Professional, Practical, Proven
Law & Ethics
Lucy McRoberts
Liaison Day October 2010
Law & Ethics
• Section 1: Ethics
(20%)
• Section 2: Company Law
(40%)
• Section 3: Introduction to
Law (40%)
Law & Ethics
• Exam:
– Please note the manual represents the syllabus in
its entirety
– All exam questions will use the 2010/2011
syllabus as source material
– Students will be absolutely prohibited from
physically bringing extraneous material into the
exam
Law & Ethics
• Exam Format:
– Section 1: Ethics
• One compulsory question (20 marks)
– Section 2: Company Law
• Five questions – complete any FOUR (all 10 marks)
– Section 3: Introduction to Law
• Five questions – complete any FOUR (all 10 marks)
Law & Ethics
• Section 1: Ethics
– Obligations upon Directors
• Fraudulent Trading, Wrongful Trading, Insider Trading
– Offences
• Money Laundering
– Elements of the offence, reporting obligations,
penalties/sanctions
Law & Ethics
• Section 1: Ethics
– Corporate Governance
• Main Provisions of the Stock Exchange Listing Rules
– Distinction between executive and non-executive directors –
balance on the board
– Committee of NED’s to determine ED’s salaries
– Contracts of 1 year duration
– Distinction between CEO and Chairman of the Board
– Audit Committee
– Transparent accounting procedures
• List of sources
Law & Ethics
• Section 1: Ethics
– ATI Code of Ethics
• Five fundamental principles
• Three stages of the disciplinary process
– Complaints Committee
» Composition, rights of a student/members, sanctions
– Disciplinary Tribunal
» Composition, rights of a student/members, sanctions
– Appeals Tribunal
» Composition, rights of a student/members, findings
• Compulsory question: Maybe problem based and
mixture of topics
Common Exam Mistakes
• Compulsory Ethics Question:
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1. Learning one topic and not the other
2. Not learning topics in sufficient detail
3. Learning past paper answers only
4. Insufficient revision
5. Very good students obtained full marks
Law & Ethics
• Section 2: Company Law
– Types of business entities
• Partnerships
– Characteristics, Creation, Duties, Liability, Retirement,
Dissolution
• Limited companies
– Characteristics, distinction, formation procedure (content of
constitutional documents + alteration), certificate of
incorporation
– One Exam Question guaranteed
Law & Ethics
• Section 2: Company Law
– Company Finance
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Types of capital and classifications
Types of shares
Shares at a premium
Shares at a discount
Types of Debentures
Fixed and Floating Charges
– One Exam Question guaranteed
Law & Ethics
• Section 2: Company Law
– Management of the Company
• Directors
– Types, appointment, removal, qualifications/eligibility, duties
–statutory
• Auditors
– Appointment, removal, qualifications, rights and duties
– One or Two Exam Questions guaranteed
Law & Ethics
• Section 2: Company Law
– Internal Management of the Company
• Accounts/Returns
– Content of the Annual Return, ARD
– Audit exemption
• Meetings
– Types, procedures
• When asked (not guaranteed) – one exam question
Law & Ethics
• Section 2: Company Law
– Company Conclusion
• Administration
– Role, powers duties, effect of appointment
• Liquidation
– Qualifications, duties of the liquidator, priority of payments,
types of liquidation & procedures
– One Exam Question guaranteed
Common Exam Mistakes
• Company Law Questions:
• 1. More to company finance than fixed and floating sharesdebentures- learn the syllabus not past paper solutions
• 2. Liquidation and Administration are different
• 3. Internal management question- very easy topic but poorly
answered
• 4. One word answers/summary style boxes- solvent v insolventbe careful more detail may be required
Law & Ethics
• Section 3: Introduction to Law
– Sources of Law
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Precedent
Distinction between civil and criminal law
Jurisdiction of the Courts
Primary and Secondary Legislation
Primary & Secondary sources of EU law
EU Institutions (ECJ)
One exam question guaranteed
Law & Ethics
• Section 3: Introduction to Law
– Contract Law
• Formation – offer, acceptance, consideration, intention
& capacity
• Formalities – conditions, warranties, innominate terms,
exclusion clauses
• Termination – discharge (inc. frustration) and remedies
• One exam question guaranteed
Law & Ethics
• Section 3: Introduction to Law
– Employment Law
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Contracts of service/for services
Unfair dismissal
Constructive dismissal
Redundancy
One exam question only
Law & Ethics
• Section 3: Introduction to Law
• Agency Law
–Types/classifications, creation, termination,
duties
• Consumer Law
–Sale of Goods Act, Consumer Protection
Regulations
– One exam question on EITHER topic
Law & Ethics
• Section 3: Introduction to Law
– Tort Law
• Negligence:
– Duty of Care
– Standard of Care
– Causation
– Remoteness
– Damages
– Defences
– Professional Negligence
– One exam question guaranteed
Common Exam Mistakes
• Introduction to Law Section:
• 1. There is more to sources of law than the
differences between civil and criminal?
• 2. Contract and Tort poorly answered
• 3. Employment, Consumer and Agency well
answered
• 4. Too much detail for marks awarded
• 5. Totally irrelevant answers
Conclusion
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Students must:
1. Revise, revise, revise
2. Answer questions carefully
3. Look at the marking scale
4. Pass rate is 50% remember
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Additionally, exam presentation:
1. Write in dark coloured pen
2. Separate answers
3. Write clearly