Explain the key distinctions between common law and equity ANSWER Common Law Equity This is a branch of the Law of England which was developed by the ancient common law courts from customs, usages and practices of the English people. Open …
Category: A CPA Business Law/Commercial Law Revision Question and Answers
CPA Business Law/Commercial Law Revision Question and Answers
Explain the difference between codification and consolidation of law and give examples of each
Explain the difference between codification and consolidation of law and give examples of each ANSWER Codification: This is the bringing together of all rules or principles of law in a particular field to constitute a single statute for example the Open …
Briefly state the various kinds of crossing on a cheque
Briefly state the various kinds of crossing on a cheque ANSWER A crossing consists of two parallel transverse lines on the face of the cheque. It is an instruction to the banker not to pay the proceeds of the cheque Open …
“A contract of insurance is a contract of “Uberrimae fidei (utmost good faith)”. Explain this statement
“A contract of insurance is a contract of “Uberrimae fidei (utmost good faith)”. Explain this statement ANSWER The contract of insurance is the Locus Classicus illustration of the so called contracts uberrimae fidei i.e. utmost good faith. It modifies the Open …
What liability is imposed on the seller of goods as regards their merchantable quality and their fitness for the purpose of those goods?
What liability is imposed on the seller of goods as regards their merchantable quality and their fitness for the purpose of those goods? ANSWER As a general rule, a seller of goods is not liable if the goods or not Open …
In relation to the Law of Succession, what are the duties of a personal representative?
In relation to the Law of Succession, what are the duties of a personal representative? ANSWER Duties of a personal representative In relation to the Law of Succession To provide and payout of the deceased’s estate reasonable funeral expenses. To Open …
“An occupier of premises owes a duty of care towards persons who are lawfully on his premises. The Occupiers Liability Act does not affect the position of trespassers.” In relation to the above statement, what is the extent of potential liability of an occupier and to what extent can such an occupier safeguard such liability
“An occupier of premises owes a duty of care towards persons who are lawfully on his premises. The Occupiers Liability Act does not affect the position of trespassers.” In relation to the above statement, what is the extent of potential Open …
In relation to the Law of Property, state five obligations of a lessor towards a lessee in a lease agreement
In relation to the Law of Property, state five obligations of a lessor towards a lessee in a lease agreement ANSWER Duty not to derogate from the grant: the landlord must not do anything inconsistent with the tenancy. Duty to Open …
How true is it to say that in order for a contract to be discharged by performance, the performance must be precise and exact?
How true is it to say that in order for a contract to be discharged by performance, the performance must be precise and exact? ANSWER Among the various ways in which a contract may be discharged is performance which literally Open …
“A corporation may be defined as a legal entity or artificial person.” Explain what is meant by this statement
“A corporation may be defined as a legal entity or artificial person.” Explain what is meant by this statement ANSWER A corporation is an association of persons recognized as a legal entity. It has an independent legal existence. It is Open …