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Questions and Answers
What is the issued share capital of MultiSoft?
What is the issued share capital of MultiSoft?
The issued share capital is £1.8 million.
What is the paid-up capital of MultiSoft?
What is the paid-up capital of MultiSoft?
The paid-up capital is £1.68 million.
What is the uncalled capital of MultiSoft?
What is the uncalled capital of MultiSoft?
The uncalled capital is £300,000.
How much is due when the additional 10 pence per share is called by MultiSoft?
How much is due when the additional 10 pence per share is called by MultiSoft?
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Study Notes
Criminal vs Civil Law
- Criminal Law: The state prosecutes the defendant.
- Civil Law: The claimant sues the defendant.
- Criminal: Focuses on preventing crime and upholding the law.
- Civil: Aims to compensate the victim or enforce a right.
- Criminal Case: Involves proving guilt beyond a reasonable doubt.
- Civil Case: Requires proving the case by a balance of probabilities.
Court Structure
- Supreme Court: Highest court in the UK, hears appeals on points of law.
- Court of Appeal: Hears appeals from lower courts on important points of principle or practice.
- High Court: Deals with various types of cases, including family, chancery, and Queen's Bench divisions.
- County Court: Deals with less serious civil cases.
- Magistrates' Court: Deals with less serious criminal offenses.
- Crown Court: Deals with more serious criminal offenses.
Privity of Contract & Offer
- Privity of Contract: Only parties to a contract can sue or be sued on it.
- Offer: A clear and definite proposal to enter into a contract.
- Acceptance: Unconditional agreement to the terms of an offer.
- Offer & Acceptance: Both are crucial for forming a legally binding contract.
- Offer can be revoked before accepted,
- Acceptance only valid if in correspondence with the offer,
- Hyde v Wrench (1840): Example demonstrating a counter-offer which cancels the original offer.
Case Law vs Legislation
- Case Law: Decisions made by judges in court cases.
- Legislation: Laws passed by Parliament (or other legislative bodies).
- Case law consistently applied by judges.
- Case law follows judicial precedent.
- Judges interpret laws and apply them to specific situations.
- Legislation creates laws and legal principles by wording.
Alternative Dispute Resolution (ADR)
- ADR: Methods of resolving disputes outside of court, such as arbitration.
- Arbitration: A neutral party hears the case and makes a binding decision.
- Mediation: A neutral party helps parties reach a mutually acceptable agreement.
Contract Law
- Formation of Contract: Offer, acceptance, consideration.
- Discharge of Contract: Occurs when the parties fulfill their obligations or if there is a breach/termination.
- Breach of Contract: Failure to perform the agreed upon obligation.
- Remedies for breach of contract: Damages, specific performance, injunctions and restitution.
- Consideration: Something of value exchanged between parties.
- Acceptance by post: Acceptance is effective when posted.
- Terms & Conditions: Key elements of a contract.
- Conditions, Warranties, Innominate Terms: Different types of terms have different implications in a contract.
- Termination of Contract circumstances where a contract is terminated.
- Rejection of Offer (Hyde v Wrench): A counter proposal cancels original offer
Capital & Financing of Companies
- Share Capital: Money raised by issuing shares.
- Authorized Share Capital: Maximum amount of shares a company can issue.
- Issued Shares: Number of shares actually sold to the public.
- Paid-up Capital: Amount of money shareholders have actually paid for their shares.
- Called-up Capital: Amount of money a shareholder is legally obligated to pay for part or fully issued shares.
- Uncalled Capital: Remaining portion of contributed capital not yet requested/called by the Company.
Company Information & Nature of Company
- Separate Legal Entity: The company is distinct from its owners (shareholders).
- Company Constitution: Rules governing the company's operation – articles of association.
Company Meetings & Resolutions
- Company Meetings: Formal meetings for shareholders and directors to discuss and vote on issues.
- Quorum: Minimum number of people required for a valid meeting.
- Resolutions: Decisions made at a meeting.
Company Directors
- Duties: Directors have a fiduciary duty to act in the best interests of the company.
- Types of resolutions: Ordinary and Special resolutions
Company Liquidation
- Compulsory Liquidation: Initiated by a court order or creditors.
- Voluntary Liquidation: Initiated by the company or shareholders.
- Types of creditors: Secured & unsecured
- Floating charges: Liquid assets rather than a specific asset like fixed charge.
- Duties and powers of liquidators: Liquidators can take over the company's assets.
Employment Law
- Employment Contracts: Agreement between employee and employer.
- Implied duties: Employer/employee mutual obligations (respect, confidentiality, etc.)
- Termination of Employment: When an employment contract ends (resignation, dismissal, etc.).
- Redundancy: Employee is no longer needed, paid compensations
- Unfair dismissal: Employee is dismissed unfairly.
Tort Law-Negligence
- Negligence An action is negligent if the defendant failed to exercise the duty of care a reasonable person would.
- Duty of Care: Obligation to exercise reasonable care to avoid harm to others.
- Breach of Duty: Failure to meet the standard of care expected.
- Causation: The breach of duty must cause the harm.
- Remoteness: Harm must have been reasonably foreseeable.
Agency & Partnership Law
- Agency and Partnership: Relationships between parties in their commercial practice (business).
- Authority (of a Partner): Partners have implied authority; liable for usual acts.
- Limited Liability Partnerships (LLPs): Provide limited liability for partners; separate legal entity.
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Description
Explore the key differences between criminal and civil law in this quiz. Understand the roles of various courts in the UK legal system, including the Supreme Court and County Court. Learn about concepts such as privity of contract and the nature of legal offers.