Corporate and Business Law

  • You can start your F4 exam by completing your knowledge module.
  • Knowledge Module

You’ll develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further specialist legal advice where necessary.

If you have a recognized and relevant finance or accounting degree from an ACCA-accredited university, you may not have to take all of the exams on your journey to membership. We call this “getting exemptions”. Even if you didn’t study at an accredited university, you may still be eligible for exemptions – depending on what you’ve already studied.

You can still join us – but you’ll start your ACCA journey at our Foundations in Accountancy level. This will give you the base you need to learn more – and  you’ll get our Diploma in Accounting and Business when you pass. Then you can start your journey to gaining the ACCA Qualification. And because of what you’ll learn in your Diploma, you won’t have to take the first three exams – you’ll start at F4.

To develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further specialist legal advice where necessary.


On successful completion of this paper candidates should be able to:

  1. Identify the essential elements of the legal system, including the main sources of law
  2. Recognise and apply the appropriate legal rules relating to the law of obligations
  3. Explain and apply the law relating to employment relationships
  4. Distinguish between alternative forms and constitutions of business organisations
  5. Recognise and compare types of capital and the financing of companies
  6. Describe and explain how companies are managed, administered and regulated
  7. Recognise the legal implications relating to insolvency law
  8. Demonstrate an understanding of corporate fraudulent and criminal


1. Law and the legal system

  1. Define law and distinguish types of [1]
  2. Explain the structure and operation of the courts.[1]

2. Sources of law

  1. Explain what is meant by case law and precedent.[1]
  2. Explain legislation and evaluate delegated legislation.[1]
  3. Illustrate the rules and presumptions used by the courts in interpreting [1]
  4. Identify the concept and impact of human rights [1]



1. Formation of contract

  1. Analyse the nature of a simple [2]
  2. Explain the meaning of an offer and distinguish it from an invitation to [2]
  3. Explain the termination of an (2)
  4. Explain the meaning and consequence of acceptance.[2]
  5. Explain the need for [2]
  6. Explain adequacy and sufficiency of consideration.[2]
  7. Analyse the doctrine of [2]
  8. Distinguish the presumptions relating to intention to create legal [2]

2. Content of contracts

a) Distinguish terms from mere representations.[1]

b) Define the various contractual terms.[1]

c) Explain the effect of exclusion clauses and evaluate their control.[2]


3. Breach of contract and remedies

a) Explain the ways in which a contract may be discharged. (2)

b) Explain the meaning and effect of breach of contract, and the remedies available in common law2]

c) Explain the rules relating to the award of damages.[2]

d) Analyse the equitable remedies for breach of contract.[2]

4. The law of torts and professional negligence

a) Explain the meaning of tort.[2]

b) Explain the tort of ‘passing off.’ [2]

c) Explain the tort of negligence including the duty of care and its breach, and the concept of vicarious liability.[2]

d) Explain the meaning of causality and remoteness of damage.[2]

e) Discuss defences to actions in negligence.[2]

f) Explain and analyse the duty of care of accountants and auditors. [2]


1.Contract of employment

a) Distinguish between employees and the selfemployed.[2]

b) Explain the nature of the contract of employment and common law and statutory duties placed on the employer and employee.[2]

2.Dismissal and redundancy

a) Explain termination of employment by notice.[2]

b) Distinguish between summary and constructive


c) Explain wrongful dismissal.[2]

d) Explain unfair dismissal, including the

procedure, and fair and unfair reasons for


e) Discuss the remedies available to those who

have been subject to unfair dismissal.[2]

f) Explain what is meant by redundancy and the

operation of the rules relating to it.[2]



1. Agency law

a) Define the role of the agent and give examples of such relationships paying particular regard

to partners and company directors.[2]

b) Explain the formation of the agency relationship.[2]

c) Define the authority of the agent.[2]

d) Explain the potential liability of both principal and agent.[2]

2. Partnerships

a) Demonstrate a knowledge of the legislation governing the partnership, both unlimited and limited.[1]

b) Discuss the formation of a partnership.[2]

c) Explain the authority of partners in relation to partnership activity.[2]

d) Analyse the liability of various partners for partnership debts.[2]

e) Explain the termination of a partnership, and partners’ subsequent rights and liabilities.[2]

3. Corporations and legal personality


a) Distinguish between sole traders, partnerships

and companies.[1]

b) Explain the meaning and effect of limited liability.[2]

c) Analyse different types of companies, especially private and public companies.[2]

d) Illustrate the effect of separate personality and the veil of incorporation.[2]

e) Recognise instances where separate personality will be ignored (lifting the veil of incorporation).[2]

4.The formation and constitution of a company

a) Explain the role and duties of company promoters, and the breach of those duties and remedies available to the company.[2]

b) Explain the meaning of, and the rules relating to, pre-incorporation contracts.[2]

c) Describe the procedure for registering companies, both public and private, including the system of streamlined company registration.[1]

d) Describe the statutory books, records and returns, including the confirmation statement and the register of people with significant control, that companies must keep or make.[1]

e) Analyse the effect of a company’s constitutional documents.[2]

f) Describe the contents of model articles of association.[1]

g) Explain how articles of association can be changed.[2]

h) Explain the controls over the names that companies may or may not use.[2]

·  ACCA F4 notes

·  ACCA F4 Practice Questions

·  ACCA F4 Revision

·  F4 Revision Mock Exam