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14 Cards in this Set
- Front
- Back
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Cameron is a partner in pascoe & partners. In the event that the business can solvent, who are the abilities limited to the amount he has invested in the partnership, together with any personal guarantee she has given. True or false |
False. There is no information here to suggest that the partnership is a limited liability partnership. So Cameron has unlimited personal liability. |
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Cameron is also a shareholder in Alton engineering limited. If the company would become solvent, what personal liability would he have for its debts? |
None, as a limited company, Alton engineer unlimited is a separate legal entity and shareholders would not be liable for its debts. |
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For a contract to be valid, there must be consideration. What does this mean? |
There must be payment or a promise provide payment |
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Rebecca owns a small par deck that she no longer needs for her horses. The neighbouring farmer has offered to buy it and they shook hands on the sale of red drink at the pub. Later, the farmer changes mine and trade withdraw from the purchase. Rebecca argued that the agreement in the pub constituted a contract and he must honour it. But she right? |
No. Contracts for sale of land must always be right in and the transit affected by deed. |
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Why do mortgage lenders insist that joint mortgages are always on a joint tenancy basis? |
If one borrower should default on the mortgage, the lender will be able to pursue repayment from the remaining borrower |
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Is it true that a witness cannot inherit a valid will? |
True |
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Harry has died without leaving a will. His estate will be distributed by? |
An administrator. (An executor distributes the estate of a person who has made a valid will) |
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What role does the Court of protection play in relation to enduring powers of attorney? |
Enduring powers of attorney can only be revoked with the consent of the court of protection. They must be registered with office of public guardian. |
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One of the financial restrictions placed on an undischarged bankrupt is that? |
They are only able to borrow nominal amount of money. |
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What is ratification? |
Relates to agency agreements. The agents did something not contained in the agency agreement, but after the event of the principal agreed (ratified) the action. |
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What are tenants in common? |
A type of joint property ownership. On the death of one owner, they can have that share go to anyone they choose. |
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To register a lasting power of attorney, application should be made to the: |
Office of the public guardian. |
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Explain what is meant by the term 'legal person'? |
A 'legal person' is a baldy that has a legal existence and can, therefore, enter into contracts, Sue or be sued in the court of law.
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Summarise the requirements for a contract to be legally binding? |
-offer and acceptance. -consideration. -capacity to contract. -Terms certain, complete and free of doubt. -intention of a legal relationship. -lethality of object. -Entered into freely. |
