Flashcards
FCOM111 Final Exam Preparation
Cards in this deck (12)
- 1Fiduciary ObligationFiduciary is the the trust, where the trustee (じゅたく‐しゃ) is always expected to act in the best interest of the beneficiary.
- 2Core duties of Fiduciary Relationship- to avoid unauthorised profit or benefit from the relationship
- to avoid conflict between personal interest and duty to the beneficiary
- avoid divided loyalties
-not to disclose confidential information - 3Elements of a Contract (4 elements)1. Agreements
2. Consideration
3.Intention to create legal relations
4. Certainty - 45 elements of Agreement1. consensus id idem / meeting of minds
2. Objective Evidence
3. Traditional Method/offer of Acceptance
4. Importance of offer
5. Global Method/ totality of dealings between parties - 5Consensus id idemMeeting of minds of the parties involved or simply means meeting of minds
- 6traditional methodoffer of acceptance - an offer made by one party which was accepted by the other
- 7importance of offera serious statement that can be seen as the expression of the final position of the offeror
- 8Global Methodit is an alternatives to the Traditional Method - it is by assessing the Totality of dealings between the parties
- 9difference between "offer" and "invitation of treat"offer : by assessing the seriousness of the offeror's statement
Invitation of treat: invitation to treat is a term used by law to identify conduct/statements immediately prior to making an offer - 10the Case that identify the difference between "offer" and "invitation of treat"Pharmaceutical society of GB vs Boots Cash Chemists Ltd
- 11Pharmaceutical Society of GB (PS) vs Boots Chemists Ltd (BC)The action was made by PS against BC for selling prescription drugs without the approval from a registered Pharmacist. basically, BC sold the drugs without asking for a prescription.
- 12Carlill v Carbolic Smoke Ball LtdCSB placed an advertisement on new paper offering 100 pounds to any person who suffers influenza after using its "smoke ball" promising that the product will cure the influenza. Carlill used the "smoke ball" and she fell sick so she claimed to get 100 pounds but Smoke ball said that advertisement was not an offer.