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KNEC Business Finance notes
TOPICS COVERED IN KNEC BUSINESS FINANCE SUBJECT TOPIC 1: FORMS OF BUSINESS ORGANIZATION Sole proprietorship Partnership Cooperatives Companies TOPIC 2: NATURE OF BUSINESS FINANCE Importance Relationship with other disciplines TOPIC 3: SHORT TERM BUSINESS FINANCE Different sources of short-term finance Open …
Business Finance: Medium -term Business Finance
TOPIC FOUR Medium -term Business Finance Debt Finance Debt finance is a fixed return finance as the cost (interest) is fixed on the par value (face value of debt). It is ideal to use if there’s a Open …
Business finance: sources of business finance: short-term business finance
TOPIC THREE SOURCES OF BUSINESS FINANCE: SHORT-TERM BUSINESS FINANCE There is a large and continuing demand for finance in commerce and industry fields. The funds are needed for;- 1. Investing in new fixed assets e.g. Plant, machinery etc. To expand Open …
Business Finance: Forms of Business Organisations
BUSINESS FINANCE NOTES TOPIC ONE FORMS OF BUSINESS ORGANISATIONS Business – is an organization established by a person or a group of persons to produce goods or services in order to earn profit. Factors to consider when establishing a new Open …
Business Finance: Nature of Business Finance notes
Nature of Business Finance Meaning of business finance Nature and scope Importance of business finance Relationship with other disciplines BUSINESS FINANCE NOTES TOPIC NATURE OF BUSINESS FINANCE Definition These are activities which have to do with the provision and management Open …
Outline the ways in which a contract may be discharged. Illustrate each mode of discharge by decided cases or examples.
A contract may be discharged in the following way: By Performance. If both parties to the contract perform their obligations the contract is discharged. If only one party performs his obligation then he is discharged from any further obligations and Open …
A enters into a contract with B for buying B’s motor car as agent of C with- , out C’s authority B repudiates the contract before C comes to know of it. C subsequently ratifies the contract and sues to enforce it. Is there a binding contract?
Ratification is retrospective, that is, the agency is taken to have come into effect from the moment the agent first acted, and not from the date of the principal’s ratification. This rule was illustrated by the decision in Bolton Partners Open …
What is meant by agency by ratification? State the conditions that must be fulfilled before that doctrine can apply to an act of agent.
Agency by ratification arises where the principal subsequently confirms and adopts a contract entered into on his behalf by a person who, at the time of the Contract, had no authority to act for the principal or who had exceeded Open …
H’s wife over a period of some months obtained money from H’s bank by forging his signature on cheques which she drew in favor of herself When H discovered the fraud he informed the bank The bank refused to credit his account for the amount wrongly debited against him on the ground that the forged signature appeared quite genuine. Discuss bank ‘s liability.
It is the duty of the banker to be acquainted with the customer’s handwriting and the banker must suffer if payment is made of a cheque on which the customer’s signature is forged. A forged cheque is called a nullity. Open …