The Basic Vocabulary, Definitions and Questions 11-15: 11 Running a business Vocabulary tax liabilities to raise cupital a share issue to sell shares at a premium to sell shares at a discount to call in one’s loan an annual payment of interest the loan is secured a charge over a company asset a memorandum of association to conform to EU law articles of association it conforms to an authorized pattern to hold an interest in another firm assets and liabilities insider trading individual proprietorship organizational fees net earnings multinational corporation to be in charge of the company a body corporate a certificate of incorporation safe custody of documents a declaration of compliance a statement of capital to discharge the debtor from obligations laws were superseded by a code to adjudicate sb bankrupt to keep accounts to be entitled to remuneration to dispose of the property retail business to set up/start a business suspension of activities to issue debentures/bonds to operate as a sole trader to pass a resolution appointment and removal of directors independent auditor registered office to elect a board of directors double taxation legal entity, artificial legal person, juridical/juristic person legal person legal personality natural person register of companies to be formally in order articles of association, bylaws objects powers of directors general meeting of shareholders internal regulations/guidelines insolvency to become due lack of means trustee/official receiver to exercise powers debtor and creditor to buy shares/stocks on the stock exchange Definitions Company (or Corporation) Limited liability Insider trading Ultra vires transaction Bankrupt Individual proprietorship Questions 1 Describe the forms in which a business may be run under English law. 2 Describe the process of setting up a limited liability company. 3 Describe the forms in which a limited liability company may be dissolved. 12 The law and the family Vocabulary rights of succession child benefit welfare payments a lump sum of cash parental consent a legal guardian probate testator and dependants to die intestate partial intestacy decree of nullification defective marriage fraudulent representation to lack mental capacity children conceived in wedlock community property separate property bequeathed to a wife irretrievable breakdown of marriage the presumption is rebutted to domicile in the country raised from the taxes terms of divorce retirement pension to grant citizenship divorce proceedings to petition for divorce petitioner and respondent to have custody of the children financial provisions/arrangements to grant a divorce to make a will inheritance tax to contract a marriage a marriage is breaking down illegitimate children Definitions consummation of marriage incestuous marriage nullification of marriage laws of succession partial intestacy Questions 1 Describe four disadvantages of illegitimate children in the U.K. 2 Describe the grounds on which a marriage may be nullified. 3 Describe the grounds on which a marriage may be divorced. 4 Describe what is required for a will to be valid. 13 The law and consumers consumer law consumer rights consumer complaints the supplier is in breach of the agreement the contract has been implied by law implied terms in consumer contracts express terms provide services with reasonable care at a reasonable cost within a reasonable time to discharge the contract intermediate stipulations to be responsible for the lost goods to waive one‘s right exemption clauses in the case of loss, damage or injury product liability faulty goods to pursue an action in the tort of negligence to threaten to put harmful substance in food product to balance the interests of a consumer against those of a producer it is subject to perjured testimony realtor’s listings representations concerning corporate stock privity of contract promisor and promise obligor and obligee vendor and vendee statute of limitations an action is commenced the cause of action has accrued the aggrieved party after the expiry of the time voluntary discontinuance the law on tolling of the statute to invalidate rights Definitions consumer conditions intermediate stipulations exemption clauses product liability privity of contract statutory requirements Questions 1 What does the consumer have to show to win the case before court? 2 Describe the implied terms for goods and services. 2 List the parties to a contract. 14 Employment law Vocabulary employment/labour law contract of employment industrial/labour relations working hours working conditions terms of contract retirement and retirement pension period of notice employee and employer self-employed person job applicant minimum wage pay/wages/salary job description lawsuit against the employer unfair dismissal equal pay for work of equal value backed by a trade union social security health and safety regulations unemployment benefits dispute settlement collective bargaining pursuant to an express or implied agreement an agent and a principal independent contractor rendering services union officials promotion and lay-off clauses a grievance procedure to be discharged without „just cause“ impartial labour arbitrators written notification of terms itemized pay statements rent rebate community charge and poll tax disability working allowance terminable at will wrongful discharge action rate of unemployment uncontroverted testimony Definitions employer employee employment agent Sunday trading the right to strike collective bargaining statutory rights express terms implied terms fixed-term contract justifiable discharge Questions 1 Describe the rights of employees. 2 Describe the duties of employers. 3 Describe the purpose of collective bargaining. 4 Describe the forms of social security. 5 Describe the situations in which an employee may be justifiably discharged. 15 Intellectual property Vocabulary Intellectual property Patent and copyright To steal ideas To place legal limits on copying To invent new technology Legal instrument To copy illegally discovery or scientific process To apply for a patent To grant a patent To use an invention without permission Industrial application of a patent Patent is carefully worded To be protected by copyright The holder of a patent To keep pace with technology To control copying To prevent people from copying To enforce intellectual property law internationally International conventions To sign and enforce agreements Permission is granted free of charge To register a trademark Infringing copyright A passing off action To keep trade secrets confidential To include restrictions in job contract To put limits upon restrictions in a job contract To take a civil action to obtain injunction or compensation To take a legal action against ex-employee Goodwill Business asset Maintenance fees The application for the patent was filed in the U.S. Utility models Designs Plant breeder’s rights Geographical indications Notice of allowance Issue fee To be eligible for protection Royalties Incorporeal right To enjoin wrongful use of a trademark Appellations of origin Neighboring rights Performing artists Rights of action Seizure of illicit recordings Premises with public access Definitions Intellectual property Patents Copyright Fair dealing Trademark Passing-off action Questions 1 Explain the concept of fair dealing 2 Explain the differences between patent and copyright. 3 Name various types of intellectual property. 4 Name the remedies for infringement of copyright of performing artists.