...Business Law (Eng) ACCA Paper F4 Format of the Paper 10 compulsory questions each worth 10 marks consisting of: • 7 factual questions (knowledge) • 3 scenario based questions (application). Exam approach – scenario based questions • Follow ISAC approach: Identify the legal issues State the relevant law Apply the law Conclude Core Areas of Syllabus • • • • Essential elements of the legal system The law of obligations Employment law The formation and constitution of business organisations Capital and the financing of companies Management, administration and regulation of companies Legal implications of companies in difficulty or in crisis Governance and ethical issues relating to business • • • • Chapter 1 The English legal system The English legal system • Criminal law vs Civil law The main English civil courts • • • • House of Lords Court of Appeal County Court High Court of Justice Other courts • • • • Magistrates’ Court Employment Appeal Tribunal European Court of Justice European Court of Human Rights Chapter 2 Sources of English law Sources of English Law Case law Common law Legislation Direct legislation Indirect legislation Equity Sources of English Law • Literal rule • Golden rule • Mischief rule Chapter 3 Human rights Human Rights Act 1998 Purpose Derogation Human Rights Act 1998 Convention law Incompatible with convention Chapter 4 Formation of contracts Definition...
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...* TCO A Contract – an agreement that is enforceable by a court of law or equity. Also, a contract is a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some ways recognizes a duty. Sources of contract law include the Common Law of Contracts (developed primarily by state courts) and the Uniform Commercial Code (UCC) which is a comprehensive statutory scheme that includes laws that cover aspects of commercial transactions. Elements of a Contract: 1. Agreement – between parties, requires an offer and an acceptance, and mutual assent. 2. Consideration – EX: money, personal or real property, provision of services. 3. Contractual Capacity – have to have the ability to enter into the contract – have to be sane. 4. Lawful Object – can’t be an illegal contract, or involve illegal duties/sutf. Two defenses may be raised to the enforcement of contracts: 1. GENUINENESS OF ASSENT – The consent of the parties to create a contract must be genuine. If the consent is obtained by duress, undue influence, or faud, there is no real consent. 2. Writing & Form – certain contracts have to be in writing to be enforceable. Types of Contracts – Summary on pg 161-162 1. Bilateral Contract – an exchange of promises of the parties, “a promise for a promise.” 2. Unilateral Contract – Offer can be accepted only by the performance of the act by the offeree, “a promise for an act.” ...
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...Clement K. Wang The authors Qin Hu is a Lawyer, Legal Counsel of China Merchants Sekou Industrial Zone Company Limited, Shenzhen, China. Xun Wu is based at the Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, USA. Clement K. Wang is Associate Director (Research), NUS Enterprise Centre, National University of Singapore, Singapore. Introduction Story of Alibaba.com The development of e-commerce has been nothing short of explosive in recent years. Many believe that its growth and impact will only become more prevailing in the future. The sale of goods by US firms over the Internet, for example, is predicted to reach $1.3 trillion by 2003. By 2004, European enterprises are expected to have online sales of $1.6 trillion[1]. Companies in China, with the largest population in the world, are also probing this new source of revenue. The China Internet Network Information Center (CNNIC) issued an Annual Report in Internet Development in January 2000 that estimates that there were 22.5 million Internet users in China at the end of 2000[2]. A recent nationwide survey showed that China had more than 1,100 consumer related e-commerce Web sites by the end of the first quarter in 2000 (People’s Daily, 2000). Four Web companies, Sina.com, Sohu.com, China.com, and Netease.com have already been listed on the NASDAQ. However, the country’s e-commerce market is still in its infancy. We will begin with the story of Alibaba.com Among all the developing e-commerce businesses in...
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...Name: Business Law Course Number: BUS/415 Group Number: SWFOUN86 Course Start Date: 5/14/2012 Course End Date: 6/18/2012 Day & Time: Monday, 6:00pm PST Course Schedule________________________________________________________ Workshop 1 – May 14, 2012 Workshop 2 – May 21, 2012 Workshop 3 – June 4, 2012 Workshop 4 – June 11, 2012 Workshop 5 – June 18, 2012 Course Description This course examines, analyzes, and applies to the morn business environment the nature, formation and system of law in the United States. Course Topics & Objectives 1. Legal Environment Explain the relationship between business and the legal environment. Evaluate the social responsibility of business practices. Describe the stages of a civil case. 2. Torts Assess business situations for tort liability and defenses. 3. Contracts and Commerce Describe the elements of a valid contract. Explain the application of the Uniform Commercial Code to commercial transactions. Differentiate between types of interests in property. 4. Business Organizations Differentiate business entities by their advantages and disadvantages. Explain the actions which may result in the piercing of the corporate veil. Describe the formation and dissolution of a corporation. 5. Employment Law Government Regulation Describe the evolution of employment law. Explain government regulation of employer-employee relationships. Describe laws protecting intellectual...
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...Article II of the Uniform Commercial Code PA130- Contracts Unit 9 Carolyn Padilla Article II of the Uniform Commercial Code is for the sale of goods such as an automobile or a television. A house would be ok except it involves the sale of land which is not covered by article 2, and it also does not cover a contract between you and a fee for service contract, such as wanting an addition put on your house for example. Generally to use this code all parties must act in good faith or this will not be recognized by the courts and you will not be protected by the UCC Article II. The contract must be fair and if not the court may find the contract “unconscionable” There is a broad scope for this is not extremely strict and is looked at on a case by case analysis. If the court finds that the contract is not fair it may void the contract altogether or enforce the contract taking out the unfair part of the contract. In most situations the merchant is the one who has to show it is a fair and “ unconscionable” contract. This specific article also includes the statute of frauds in which a sale of goods over $500 is involved. Here is example of Article II UCC enforceable contracts: Summary of Lefkowitz v. Great Minneapolis Surplus Store, 251 Minn. 188, 86 N.W.2d 689 (1957). 1 Facts Great Minneapolis Surplus Store (D) published advertisements in a newspaper for a sale on fur coats, mink scarves, and a lapin stole. Each of the advertisements indicated that...
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...JUDICIAL ENVIRONMENT “SUMMARIES” CHAPTERS 12, 13, 14, 15, 16, 20 and 21 Name: Nayeli Berenice Beltran Garza ID: 1586848 Group: 4Ai Cd. Universitaria de Nuevo León, November 16th 2015 CHAPTER 12 CONTRACTS AND SALES Introduction and Formation A contract is a promise or set of promises for breach of which the law fives a remedy, or the performance of which the law in some way recognizes as a duty. The three general sources of contract law for contracts entered into in the United States include common law, the Uniform Commercial Code, and the new sources of law evolving in response to e-commerce. Common Law The common law was the first law of contracts. It consists today of those traditional notions of law and the body of law developed by judicial decisions dealing with contract issues. Common law applies to contracts that have land or services as their subject matter. Contracts for the construction of a home and employment contracts are governed by common law. The Uniform Commercial Code (UCC) One of the problems with common law is its lack of uniformity, the states do not follow the same case decisions on contract law, and some states do not follow the Restatement. To address the uniformity, the National Conference of Commissioners on Uniform State Laws and the American Law Institute worked to draft a set of commercial laws appropriate for businesspeople, lawyers and lawmakers, the result of their efforts was the Uniform Commercial Code (UCC). * Article...
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...hear cases now requires mediation as part of the formal adjudication process (Spangler, 2003). Abstract: Arbitration plays a crucial role in commercial procurement. Ideally, solid contractual agreements would alleviate disputes between parties. In most cases, disputes result from the terms of the contract rather than the actual contract itself. Arbitration offers dispute resolution that eliminates the need for costly litigation and time-consuming disputes in the courtroom. This paper considers the role of arbitration in contracted procurement. Additionally, it considers alternative dispute resolution (ADR) as a whole as arbitration is a subset of ADR and will discuss their relative advantages and disadvantages in comparison with traditional litigation. The aged concept of arbitration has recently begun to reach tremendous levels of popularity in the acquisition realm. Dictionary.com defines arbitration as, “the hearing and determining of a dispute or the settling of differences between parties by a person or persons chosen or agreed to by them”. Solving disputes through arbitration is by no means a modern concept. The first modern arbitration statute in the United States was enacted in 1920; New York State Arbitration statute. History, however, dates arbitration back to the famous Athenian law maker Solon, who laid the foundation for the Athenian democracy. Although not yet universally accepted, arbitration is an international concept. The...
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...BARGAINING By Joseph Brick 1 ABSTRACT Integrative bargaining is a highly effective means of negotiating an agreement. However, it is also an underutilized method. Although there has been a recent focus on the topic in the past thirty years, the factors which deem it beneficial are still little understood. What this paper attempts to set forth is an explanation of why integrative bargaining is a successful and desirable method of negotiating. With a better understanding of why integrative bargaining is effective, negotiators may be better able to utilize this method to its full potential. This paper culminates with a suggestion on how to best exploit this new understanding. Research up to this point has suggested that integrative bargaining is desirable due to the increasing the pie rationale. The contention set forth in this paper is that there are alternative factors driving integrative bargaining. Exploration of this theory begins with an analysis of whether integrative bargaining is driven by the interjection of equity principals into what was traditionally a law driven enterprise, that of negotiation. It is argued that the stability of contract which results from an earlier application of equitable principals in the negotiating process is just as crucial to integrative bargaining as the desire to increase the pie. With this conclusion, it becomes apparent that solutions which encourage integrative bargaining will result in more stable contracts. The increased stability rationale...
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...COMMERCIAL COMPANIES IN LEBANON 06 Chamber of Commerce Industry and Agriculture of Beirut and Mount Lebanon 00 CONTENT 01 LETTER FROM THE CHAIRMAN 02 JOINT LIABILITY COMPANY 03 LIMITED PARTNERSHIP 04 UNDECLARED PARTNERSHIP 05 JOINT STOCK COMPANY LIMITED LIABILITY COMPANY (LLC) 07 PARTNERSHIP LIMITED BY SHARES 08 HOLDING COMPANIES 09 OFFSHORE COMPANIES 10 THIRD-FOREIGN COMPANIES Chamber of Commerce Industry and Agriculture of Beirut and Mount Lebanon 01 2 LETTER FROM THE CHAIRMAN True to its mission of supporting the private economy, the Chamber hereby undertakes to assist prospective foreign investors all through the establishment process. The defining advantages of Lebanon’s investment environment derive from its free enterprise system distinguished by a high degree of openness to foreign trade and the absence of restrictions on capital movement. Such system naturally safeguards private ownership of all form of assets, and subjects local and foreign investors to the same code of laws and regulations. Hence, foreign investors retain full control over their business and private assets, unhindered by the constraint of an imposed local partner or restrictions on business and investment decisions. Evolution at the policy-making level continues to build on the competitiveness of the investment environment. The public-private partnership approach certainly generates ...
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...Assignment on: Aspect of Contract Executive summary For our everyday purpose, we have to meet with different category people. Due to the blessings of globalization, now, we people have been able to communicate with people from outside of our country. Globalization system has made it easy for us to express our needs and demand to outside of the world and get the best solution. All these developments have made our business world faster than ever and this trend is still going on. But to take any sort of massive or minor project, we have to sit with many different parties and make lawful agreement with them so that one party can demand for their legal right if necessary. This assignment has been designed completely on aspects of contract. How a contract can be formed and what are the necessary elements for the formation of a contract have been comprehensively explained here. Table of Contents Executive summary ii Introduction 1 01 Initial evaluation 1 1.1 Explanation of the importance of essential elements required for the formation of a valid contract 1 1.2 The impact of three methods in terms of forming and binding enforceable contract under the English Law. 2 02 Initial Business situations 4 2.1 Essential elements of a valid contract to advise Andrew 4 2.2 Law on contract terms to advise Cheltenham Champions Hotel on the claim of the guest 5 2.3 The effect of the contract terms to advise the downton hotel will be described in below 5 03 Further assessment...
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...period of two years after leaving our employ.” 1. Examine at least two circumstances in which this non-compete agreement would be unenforceable. Contracts of employment are generally given to prospective employees who have applied for a position or type of sub-contractor with a company. The employment contract will be the agreement between the company and employer to the prospective employees. The contract will spell out the rights to the employee, responsibilities, duties, conditions, and terms of that they will be governed. Contracts insure the company protects its business interest when the perspective employer agrees to the terms and conditions. The recipient of the lets them determine if the conditions and terms are acceptable or, need to have something added or taken away. In some cases even after the terms are agreed upon there are situations where a party of the signed contract needs to have the terms reexamined. If a upscale hotel called “Fabulous Hotel” hires a person as the head chef having a two-year contractual agreement but then, after the two years another hotel want to hire them. There is a paragraph in the original contract of the Fabulous Hotel the chef agreed to that states” The below-signed agrees not to work as a chef for another hotel in the same metropolitan area for a period of two years after leaving our employ.” This might sound definite to a degree that the chef is helpless. Contracts have to be examined carefully to understand how binding...
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...acceptance and the case of Masters v Cameron (1954) 91 CLR 353. After researching those issues, and based on acceptance set out below, I believe that you will obtain some exact concepts of acceptance on the contract. Thus, I will explain the postal acceptance rule and whether it still operates in Australia or not, discuss how businesses generally modify the postal acceptance rule, and conclude the case of Masters v Cameron more fully below as I understand them. * Postal Acceptance Rule The postal acceptance rule or the mailbox rule, created in 1818, is a term of common law contracts and affect communication of acceptance. It is defined as acceptance by post has been requested or use an appropriate and reasonable means of communication between the parties, then acceptance is taken effect immediately upon the letter posted. This rule determines the timing of acceptance of an offer when mail is concerned as the medium of acceptance. The general principle is that a contract is formed when acceptance is actually communicated to the offeror. Thus, an offer made by letter is not effective until or unless received by the offeree. Acceptance is effective as soon as it is posted. The major case in the postal acceptance rule is Adams v Lindsell (1818) B & Ald 681 that a contract was formed when the acceptance letter was posted. As the case described, Adams posted a letter to Lindsell, offering to sell him goods and requesting a reply by post. On 5 September, Lindsell received the...
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...United Nations Convention on Contracts for the International Sale of Goods (Vienna, 1980) (CISG) Purpose The purpose of the CISG is to provide a modern, uniform and fair regime for contracts for the international sale of goods. Thus, the CISG contributes significantly to introducing certainty in commercial exchanges and decreasing transaction costs. Why is it relevant? The contract of sale is the backbone of international trade in all countries, irrespective of their legal tradition or level of economic development. The CISG is therefore considered one of the core international trade law conventions whose universal adoption is desirable. The CISG is the result of a legislative effort that started at the beginning of the twentieth century. The resulting text provides a careful balance between the interests of the buyer and of the seller. It has also inspired contract law reform at the national level. The adoption of the CISG provides modern, uniform legislation for the international sale of goods that would apply whenever contracts for the sale of goods are concluded between parties with a place of business in Contracting States. In these cases, the CISG would apply directly, avoiding recourse to rules of private international law to determine the law applicable to the contract, adding significantly to the certainty and predictability of international sales contracts. Moreover, the CISG may apply to a contract for international sale of goods...
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...Chapter One: The Legal Environment 1. Business activities and the legal environment 2. Sources of American law 1) Primary sources of law * Constitutional law (The U.S. Constitution, state constitutions) * Statutory law ( federal statutes, state statutes, ordinances; uniform laws) * Administrative law (administrative agencies: federal, state, local) * Case law 2) Secondary sources of law * Books , articles 3. The common law tradition 1) Stare decisis * Two aspects * Controlling precedents (binding authorities) * Departures * Persuasive authorities 2) Equity * Remedy, courts of law(king’s courts), remedies at law(legal remedies) * Equity, chancellor, courts of equity(chancery courts), remedies in equity(equitable remedies) * Plaintiffs, defendant * Action at law, action in equity * Merging * Equitable principles and maxims 3) Schools of legal though Jurisprudence * The natural law school * Legal positivism * The historical school * Legal realism, sociological school 4. Classifications of law 1) Substantive law & Procedural law 2) Civil law & Criminal law 3) National law & International law Chapter Two: Constitutional Law 1. The constitutional powers of government 1) Federal form of government: national government and the states share sovereign power. 2) Separation of powers: a system of checks and balances * Legislative...
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...Optional Question 1: Scenario (Facts of the case) You are employed as a legal executive in a firm of solicitors. A client (Mr Ben) has come and seeking advice on several claims and legal issues, which have recently arisen. You are required to write a legal report for the following claims: Alan is a qualified accountant and his father Ben, who owns a small business, a bookshop which specialises in acquiring and selling rare books. He recently saw an advertisement in a specialist book magazine for a first edition copy of the only book written by Bruce. The advertisement, which had been placed by Chris, stated that it was ‘on offer for $1,000. Ben phoned Chris stating that he would buy the book for $750. Chris replied that he would sell it for $900. Ben then said he would need time to think about buying the book at that price. Chris agreed not to sell the book to anyone else until Ben phoned him back in three days time with his final decision. On the same day, Dan came into Ben’s shop and asked if he had any first edition copies of the Bruce book and told him that he was willing to pay $1,500 for one. Ben agreed to sell a Bruce first edition to Dan and immediately phoned Chris to say that he would accept his original asking price of $1,000. However, Chris informed him that he had already sold the book to Eve for $1,250. Subsequently, Ben wrote to Eve offering her another rare book for $1,000. Eve replied to Ben by return of post stating that she agreed to buy...
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