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ATT Law CBE > Legal terms definitions > Flashcards

Legal terms definitions Flashcards

(89 cards)

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1
Q

Allotted share capital

A

So much of the nominal or authorised share capital of a company that has been allotted to shareholders but not yet issued

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2
Q

Allotment

A

Acceptance by a company of an offer to subscribe for its shares

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3
Q

Amalgamation

A

An arrangement that involves the bringing together of two or more undertakings of separate companies (“the participating companies”) within a single company (“the receiving company”)

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4
Q

Animus manendi

A

The intention that an individual must have to acquire a domicile of choice in a territory

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5
Q

Animus non revertendi

A

The intention that an individual must have to abandon a domicile of choice in a territory

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6
Q

Annuity

A

The periodic payment received from the surrender of a lump sum

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7
Q

Annulment

A

An order of court which brings a voidable marriage to an end or declares a void marriage never to have existed

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8
Q

Anticipatory breach

A

A refusal by one party to perform their duties under a contract before the time fixed for performance

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9
Q

Apparent authority

A

The authority of a person to act on behalf of a principal in a case where the principal represents a third party that that person is their agent

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10
Q

Appropriate

A

To identify the property of a deceased estate that may be passed to a legatee

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11
Q

Aquis

A

The body of law of the EU

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12
Q

Articles of association

A

One of the documents that forms the constitution of a company which is a contract between the company and its member and which contains the detailed written rules governing the running of a company

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13
Q

Assent

A

A formal statement by the personal representative of a deceased estate that they do not require an item of property for the purposes of the administration and that it can pass to a legatee

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14
Q

Assign

A

To transfer a lease or intangible property

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15
Q

Authorised share capital

A

Nominal share capital

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16
Q

Bailment

A

The act of delivering possession of goods to another for an agreed use

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17
Q

Balance of probabilities

A

The onus on proof in civil proceedings

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18
Q

Bare trust

A

A trust that does not impose active duties on the trustees; a nomineeship

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19
Q

Beneficial ownership

A

Equitable ownership

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20
Q

Beneficiary

A

The person who in equity benefits from the property settled in trust

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21
Q

Bicameral

A

A parliament comprised of two legislative chambers

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22
Q

Binding precedent

A

A decision of a court that must be followed by another court

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23
Q

Body corporate

A

An entity created by the law that has no real or tangible existence but which the law recognises as having legal personality

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24
Q

Bona vacantia

A

Property that otherwise has no owner and so passes into the ownership of the crown

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25
Bond
A loan note
26
Bonus issue
Existing shareholders are given the right to subscribe for no payment for additional shares
27
Call
A demand by a company upon its shareholders to pay an amount in respect of its uncalled share capital
28
Call option
A contract of option that binds the grantor to sell an underlying asset and gives the grantee the right to require the grantor to sell the asset
29
Capital maintenance
The company law rule that forbids a company from paying its share capital back to its shareholders unless authorised to do so
30
Capital redemption reserve
The amount equal to the nominal value of shares bought back by a company
31
Certainty of intention
The words used to settle a trust must be imperative and show that the settlor intended to settle a trust
32
Certainty of objects
The beneficiaries of a trust must be ascertainable
33
Certainty of subject matter
The property to become trust property must be identified precisely and the interests of the beneficiaries in that property must be ascertainable
34
Chattel
A chose in possession - a thing that a person can possess in physical form; a tangible moveable asset
35
Chattels real
Leasehold land
36
Chose in action
Intangible property
37
Chose in possession
Tangible property
38
Charge
The legal mechanism for securing a debt against an asset
39
Codicil
A formal document drawn up after a will to add to or alter the terms of a will
40
Codification Act
An act of the UK parliment that brings into one place both the common law and statute law on a particular matter
41
Common law
The law of England and Wales developed by the courts
42
Commorientes
The death of individuals at the same time or in circumstances where it cannot be known who survived the other
43
Company limited by guarentee
Does not have share capital and whose members act as guarantors for the company's debts up to an agreed limit
44
Company limited by shares
Has a share capital and whose members are liable for the company's debts up to an amount they have agreed to subscribe for their shares
45
Concurrent wills
The wills of a person dealing with property situated in different countries
46
Condition precedent
Suspends the existence of a contract
47
Condition subsequent
Brings a binding contract to an end
48
Constitution of a trust
The act of transferring and vesting the legal title of trust property in the trustees
49
Constructive dismissal
The resignation of an employee against their will on account of their employer's conduct which has resulted in unreasonable changes to their contract of employment
50
Contingent reversionary interest
The interest of a remainderman of a trust that will vest only if certain conditions are met
51
Contributory negligence
A person's own carelessness that results in loss to themselves
52
Convertible shares
A class of shares in a company which at the time of issue carry the right at a future time to be changed into another class of shares
53
Court a quo
The inferior court from which an appeal has come to a court more senior in the court hierarchy
54
Court of Appeal
Second most senior court in England and Wales, and Northern Ireland
55
Covenant
An agreement by which one person promises another that they will do or will not do something in relation to their land
56
Cumulative preference shares
Shares of a company that carry a preferential right to a dividend such that if a dividend is not paid in one year, the shareholder is entitled to double the dividend in the next year (and so on)
57
Damages
Common law remedy for breach of contract designed to put the injured party into the position they would have been in
58
Debenture
Secured loan/certificate issues by a company to holders of its loan stock acknowledging its indebtedness to them
59
Debt factoring
The sale of book debts for less than their face value
60
Decree absolute
The final order of the court that grants a divorce and so dissolves a marriage
61
Decree nisi
Provisional order of the court given when it is satisfied that a person has met the legal and procedural requirements to obtain a divorce
62
Decree of judicial separation
An order of the court where the couple remain legally married but are no longer recognised in law as being a couple
63
De facto director
Acts as company director but has not been formally appointed to the office
64
Deferred shares
Issued on the basis the rights attaching to them will take effect only at a later date or on the happening of a future event
65
Demise
Premises subject to a lease
66
Demonstrative legacy
Legacy payable out of a specific fund or specified part of the testator's estate
67
Devise
A legacy of realty (i.e. freehold property)
68
Discretionary trust
Trustees have discretion over the distribution of the trust income to beneficiaries of the trust
69
Dissolution order
Final order of the court that brings a civil partnership to an end
70
Dividend
Payment out of a part of a company's profits for a period in respect of a share in a company
71
Dividend in specie
A non-cash dividend
72
Doctrine of precedent
Principles according to which case law operates as a source of law
73
Domicile of choice
acquires by their own action by the combination of residence in and intention to indefinitely reside in a territory
74
Domicile of dependency
aquires under age of 16 from domicile of person who are they are legally dependent
75
Domicile of origin
acquires on birth
76
Dominant tenement
Land that has the advantage of an easement
77
Easement
The right of a person to use the land of another in a certain way
78
Enactment
Legislation of any kind
79
En ventre sa mere
An unborn child
80
Estate in land
A period of time that exists in relation to land
81
Executor
The personal representative of a deceased person appointed under the deceased's will to carry out the terms of the will
82
Ex gratia
Voluntary payment
83
Exhaustive discretionary trust
Trustees are under a duty to distribute all of the net income of the trust that has arisen in a particular period but exercise a discretion as to which beneficiaries the income is to be distributed to
84
Ex parte
Legal proceedings conducted in court by one party only
85
Extra-statutory concession
Statement by HMRC giving taxpayers beneficial tax treatment that they would not otherwise benefit from under the strict letter of the law
86
Fee simple
A freehold estate
87
Fiduciary
Relationship between persons that is based on trust
88
Fixed charge
Charge attaching to an identified, physical asset of a company as security for a debt
89
Fixed interest trust
Interest in possession trust

ATT Law CBE (21 decks)

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