This paper examines a basic understanding of legal principles and their application. You may find the material a little different from what you are used to because there are virtually no numbers involved. All students should attempt as many exam standard questions as they can, and those taking a paper based exam should develop a concise style of writing in order to get points across quickly and clearly.

he main aims of the F4 exam are:  To develop knowledge and skills in the understanding of the general legal framework and of specific legal areas relating to business, but  To recognise the need to seek further specialist legal advice where necessary The exam is not designed to turn you into a legal expert. Instead you will be a well-informed professional accountant who appreciates the legal issues of doing business but who recognises the boundaries of their legal knowledge and therefore the point at which professional legal expertise must be sought. The sequence of the syllabus and study guide takes you through the main areas of what you need to know. Essential elements of the legal system In this part of the syllabus you are covering areas that underlie all the other areas, namely: what is law and how the UK legal system creates and administers it. The distinctions between criminal law and civil law, between common law and civil law and between public law and private law, are very important. Most of the paper is concerned with civil law, namely the law that sets out the rights and duties of persons in relation to each other. There are elements of criminal law in relation to companies, insolvency, insider dealing and money laundering, in addition to the