Category Archives: Practical business explanations

Dissolving a business partnership

Dissolution of a business partnership largely depends on the type of partnership in question. There are three types of partnerships, namely general, limited, and limited liability partnerships. Dissolving a General Partnership (No agreement) What is general partnership? General partnership is the most basic legal form of partnership available. For general partnership to exist there need […]

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UCTA – Unfair Contract Terms Act

UCTA What is it? The Unfair Contract Terms Act 1977 (UCTA) regulates the terms which can be included in certain contracts. Usually businesses are allowed to agree whatever they want to, and the law does not restrict what can be put in a contract. However, in certain circumstances UCTA restricts the terms which are deemed […]

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Fiduciary duties

In broad legal terms, fiduciary duty is an obligation on one party to act in the best interest and good faith of another party. Fiduciary duties are foundation behind the idea of good faith and confidence. Fiduciary relationship can only exist when one person trusts the other and the other fully accepts the duties and […]

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Product liability

PRODUCT LIABILITY Product liability refers to the sector of law which holds suppliers, distributors, manufacturers and retailers responsible for the products they make available to consumers/the public. This means that if these products cause injury, the consumer can pursue a claim against one of the above in the supply chain (the specific one the consumer […]

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Partnership Act 1890

Partnership Act 1890 What is a Partnership A partnership is a business organisation where partners (minimum of two) will usually share decision making and divide the profits and losses of the business between themselves. Any type of business can be formed as a partnership and the Partnership Act 1890 is the legislation which governs the […]

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Alternative dispute resolution

Since the revised Civil Procedure Rules were introduced in 1998 there has been a concerted effort to encourage parties to undertake Alternative Dispute Resolution prior to proceeding to court. This can involve arbitration or mediation. Often agreements may specify that arbitration is obligatory. Mediation is a slightly more informal method, with the process to be […]

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Practical considerations when buying or selling a business

Things to Consider when Buying or Selling a Business What advisers do I need ? Legal advice should be sought at the outset of a proposed transaction. Ideally you would not even enter into any sort of negotiations without first seeking legal advice. If you are selling your business, you will need specialist tax advice […]

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Exclusion clauses

Exclusion clauses – it is common to see exclusion clauses in all sorts of contracts, seeking to exclude liability for all sorts of eventualities. However, having these clauses in a contract can actually be counterproductive as there are many statutes affecting contracts with consumers which override exclusion clauses and having blanket or numerous exclusion clauses […]

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Damages

Damages – money awarded by the court as remedy for losses. It is important to note that English law largely imposes an obligation on the innocent party to prove loss, and whilst damages can be awarded to compensate a party (see below) the position is fundamentally about proving losses and there are some technical hurdles […]

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Duress

Duress – This term is another technical area of law where a party may argue that they only entered into the contract due to some serious and illegitimate threats and coercion from the other party. The threat does not have to be a physical threat but it does need to be unlawful and to have […]

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