Chapter 5

Question 1

What are the key sources of law?

Answer 1

Acts of Parliament
Case law
Eu law

Question 2

What is the primary source of law

Answer 2

Acts of Parliament (statute)

Question 3

How are acts of Parliament created

Answer 3

Introduced via a green paper

Question 4

What happens after consultation of the green paper

Answer 4

White paper produced with a revised proposal

Question 5

What happens after a white paper

Answer 5

Proposed legislation is drafted into a bill

Question 6

What are the 2 types of bills

Answer 6

Public majority of bills
Private minority of bill

Question 7

Who introduces public bills

Answer 7

Government ministers

Question 8

Who introduces private bills

Answer 8

MP’s
Members of the House of Lords

Question 9

What are the 7 stages of a bill

Answer 9

1st reading
2nd reading
Committee stage
Report stage
3rd reading
Bill approved moves over to the other chamber
Royal assent

Question 10

What does a bill come into force once riyal assent is given

Answer 10

May not be immediate but at a time specified
Act can be split into several sections coming I to force at different timrs

Question 11

What is case law

Answer 11

Situation where a judge must interpret the law
How the law should be applied based on the facts of the case

Question 12

What do judges create in case law

Answer 12

Precedents

Question 13

What is precedent

Answer 13

Judges are bound to follow precedent in future cases that have similar facts or similar legal principles

Question 14

What is precedent also known as

Answer 14

The doctrine of precedent

Question 15

What occurs at the end of each case

Answer 15

Judgement by the judge

Question 16

What is judgement

Answer 16

Judge giving their reasons for the decision on the case and why they reached that decision

Question 17

What is the Latin term for the judgement

Answer 17

Ratio decedendi

Question 18

What is the other Latin term referenced in jufgrment

Answer 18

Obier dicta

Question 19

What is orbiter dicta

Answer 19

Part of judgement that future judges are not bound to follow

Question 20

What are the 3 levels of precedent

Answer 20

Original
Binding
Persuasive

Question 21

What is original precedent

Answer 21

Case with facts not seen before
The outcome creates original precedent for future cases

Question 22

What is binding precedent

Answer 22

Decision from a previous case binds all future judges.
Facts of the original case are sufficiently similar to those in new cases and decision was m as e by a higher court than the new case is being heard in.

Question 23

What is persuasive precedent

Answer 23

Decision made in a previous case that was not legally binding on future cases but
It can influence judges decision if they believe the legal principles used are relevant to the present case

Question 24

What is the hierarchy of the courts

Answer 24

Supreme Court (House of lord)
Court of appeal
High Court
Magistrates Court
County court

Question 25

Can the lower courts create binding precedent

Answer 25

No They are bound by decisions of the higher courts

Question 26

Why are companies bound by laws and regualtions

Answer 26

They are separate legal entities

Question 27

What is the principle primary source of law

Answer 27

The companies act Longest piece of legislation since 1856

Question 28

How many sections does the companies act 2006 have

Answer 28

Over 1300 sections

Question 29

When did the companies act come into force

Answer 29

The final provisions came I to force October 2009

Question 30

Had the companies act been updated sunce

Answer 30

Yes by Enterprise and regulatory reform act 2013 Small business enterprise and employment act 2015

Question 31

What are the other areas now covered by their own acts of parluament

Answer 31

Insolvency act 1986 Company directors disqualification act 1986 Criminal justice act 1883 part v Financial services and markets act 2990 Stock transfer act 1963

Question 32

What is the FRC

Answer 32

Financial reporting council

Question 33

What dies the FRC do

Answer 33

Regualtor responsible for corporate reporting and promoting high quality corporate governance

Question 34

Who does the FRC regualte

Answer 34

Accountants Auditors Actuaries Within the UK and Republic of ireland

Question 35

What is the FCA

Answer 35

Financial Conduct authority

Question 36

What does the FCA do

Answer 36

Aim to protect consumers Ensure market stability and resilience Competent authority for listing Ensure listed companies continue to meet their obligations

Question 37

Who is the CMA

Answer 37

Competition and markets authority

Question 38

What does the cma do

Answer 38

Strengthening business competition Prevent and reduce anti competition activities Responsible for investigating mergers who committed offences Investigate potential breaches of snt competition agreements Can bring criminal proceedings against individuals

Question 39

What is law of contract concerned with

Answer 39

Ensuring that legal agreements are made within the remit of contract law Provides the elements that must be present The situations they can be terminated The consequences of termination Protection to certain parties by regulating the use of certain terms

Question 40

What does employment law cover

Answer 40

Relation between companies and its employees Rights Obligations Responsibilities of employers & employees Covering Health and safety Discrimination Wrongful dismissal