Rescission is an equitable remedy, and where available, makes the contract voidable. There are a number of conditions attached to the award of rescission.
Which of the following is a condition that must be met for an award of rescission to be made?
For an award of rescission to be made, innocent third parties must not have acquired rights under the subject matter of the contract. Both parties must be able to be restored to their pre-contract position.
The right to rescind must be exercised within a reasonable time of it being awarded. The right to rescind expires if the contract is affirmed.
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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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