Distinguish between the seller’s right of lien and the right of stoppage in transit ANSWER Lien Stoppage This is the right of unpaid seller in possession of the buyers goods to retain them as security for the price. This lien Open …
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State and explain four types of legacies
State and explain four types of legacies ANSWER Demostrative legacy: This is a testamentary gift which is in its nature general but which manifests an intention that the gift shall be primarily satisfied out of a fund or a specified Open …
Explain the term “freehold interest in land”
Explain the term “freehold interest in land” ANSWER This is the largest interest a person can have in land. If confers the largest Quantum of rights and has no time limitation. It confers the right to use and alienate. Example Open …
State and briefly explain the characteristics of joint tenancy
State and briefly explain the characteristics of joint tenancy ANSWER Joint tenancy arises where two or more persons own something jointly. It has the features of single proprietorship. It is characterized by the right of survivorship i.e. jus accresscendi and Open …
Define the term prospectus and explain the contents of a prospectus
Define the term prospectus and explain the contents of a prospectus ANSWER A prospectus as “any prospectus, notice circular, advertisement or other invitation offering to the public for subscription or purchase any shares or debentures of a company.” The contents Open …
In numbered paragraphs, distinguish between the following: i) Statutory corporations and limited companies ii) A memorandum of association and articles of association
In numbered paragraphs, distinguish between the following: i) Statutory corporations and limited companies ii) A memorandum of association and articles of association ANSWER Statutory Corporations Limited companies These are incorporated associations created by statute. They owe their existence to an Open …
(i) Explain the meaning of judicial precedent (ii) State two forms of judicial precedents (iii) What are the advantages and disadvantages of judicial precedent?
(i) Explain the meaning of judicial precedent (ii) State two forms of judicial precedents ANSWER (ii) Meaning of judicial precedent This is stare decisis It is a system of administration of justice whereby previous decisions are relied upon in subsequent Open …
Distinguish a criminal wrong from a civil wrong
Distinguish a criminal wrong from a civil wrong ANSWER Criminal wrong Civil wrong This is an act or omission committed or omitted in violation of public law. This is the violation of a persons rights by another. It is a Open …
A statute may have a provision whose meaning is not clear. It is then the duty of the court to interpret it. In relation to the above statement, detail the rules that govern such statutory interpretation
A statute may have a provision whose meaning is not clear. It is then the duty of the court to interpret it. In relation to the above statement, detail the rules that govern such statutory interpretation ANSWER Literal rule This Open …
Citing decided cases, explain the doctrine of “Ultra vires.”
Citing decided cases, explain the doctrine of “Ultra vires.” ANSWER Ultra Vires literally means beyond the powers. This is a rule of capacity of registered companies contained in the provisions of the Companies Act. This rule is to the effect Open …