In relation to the law of property, explain the difference between each of the following; (i) Ownership and possession. (ii) Fee simple and leasehold. i) Difference between Ownership and possession Ownership Possession • Is proprietary in nature as it confers Open …
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Akili Mingi owns a house at Muthaiga in Nairobi valued at Sh. 20 million. He insured it against fire with Linda Mali Insurance Co. Ltd and Pokea Insurance Co. Ltd for Sh. 15 million and Sh. 10 million respectively. He also insured his household goods against burglary with Lipa Insurance Co. Ltd. for Sh. 5 million. One night while he was away, burglas broke into the house, stole all household goods and set the house on fire completely destroying it. Akili Mingi claims the sum assured from the three insurance companies. Advise them.
Akili Mingi owns a house at Muthaiga in Nairobi valued at Sh. 20 million. He insured it against fire with Linda Mali Insurance Co. Ltd and Pokea Insurance Co. Ltd for Sh. 15 million and Sh. 10 million respectively. He Open …
In relation to the law governing Negotiable Instruments, explain four types of endorsements that may be made on a Bill of Exchange
In relation to the law governing Negotiable Instruments, explain four types of endorsements that may be made on a Bill of Exchange ANSWER • Blank endorsement Section 34 (1) of the Bill of Exchange Act provides that an endorsement in Open …
a) Explain the meaning of the rule “Nemo dat quod non habet” as stipulated in the Sale of Goods Act b) Discuss the main exceptions to the rule
a) Explain the meaning of the rule “Nemo dat quod non habet” as stipulated in the Sale of Goods Act b) Discuss the main exceptions to the rule ANSWER Meaning of the rule “Nemo dat quod non habet” as stipulated Open …
Discuss the various equitable remedies which may be available to an injured party who is suing for breach of contract
Discuss the various equitable remedies which may be available to an injured party who is suing for breach of contract ANSWER Equitable remedies 1. SPECIFIC PERFORMANCE This is a court order which compels the defendant to perform its part of Open …
Explain the rules that govern the measure of damages in the law of contract
Explain the rules that govern the measure of damages in the law of contract ANSWER Rules on the assessment and payment of damages • Compensation: the purpose of a monetary award in the damages is to compensate the plaintiff for Open …
When parties enter into a contract it is virtually impossible for them to include express terms to cover every eventuality. Explain the circumstances under which: i) The courts ii) The statutes Will imply terms into the contract.
When parties enter into a contract it is virtually impossible for them to include express terms to cover every eventuality. Explain the circumstances under which: i) The courts ii) The statutes Will imply terms into the contract. ANSWER Courts of Open …
You have been asked to draft a partnership deed for a small retail firm of five partners. State the matters, if any, that you will omit from the partnership deed on the basis that they are implied by the Partnership Act (Cap 29) Laws of Kenya
You have been asked to draft a partnership deed for a small retail firm of five partners. State the matters, if any, that you will omit from the partnership deed on the basis that they are implied by the Partnership Open …
Describe the advantages of carrying on business as a partnership as opposed to a limited liability company
Describe the advantages of carrying on business as a partnership as opposed to a limited liability company ANSWER Advantages of Partnership • Specialization: creates room for specialization particularly the professional firms. • Sharing of losses: this reduces the amount borne Open …
Explain the nature and advantages of commercial arbitration as a means of settling disputes
Explain the nature and advantages of commercial arbitration as a means of settling disputes ANSWER Arbitration This is a dispute resolution mechanism whereby disputes are settled of court by arbitral tribunals which make arbitral awards as opposed to judgement. This Open …