F4 Cards

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ACCA F4 SGP
周登辉
Flashcards by 周登辉, updated more than 1 year ago
周登辉
Created by 周登辉 about 8 years ago
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Resource summary

Question Answer
Definition of Law Rules and regulation passed by higher authorities to regulate the conduct of the society or community
Differences between Civil Law and Criminal Law?
Name 2 Supreme Courts Court of Appeal High Court
Name 3 State Court District Court Magistrates Court Small Claims Tribunal
Jurisdiction of Court of Appeal Hear appeals from the High Court
Jurisdiction of High Court 1st instance for Civil more than $250,000 and Criminal jurisdiction
Jurisdiction of District Court 1st instance for Civil $60,000 - $250,000 and Criminal jurisdiction less than 10 years
Jurisdiction of Magistrates Court 1st instance for Civil less than $60,000 and Criminal jurisdiction less than 3 years
Jurisdiction of Small Claims Tribunal 1st instance for civil less than $10,000 or $20,000 if both parties agree
Name 5 Alternative Dispute Resolution (ADR) 1.Arbitration 2.Mediation 3.Conciliation 4.Tribunals 5.Negotiation
Define Stare Decisis 遵循先例 – to stand by what has been decided
Define Ratio Decidendi 法律原则 – the material decision
Define Obiter Dicta 附带意见 – by the way statement, opinion or view
Differences between Ratio Decidendi and Obiter Dicta ?
What are the advantages of precedent? 1.Certainty 2.Consistencies 3.Uniformity 4.Persistence 5.Help to anticipate the result thus encourage out of court solutions
What are the disadvantages of precedent? 1.Difficult to identify ratio decidendi and obiter dicta 2.Too rigid, no much choice for lower court 3.Law develops in a slow pace 4.Overlapping - too may case law with similar references
Give 4 written source of Law 1.Constitution 2.Legislation (Statute) 3.Delegated legislation 4.Judicial Precedent
Give 3 unwritten source of law 1. Equity 2.Common Law 3.Case law
What is Statute ? A piece of legislation passed by the Singapore Parliament
What is Delegated Legislation ? A.K.A Subsidiary Legislation / Subordinate Legislation Any law passed other than parliament Cannot conflict with Constitution or Statute
What is Judicial Precedent ? A decision of the court used as a source for future decision making.
What is Equity ? A supplement to prevent common law to give a too harsh result, which is also use to address fairness
What is Common law ? Is law developed by judges, courts, and similar tribunals, have precedential effect on future cases.
What is Case Law ? Interpretation of Statute, it is a Judge made law
What are the Canons of interpretation ? 1.Literal rule 2.Golden rule 3.Mischief rule
What is Literal rule ? The court will look into plain ordinary meaning / dictionary meaning
What is Golden Rule ? Allows a judge to depart from a word's normal meaning in order to avoid an absurd result.
What is Mischief Rule ? Judges will look at the defect of the common law
What is Purposive Approach ? Judges will look at the purpose of Parliament in legislation of the law. I.e. to read he whole statue and to look at the intention of Parliament
What are the elements of contract ? 1.Offer 2.Accptance 3.Consideration 4.Consenting mind 5.Capacity 6.Certainty 7.Intentino to create legal relations
Types of invitation to treat 1.Dispaly of goods 2.Auction 3.Bilateral dvertisment 4.Mere enquiry 5. Price list 6. Tender
What are the differences between Offer and Invitation to treat?
What are the ways to terminate an offer? 1. Revocation 撤销 2.Rejection 3. Non-fulfilment of condition 4.Couter-offer 5.Death of the parties
What is Consideration ? Money or money’s worth – an act, promise, hardship, detriment or forbearance
What are the types of consideration ? 1. Executory consideration 2. Executed consideration 3. Past consideration
What is Excutory consideration ? Where the party will perform an act which will eventually become executed.
What is excuted consideration ? Where one party does something at another party’s request for some payment or money
What is Past consderation ? Where the act has already been done and the promise came later
What is Promissory estoppel ? A party is prevented from going back to his promise even through there may be no consideration provided.
What are the Limitations of promissory estopple ? 1.Shield and not a sword 2.The promise must be clear 3There must be reliance on the promise 4.It must not be equitable to back to the promise (unfair to break)
What si Doctrine of privity ? Only contracting parties can sue each other- the party that provides consideration can sue each other
What is void agreement / contract ? Agreements not recognized by courts or law. E.g. illegal contract
What is Voidable agreement / contract ? Agreement which lack voluntariness, consenting mind and free consent. E.g. contract obtained by coercion, fraud, duress, misrepresentation and mistake.
Differences between Void agreement and Voidable agreement ?
What is Misrepresentation ? It is a false staterment of fact, which induced a party and was relied by the party to enter in to a contract
What are the types of Misrepresentation ? 1.Fraudulent Misrepresentation 2.Negligent Misrepresentation 3.Innocent Misrepresentation
What is Fraudulent misrepresentation ? It is cheat or deceit, where the party knowingly lied or he doesn't believe in the truth of the statement, and has the intention to cheat.
What is Negligent misrepresentation ? It is reckless or careless act, where the party did not take reasonable care on the truth of the statement
What is innocent misrepresentation ? Where the party has reasonable grounds to believe it is true, and there is no element of false and careless.
What are the remedies for misrepresentation ? Rescission and damages for all 3 types. Negligent and innocent can claim damages in lieu.
Who can imply a term ? 1. Fact 2. Law 3. Custom
What cannot be excluded by an exclusion clause ? 1. Death 2. Personal injuries 3. Liability for negligence
what is Contra Proferentum Rule ? When an exclusion clause is not clearly worded, the party relying on it must explain, otherwise that party may bear the damages
What are the ways to discharge a contract ? 1. By performance 2. By agreement 3. By breach of contract 4. By frustration 5. By death
What is Discharge by frustration? An occurrence of an event which is neither party's fault, which make the contract impossible to perform
How to determine a discharge by frustration ? Both party has no knowledge, no intention, no control and no fault at the event
What are the limitations of discharge by frustration ? 1. Cannot be self-induced 2. Must have no intention, no knowledge and no fault 3. There must be no alternative way
What are the remedies of discharge by frustration ? Deposit paid can be recovered Future money ceased to be payable Pay for the benefit enjoyed
What are the remedies available for Equity Law ? 1. Specific performance 2. Injunction 禁令 3. Damages 4. Rescind 撤销 5. Restitution 复原 6. Reimbursement 补款
What is the remedy available for Equity Law ? Monetary Compensation
What is Tort ? Civil wrong
How to prove Negligence ? 1. Duty of care 2. Breach of duty of care 3. Causation 4. Damages 5. Remoteness
How to prove Duty of care ? Single Composite Test - 1. Foreseeability 2.Proximity 3.Policy consideration on just and reasonable
What is Professional negligence ? A breach of the duty of care between professionals and their clients.
What are the differences between Negligent misrepresentation and Negligent misstatement ?
What is Passing off? Any person who carries on a business by using another business’ named Defence of tort
What is Express authority ? A.K.A. Actual Authority - where the partnership will be bound by the partners’ authority so are the other partner
What is Implied authority ? A.K.A Apparent authority / Ostensible authority - where the partners are presumed to be a partner even though he may lack the authority
What is the liability of a partner in a partnership ? Jointly and severally for any liability of the partnership
What are the similarities between Partnership and Limited Liability Partnership ?
What are the differences between Partnership and Limited Liability Partnership ?
What are the similarities between Company and Limited Liability Partnership ?
What are the differences between Company and Limited Liability Partnership ?
What are the differences between Company and Sole proprietorship?
How many members does a Private company have ? 1 - 50
How many members does a Exempted Private company have ? 1-20
How many members does a Non-exempted Private company have ? 21-50
How many members does a Public company have ? Unlimited number of members
What is the use of a Separate legal personality ? 1. Can sue and be sued in its own name 2. Can own property in its own name 3. Perpetual succession 4. Members has limited liability
What is an Ultra vires act ? Acting beyond the authorities or powers
How many vote is needed to pass an Ordinary resolution and how long is the notice period? More than 50% vote 14 days’ notice
How many vote is needed to pass an Special resolution and how long is the notice period? More than 75% vote 21 days’ notice
What is 28-days notice period for ? For removal of director or auditor or liquidator
What is Fixed charge ? Where the company’s immovable properties are charged to the creditors
What is Floating charge ? Company’s present and future properties, which the company can still deal with, are charged to the creditor.
What is Executive director ? A full time director and also an employee of the company
What is Non-executive director ? A part time director and who are not the employee of the company
What are the Director's duties ?
What are the types of director's duties ? 1. Fiduciary duty 2. Common law duty 3. Statutory duty
Explain The proper plaintiff rule. If a wrong is done to the company, only the company can sue
Explain The majority rule. Decision taken by the majority shareholders are binding on the minority shareholders.
Explain Derivative action . A member may derive his authority to sue on behalf of the company
Explain Representative action . A member may also sue on behalf other members
Explain Personal action . A member may also sue personally in his own capacity
What is Minority protection ? It is the protection provided when the minority shareholder treated oppressively and unfairly.
Procedure for voluntary winding up by member 1.Director make a declaration of solvency 2.A special resolution passed 3.A liquidator is appointed
Procedure for voluntary winding up by creditor 1.A meeting of creditors to be held upon a special resolution 2.Liquidator appointed
Procedure for compulsory winding up 1.Initiated by a petition to the court 2.Liquidator will be appointed by the court
Who can give petition to the court ? Creditor, contributor, company liquidator and etc.
What are the grounds for winding up ? Unable to pay debts Just and equitable Company used for unlawful purpose
What is Judicial management ? Managing the company’s business by appointing a judicial manger
What is Scheme of arrangement ? An arrangement to compromise with creditors on the rights and obligation
What is Corporate governance ? How companies are controlled and administered
What company are required to have an audit committee, and what is the composition of an audit committee ? Required for listed company, must have at least 3 members, who are non-executive directors
What is quorum ? Minimum number of person required to attend a meeting, which is normally 2. This is stated in AA
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