Business Law Flashcards

Flashcards covering topics from the Business Law lecture, including introduction to law, criminal vs civil law, sources of law, common law, equity, and legislation.

What are some areas of law that impact business activity?

Contract law, company law, data laws, insolvency, negligence, and criminal law.

What is a common mistake students make during the exam?

Not attempting all questions; not following guidance; not reading questions properly; giving personal opinion.

What does the law refer to?

Obligatory rules enforced by the state.

What are the two main classifications of law discussed?

Criminal law and civil law.

Against whom is a crime committed under criminal law?

The State

What standard of proof is required to prove guilt in criminal law?

Beyond reasonable doubt

What is the aim of civil law?

To resolve disputes between individuals or individuals and organizations.

What standard of proof is required to find a defendant liable in civil law?

On a balance of probabilities

What are some remedies for a civil offense?

Damages, specific performance, injunctions, and rescission.

What is common law also referred to as?

Judicial precedent or judge-made law.

What is a key feature of the English Legal System regarding judges and previous cases?

Judges follow decisions of previous cases with similar facts.

What is binding precedent?

An earlier decision taken by a higher court with the same material facts that must be followed.

What is persuasive precedent?

Precedent that may be followed, but is not binding.

What are some advantages of common law?

Consistency and clarity.

What are some disadvantages of common law?

Rigidity; may not always be appropriate to award financial damages.

What was Equity developed to do?

To mitigate the hardship of Common Law and to provide new remedies.

Besides damages, what are some alternative remedies that Equity created?

Injunctions, restitution, specific performance, rescission etc

What is meant by the maxim of equity, 'He who comes before equity must come with clean hands'?

Any person wishing to receive an equitable outcome must themselves have acted fairly.

What is another name for law made by Parliament?

Legislation or Acts of Parliament.

In England, can Acts of Parliament be challenged by courts or the monarch?

No

List the stages of how a statute is created.

House of Commons (First reading, Second reading, Committee Stage, Report Stage, Final Reading & vote), House of Lords (First reading, Second reading, Committee Stage, Report Stage, Final Reading & vote), The King gives Royal Assent

What is delegated or secondary legislation?

Laws created by other people and organizations under the authority of a Parent Act.

List the three types of Secondary legislation.

Statutory Instruments, Bye-laws, Orders in Council

What is Delegated Legislation – Statutory Instruments (SI)?

Ministers given power to make laws for their area of government (Transport, Health etc)

What is Delegated Legislation – Bye-Laws?

Delegates to other bodies to make bye-laws Act passed by Parliament and the local authority or public corporation then makes the laws in their local area

What is Delegated Legislation – Orders In Council?

Parliament delegates authority to the Privy Council to make law, The Privy Council can then make laws