Business Laws
The purpose of Health and Safety laws
DOUBLE POINTS: benefits of having robust H&S policies
to protect employees from harm and injury while they are at work
DOUBLE POINTS: protects the business from legal action, reduction in employee absence due to injury at work
Difference between implied and express terms
Implied term - not explicitly stated, it is still part of the contract, because it makes sense or implied by law.
Express term - explicitly stated in the contract
What is the Financial Services Act?
50 BONUS POINTS: What does it cover?
UK legislation that regulates the financial industry
Aims to protect consumers and maintain financial stability.
50 BONUS POINTS: authorisation and supervision of institutions, consumer protection and market conduct
Purpose of The Companies Act
DOUBLE POINTS: the aims of The Companies Act
to provide a legal framework for the formation, governance, and operation of companies in the UK.
DOUBLE POINTS: promotes transparency, accountability, and fairness in business practices and protect the interests of shareholders, creditors, and the public
Can an employer terminate an employee for any reason?
DOUBLE POINTS: Explain your answer
No, an employer cannot terminate an employee for any reason. There are certain reasons for termination that are prohibited by employment law, such as discrimination based on race, gender, or age.
Give 3 examples of how a contract may be used in the financial industry
When buying goods/services on a credit agreement, e.g. mortgage, car
The sale, merger or takeover of a large organisation.
A contract between a financial advisor and a client
50 BONUS POINTS: how does it related to financial crime
Aims to prevent and disrupt terrorist activities
50 BONUS POINTS: includes provisions related to terrorist financing, it criminalizes funding of terrorism and allows terrorist assets to be frozen. Enables authorities to investigate, prosecute, and disrupt terrorist activities, including those involving financial transactions
Penalties of non-compliance with directors duties under the Companies Act
fines, disqualification, liability for any losses incurred by the company/stakeholders, legal action
Minimum wage for 16-17 year olds increased in April 2022 by 4.1% to £4.81.
What is the % increase in April 2023.
DOUBLE POINTS: What was the % increase in regular pay since 1st January 2023.
100 BONUS POINTS: what is this when adjusted for inflation
*correct answers for the whole number
Rate from April 2023 - £5.28
% increase 9.7%
DOUBLE POINTS: 6.5%
100 BONUS POINTS: -2.4%
Essential elements of a contract
DOUBLE POINTS: what is the importance of these terms in a contract
Offer, Acceptance, Consideration, Intention to create legal relations
DOUBLE POINTS: all elements must be present for a contract to be enforceable
The role of Money Laundering Regulations in preventing criminal activity
- requiring certain businesses to implement anti-money laundering measures, such as customer due diligence, record-keeping, and staff training.
- reporting requirements for suspicious activity and impose sanctions for non-compliance.
Key elements of the Memorandum and Articles of Association when forming a company
50 POINTS for each element identified
Total of 350 points available
MoA: Company's name, registered office, share capital
AoA: rules and regulations for management, procedures for shareholder meetings, appointment and removal of directions, distribution of profits.
Difference between a trademark and a patent
50 BONUS POINTS: what is the similarity
Patent: legal protection for design and functionality of inventions
Trademark: legal protection for logos, brand names
What are exclusion clauses?
DOUBLE POINTS: how can they affect a contract?
terms in a contract that attempt to limit or exclude liability for certain types of loss or damage.
DOUBLE POINTS: they limit the amount of compensation that one party can receive if the other party breaches the contract.
The objective of the Proceeds of Crime Act
100 BONUS POINTS: How does it work?
Prevents criminals from benefitting from unlawful activities.
100 BONUS POINTS: Allows the recovery of proceeds and confiscation of assets obtained illegally.
Creates offences of money laundering.
Requirements for submitting accounts and reports
Audited accounts must be submitted to Companies House; company's report, financial position, future prospects.
Key principles of data protection laws
HINT: 4
- obtaining consent from individuals before collecting their personal data
- only collecting data that is necessary
- keeping data secure
- providing individuals with the right to access and correct their data
Ways in which a contract can be discharged
50 BONUS POINTS for each explanation of how a contract can be discharges
Performance/Completion - the parties fulfill their obligations under the contract
Agreement - parties agree to end the contract
Frustration - unforeseen events make it impossible to perform the contract
Breach- one party fails to fulfill their obligations
Operation of law - the contract is deemed void due to legal reasons
How does international trade law affect the sale and purchase of goods and services between countries?
they set out rules and regulations about trade agreements, tarrifs and import/export regulations.
The laws affect cost, availability, quality of goods/services, and therefore the profitability and competitiveness of businesses.
Obligations of company directors regarding promoting the success of the company
DOUBLE POINTS: obligations of company directors regarding considering the community and environment
directors have a duty to promote the success of the company for the benefit of its shareholders
DOUBLE POINTS: must take into account long-term consequences of their decisions and the interest of other stakeholders(employees, customers and the wider community)and their actions on the environment.