Which TWO of the following statements regarding contractual terms are correct?
(1) The principle of freedom of contract states that parties may include in their contract any terms that they see fit
(2) To be valid, a contract must be complete in its terms
(3) Third parties may not determine an essential term of the contract
(4) Where a term is classified as a condition, the only remedy to an injured party if it is breached is to claim damages
The principle of freedom of contracts states that parties are generally free to form a contract as they wish, but to be valid, a contract must be complete in its terms. Parties may include a term that allows a third party to determine an essential term. Where a condition is breached, the injured party may claim damages or treat the contract as discharged.
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Which of the following statements concerning wrongful trading is correct?
Which TWO of the following are offences connected with the insolvency of a company?
(1) Wrongful trading
(2) Market abuse
(3) Making a false declaration of solvency
(4) Bribery
Money laundering involves a number of phases in the overall procedure.
Which TWO of the following are recognised phases in money laundering?
(1) Relocation
(2) Layering
(3) Integration
(4) Distribution
The term insider dealing relates to a number of potential criminal offences.
Which TWO of the following are crimes in relation to insider dealing?
(1) Encouraging someone to engage in insider dealing
(2) Failing to report insider dealing
(3) Concealing insider dealing
(4) Passing on inside information
LT is an accountant who works for Tapa Ltd, a company owned by SP. LT has devised a scheme where Tapa Ltd can illegally disguise certain revenues so that the company's tax charge is reduced. Any tax that the scheme saves is paid to SP as a dividend.
Which TWO offences has LT committed?
(1) Tipping off
(2) Failure to prevent
(3) Laundering
(4) Failure to report
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