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Wye has borrowed £10,000 from Exe and the loan has now become repayable in full. Exe has received a cheque from Wye for £9,000 stated to be “in full and final settlement of the loan.” What is the position if Exe cashes the cheque?

(i) Exe will have accepted £9,000 in full and final settlement and will not be able to claim the other £1,000 from Wye.

(ii) Exe is legally entitled to cash the cheque and pursue Wye for the balance of £1,000.

(iii) Exe will have accepted £9,000, but at law payment of less than the amount due cannot satisfy the full debt.

Options:

(i) only

(ii) only

(iii) only

(ii) and (iii) only

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Question 2

'Remuneration' is one of the main principles in the Corporate Governance Code. Which of the following is NOT best practice under the 'Remuneration' principle?

Options:

Remuneration should be sufficient to attract, retain and motivate directors of the quality required to run the company successfully, but should not be excessive

Remuneration should be structured in order to link a significant proportion of the rewards to corporate and individual performance

There should be a formal and transparent procedure for developing policy on executive remuneration

The board of directors are able to set the remuneration of non-executive directors

Question 3

Which of the following are TWO reasons why new legislation might be introduced in response to corporate scandals?

Options:

To prevent this type of unethical behavior by making it illegal

To punish individuals for adhering to codes of ethics

To encourage companies to make their own decisions about ethical matters

To enforce minimum standards of behavior

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