Learn or revise key terms and concepts for your ACCA exams using OpenTuition interactive ACCA Flashcards
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See also ACCA F4 Flashcards: Set 1 | Set 2 | Set 3 | Set 4
How would you briefly describe the defence of volenti non fit injuria?
To he who is willing there can be no harm
There are three essential elements of a contract. Two of them are “agreement” and “consideration”.
What’s the third element?
Intention
What principle did the case Chappell v Nestle establish?
Consideration must have some value
How may terms be implied into a contract?
By statute, by the Courts or by custom
What is the main common law remedy for the innocent party in the event of breach of contract?
Damages
What is the effect, in an action alleging tort, of novus actus interveniens?
It is likely that the action would fail – the loss suffered was not entirely due to the original acts – something new intervened
In a situation where the Court is faced with having to interpret statute, the Court will apply the Golden Rule if the application of the Literal Rule would lead to *****.
What is *****?
An absurdity
What is being discussed in the sentence:
“It must be sufficient but need not be adequate”
Consideration – must be sufficient to merit the title “consideration” ie it must have some value
In any answer to an exam question concerning damages, two cases are always mentioned. What are they?
Hadley v Baxendale (remoteness) and Victoria Laundry v Newman Industries (measurement)
Name the three divisions of the High Court
Queen’s Bench Division, Chancery Division and Family Division
When an employee is dismissed not for a statutory reason nor for a fair reason, this would be classified as what type of dismissal?
Unfair dismissal
What principle could be described as “The cornerstone of English Law”?
The principle of “Stare Decisis” or “judicial precedence”
In a “contract of service” is the contracted person an employee or is he an independent contractor
the contracted person is an employee
Complete the following: “Past consideration is ********”
Past consideration is no consideration
Assault, battery and false imprisonment are all examples of which “wrong”?
All three are examples of tort
The case Watteau v Fenwick illustrates what point in agency law?
The principle of apparent authority
What is summary dismissal?
Summary dismissal is where an employer dismisses an employee without giving any notice
In a company with 1,000 members, what is the MINIMUM number of members who must vote in favour in order to pass a special resolution, everyone votes and all members have the same number of votes?
750 members must vote in favour
In tort, who are your legal neighbours?
Your legal neighbours are those people who are so directly affected by your acts that you should have had them in mind as likely to be affected when you committed those acts
“A director who has reached the age of 70 is disqualified from continuing to hold office as a director of a company”
Is this statement true?
No, a director who has reached the age of 70 may continue to serve as a director of a company but, in the case of a public company, the director must seek re-election every year
Which case illustrates that “Silence cannot be acceptance”
Felthouse v Bindley ( uncle, nephew and horse )
What is “distinguishing” in the context of judicial precedence
Where, in a later case, a court distinguishes the facts of the current case from those of an earlier case in the situation that that earlier case decision would have been binding
Is summary dismissal ever justified?
Yes, in cases of serious breach of contract by the employee
“Special notice is required of an ordinary resolution in the event that an auditor is to be removed from office during their year of office”
Is this statement true?
Yes, special notice is required of an ordinary resolution to remove an auditor from office during their year of office
What doctrine in law is illustrated by the case Central London Property Trust v High Trees House?
The doctrine of promissory estoppel
With reference to “intention” what is the normal attitude of the Court to a contract between husband and wife?
The Court will presume that there is NO intention to create legal relations
What are exclusion clauses used for?
They are an attempt to restrict or completely eliminate one party’s liability for breach of contract
What principle is confirmed by the case Caparo v Dickman?
A duty of care is owed to one’s neighbours
What sort of remedy is “action of price”?
Action for price is a common law remedy
What is “constructive dismissal”?
Constructive dismissal is where an employer changes the terms of employment of an employee to such a degree that the employee feels that they cannot continue in employment
“As a general rule, an advert is taken to be an offer capable of acceptance”.
Is that statement true?
No, as a general rule, an advert is taken to be an invitation to treat.
Which case established the principle that acts over and above an existing natural duty already owed are sufficient to merit the title “consideration”?
Ward v Byham
If an employee is a threat to national security, would their dismissal be classed as automatically fair?
Yes
The decision of a Court can be broken down into two elements.
One element is binding on subsequent judges. Name the other (non-binding) element
Obiter Dicta
What’s the main difference between a term which is a condition and a term which is a warranty?
A condition, when breached, means the contract can be treated as ended.
A breach of warranty, means the contract still exists
In a company which complies with the UK Corporate Governance Code, what is the minimum number of non-executive directors for a large public company?
The minimum number of non-executive directors for a large UK public company complying with the UK Corporate Governance Code is “at least as many non-executives as executive and ideally not less than 3″
“The duty of care owed by accountants is greater when advising on take-overs than when auditing”.
Is this statement true?
It’s true as illustrated by the case Morgan Crucible v Hill Samuel Bank
What is a “Mareva injunction”
Mareva injunction is a freezing order applied to the assets of a suspected wrong-doer
What is the translation of “quantum meruit”?
“For as much as it’s worth”
The case DHN v Tower Hamlets is a case illustrating which principle?
In a situation where the strict application of the concept of the veil of incorporation would lead to an injustice, the Court is prepared to lift the veil
Which remedy is the Court granting when the Court says (effectively!) “Just do it”?
A Specific performance
What case would you cite as an illustration of the principle that says
“An offer can be made to the World at large”
Carlill v Carbolic Smokeball Company
With reference to the doctrine of promissory estoppel, complete the following: “When a promise is given and acted upon, then **********”
When a promise is given and acted upon, then “the promissor cannot subsequently go back on that promise to the detriment of the promissee”
In the context of consideration, what characterises “executed consideration”
Where consideration is paid at the same time that the goods are delivered
To be classed as an independent contractor much depends on three tests. What are they?
* control test
* integration test
* economic reality test
What is the closest translation of “res ipsa loquitur”?
“The thing speaks for itself”
What word is used to describe what has happened to the original decision when a case goes to appeal and the appeal is won?
Reversing
The “Boots case” illustrates what principle of law
That goods on a supermarket shelf are invitations to treat and are not therefore offers capable of acceptance
In tort, to whom does a person owe a duty of care?
A person owes a duty of care to one’s legal neighbours
What is the meaning and effect of “ratio decidendi”?
It means “the rationale for the decision” and the effect is that it is binding on subsequent judges hearing similar cases in courts of same standing or inferior courts
What does the abbreviation “ltd” stand for?
“ltd” is the abbreviation for “limited” and indicates that the company is a private company
What’s an “onerous term” in a contract?
It’s a term which involves one party in an unfair position in the event of breach
Which is the most common remedy awarded for unfair dismissal?
Compensation, because in most cases the working relationship would have been irrevocably damaged
“Summary dismissal incurs the employer in no liability if ******” Complete the sentence
A Summary dismissal incurs the employer in no liability if the employee has committed a serious breach of contract”
In a “contract for services” is the contracted person an employee or is he an independent contractor?
The contracted person is an independent contractor
What sort of remedy is “quantum meruit”?
Quantum meruit is a common law remedy
In a situation where the Court is faced with having to interpret statute, which rule will the Court look to first?
The Literal Rule
When an employee is dismissed in breach of contract and, as a result, they have suffered loss, this is classified as what type of dismissal?
Wrongful dismissal
“To he who is willing, there can be no harm”. How does that translate in the context of tort?
Volenti non fit injuria
What is anticipatory breach?
Anticipatory breach is where one party gives notice in advance that they will not go ahead with the contract
The case Williams v Carwardine is a case involving an advert of a reward offered for information.
This type of case is an exception to which principle?
A reward case is an exception to the general principle that an advert is an invitation to treat and not an offer .
“In a tort case the defence volenti non fit injuria merely requires knowledge of the risk”.
True Or false?
It’s false. For the defence to be successful it’s necessary to show that the injured party was a willing participant in the risky activity
“Overruling” an earlier decision means what
A higher court disagrees with a lower court’s decision. It does not alter the earlier decision. It simply deprives it of its authority
Performance of an existing contractual duty is not sufficient to be classed as consideration for a different contract.
Which case established that principle?
Stilk v Myrick
There are three ways of incorporating a company. By “registration” and by “statute” are two.
What is the third way?
By Royal charter
“Participation in an unofficial industrial action is not an automatically fair reason for dismissal”.
Is that statement true?
No, participation in an unofficial industrial action IS an automatically fair reason for dismissal
Complete the following: “ ***** will always be awarded if ***** is sufficient”
Damages will always be awarded if damages is sufficient
What is the minimum number of directors required in a public company?
2 is the minimum number of directors required in a public company
What is “executory consideration”?
It’s consideration which is still to be delivered
What is the highest court in the English legal system?
The Supreme Court
What does the case Mahon v Osborne illustrate?
A surgeon who leaves equipment inside the body of a patient is liable in negligence (res ipsa loquitur) unless they can prove non-negligence
If you are the defendant in a civil law court case, what title is given to the other party?
The plaintiff
What’s an innominate term?
It’s a term which could be a condition or it could be a warranty. But we don’t know until it’s broken
Thank you just seems so inadequate a word to describe how helpful I have found the excellent lectures, flashcards and notes you provide to students. What celse can I say? THANK YOU SO MUCH. You deserve national recognition. BIG UP to Open Tuition. AWESOME.!!!! MY first ACCA exam is F4 10/6/2013y
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ever grateful
Am very grateful that there are people out there who wants you to succeed and tries there very best to see that happens, thank you open tuition.
Admin,
There are no flashcards for Eng Global. Please advise…
Sorry i mean F4 global
check this link: http://opentuition.com/acca/f4/acca-f4-global-variant-flashcards-set-2/
only set 1 is still not ready for global
Thanks so much!It’s really so much helpful.I appreciate it.plz keep on more….
Undoubtedly you guys are working good in providing students with study materials. It would be of great help if you guys could produce something that has all case laws for paper F4 and there cases followed with.
Much appreciated, plizz keep on more.
why my flash are not responding when I try to veiw the answer or the scroll arrow
enable javascript in your browser (or try another browser)
In one of the flash cards it says, “Damages will always be awarded if damages is sufficient” i was wondering if it shouldn’t be “Damages will be awarded if consideration is sufficient”?
@mariakesh, Absolutely NOT!
@MikeLittle, Thanks Mike, I think i got a bit confused because of the Carlill v Carbolic Smoke Company case.
Thanks sooo much Mike! I passed
Couldn’t have done it without you really.
can i get flashcards for f5 plz
fantastic! it makes studying more fun
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This great job opentuititon
owesome
These are really helpful. thank you
this card will suit the needs of the students, i really appreciated it