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Key Legal Concepts (Legal Person (Limited companies (Companies House…
Key Legal Concepts
Legal Person
Individual
Personal/private capcity
Executor
Groups
Trustees
Limited companies
Legal entity
Companies House
Shareholdings
Shareholders
Directors
Company secretary
Liabilities separate shareholders/employees
Partnerships
Jointly ownership
assets
liabilities
Limited liability partnerships
Limited personal liability
Amount invested
Personal guarantees (Loans)
Law of Agency
Agent
IFA
Estate Agent
Principal
Apparent authority
Given impression to authorise agent
Ratification
Exceeds authority
Retrospective agreement
Insolvency and Bankruptcy
Insolvency
Liabilities exceed assets
Unable to meet financial obligations
Bankruptcy
Undischarged 12 months
Creditor petition person bankrupt 5k+
Voluntary bankrupty
Official Receiver
Insolvency Practitioner
Distribute assets
Individual voluntary arrangements (IVA)
Reschedule repayment of debt
75% creditors agree
Company voluntary arrangements (CVA)
Binding Contract
Requirements
Offer and acceptance
Consideration
Entered freely
Capacity to contract
Legality of object
Intention to create a legal relationship
Terms certain, complete and free from doubt
Disclosure of information
No duty to disclose
Responsibility of each party
Misrepresentation
Honest/reasonable
Claim acceptable
Carelessness
compensatory remedy
retrospectively changed
Deliberate/reckless
Policy cancelled
Breach of contract
Damages
Return to position prior to contract
Order for specific performance
Comply with contract
Injunction
Court order
Power of Attorney
Ordinary Power of Attorney
Ceases if mentally incapacitated
Enduring Power of Attorney
Accepted If Loss Mental Capacity
Revoked via Court of Protection
Registered Office of the Public Guardian
Lasting Power of Attorney
Health and Welfare
Medical/residential care
Applies if loss of capacity
Property and financial affairs
Donor has mental capacity
Allows permission
Registered Office of the Public Guardian
Wills
Valid
In writing
Properly Executed
No Will
Intestate
Administrator
Grant of letters of administration
Spouse no children
Spouse inherits
No Spouse - Children
Childen inherit estate
Spouse with children
Spouse chatels + 250k + 1/2 250k
Children residual £250
No spouse or children
Parents or brother/sisters
Will
Executor
Deed of variation
Property and Property Ownership
Property
Personalty
Investments
Personal possessions
Realty
Immovable
Land
Real estate
Property Ownership
Joint tenants
Owned by both parties
Share transferred to owner
Tenants in common
Owner owner share of property
Share passed to estate
Trust and Trustees
Settlor
Set up Trust Deed
Asset in trust
Administer by trustees
Benefit of beneficiaries