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OFT V Abbey National Plc
is a judicial decision of the United Kingdom Supreme Court relating to bank charges in the United Kingdom, with reference to the situation where a bank account holder goes into unplanned overdraft. When a bank customer uses an unplanned overdraft and then makes a payment request (whether by standing order, direct debit or using an ATM or debit card), banks generally make the payment as requested, and then charge fees (which may include "paid item" charges and unauthorised overdraft fees) which accrue on a daily basis whilst the unauthorised overdraft continues. The Office of Fair Trading ('OFT'), acting on behalf of consumers, challenged these fees under the Unfair Terms in Consumer Contracts Regulations 1999 ('UTCCR'), which implements European Union Unfair Contract Terms Directive. OFT claimed the sizeable fees charged were not a fair reflection of the banks' costs but were instead a penalty upon the consumer or bank account holder, hence unlawful. If these fees were confir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Phillips Of Worth Matravers
Nicholas Addison Phillips, Baron Phillips of Worth Matravers, (born 21 January 1938) is a British former senior judge. Phillips was the inaugural President of the Supreme Court of the United Kingdom, holding office between October 2009 and October 2012. He was the last Senior Lord of Appeal in Ordinary and the first Lord Chief Justice of England and Wales to be head of the English judiciary when that function was transferred from the Lord Chancellor in April 2006. Before his chief justiceship, he was Master of the Rolls from 2000 to 2005. He sits as a crossbencher. Early life Phillips was born 21 January 1938. He was educated at Bryanston School (where he was appointed a governor of the school in 1975, he has been chairman of its governors since 1981). He undertook National Service with the Royal Navy and the Royal Naval Volunteer Reserve, being commissioned as an officer. After two years' military service he went to King's College, Cambridge, where he read law. In 1962, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HBOS
HBOS plc was a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division. HBOS was formed by the 2001 merger of Halifax plc and the Bank of Scotland. The formation of HBOS was heralded as creating a fifth force in British banking as it created a company of comparable size and stature to the established '' Big Four'' UK retail banks. It was also the UK's largest mortgage lender. The HBOS Group Reorganisation Act 2006 saw the transfer of Halifax plc to the Bank of Scotland, which had by then become a registered public limited company, Bank of Scotland plc. Although officially HBOS was not an acronym of any specific words, it is widely presumed to stand for Halif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Export Credits Guarantee Department V Universal Oil Products Co
An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an ''exporter''; the foreign buyer is an '' importer''. Services that figure in international trade include financial, accounting and other professional services, tourism, education as well as intellectual property rights. Exportation of goods often requires the involvement of customs authorities. Firms Many manufacturing firms begin their global expansion as exporters and only later switch to another mode for serving a foreign market. Barriers There are four main types of export barriers: motivational, informational, operational/resource-based, and knowledge. Trade barriers are laws, regulations, policy, or practices that protect domestically made products from foreign competition. While restrictive business practices sometimes hav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of Justice
The High Court of Justice in London, known properly as His Majesty's High Court of Justice in England, together with the Court of Appeal and the Crown Court, are the Senior Courts of England and Wales. Its name is abbreviated as EWHC (England and Wales High Court) for legal citation purposes. The High Court deals at first instance with all high value and high importance civil law (non- criminal) cases; it also has a supervisory jurisdiction over all subordinate courts and tribunals, with a few statutory exceptions, though there are debates as to whether these exceptions are effective. The High Court consists of three divisions: the King's Bench Division, the Chancery Division and the Family Division. Their jurisdictions overlap in some cases, and cases started in one division may be transferred by court order to another where appropriate. The differences of procedure and practice between divisions are partly historical, derived from the separate courts which were merged in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unfair Terms In Consumer Contract Regulations 1999
The Unfair Terms in Consumer Contracts Regulations 1999SI 1999/2083 is an old UK statutory instrument, which had implemented the EU (then EEC) Unfair Consumer Contract Terms Directivebr>93/13/EECinto domestic law.Implemented under the European Communities Act 1972. See also, (1993) L95 OJ 29. It replaced an earlier version of similar regulations,See The Unfair Terms in Consumer Contracts Regulations 1994 and overlaps considerably with the Unfair Contract Terms Act 1977. It was superseded by the Consumer Rights Act 2015, which regulates unfair terms in consumer contracts in English contract law. Overview The scope of the Directive is rather limited, seeking merely to harmonise rather basic consumer rights across the EU. In the UK, these 1999 Regulations work to render ineffective terms that benefit seller or suppliers against the interests of consumers. They also have provisions specifically covering standard form contracts. The Regulations overlap somewhat with the Unf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unfair Contract Terms Act 1977
The Unfair Contract Terms Act 1977c 50 is an Act of Parliament of the United Kingdom which regulates contracts by restricting the operation and legality of some contract terms. It extends to nearly all forms of contract and one of its most important functions is limiting the applicability of disclaimers of liability. The terms extend to both actual contract terms and notices that are seen to constitute a contractual obligation. The Act renders terms excluding or limiting liability ineffective or subject to reasonableness, depending on the nature of the obligation purported to be excluded and whether the party purporting to exclude or limit business liability, acting against a ''consumer''. It is normally used in conjunction with the Unfair Terms in Consumer Contracts Regulations 1999 ( Statutory Instrument 1999 No. 2083), as well as the Sale of Goods Act 1979 and the Supply of Goods and Services Act 1982. The Law Commission and the Scottish Law Commission have recommended th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contractual Terms
A contractual term is "any provision forming part of a contract". Each term gives rise to a contractual obligation, the breach of which may give rise to litigation. Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract. The terms of a contract are the essence of a contract, and tell the reader what the contract will do. For instance, the price of a good, the time of its promised delivery and the description of the good will all be terms of the contract. Classification of term Condition or Warranty Conditions are major provision terms that go to the very root of a contract breach of which means there has been substantial failure to perform a basic element in the agreement. Breach of a condition will entitle the innocent party to terminate the contract. A warranty is less imperative than a condition, so the contract will survive a breach. Breach of either a condition or a warranty will give rise to d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barrister
A barrister is a type of lawyer in common law jurisdictions. Barristers mostly specialise in courtroom advocacy and litigation. Their tasks include taking cases in superior courts and tribunals, drafting legal pleadings, researching law and giving expert legal opinions. Barristers are distinguished from both solicitors and chartered legal executives, who have more direct access to clients, and may do transactional legal work. It is mainly barristers who are appointed as judges, and they are rarely hired by clients directly. In some legal systems, including those of Scotland, South Africa, Scandinavia, Pakistan, India, Bangladesh, and the British Crown dependencies of Jersey, Guernsey and the Isle of Man, the word ''barrister'' is also regarded as an honorific title. In a few jurisdictions, barristers are usually forbidden from "conducting" litigation, and can only act on the instructions of a solicitor, and increasingly - chartered legal executives, who perform tasks such as cor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Queen's Counsel
In the United Kingdom and in some Commonwealth countries, a King's Counsel (post-nominal initials KC) during the reign of a king, or Queen's Counsel (post-nominal initials QC) during the reign of a queen, is a lawyer (usually a barrister or advocate) who is typically a senior trial lawyer. Technically appointed by the monarch of the country to be one of 'His erMajesty's Counsel learned in the law', the position originated in England and Wales. Some Commonwealth countries have either abolished the position, or renamed it so as to remove monarchical connotations, for example, ' Senior counsel' or 'Senior Advocate'. Appointment as King's Counsel is an office, conferred by the Crown, that is recognised by courts. Members have the privilege of sitting within the inner bar of court. As members wear silk gowns of a particular design (see court dress), appointment as King's Counsel is known informally as ''receiving, obtaining,'' or ''taking silk'' and KCs are often colloquially ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Bank Of Scotland
The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank. The Royal Bank of Scotland has around 700 branches, mainly in Scotland, though there are branches in many larger towns and cities throughout England and Wales. The bank is completely separate from the fellow Edinburgh-based bank, the Bank of Scotland, which pre-dates the Royal Bank by 32 years. The Royal Bank of Scotland was established in 1724 to provide a bank with strong Hanoverian and Whig ties. Following ring-fencing of the Group's core domestic business, the bank became a direct subsidiary of NatWest Holdings in 2019. NatWest Markets comprises the Group's investment banking arm. To give it legal form, the former RBS entity was renamed NatWest Markets in 2018; at the same time Adam and Company (which held a separate PRA b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
