Various Types of Business Laws

QUESTION ONE

All human activities and interactions should be regulated through various types of laws to ensure some degree of orderliness and social cohesiveness. A businessman needs basic knowledge in law to facilitate his business transactions. This is because, almost all business transactions are usually conducted on agreements technically referred to as contracts. For this reason, contracts are important aspects of all business transactions.

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You are required to;

  1. Briefly define a contract
  2. Differentiate offer and acceptance
  3. Explain why aliens do not have contractual capacity
  4. List three (3) circumstances under which minors can have contractual capacity to enter into legally binding contract
  5. Explain the concept of contractual capacity

 

QUESTION TWO

  1. Classify the under listed cases into executed and executory consideration
  2. Nicholas received GHC100 000 from his father and, in return, promised to place first in his class terminal examinations. The GHC100 000 Nicholas received from his father in return for a promise to place first in his class terminal examinations was the consideration.

 

  1. Afotey lent his pencil to Nakuja. The latter returned it after using it. The benefit or the advantage of using the pencil was enjoyed by Nakija. However, Afotey suffered a detriment in giving out the pencil. The detriment was the consideration to support Nakuja’s promise to return the pencil after using it.

 

 

  1. A seller promised to supply goods to a buyer and the buyer promised to pay for them when the supply was made. In this case, the benefit the seller enjoyed was the buyer’s promise to pay and in return for it, he promised to supply the goods.

 

 

  1. A husband who was a civil servant in Sri Lanka went to England with his wife on holiday. When he was about to exhaust his holiday, he promised his wife a house keeping allowance of $30 a month until the wife joined him. The wife had to remain in England on medical advice. Later, the couple separated and the wife sued for the monthly allowance of $30.

Question. Can the wife enforce the contract against the husband?

  1. Explain the rule surrounding acceptance by post

 

QUESTION THREE

  1. Explain what is meant by a mistake in the law of contract
  2. Differentiate between operative mistake and common mistake
  3. Differentiate between fraud and misrepresentation
  4. List four (4) remedies for fraudulent misrepresentation

 

QUESTION FOUR

  1. Briefly explain the following types of agents
  2. General agent
  3. Special agent
  4. Partner
  5. Banker
  6. Broker
  7. List five (5) duties of a principal to the agent under principal agency relationship
  8. What is agency?
  9. Who is a del credere

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