for specific performance -injuction |
|
|
What is automatic accrual? |
The deceased partner's share Will automatically pass to the surviving partner in agreed shares. In life policy, equal to the value of the share, is arranged on the life of each partner in trust for their beneficiaries |
|
|
What is a cross option agreement? |
On the death of a partner, the state has the option to sell the deceased partners share to the surviving partner, who have the option to buy it. Each partner takes out a life policy. |
|
|
Bland PLC has taken out the key employee insurance policy on Ben, The sale director. In order to qualify as business expense for corporation tax purposes, the policy would need to be: |
The term insurance policy with a term of five years or less. |
