commercial law case study questions and answers

Business Law Case Studies with Solutions

Post author: myspeakhr
Post category: Case Study
Reading time: 5 mins read

Discussed here is the Business Law Case Studies with Solutions. Business Law is also known as Legal Aspects of Business, Commercial Law etc. Here we have given short case studies along with solutions in business law. These simple case law in commercial law contains cases related to Contract Act 1872, Sale of goods Act and Consumer protection Act with solutions. All the 3 Acts discussed here is majorly used in business transactions. These short case studies on commercial law with answers will be helpful for students of MBA, BBA, B.com and Law. These case studies and solutions are explained in very simple words without much difficult legal terms for the benefit of the students.

Below is the Business Law Case Studies with Solutions.

I. Indian Contract Act Case Studies

1. case study on basic contract act.

“A gives an offer in the newspaper for the sale of his HP laptop for Rs. 15000. He also stated that Those who are willing to purchase can send a message to his mobile.”” In this simple case consider the following situation and discuss the solution:

a) B was interested to purchase the laptop and sent a message stating that he wish to purchase for 12000. Was it an acceptance is given by B-

No it was not an acceptance It can be termed as counter offer. If feasible A has to give acceptance.

b) B was interested to purchase the same but he asked C to message on behalf of B. and C messaged as follows

“My friend B is interested to purchase your laptop for 15000” . Here is this a valid Acceptance? is A binded by the acceptance.

No this is not a valid acceptance. The acceptance needs to be given by the accept-or itself. Hence A is not binded by the action of C.

c) B who is much interested in purchasing the laptop had called Mr.A and given the acceptance through his phone. Is A obliged for acceptance given by B.

The acceptance must the given by the mode prescribed by the offer-or only. Hence in the given case the acceptance given by B through telephone is not an acceptance.

2. Case study on Valid Contract

Mr. X invited Mr. Y his business partner for X’s sisters marriage. Y accepted the invitation in this ground X booked a table in a costly hotel where the marriage takes place. Due to some reason Y could not attend the function. What type of contact is this. Is this a valid contract. Justify your answer.

This is not a valid contract on the following basis:

a. This is a social agreement. The agreement is not created with an intention to create legal relationship rather to create a social relationship.

b. There is no consideration involved in the contract hence it is not a valid contract.

II. Consumer Protection Act Case Studies

3. case study on who is a consumer.

a. Mr. A bought a printer from an electronics store for using it at home. The TV was defective. Is Mr. A a consumer?

Yes Mr. A is a consumer as he purchased the printer for his own use.

b. Balu is a distributor for computer accessories. He bought 100 pen-drives for selling to other computer vendors. Is Balu a consumer?

Balu is not a consumer as he has obtained accessories for resale.

4. Case study on Restrictive and Unfair trade practices

Mr. X went to a electronic shop to purchase a TV for his newly built house. He asked the information about Samsung 40 inches LED TV to the shop keeper. The shop keeper being a dealer of other brands misguide the customer stating that Samsung had planned to stop the production of 40 Inch LED TV’s. The shopkeeper made the customer believed the same and advice him to purchase some other brand.

The act of Shop keeper is Restrictive trade practice or Unfair trade practices?

The act of shopkeeper is a unfair trade practice as he had mislead the customer with a motive to increase his sale.

III. Sale of Goods Act 1930 Case studies

5. case study on sale or agreement to sell.

On 1st March 2017, Alex agreed to sell his car to Beny for Rs. 80,000. It was agreed between themselves that the ownership of the car will transfer to B on 31st March 2017. when the car is gets registered in Beny`s name. Justify whether it is sale or agreement to sell.

It is an agreement to sell and it will become sale on 31st March when the car is registered in the name of Beny.

6. Case study on Warranty

Anay purchased a second hand typewriter from Balu. Anay used it for sometime and also spend some money on its repairs. The typewriter turned out to be stolen one and as such Anay had to return it to the true owner chand. Is it a breach of Warranty or not. What remedy will Anay get?.

It is a breach of warranty. It is a implied warranty as to quite possession. It was held that Anay could recover damages from Balu amounting to the price paid and the cost of repair.

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Mergers and acquisitions case studies and interviews | a guide for future lawyers.

Jaysen Sutton -

18 min read

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mergers and acquisitions case studies and interviews, a guide for future lawyers.

Enjoyed this post? Check out our new Mergers and Acquisitions Course , which covers exactly what you need to know about M&A for interviews at top commercial law firms. Free access to this course is given to all premium subscribers .

If you don’t know what commercial law is or what commercial lawyers do, it’s hard to know whether you want to be one.

I’m going to discuss one aspect of commercial law: mergers and acquisitions or “M&A”, and with any luck, convince you it can be exciting.

I’ll also cover many of the aspects of mergers and acquisitions that you need to know for law firm interviews and case study exercises.

Let’s begin with an example, which highlights the impact of mergers and acquisitions. In 2017, Amazon bought Whole Foods and became the fifth largest grocer in the US by market share. This single manoeuvre shed almost $40 billion in market value from companies in the US and Europe .

The fall in value of rival supermarkets reflected fears over Amazon’s financial capacity and its potential to win a price war between supermarkets. Amazon the customer data to understand where, when and why people buy groceries, and it has the technology to integrate its offline and online platforms. When you’re in the race to be the first trillion-dollar company, acquisitions can take you a long way ( Edit: In August 2018, Apple managed to beat Amazon to win this title ).

But not all companies share Amazon’s success. In fact, out of 2,500 M&A deals analysed by the Harvard Business Review, 60% destroyed shareholder value .

That begs the question:

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Why do firms merge or acquire in the first place?

I’ll use law firms as an example. You’ll have seen that they often merge, or adopt structures called Swiss vereins, which allow law firms to share branding and marketing but keep their finances and legal liabilities separate.

In the legal world, it can be hard to find organic growth or organic growth can be very slow. Clients like to shop around, which can make it hard to retain existing business. It’s competitive: other law firms can poach valuable partners and bring their clients with them. And whilst entering new markets is an attractive option, it’s expensive, often subject to heavy-regulation and requires the resolve and means to challenge the existing players in that market.

Consolidation can help law firms, which are squeezed between lower-cost entrants and the global players, to compete. This is why we’ve seen many mergers in the mid-market. A combined firm is bigger, less vulnerable to external shocks, and has access to more lawyers and clients. The three-way merger between Olswang, Nabarro and CMS is a good example of this. The year before its merger, Olswang had revenues below £100m and a 77% fall in operating profit. Now, under the name CMS, it’s one of the largest UK law firms by lawyer headcount and revenue.

But mergers aren’t only a defensive move. They can allow law firms to speed-up entry into new markets. For example, were it not for its merger, it would have been difficult for Dentons to open an office in China. Chinese clients, especially state-owned enterprises, are often less likely to pay high legal fees, while local expertise and personal relationships can play a bigger role. There’s also regulation, which prevents non-Chinese lawyers from practicing Chinese mainland law, and plenty of competition from established Chinese law firms. That helps to explain Dentons’ 2015 merger with Dacheng, a firm with decades of experience and an established presence in the Chinese market. Now Dentons is positioned to serve clients investing in China, as well as Chinese clients looking for outbound work at a fraction of the time and cost.

Mergers can also synergies, or at least that’s one of the most frequently used buzzwords to justify an M&A deal. The idea is that when you combine two firms together, the value of the combined firm is more than the sum of its individual parts.

Synergies for a law firm merger could come from cutting costs by closing duplicate offices and laying off support staff. It could also be the fact that a combined law firm could sell more legal services than the two law firms individually, which may be bolstered by the fact that they can cross-sell their expertise to each other’s clients and benefit from economies of scale (e.g. better negotiating paper due to their size).

Finally, mergers can offer reputational benefits. Branding is an essential part of the legal world and combinations gain a lot of legal press. Mergers may allow fairly unknown firms to access new clients and generate far more business if they partner with an established firm. Very large global firms often pride themselves as a ‘one-stop shop’, pitching the fact that their size allows them to service all the needs of a client across any jurisdiction.

While it’s true that Swiss vereins have led the likes of DLA Piper and Baker McKenzie to develop very strong brands, collaboration hasn’t always worked out and some law firms have paid the ultimate price. Internal problems and mismanagement plagued the merger of Dewey & LeBoeuf , which, at the time, was called the largest law firm collapse in US history. Bingham McCutchen collapsed for similar reasons. Most recently, King & Wood Mallesons made the mistake of merging with an already troubled SJ Berwin. Poor incentive structures, defections and a fragile merger structure later led to the collapse of KWM Europe. Only time will tell whether Dentons’ 31 plus combinations, as well as the aggressive use of Swiss vereins by other firms, will be a success.

So that’s the why, I’ll now go through the how. Note, in this article, I’ll discuss the mechanics of acquisitions rather than mergers: you can see the difference in the definitions section below. As lawyers, you’ll find acquisitions are more common and you’re more likely to be asked about the acquisition process in law firm interviews and assessment centres.

Mergers & Acquisitions Definitions

Acquisition : The purchase of one company by another company.
Acquirer / Buyer : The company purchasing the target company.
Asset purchase : The purchase of particular assets and liabilities in a target company. An alternative to a share purchase.
Auction sale : The process where a company is put up for auction and multiple buyers bid to buy a target company.
Due diligence : The process of investigating a business to determine whether it’s worth buying and on what terms it should be bought.
Debt finance : This means raising finance through borrowing money.
Equity finance : This means raising finance by issuing shares.
Mergers : When two companies combine to form a new company.
Share purchase : When a company buys another company through the purchase of its shares. An alternative to an asset purchase.
Swiss verein : In the law firm context, this is a structure used by some law firms to ‘merge’ with other law firms. They share marketing and branding, but remain legally and financially separate.
Target company : The company that is being acquired.

Kicking off the Acquisition Process

The buy side.

Sometimes the acquirer will have identified a company it wants to buy before it reaches out to advisers. Other times, it’ll work closely with an investment bank or a financial adviser to find a suitable target company.

Before making contact with the target company, the acquirer will typically undertake preliminary research, often with the help of third-party services to compile reports on companies. They’ll look through a range of material including:

news sources and press releases
insolvency and litigation databases
filings at Companies House
the industry and competitors

The aim is to better understand the target company. The company’s management will want to check for any big risks and form an early view of the viability of an acquisition. Then, if they’re convinced, the first contact may be direct or arranged through a third party, such as an investment bank or consultant.

Note: In practice, lawyers – especially trainees – spend a lot of time using the sources above. Companies House is a useful online resource to find out about private companies. It’s where you’ll find their annual accounts, annual returns (now called a confirmation statement) and information on the company’s incorporation.

The sell side

Sometimes, a target company wants to sell. The founders may want to retire, the company may be performing poorly, or investors may want to cash out and move on.

If a target company wants more options, it may initiate an auction sale. This is a competitive bid process, which tends to drive bid prices up and help the target company sell on the best terms possible. For example, Unilever sold its recent spreads business to KKR using this method.

But, an auction sale isn’t always appropriate. Sometimes the target company will enter discussions with just one company. This may be preferable if the company is struggling, so it can ensure speed and privacy, or the target company may have a particular acquirer in mind. For example, Whole Foods used a consultant to arrange a meeting with Amazon . That was after reading a media report which suggested Amazon was interested in buying the company.

Friendly v Hostile Takeovers

In the UK, takeovers are often used to refer to public companies. While we’ll be focusing on acquisitions of private companies, I’ll cover this here because they’re often in the news and sometimes come up in law firm interviews.

The board of directors are the people that oversee a company’s strategy. Directors owe duties to shareholders – the owners of the company – and are appointed by the shareholders to manage a company’s affairs.

If a proposed acquisition is brought to the attention of the board and the board recommends the bid to shareholders, we call this a friendly takeover. But if they don’t, it’s a hostile takeover, and the acquirer will try to buy the company without the cooperation of management. This may mean presenting the offer directly to shareholders and trying to get a majority to agree to sell their shares.

Sometimes, it’s not too difficult; Cadbury’s board first rejected Kraft’s bid and accused the company of attempting to buy Cadbury “on the cheap”. Later, when Kraft revised its offer, the board recommended its bid to shareholders.

In other situations, hostile takeovers can be messy, especially if neither party wants to back down. This was the case in 2011 between the infamous activist investor Carl Icahn and The Clorox Company.

Icahn and the Clorox Company

Cartoon showing Clorox Company using poison pill

In 2011, Carl Icahn made a bid to buy The Clorox Company (Clorox), the owner of many consumer products including Burt’s Bees. In his letter to the board, Icahn also tried to start a bidding war, inviting other buyers to step in and bid.

Clorox’s board rejected Icahn’s bid and quickly hired Wachtell, Lipton, Rosen & Katz, a US law firm, to defend itself. Wachtell wasn’t just any law firm. Icahn and Wachtell had been rivals for decades. In fact, between 2008 and 2011, Wachtell had successfully defended two companies from Icahn.

This was round three.

Clorox adopted a “poison pill” strategy, a tactic that allowed Clorox’s existing shareholders to buy the company’s shares at a discount. This made the attempted takeover more expensive. Martin Lipton, one of the founding partners of Wachtell, had invented the poison pill to prevent hostile takeovers in the 80’s. It was “one of the most anti-shareholder provisions ever devised” according to Icahn. Now, Clorox was using this weapon to stop the activist investor.

But that didn’t stop Icahn. In a scathing letter to the board , he raised his bid for the company. A week later, the board rejected it again.

Icahn made a third bid. This time his letter threatened to remove the entire board. But the board didn’t back down.

Eventually, Icahn did.

The war between Icahn and Wachtell didn’t stop there. In 2013, Wachtell successfully defended Dell from Icahn. A few months after that, Icahn tried to sue Wachtell. In response, the law firm said:

“ Icahn takes his bullying campaign to a new level, seeking to intimidate lawyers who help clients resist his demands by making wild allegations and threatening liability. Those tactics will not work here .”

Remember when I said corporate law could be exciting?

What are the ways a company can acquire another company?

This is one of the most common questions in law firm commercial interviews.

There are two ways to acquire a company. A company can buy the shares of a target company in a share purchase or buy particular assets (and liabilities) in an asset purchase.

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Share Purchase

In a share purchase, the acquirer buys a majority of shares in the target company and therefore becomes its new owner . This means all of the company’s assets and liabilities transfer automatically, so, usually, there’s no need to worry about securing consent from third parties or transferring contracts separately. This is great because the business can continue without disruption and the transition is fairly seamless.

However, as the liabilities of a company also transfer in share purchase, it’s important the acquirer investigates the target really well. It’ll also want to try protect itself from known risks when negotiating the acquisition agreement.

For example, suppose three months after the acquisition has completed, a former employee brings an unfair dismissal claim against the acquirer. If this was something they had known about pre-acquisition, they’ll want to be indemnified for those costs (we’ll come back to this later).

Conversely, if they didn’t know about it at the time of the acquisition and they didn’t protect themselves in the acquisition agreement, they’ll have to pay out. That’s one of the risks of doing a share purchase. (Although as we’ll discuss later, there are certain things you can do to reduce the risks of this happening.)

Asset Purchase

We call this an asset purchase . It means that the acquirer identifies the specific assets and liabilities it wants to buy from the target and leaves everything else behind. That’s great because the acquirer will know exactly what it’s getting and there’s little risk of hidden liabilities.

However, asset purchases are less common and can be difficult to execute. Unlike share purchases, assets don’t transfer automatically, so the acquirer may have to renegotiate contracts or seek consent from third parties to proceed with the acquisition.

Preliminary Agreements

Confidentiality agreements.

Before negotiations begin, the target company will want the acquirer to sign a confidentiality agreement or a non-disclosure agreement.

This is important because the seller will provide the acquirer with access to private information during the due diligence process. Suppose the acquirer decided not to proceed with the acquisition and there was no confidentiality agreement in place; the acquirer could use this information to poach staff, better compete with the target or reveal damaging information to the public.

So, lawyers for the acquirer and the target company will negotiate the confidentiality agreement. They’ll decide what counts as confidential, what happens to information if the acquisition doesn’t complete, as well as any instances where confidential information can be passed on without breaching the contract.

Exclusivity Agreements

If an acquirer is dead set on buying a particular target company then, in an ideal situation, it will want to be the only one negotiating with that company. This would give the acquirer time to conduct due diligence and negotiate on price, without pressure from competitors. It also ensures secrecy.

If the acquirer has some bargaining power, it may try to sign an exclusivity agreement with the target company. This would ensure, for a period of time, the target company does not discuss the acquisition with third parties or seek out other offers.

While it’s unclear whether an exclusivity agreement was actually signed, Amazon was clear during early negotiations with Whole Foods that it wasn’t interested in a “multiparty sale process ” and warned it would walk if rumours started circulating. That was effective: Whole Foods chose not to entertain the four private equity firms who’d expressed interest in buying the company.

Heads of Terms

The first serious step will be the negotiation of the Heads of Terms (also called the Letter of Intent) between the lawyers, on behalf of the parties. This document details the main commercial and legal terms that have been agreed between the parties, including the structure of the deal, the price, the conditions for signing and the date of completion. It’s not legally binding – so the acquirer won’t have to buy and the target company won’t have to sell if the deal doesn’t go through – but it serves as a record of early negotiations and a guideline for the main acquisition document.

Due Diligence

An acquirer can’t determine whether it should buy a target without detailed information about its legal, financial and commercial position. The process of investigating, verifying and reviewing this information is called due diligence.

The due diligence process helps the acquirer to value the target. It’s an attempt at better understanding the target company, quantifying synergies and determining whether an acquisition makes financial sense.

Due diligence also reveals the risks of an acquisition. The acquirer can examine potential liabilities, from customer complaints to litigation claims or scandals. This is important because underlying the process of due diligence is the principle of caveat emptor , which means “let the buyer beware”. This legal principle means it’s up to the buyer to fully investigate the company before entering into an agreement. In other words, if the buyer failed to discover something during due diligence, it’s their problem. There’s no remedy after the acquisition agreement is signed.

So if the problems uncovered during the due diligence process are substantial, the acquirer may decide to walk away. Alternatively, it could use this information to negotiate down the price or include terms to protect itself in the main acquisition document.

In an asset purchase, due diligence is also an opportunity to identify all the consents and approvals the buyer needs to acquire the company.

Due Diligence Teams

The acquirer will assemble a team of advisers, including bankers, accountants and lawyers, to manage the due diligence process. The form and scope of the review will depend on the nature of the acquisition. For example, an experienced private equity firm is likely to need less guidance than a start-up’s first acquisition. Likewise, a full due diligence process may not be appropriate for a struggling company that needs to be sold quickly.

Due diligence isn’t cheap, but missing information can be devastating. In a Merger Market survey , 88% of respondents said insufficient due diligence was the most common reason M&A deals failed. HP had to write off $8.8 billion after its acquisition of Autonomy – which was criticised for being a result of HP’s ‘ faulty due diligence ‘. Few also looked into organisational compatibility in the merger between AOL and Time Warner, which led to the “ biggest mistake in corporate history ”, according to Jeff Bewkes, chief executive of Time Warner. In 2000, Time Warner had a market value of $160 billion. In 2009, it was worth $36 billion.

Types of Due Diligence

Financial due diligence This involves assessing the target company’s finances to determine its health and future performance.

Business due diligence This involves evaluating strategic and commercial issues, including the market, competitors, customers and the target company’s strategy.

Legal Due Diligence

Legal due diligence is the process of assessing the legal risks of an acquisition. By understanding the legal risks of an acquisition, the acquirer can determine whether to proceed and on what terms.

The acquirer’s lawyers have a few ways of obtaining information for their due diligence report. They’ll prepare a questionnaire for the seller to complete and request a variety of documents. This will all be stored in a virtual ‘data room’ for all parties to access. They may also undertake company, insolvency, intellectual property and property searches, interview management and, if appropriate, undertake on-site visits.

Law firms tend to have a system to manage the flow of information and trainees are often very involved. They’ll review, under supervision, much of the documentation and flag up potential risks.

Legal due diligence reports are typically on an ‘exceptions’ basis. This means they’ll flag to the client only the material issues. You can see why this is valuable to the client; rather than raising every possible issue, they’ll apply their commercial judgement to inform the clients about the most important issues.

The report will propose recommendations on how to handle each identified issue. This may include: reducing the price, including a term in the agreement or seeking requests for more information. If the issue is significant, lawyers will want to tell their client immediately, especially if what they find is very serious.

Note, due diligence is a popular topic for interviews. You may be asked to recommend possible solutions to issues uncovered during the due diligence process or asked to discuss the issues that different departments may consider (see examples below).

What are lawyers looking for during due diligence?

What might corporate investigate.

The group structure of the target, including the operations of any parent companies or subsidiaries

The company’s constitution, board resolutions, director appointments and resignations, and shareholder agreements.

Important details from Insolvency and Companies House searches

Copies of contracts for suppliers, distributors, licences, agencies and customers.

Termination or notification provisions in contracts

What do they want to know?

Whether shareholders can transfer their shares (share purchase)

Whether shareholders need to approve the sale and the various voting powers of shareholders

Any change of control provisions in contracts

Whether the target can transfer assets (asset purchase)

Any outstanding director loans, director disqualifications, or conflicts of interest

What might Finance investigate?

Existing borrowing arrangements including loan documents and any guarantees

Correspondence with lenders and creditors

Share capital, allocation and employee share schemes

Assets and financial accounts

The company’s ability to pay current and future debts

Any prior loan defaults, credit issues or court judgements

Details of ownership and title to the assets

Any liabilities which could limit the performance of the target

Whether borrowing would breach existing loan terms

Whether the loan agreements have any change of control clauses

Whether security has been granted over the target’s assets to lenders

What might Litigation investigate?

Details of any past, current or pending litigation

Disputes between the company, employees or directors

Regulatory and compliance certificates

Any judgements made against the company

Insurance policies

The risk of outstanding or future claims against the company

Details of any regulatory or compliance investigations

Potential issues or threatened litigation from customers, employees or suppliers in the past five years

What might Property investigate?

Documents relating to freehold and leasehold interests

Inspections, site visits, surveyors and search reports

Health and safety certificates and building regulation compliance

Leases and licences granted to third parties

Whether the property will be used or sold

Property liabilities

Title ownership and lease/licensing terms

The value of the properties

Details of regulatory compliance

What might Employment investigate?

Director and employee details, and service contracts

Pension schemes and employee share schemes

Pay, benefits and HR policy information

Information in relation to redundancies, dismissals or litigation

Plans to retain key managers, redundancy and compensation

Pension scheme deficits

Termination or change of control provisions

Compliance with employment law and consultation

Risks of dismissal claims

Evaluate post-acquisition integration

What might Intellectual Property investigate?

List of any trademarks, copyright, patents, domain names and any other registered intellectual property

Registration documents and licencing agreements

Litigation and related correspondence

Searches at the Intellectual Property Office

Current or potential disputes, claims of threatened litigation in relation to infringement

Whether the seller has renewed trademarks

Who has ownership of the intellectual property

Whether they can transfer licenses and gain consents

Details of critical assets, confidentiality provisions and trade secrets

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The Acquisition Agreement

The main legal document is the sale and purchase agreement or “SPA”. It sets out what the acquirer is buying, the purchase price and the key terms of the transaction.

Purchase Price

A company will usually pay for an acquisition in cash, shares, or a combination of the two.

Cash is a good option if an acquirer is confident in the acquisition. If it believes the shares are going to increase in value (thanks to synergies), paying in cash means it can soak up the benefits without having to give up ownership of the company. It is, however, expensive to pay in cash. The buyer must raise money if it doesn’t already have enough cash reserves by issuing shares or borrowing. Most sellers also want cash. It means they’ll know exactly how much they’re getting and don’t have to worry about the future performance of a company.

Other times, an acquirer will want to use shares to pay for an acquisition. The target’s shareholders will get a stake in the acquirer in return for selling their shares. If the value of the acquirer’s shares increases, the shareholders may get a better return. Often, this option will be more attractive for an acquirer as it doesn’t use up cash. Receiving shares can also be valuable for the seller if they’re gaining shares in a promising company. Conversely, however, they must bear the risk that the value of the acquirer falls.

Key terms of the transaction

Both parties will make assurances to each other in the form of terms in the SPA. These terms are heavily negotiated between lawyers.

Warranties and representations

Warranties are statements of fact about the state of the target company or particular assets or liabilities. For example, the seller may warrant that the target isn’t involved in any litigation, that its accounts are up to date and that there are no issues with its properties. If these warranties turn out to be false, the acquirer may claim for damages. However, there are limitations: the acquirer will have to show that the breach reduced the value of the business and that can be hard to prove.

During negotiations, the seller will try to limit the scope of the warranties. It’ll also prepare a disclosure letter to qualify each warranty. For example, the seller may qualify the above warranty with a list of outstanding litigation claims. If the seller discloses against a warranty, they won’t be liable for a breach. Disclosure is also useful for the acquirer because it may reveal information that was not found during due diligence.

The acquirer will want some of these statements to be representations. Representations are statements which induce the acquirer to enter into a contract. If these are false, the acquirer could have a claim for misrepresentation. That could give the acquirer a stronger remedy, including termination of the contract or a bigger claim for damages. This is why the seller will usually resist giving representations.

Indemnities

Indemnities are promises to compensate a party for identified costs or losses. This is appropriate because the acquirer may identify potential risks during due diligence; for example, the risk of an unfair dismissal claim or a litigation suit. The acquirer can seek indemnities to be compensated for these particular liabilities arising in the future. This is a way to allocate risks to the seller: if the event occurs the acquirer will be reimbursed by the seller.

Conditions Precedent

The SPA may be signed subject to the satisfaction of the conditions precedent or “CPs”. These are conditions that must be fulfilled before the acquisition can complete. That could mean, for example, securing consent from third parties, shareholder approval or merger clearance. Trainees are often responsible for keeping track of the conditions precedent checklist, and they’ll need to chase parties for the approvals to ensure all conditions are satisfied.[divider height=”30″ style=”default” line=”default” themecolor=”1″]

Signing and Completion

This is the big day. Signing can take place in person or virtually. Each party will return the SPA with their signature in accordance with the relevant guidelines. It’ll be the trainees responsibility to check that the SPA has been signed correctly and to collate the documents.

Final Thoughts

If you’re reading this to prepare for an interview, I’d suggest you explore the “acquisition structure”, “legal due diligence” and “warranties and indemnities” sections – these are common case-study questions. We cover this in more detail and with practice interview answers in our mergers and acquisitions course, which is free for TCLA Premium members.

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Legal Case Study Interviews

Many commercial law firms require candidates to undertake a case study at the final interview stage. read our tips on how to shine.

There is not one single format, so it is worth asking the recruitment team what you can expect. Below are some general points and tips which have been put together from feedback from students who have gone through the process and what we have learned from law firms. If you need reasonable adjustments in the legal case study exercise, for health or disability reasons, make sure you talk to the recruitment team in advance about that.

Legal Case Study and Commercial Awareness Exercises

Bear in mind that recruiters are always trying to improve their processes so it is likely that they will find new ways to assess candidates each year. It is therefore unlikely that you will find comprehensive resources to practise legal case studies in the same type of ways that you might for management consultancy case studies (in the consulting industry, case studies are extremely well established and follow a broadly similar format during the interview).

Generally speaking legal case studies are not intended to test out technical legal skills – this is partly because they need to be fair to both law and non-law students. Instead they are more likely to test the skills required to be an effective lawyer within the world of (private practice) work. So focus your efforts on your specific law firm research, ways to demonstrate your motivation, and the practice of skills they are seeking rather than on preparing for specific types of exercises.

What Is Being Tested?

The following skills and attributes are likely to be tested throughout the interview process:

commercial awareness – for example, are you thinking about the client and the issues they may be facing? Are you thinking of the law firm as a business?
logical thinking – are you able to think in a structured way and use your common sense to arrive at a practical solution?
analytical skills – can you identify the key issues from a lot of information, perhaps under time pressure?
judgement – can you summarise the main points of the arguments and come to a conclusion given a certain set of facts?
time management – can you manage your time effectively? Can you prioritise information and activity? Will you get flustered if presented with a large volume of unfamiliar information to read?
dealing with pressure – can you work under time pressure and stay focused and effective? Can you deal with unfamiliar facts or people and stay calm?
resilience – how do you respond to being challenged? How do you respond when something does not go your way or in the face of a difficult problem? Can you defend your point of view?
interpersonal skills – are you confident in what you are saying, are you collaborative, can you develop a good rapport and productive working relationships, do you listen well, are you open to feedback, do you have a positive attitude?
communication – can you communicate equally effectively on paper (e.g. in writing a letter/email to a client) and face to face ( e.g. in making a presentation to a group)? Are you clear? Do you think about the tone and the reader/audience? Do you have a high standard of general literacy? Is your answer well structured, communicated in plain English and to the point?
negotiation skills – are you clear about what you are trying to achieve and what, if anything you are prepared to negotiate on? If you are acting on behalf of someone, are they clear about what you are doing?
motivation – are you enjoying this even if you feel slightly nervous?

Types of Exercise and Tips for Managing Them

These exercises vary from firm to firm and can be part of an individual interview or a group exercise. The material could be given to you in any of the following formats:

a paragraph which may be about a current affairs issue or something specifically legal: read and then discuss
an article from, for example, the Financial Times : read and discuss/answer questions
a one or two page client scenario with a question posed at the end. For example, 'should this new client be taken on?'
Summary of the situation – could be in the form of an email or letter
Client or competitor strategy
Financial statements
Information about employees/equipment/other assets (property)
Contracts, leases, licences
Litigation, possible actions, non disclosure
Regulatory information

Tips for the paragraph and article exercises

Read carefully
Think about how you would summarise what the article is about in two or three sentences
Think about the argument/point of view that is being voiced throughout the article. What would be the counter argument if you had to make it?
Identify two or three key issues – think about political and economic aspects
There may not be an obvious connection to the law firm. The interviewer may be wanting to stretch you intellectually and see how you think, and find out whether you have an opinion that you are able to defend
If the article has been reproduced by the firm and is set out in numbered paragraphs, this is so that you can refer to the paragraphs by number in the discussion.

Tips for the client scenarios

Possible scenarios may include a client (or a potential client) who is considering merging or acquiring another company, or a client who is being acquired by a competitor or who is looking for some legal services. The amount of material and time you are given will determine the level of detail you are expected to cover. In general it is advisable to cover as many aspects as you can broadly, rather than cover only one or two in great detail.

You may be asked a general question such as ‘what advice would you give to the client?’ or three or four specific questions. For the latter it is most important to address all the questions rather than focusing on the detail of one and ignoring others.

It is also very useful to have researched the firm carefully. By doing do you will know facts such as where the firm has offices located (useful when there are several jurisdictions involved in the scenario) and which practice areas it has (allowing you to suggest bringing in expertise from elsewhere in the firm if appropriate).

Tips for “bundle of document” exercises

Some firms will give you anything between 5 and 20 documents to read and answer one or more questions. You may be asked to give a short presentation followed by a discussion with the interviewer(s).

Read the question(s) carefully and follow instructions
Flick through quickly to establish the contents and make sure you look at the back page. You may even find an index to help you
Take a minute to plan your time and leave enough to produce a presentation or at least review your thoughts before the interview
Use a highlighter
Identify key elements relevant to the question(s)
Don’t forget to consider whether the deal should even be done. Is there a deal breaker? Is there another option?
Consider risks to the client and/or to the firm. For example are there any reputational issues associated for either party? Is there any 'conflict of interest' for the firm?
Structure the presentation: beginning, middle and end which should be short summary with recommendations. Be close to the maximum time allowed
Be confident in your recommendations, even if you feel that your chosen line of argument is marginal. You can assess the pros and cons of a given situation, but conclude with “on balance, I recommend xyz”. Remember that solicitors are paid to make decisions and that clients need to trust their legal advisers to make them!
Consider your audience
Imagine this was actually a real situation at work where you were involved in working with this client – what would you really say to them?
Check your grammar, spelling and punctuation.

Preparation

Here are some suggestions to help make you feel ready and confident to tackle these exercises:

Make sure that you research the role of a solicitor carefully such that you have a realistic view of their daily work (in the relevant setting), their responsilbilites and activities and even an awareness of the SRA's Code of Conduct for legal service firms and individuals.
Have a clear idea of the firm’s practice areas, what type of work they specialise in, where their offices are located, how they differentiate themselves from their key competitors and the challenges that law firms face.
Read the firm’s annual report or review (and compare it to a competitor), follow their news on social media in the weeks ahead of the interview.
Be aware of what is happening in the legal world.
Keep up to date with current affairs including areas of business that interest you.
Learn some basic business language, have a broad understanding of mergers and acquisitions and how they are structured. Know how to read a balance sheet.
Be clear on the importance of technology for all businesses.
Practise reading business articles in a set time and then summarise the key points.
You may find it useful to become familiar with some basic analysis tools used in business such as SWOT and PESTLE as they may help you think of areas to consider in some responses. Don't go overboard with these though as they might hinder your ability to write a clear and appropriate response if they are used incorrectly.
Candidates can only be awarded marks for thoughts that are expressed in the interview, so get in the habit of talking through your thought process: thinking aloud.
Complete some of the exercises that firms offer in their online work experience/online internship schemes. Many are listed on Forage.

Resources for Building Commercial Awareness

All You Need To Know About The City by Chris Stoakes, and Commercial Law Handbook by Jake Schogger are useful preparation for understanding business terms, how deals work and general commercial awareness as it applies to the legal industry.

Useful websites include:

LawCareers.Net commercial awareness hub and weekly round ups
Chambers Student: Commercial Awareness Resources - Legal Blogs
Chambers Student: Legal industry trends
UK Government guidance on how to set up a business
BBC News: Business
The Guardian's glossary of business terms
How to Read a Balance Sheet (The Non-Boring Version)
Virtual work experience programmes for several law firms including Linklaters, White & Case and Pinsent Masons are available on the Forage platform.
legalfutures.co.uk – has a free newsletter rounding up key changes and news in the legal sector.
Our self directed learning information pages contain resources for free online courses

Building Your Commercial Awareness Skills at Oxford

Attend skills sessions run by law firms online as well as those run by The Careers Service , the Oxford Law Society , the Oxford Bar Society and the Law Faculty
The Oxford Strategy Challenge – ideal for building up team work, commercial awareness and skills in working with business clients. Run regularly throughout the year (online).
Develop your employability skills – includes many ideas for building these at Oxford including practical suggestions for developing your “business awareness”.
Presentation and other assessment centre skills advice
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Law Case Study – How To Answer Case Studies in Law

One of the major challenges students have in business law and other law courses are answering questions under the case study. In this article, I will explain how to answer any law case study question following the same rule you are aware of and which is generally recommended. The IRAC or IDAC Principle.

Law Case Study Tips

IRAC Principle is an acronym which depicts,

“I” for Identification

“R” for Rule(s)

“A” for Analysis

“C” for Conclusion

While the IDAC Principle depicts the same but “D” stands for Definition.

Law Case Study – Question 1

Chuddy requested Kris to transport goods from Lagos to Darlington’s estate in Enugu state for the sum of N200,000.00. Kris replied that he was only prepared to transport the goods for N300,000.00.

Chuddy wrote back to Kris asking him to reconsider the initial price, but Kris did not reply to his letter. Two days later, Chuddy delivered the goods to the business premises of Kris, who transported them to Darlington’s Estate in Enugu State.

Chuddy has refused to pay the N300,000.00 demand by Kris, saying that there was no concluded contract. Advise the party using relevant authorities.

[Question 1, First Semester Exam 2014/2015. BAM – YABATECH]

ANSWER/SOLUTION

Let’s make use of the IRAC Principle to answer this question, but before this, let me quickly explain how it works.

“I” – Identification.

First of all, you need to identify under which law the case falls, if it is LAW OF CONTRACT then you consider the elements of the law of contract which are Offer, Acceptance, Consideration, Invitation to treat etc…

So, from the case above, after reading the question/case, you’ll find out that it is AN OFFER . An offer is a definite undertaking with the expectation that it will become binding when the person accepts but since there was no acceptance between Chuddy and Kris, it means that the offer was terminated.

“R” – Rules

From the above rule, we can say that the offer is a counter-offer because the terms [amount involved] were not accepted by both parties which also means that it was rejected.

So, what are the rules for termination of an offer?

An offer can be terminated through or by Revocation by rejection, the death of either party, the lapse of time and counter-offer [it varies the terms of an offer]

“A” – Analysis

By Analysis, you are expected to analyze the case study on some facts and principles that are similar in the area of law . [Always remember to lay emphasis on established facts and principles]

Since we have identified the rules applicable stating that it is a counter-offer and it was rejected then let’s see what it means.

Counter Offer: In a nutshell, counter offer varies the terms of an offer
By rejection: It means the offeree did not accept the terms of the offer.

“C” – Conclusion

Here, you are expected to conclude your judgment based on legal facts and principles you have identified. Your conclusion should also entail which party has the right to sue or succeed if the matter is taken to court for legal actions.

So, since a counteroffer cannot give rise to a binding agreement, it means that Kris should not take the issue to court because, by the means of a counteroffer, there was no agreement between both parties.

Importance of Accounting in an Economy
EOQ – Definition & Assumptions of Economic Order Quantity
Ledger Accounts and Trial Balance +Video Guide
Questions on Permutation and Combination
Users of Accounting Information
Petty Cash Book: Analytical & Imperest System (+Video)
Questions on Set Theory
Bookkeeping, Accounting and the Double-Entry Principle
Overhead Costs Definition – What is Overhead Costs?
Joint Venture Accounting (AOC with Video Summary)
Questions On Process Costing +Video Guide

4 thoughts on “Law Case Study – How To Answer Case Studies in Law”

Thanks bro…. Bless you too

Wonderful! Am excited that u are doing this bro. God bless u

Nice one bro, good breakdown

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commercial law case study questions and answers

Mergers and Acquisitions for Commercial Law

Preparing you for m&a case studies and interviews, this course is included in our tcla premium subscription..

This course is free with a subscription to TCLA Premium .

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Mergers and acquisitions forms the basis for some of the hardest exercises at law firm interviews and assessment days. That's why this course is designed to prepare you for all forms of M&A questions across case studies, written exercises and scenario interviews.

You'll come away with a detailed understanding of the key interview topics through video lectures and case study materials.

TCLA's mock case studies and written exercises 2 and 3 (with new sample answers!)
Our new case study, designed to simulate a real case study interview (with sample answers!)
A detailed breakdown of the most challenging M&A interview questions with guidance on how to stand out in your answers
30+ sample interview answers
Practice quizzes to reinforce your learning
Practical examples based on recent interview topics

If you're new to the subject, don't worry, we break down what you need to know about mergers and acquisitions for your interviews, right from the basics. If you already know your stuff, this course will help you to grapple with many of the high-level topics, such as negotiating the key terms in an acquisition agreement and structuring an acquisition.

This is a very practical, step by step video course to excelling in M&A interviews, compiling everything you need to know about the topic in one place. It's divided into six sections, beginning with the information you need to develop your understanding of M&A and ending with real case study exercises for you to practice. Throughout you will find a variety of M&A interview and scenario questions together with our sample answers.

IMPORTANT: This course is FREE for TCLA Premium subscribers !

Course Curriculum

Start What do you need to know for an M&A Interview? (2:55)
Start M&A Interview Questions - Full List
Start M&A Interview Terminology
Start M&A Pre-Course Test (Normal)
Start M&A Pre-Course Test (Advanced)
Start Understanding Mergers and Acquisitions (1:33)
Start Horizontal mergers (1:08)
Start Vertical Mergers (1:51)
Start Conglomerate Mergers (0:44)
Start Written Exercise: Mergers and Acquisitions (3:53)
Start Why do companies merge or acquire other companies? (2:11)
Start Understanding Synergy (2:29)
Start Acquihires, intellectual property and financial sponsors (1:46)
Start Interview Questions & Answers: M&A Fundamentals
Start Acquisition Overview and the Role of Lawyers (5:12)
Start Interview Question: Acquisition Structure (7:09)
Start Raising Finance and Method of Payment
Start Interview Questions & Answers: Anatomy of a Deal
Start Non-Disclosure Agreement/Confidentiality Agreement (4:28)
Start Letter of Intent (4:36)
Start Due Diligence and Interview Questions (13:16)
Start Acquisition Agreement and Warranties & Indemnities (12:53)
Start Interview Questions & Answers: Negotiating and Drafting

Your Instructor

Jaysen completed his undergraduate degree in Law at the London School of Economics, before pursuing a master's degree at the University of Cambridge with a specialism in corporate law.

He began his career as a trainee at the US-based law firm Weil Gotshal & Manges prior to founding The Corporate Law Academy.

Frequently Asked Questions

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47 case interview examples (from McKinsey, BCG, Bain, etc.)

Case interview examples - McKinsey, BCG, Bain, etc.

One of the best ways to prepare for case interviews at firms like McKinsey, BCG, or Bain, is by studying case interview examples.

There are a lot of free sample cases out there, but it's really hard to know where to start. So in this article, we have listed all the best free case examples available, in one place.

The below list of resources includes interactive case interview samples provided by consulting firms, video case interview demonstrations, case books, and materials developed by the team here at IGotAnOffer. Let's continue to the list.

McKinsey examples
BCG examples
Bain examples
Deloitte examples
Other firms' examples
Case books from consulting clubs
Case interview preparation

Click here to practise 1-on-1 with MBB ex-interviewers

1. mckinsey case interview examples.

Beautify case interview (McKinsey website)
Diconsa case interview (McKinsey website)
Electro-light case interview (McKinsey website)
GlobaPharm case interview (McKinsey website)
National Education case interview (McKinsey website)
Talbot Trucks case interview (McKinsey website)
Shops Corporation case interview (McKinsey website)
Conservation Forever case interview (McKinsey website)
McKinsey case interview guide (by IGotAnOffer)
Profitability case with ex-McKinsey manager (by IGotAnOffer)
McKinsey live case interview extract (by IGotAnOffer) - See below

2. BCG case interview examples

Foods Inc and GenCo case samples (BCG website)
Chateau Boomerang written case interview (BCG website)
BCG case interview guide (by IGotAnOffer)
Written cases guide (by IGotAnOffer)
BCG live case interview with notes (by IGotAnOffer)
BCG mock case interview with ex-BCG associate director - Public sector case (by IGotAnOffer)
BCG mock case interview: Revenue problem case (by IGotAnOffer) - See below

3. Bain case interview examples

CoffeeCo practice case (Bain website)
FashionCo practice case (Bain website)
Associate Consultant mock interview video (Bain website)
Consultant mock interview video (Bain website)
Written case interview tips (Bain website)
Bain case interview guide (by IGotAnOffer)
Digital transformation case with ex-Bain consultant
Bain case mock interview with ex-Bain manager (below)

4. Deloitte case interview examples

Engagement Strategy practice case (Deloitte website)
Recreation Unlimited practice case (Deloitte website)
Strategic Vision practice case (Deloitte website)
Retail Strategy practice case (Deloitte website)
Finance Strategy practice case (Deloitte website)
Talent Management practice case (Deloitte website)
Enterprise Resource Management practice case (Deloitte website)
Footloose written case (by Deloitte)
Deloitte case interview guide (by IGotAnOffer)

5. Accenture case interview examples

Case interview workbook (by Accenture)
Accenture case interview guide (by IGotAnOffer)

6. OC&C case interview examples

Leisure Club case example (by OC&C)
Imported Spirits case example (by OC&C)

7. Oliver Wyman case interview examples

Wumbleworld case sample (Oliver Wyman website)
Aqualine case sample (Oliver Wyman website)
Oliver Wyman case interview guide (by IGotAnOffer)

8. A.T. Kearney case interview examples

Promotion planning case question (A.T. Kearney website)
Consulting case book and examples (by A.T. Kearney)
AT Kearney case interview guide (by IGotAnOffer)

9. Strategy& / PWC case interview examples

Presentation overview with sample questions (by Strategy& / PWC)
Strategy& / PWC case interview guide (by IGotAnOffer)

10. L.E.K. Consulting case interview examples

Case interview example video walkthrough (L.E.K. website)
Market sizing case example video walkthrough (L.E.K. website)

11. Roland Berger case interview examples

Transit oriented development case webinar part 1 (Roland Berger website)
Transit oriented development case webinar part 2 (Roland Berger website)
3D printed hip implants case webinar part 1 (Roland Berger website)
3D printed hip implants case webinar part 2 (Roland Berger website)
Roland Berger case interview guide (by IGotAnOffer)

12. Capital One case interview examples

Case interview example video walkthrough (Capital One website)
Capital One case interview guide (by IGotAnOffer)

12. EY Parthenon case interview examples

Candidate-led case example with feedback (by IGotAnOffer)

14. Consulting clubs case interview examples

Berkeley case book (2006)
Columbia case book (2006)
Darden case book (2012)
Darden case book (2018)
Duke case book (2010)
Duke case book (2014)
ESADE case book (2011)
Goizueta case book (2006)
Illinois case book (2015)
LBS case book (2006)
MIT case book (2001)
Notre Dame case book (2017)
Ross case book (2010)
Wharton case book (2010)

Practice with experts

Using case interview examples is a key part of your interview preparation, but it isn’t enough.

At some point you’ll want to practise with friends or family who can give some useful feedback. However, if you really want the best possible preparation for your case interview, you'll also want to work with ex-consultants who have experience running interviews at McKinsey, Bain, BCG, etc.

If you know anyone who fits that description, fantastic! But for most of us, it's tough to find the right connections to make this happen. And it might also be difficult to practice multiple hours with that person unless you know them really well.

Here's the good news. We've already made the connections for you. We’ve created a coaching service where you can do mock case interviews 1-on-1 with ex-interviewers from MBB firms . Start scheduling sessions today!

Commercial Law Academy

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Our platform, at a glance

Our courses have been crafted and curated by ex-Magic Circle lawyer and best-selling author Jake Schogger, based on his experiences working as a lawyer and coaching, mentoring and training thousands of aspiring lawyers. He’s teamed up with senior City lawyers and ex-partners, leading City trainers, and an ex-Magic Circle graduate recruiter to offer the expert insights and guidance you need to secure a training contract.

23 expert-led courses, 350+ video lessons, interactive quizzes, practical tips, insider insights, and exclusive guidance.

90+ firm profiles with USPs for Magic Circle, Silver Circle, US, regional and Scottish firms, plus in-house teams.

120+ comprehensive assessment centre insights for City firms, with advice from successful candidates.

150+ verified successful applications, plus feedback on why examples are strong and what could be improved.

14 example commercial and legal interview case studies based on real law firm interviews, with model answers and guidance.

Monthly sessions where Jake reviews applications, plus a forum where he answers questions.

Certificate of completion for every course.

The core areas of learning

Comprehensive courses designed by genuine experts to properly prepare you for applications, online tests, interviews, internships, and the world of commercial law

The recruitment process

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Discover how our courses transformed Amy's approach to writing applications and helped her to secure a training contract

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Law firm interviews and assessment centres

Check out the broad range of resources that we have created to support your interview preparation and technique

Instructors

Jake Schogger, Hannah Salton, Laura Brunnen, Leah Adeniran, Peter Watson, Akil Hunte, Simranjeet Mann, Giles Thompson, Rob Hanna, Peggy Forell, John Trimbos, Helen Pamely, Gordon Chung, James Richardson, Luke Mitchinson, Ali Obeid, Yash Zaveri, and many more...

Commercial Law Academy Founder & Ex-Freshfields Lawyer Jake Schogger

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Head of growth at a leading legal tech business Giles Thompson

Ex-City lawyer, author, and founder Akil Hunte

Ex-stock broker and current affairs guru Peter Watson

Ex-City law firm partner Helen Pamely

Corporate City lawyer Gordon Chung

Legal recruiter and community builder Rob Hanna

Ex Magic Circle & Elite US lawyer turned headhunter Luke Mitchinson

Business presentation expert Peggy Forell

Business writing expert John Trimbos

YouTuber & White & Case Trainee Ali Obeid

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Concentrate Questions and Answers Company Law – Law Q&A Revision and Study Guide | Law Trove

Concentrate Questions and Answers Company Law: Law Q&A Revision and Study Guide (3rd edn)

The Concentrate Questions and Answers series offers the best preparation for tackling exam questions and coursework. Each book includes: typical questions; suggested answers with commentary; illustrative diagrams; guidance on how to develop your answer; key debates; suggestions for further reading; and advice on exams and coursework. Concentrate Q&A Company Law offers expert advice on what to expect from your company law exam and coursework, how best to prepare, and guidance on what examiners are really looking for. Written by an experienced examiner, it provides: reminders of points to consider; indications of key debates for each topic; exam-length suggested answers; clear commentary with each answer; diagram answer plans; cautionary points; tips to make your answer stand out from the crowd; and annotated further reading suggestions at the end of every chapter. The book should help you to: identify typical company law exam questions; structure and write a first-class answer; avoid common mistakes; show the examiner what you know; develop and demonstrate your understanding; identify connections between topics; and find relevant and helpful further reading. As well as separate chapters on exam skills and preparing coursework, it covers: companies and corporate personality; the corporate constitution; shares and shareholders; directors’ duties; company management and governance; minority shareholder remedies; corporate liability (contracts, torts, and crimes); share capital; loan capital; and corporate insolvency. The book is suitable for undergraduate students taking a module in company law on the LLB and GDL, and undergraduate students studying aspects of company law on other degreecourses.

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Guide to the online resources
Table of cases
Table of legislation
1. Exam Skills for Success in Company Law
2. Companies and Corporate Personality
3. The Corporate Constitution
4. Shares and Shareholders
5. Directors’ Duties
6. Company Management and Governance
7. Minority Shareholder Remedies
8. Corporate Liability: Contracts, Torts, and Crimes
9. Share Capital
10. Loan Capital
11. Corporate Insolvency
12. Mixed Topic Questions
13. Skills for Success in Coursework Assessments

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30 Business Law Quiz Questions and Answers

Business law, also known as commercial law or mercantile law, is a branch of legal studies that deals with the legal aspects of business and commercial transactions. It encompasses a wide range of topics that govern the interactions between individuals, companies, and organizations in the business world. Business law plays a crucial role in maintaining fairness, order, and predictability in commercial activities.

Here is an overview of the key areas covered by business law:

Contracts: Contract law is a fundamental aspect of business law. It deals with the formation, interpretation, and enforcement of agreements between parties. Contracts outline the rights and obligations of each party and serve as legally binding documents in business transactions.

Business Formation and Structure: Business law covers the process of forming and registering different types of business entities, such as sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). Each structure has unique legal implications in terms of liability, taxation, and management.

Part 2: Download business law questions & answers for free

Download questions & answers for free

16. Which legal mechanism is used to protect inventions and discoveries in business? a) Copyright b) Trademark c) Patent d) Trade secret Answer: c) Patent

17. Which of the following is NOT a form of intellectual property protection? a) Brand identity b) Copyright c) Trademark d) Trade secret Answer: a) Brand identity

18. What is the primary purpose of antitrust laws in business? a

) To encourage monopolies in the market b) To promote fair competition and prevent anti-competitive practices c) To protect consumers from high prices d) To ensure all businesses have equal market share Answer: b) To promote fair competition and prevent anti-competitive practices

19. What type of law focuses on protecting consumer rights and ensuring fair business practices? a) Antitrust law b) Environmental law c) Contract law d) Consumer protection law Answer: d) Consumer protection law

20. In business law, what is a “breach of contract”? a) A contract that was not signed by both parties b) A contract that has expired c) A failure to fulfill the terms of a contract without a valid excuse d) A contract that is no longer valid due to changes in laws Answer: c) A failure to fulfill the terms of a contract without a valid excuse

21. What is the purpose of employment law in the business world? a) To regulate employee dress code b) To establish rules for employee social media use c) To govern the relationship between employers and employees d) To prevent businesses from hiring foreign workers Answer: c) To govern the relationship between employers and employees

22. What type of law deals with issues related to data privacy and the protection of sensitive information? a) Antitrust law b) Employment law c) Privacy and data protection law d) Consumer protection law Answer: c) Privacy and data protection law

23. Which area of business law ensures that individuals and businesses are protected from financial harm caused by the wrongful actions of others? a) Intellectual property law b) Employment law c) Torts d) Bankruptcy and insolvency law Answer: c) Torts

24. What does “litigation” refer to in the context of business law? a) The process of initiating a business venture b) The act of drafting legal contracts c) The process of resolving legal disputes through the court system d) The process of hiring new employees Answer: c) The process of resolving legal disputes through the court system

25. Which of the following is a legal remedy available for a breach of contract? a) Imprisonment of the party who breached the contract b) Financial compensation to the non-breaching party c) Termination of the contract without consequences d) The non-breaching party is required to fulfill additional obligations Answer: b) Financial compensation to the non-breaching party

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26. What is the purpose of the “discovery” process in business litigation? a) To uncover potential criminal activities b) To gather evidence and information relevant to the case c) To determine the guilt or innocence of the parties involved d) To conduct cross-examination of witnesses Answer: b) To gather evidence and information relevant to the case

27. Which of the following is a potential remedy for a successful plaintiff in a tort case? a) Monetary damages b) Forced dissolution of the defendant’s business c) Criminal charges against the defendant d) Imprisonment of the defendant Answer: a) Monetary damages

28. What is the purpose of mediation in business law? a) To force the parties involved in a dispute to accept a settlement b) To present evidence and arguments in front of a judge and jury c) To facilitate communication and negotiation between the parties to reach a resolution d) To appeal a decision made in a previous court case Answer: c) To facilitate communication and negotiation between the parties to reach a resolution

29. Which area of business law focuses on issues related to corporate mergers and acquisitions? a) Contract law b) Employment law c) Antitrust law d) Corporate law Answer: d) Corporate law

30. What does “due diligence” refer to in business law? a) The process of investigating potential business partners or investment opportunities b) The act of disclosing confidential information to competitors c) The process of investigating a business’s financial records for tax purposes d) The act of hiring an attorney to represent a business in court Answer: a) The process of investigating potential business partners or investment opportunities

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Commercial Awareness Interview Questions and Answers

Looking to demonstrate your commercial awareness within interview questions? Improve your performance with these mock examples.

All applicants to training contracts and vacation schemes will face an interview at some stage of the process. Demonstrating your commercial awareness in these settings is crucial.

Interviews: The Big Picture

Starting by zooming out a little, your interviews as a whole will be crucial in determining whether you are accepted or rejected for a training contract or vacation scheme. This is often the last stage of the application process (after an application form , perhaps a CV and cover letter , plus some kind of admissions test such as a Watson Glaser or SJT – some practise tests of these are available here ). This is further split by some firms into two stages – (1) a recorded video interview and (2) a live interview with a real representative of the firm (perhaps a partner or counsel) as part of an ‘assessment centre’ which can be held online or in person.

Regardless, the interview stage is hugely important. You need to demonstrate a variety of things here (many of which you already came across in the application form), including:

What led to your interest in becoming a solicitor (a personal and interesting answer)
What interests you in the firm (specific, tangible examples)
What experiences and skills you have that suit the firm (specific, tangible examples)

In an interview setting, you now have the extra bonus (or challenge, depending on your viewpoint) of being able to highlight how personable you are – which is not possible on paper alone. Demonstrating that you are a likeable individual with a genuine personality achieves two things – (1) it tells your interviewers that you would be a good person to integrate within the firm’s culture and (2) it implies a certain level of communication and interpersonal skills which are crucial to dealing with (and maintaining relationships with) clients.

There is another point which is likely to surface at some point in your interviews, however, and one which is often overlooked too – commercial awareness.

What is Commercial Awareness?

Commercial awareness is a difficult term to pinpoint exactly, but is generally used to refer to an awareness of (1) how the world of business works and (2) significant recent developments in that world.

The first point requires candidates to develop a basic understanding of big finance. What is inflation ? What are interest rates ? What does a private equity firm do? How do businesses raise capital ?

You will rarely be asked questions as direct as these in an interview, however. Instead, you will be expected to raise some of these concepts yourself during your answers to interview questions. In terms of developing this knowledge, Investopedia is a great place to start for specific terms, as is Christopher Stoakes’ readily available (and eternally popular) ‘All You Need To Know About The City’ . It is also worth noting that business does not exist in a vacuum, and so developing a basic knowledge of areas which heavily impact businesses on a regular basis (namely politics) is also important.

The second point simply requires you to keep up to date with the news. The Financial Times and The Economist are the two most recommended picks in this area, though both require paid subscriptions (your educational institution may hold a subscription on your behalf – be sure to check). Other sites such as The Guardian are also helpful for a more accessible read.

When you come across interesting pieces, look for any terms within the text which you don’t understand yet and find their meanings on sites like Investopedia. Next, note down key takeaway from these pieces and (crucially) how they might impact a law firm or their clients.

How Does Commercial Awareness Fit Into Interviews?

Many law firm ‘assessment centres (a series of interviews back-to-back within the space of a few hours) will be consist of some interviews based on broader questions around yourself and the firm, and other interviews based purely on trying to test your commercial awareness. Magic Circle law firm Allen & Overy , for example, are known to split their assessment centres into one business case study interview and one more personal interview (why you, why A&O, etc.).

It is obvious that you will need to demonstrate commercial awareness in the purely business-orientated case-study type of interview. However, it will often also be relevant to draw upon commercial awareness in the more general aspects of an interview, too.

You need to understand why commercial awareness is such an important part of the application process for law firms – they are, at the end of the day, businesses themselves, and are dealing with a huge range of complex businesses on a daily basis. Advising these clients requires at least a basic understanding of how they operate.

Furthermore, a relatively recent trend in the legal sector has seen law firms being expected to act as business consultants in some respects – advising not only on the law, but also on what makes the most commercial sense for a client. All of these points are amplified even more the higher up the scale of firm size you go, peaking with the elite US and M agic Circle firms.

As a result, it is imperative that you prepare for the types of questions that may surface.

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Law Interview Question Examples

Example: can you tell us about a recent news story that might impact the legal industry.

This is the broadest type of question available, and so allows you free reign over where you take it. If you followed the advice above on making notes of interesting articles and how they relate to law firms and their clients, you should have a range to choose from. A strong answer will identify a specific news piece and make an explicit link to your interviewing firm by drawing upon knowledge of their operations.

For example, you could reference a recent Economist piece on the growth of wind farms before linking this to a recent wind farm deal the firm completed for a major client (which you have taken the time to read about), and then discuss the potential for growth in that area in terms of client work. For bonus points, you might even want to introduce yourself into the mix – your experience as a committee member of the sustainability society at university, for example, is worth expanding upon at this point.

Example: What challenges are facing the legal industry today?

For this question, you really need to view the law firm as a business in its own right. What obstacles (in the form of recent trends) is it currently facing? Introducing a news article is again a solid way to start answering the question. A few examples (which will certainly have news articles published on) could include:

The aftermath of COVID (markets slowed – less work for law firms to pick up)
Brexit (increasingly complex regulatory landscape and a possible appeal of mainland Europe for clients, which would be an issue for a UK-focused or even just UK-headquartered firm)
The growth of AI (can be a huge advantage if integrated successfully, for example with A&O’s Harvey chatbot , but can also make some clients feel they can find legal answers without paid help)
Employee burnout (law firms are nothing without their staff, and lawyers in particular are suffering with work-life balance – firms need to find a balance for both ethical and commercial reasons)
Cybercrime (law firms themselves are being increasingly targeted, and store huge quantities of client data which they are legally responsible for protecting)

However, it is also useful to think of some of your own examples – the more unique and interesting, the more likely your interviewers will be impressed and remember your conversation.

Example: Discuss a recent deal that interested you.

This question gives you the perfect opportunity to demonstrate your commercial awareness and helps to show the firm the kinds of issues that interest you. Focus on how your chosen case relates to the firm’s key legal practice areas and the sectors you expressed interest in during your application. It is important not to just describe the transaction but also to explain what is unique about the deal – does it have long term impacts, is it a landmark case, what does it mean for the sector/industry/firm?

Also, try and pick a transaction that the firm you are applying to worked on as this shows that you are specifically interested in them (rather than their competitors!).

Example: Which company do you think has a strong business plan?

This is a slightly less common question, though will come up in some interviews. It is designed to test your big-picture ability to understand how businesses work.

What is meant by a ‘strong business plan’? This could be taken solely as profitability, but other factors (such as environmental or community impact) could also be brought into the conversation for an interesting angle on things.

Ideally, you will have thought of a few examples in advance. Think back to recent news stories. Apple’s attempts to break into banking (in partnership with Goldman) is a recent example of a savvy business development – a recent TLP article outlines some of the key takeaways of this expansion .

Example: What new law would you introduce and why?

This is a tricky question as you would need to demonstrate a strong legal understanding. As with all questions, try to keep a business focus when answering this and discuss a law that would be of particular use to your firm. Suggesting a law related to human rights when the firm specialises in real estate law, for example, would not be relevant and might demonstrate a lack of awareness for the firm and its work. Perhaps looking at the firm’s recent transactions and devise a law that could support its case.

It is also worth noting that many firms request that you read a case study as part of an assessment centre , which then forms the basis of their questions. They might ask you to talk them through a transaction, for example, and what advice you would give to a client. For these, it is important to not only think legally but also commercially – consider the impacts on the business itself and its various stakeholders. Make sure your answers are very specific to the particular client and their company.

Key Takeaways

Commercial awareness should be considered one of the most important skills to demonstrate in a law firm interview. You need to know both how to prepare (understanding general concepts and following the news) and how to demonstrate this knowledge and skill when faced with an interview question. By showcasing your commercial awareness, you take a large step closer to success in your applications.

By Declan Peters

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CA Foundation Business Law Study Material Question Bank Pdf | CA Foundation Law Case Studies Questions with Answers

CA Foundation Business Law: If you want to learn the subjects and their concepts deeply then downloading the officially released CA foundation business law paper 2 study material is the best solution. Are you looking for the same in pdf format? You have stepped into the right place where you can acquire the pdf formatted Business law CA foundation program study notes along with the chapter-wise weightage details. Let’s dive in!

ICAI CA Foundation Business Law Study Material
CA Foundation Business Law Study Material
CA Foundation Business Law Notes

Preparation Tips For Business Law CA Foundation Examination

Where can you find the CA Foundation law chapter-wise questions and answers pdf?
Which chapters are important in CA Foundation Law?
How do I clear my CA Foundation law?

Important Case Studies for CA Foundation Law | ICAI CA Foundation Business Law Study Material

The institute of chartered accountants of India (ICAI) conducting body introduces the new syllabus and the exam resources for the respective students who have applied for the CA courses. CA Foundation is the first-level chartered accountancy course. CA foundation business law is the second paper in the CA foundation program. Students can benefit by downloading the ICAI CA foundation business law handwritten notes pdf provided here.

As it includes an explanation of the core concepts of the second paper in a comprehensive and friendly pattern. All foundation course candidates can understand and learn the subject so efficiently and can answer any type of question with confidence. Here, you can find the list of important questions with answers, MCQs with solutions, True and false type questions, and Important Case Studies for CA Foundation Business Law.

CA Foundation Law Case Studies Questions with Answers | CA Foundation Business Law Study Material

We have curated the list of unit-wise CA foundation business law written notes for revision here. It covers the revised syllabus and its core topics questions and answers along with tips to prepare and present the answers in the CA foundation paper 2A business law examination.

ICAI CA Foundation Law Study Material Unit 1 Indian Contract Act, 1872

Nature of Contract
Offer & Acceptance
Capacity to Contract
Consideration
Free Consent
Legality of Object & Consideration
Void Agreements
Contingent & Quasi Contracts
Performance of a Contract
Discharge of a Contract

CA Foundation Law Case Study Pdf Unit 2 Sale of Goods Act, 1930

Formation of Contract of Sale
Conditions & Warranties
Transfer of Ownership
Unpaid Seller

CA Foundation Law Question Bank Pdf Unit 3 Indian Partnership Act, 1932

General Nature of Partnership
Relations of Partners
Registration of a Firm & Dissolution of a Firm

CA Foundation Law Questions with Answers Unit 4 Limited Liability Partnership Act, 2008

Limited Liability Partnership Act, 2008

CA Foundation Law Case Study Questions Unit 5 Companies Act, 2013

Companies Act, 2013

CA Foundation Business Law Notes | CA Foundation Paper 2A Business Law Study Material PDF Unit-Wise

Attain the unit-wise study notes of CA Foundation business law from below and start downloading them for free of charge. After downloading them do practice and study regularly from the provided study material and score well in the CA foundation paper 2A law examination.

CA Foundation Business Law Notes Pdf Unit 1 Indian Contract Act, 1872

Nature of Contracts Notes
Offer and Acceptance Notes
Consideration Notes
Capacity of Parties Notes
Free Consent Notes
Void Agreements Notes
Contingent Contracts and Quasi Contracts Notes
Performance of a Contract Notes
Discharge of a Contract Notes

CA Foundation Law Handwritten Notes Pdf Free Download Unit 2 Sale of Goods Act, 1930

Formation of Contract of Sale Notes
Conditions and Warranties Notes
Transfer of Ownership Notes
Performance of a Contract: Delivery and Payment Notes
Rights of Buyer & Rights of Unpaid Seller Notes
Auction Sale Notes

Business Law Notes for CA Foundation Unit 3 Indian Partnership Act, 1932

General Nature of a Partnership Notes
Registration of a Firm Notes
Relations of Partners Notes
Reconstitution and Dissolution of a Firm Notes

CA Foundation Law Revision Notes Unit 4 Limited Liability Partnership Act, 2008

The Limited Liability Partnership Act, 2008 Notes

Law Notes CA Foundation Unit 5 Companies Act, 2013

The Companies Act, 2013 Notes

Do look at the attached link about the previous papers on paper 2A business law chartered accountancy foundation program ie., CA Foundation Business Law Question Paper , and practice more for scoring the best marks in the final paper.

CA Foundation Law Chapter Wise Weightage




1. Nature of Contract	–	–	–	–	–
2. Offer & Acceptance	–	8	–	–	–
3. Capacity to Contract	2	–	–	–	–
4. Consideration	5	3	4	7	2
5. Free Consent	5	–	12	5	7
6. Legality of Object & Consideration	–	–	–	–	–
7. Void Agreements	2	–	–	–	9
8. Contingent & Quasi Contracts	–	7	–	4	–
9. Performance of a Contract	4	–	–	6	6
10. Discharge of a Contract	6	4	6	–	2

1. Formation of Contract of Sale	4	4	–	–	–
2. Conditions & Warranties	–	6	10	6	–
3. Transfer of Ownership	6	6	6	4	16
4. Unpaid Seller	6	–	–	6	–

1. General Nature of Partnership	4	–	–	–	2
2. Relations of Partners	6	14	14	14	12
3. Registration of a Firm & Dissolution of a Firm	6	4	4	4	4

1. Limited Liability Partnership Act, 2008	5	5	5	5	5

1. Companies Act, 2013	13	13	13	13	13


1. Communication	10	10	10	10	10

2. Sentence Types	5	5	6	6	6
3. Vocabulary	7	7	7	7	7
4. Comprehension Passage	5	5	5	5	5
5. Note-Making	3	3	3	3	3
6. Precis Writing	7	7	7	7	7
7. Article Writing	5	–	5	5	5
8. Report Writing	–	5	5	5	5
9. Letter Writing	10	5		4	4
10. E-Mail Writing	–	–	4	–	–
11. Resume Writing	–	5	–	–	–
12. Business Meeting	–	–	–	–	–
Total marks greater than 100 (Compulsory + Optional Questions)	126	126	126	126	130

For scoring great marks in paper 2 of the CA foundation, preparation is the first and standard step to follow. To make that preparation stage so smooth for every student, here are some tips that you should consider and do one after other:

Initially, check the released exam schedule, exam pattern, new syllabus, sample and previous question papers, study material, and revision notes.
Now, create your own study timetable by taking the help of the CA foundation law chapter-wise weightage.
Answering the question in the correct way is more important so present it in 3 parts where the first group implies problem identification, the second is a legal solution, and then come with the conclusion part.
Stick to the syllabus and complete all the concepts while preparing.
Answer all the questions in mock test papers and fill the knowledge gap.

FAQs Related To Chartered Accountancy Business Law Study Notes PDF

1. Where can you find the CA Foundation law chapter-wise questions and answers pdf?

Gstguntur.com is the right place to find the CA Foundation business law chapter-wise questions and answers in pdf format.

2. Which chapters are important in CA Foundation Law?

In any paper of the CA foundation course, you will get to see some of the important chapters which help to score minimum marks. In the business law ca foundation paper, the chapters that are crucial are the Indian contract act 1872, The sale of goods act, the Indian Partnership Act, and the Indian Companies act.

3. How do I clear my CA Foundation law?

Planning the proper strategy and focusing on it will make sure to clear all the difficult examinations in your life. So, be on it and start preparation with good exam resources like CA foundation business law study material, MCQs, and important questions & answers.

Key Outcomes

Believing that the given information related to CA Foundation Law Study Material Pdf free download assists you in preparing for the exam and gaining knowledge. If you need any other guidance on the Chartered Accountancy Business Law study notes pdf, please drop your suggestion in the comments below and get the best solution. Be with us and check the latest updates on CA Foundation Study Material, New Syllabus, Suggested Books, etc.