QB

Question 1

Define a contract that provides for payment at various stages of the contractor’s progress

Answer 1

A severable contract

Question 2

Is a claimant required to take every opportunity to mitigate losses arising from a breach of contract?

Answer 2

No, just reasonable steps

Question 3

The amount of money needed to put a claimant in the position they would have achieved if the contract had been performed protects their _____ interest

Answer 3

Expectation

Question 4

The unfair contracts terms act 1977 only applies to ______ contracts between ______

Answer 4

Commercial, businesses

Question 5

What is the ‘res ipsa loquitor’ argument?

Answer 5

That the facts speak for themselves

Question 6

Materially false or misleading information in an auditor’s report is punishable by what?

Answer 6

Fine only

Question 7

The limitation period for tortious acts is ____ years or _____ in cases of personal injury

Answer 7

Six, three

Question 8

If there is a contractual duty of care, does it follow that there is also a duty of care owed in tort?

Answer 8

No

Question 9

In cases of agency workers, can the employer and agency company both be found liable by a court for negligent actions of an employee?

Answer 9

Yes

Question 10

Is a company required to keep a register of debenture holders?

Answer 10

No

Question 11

What type of company must provide a directors’ remuneration report?

Answer 11

Quoted companies

Question 12

What is a confirmation statement?

Answer 12

A document which confirms there are no changes to prescribed information about the company or sets out what changes have occurred

Question 13

Micro-entities must file a _____ _____ but not a ______

Do micro-entities have to include notes in their accounts?

Answer 13

Balance sheet, P&L

Yes

Question 14

Can a sole director also be a company secretary?

Answer 14

Yes

Question 15

Is a provision to exclude directors from liability for breach of duty or negligence void?

Answer 15

Yes

Question 16

Is petitioning the court for winding up on the just and equitable ground available to any member regardless of the size of his shareholding?

Answer 16

Yes

Question 17

How many days must a plc give for the holding of its agm?

Answer 17

21 days

Question 18

Can PLCs use written resolutions?

Answer 18

No

Question 19

Can a written resolution be used to remove a director or auditor?

Answer 19

No

Question 20

Taking 100 £30 shares and altering them to 10,000 30p shares is an example of what?

Answer 20

Subdivision of shares

Question 21

If a charge is not entered by a firm within the specified timespan, what happens to the charge?

Answer 21

It is void against any liquidator, administrator or creditor

Question 22

Within how many days must an administrator make his requirements for statements known to a company’s officers and employees?

Answer 22

7

Question 23

How can an administrator’s appointment be extended?

Answer 23

Through a majority of creditors

Question 24

Who can propose a CVA?

Answer 24

1. Directors
2. Administrator
3. Liquidator

Question 25

Who nominated the liquidator?

Answer 25

The directors only

Question 26

For how many months of the last 18 must a member have been a shareholder when petitioning the courts to wind up a company?

Answer 26

Six

Question 27

A floating charge to a connected person may be void if entered into within _____ years before the liquidation, or ____ months if unconnected

Answer 27

2, 12

Question 28

The admittance of new partners requires what consent from existing partners?

Answer 28

Unanimous consent of all existing partners

Question 29

Maximum penalty for fraud?

Answer 29

10 years imprisonment, unlimited fine

Question 30

Maximum length for failing to report a suspicion of money laundering?

Answer 30

5 years (unlimited fine)

Question 31

Within what period of time following the effective date of termination of an employee’s employment contract must an employee make a claim for unfair dismissal?

Answer 31

Three months

Question 32

To claim unfair constructive dismissal, for how long must you be employed for?

Answer 32

At least two years

Question 33

Do notice periods for termination of employment need to be included in the prescribed particulars?

Answer 33

No

Question 34

Within how many months must a claim for statutory redundancy payment be made?

Answer 34

6

Question 35

What is the maximum penalty for non-compliance with the data protection act for a company?

Answer 35

Fine up to £17million or 4% of global turnover

Question 36

What are the three core aspects of South Africa’s King Report?

Answer 36

Good corporate citizenship Leadership Sustainability

Question 37

How many years for a non-executive director to count as independent after being an employee for that company?

Answer 37

5

Question 38

What is exploratory analysis?

Answer 38

Analysis that aims to identify relationships between variables in a set of data

Question 39

What is the difference between a type 1 and type 2 error?

Answer 39

Type 1: rejecting a hypothesis that is in fact correct Type 2: hypothesis is accepted that is in fact wrong

Question 40

An ordinary resolution requires what percentage of votes cast?

Answer 40

More than 50%

Question 41

A special resolution requires what percentage of votes cast?

Answer 41

More than 75%

Question 42

Can a written resolution remove a director?

Answer 42

No

Question 43

What is the expiry date by which shares should be alloted?

Answer 43

Within five years of thr authority being conferred

Question 44

Creditors cannot appoint an administrator out of court unless they are what?

Answer 44

Unless they are a qualifying floating charge holder

Question 45

What percentage is required for a change of name?

Answer 45

75%

Question 46

Within what period of time following the breach of an employment contract can an action for wrongful dismissal be brought?

Answer 46

Six years

Question 47

How much notice is required to be given by a PLC for the holding of its agm?

Answer 47

21 days

Question 48

Can PLCs pass written resolutions?

Answer 48

No

Question 49

Are preferred and secured creditors bound by a CVA?

Answer 49

No

Question 50

Does the appointment of an administrator require a special resolution?

Answer 50

No

Question 51

Can a partner be expelled for any reason?

Answer 51

No- it must be in good faith and for a good reason

Question 52

What is the maximum length of imprisonment that can be imposed for failing to report a suspicion of money laundering?

Answer 52

5 years

Question 53

Failure to implement measures as determined by the Money Laundering Regulations 2017 is punishable by what?

Answer 53

An unlimited fine and up to 2 years imprisonment

Question 54

What is the minimum period to claim for unfair constructive dismissal?

Answer 54

Two years

Question 55

Employers must pay _____ class one contributions on behalf of their employees

Answer 55

Secondary