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 Read More …
Category: A CPA Business Law/Commercial Law Revision Question and Answers
CPA Business Law/Commercial Law Revision Question and Answers
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 Read More …
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 Read More …
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 Read More …
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 Read More …
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 Read More …
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 Read More …
State four acts of commission that may constitute professional misconduct under the Accountants Act (Cap 531) Laws of Kenya
State four acts of commission that may constitute professional misconduct under the Accountants Act (Cap 531) Laws of Kenya ANSWER Under Section 28 of the Accountants Act, a member of the institute is guilty of professional misconduct if: 1. He Read More …
Explain each of the following rules of Statutory Interpretation; (i) Noscitur a sociis; (ii) Ejusdem generic; (iii) Mischief rule.
Explain each of the following rules of Statutory Interpretation; (i) Noscitur a sociis; (ii) Ejusdem generic; (iii) Mischief rule. ANSWER Noscitur a sociis This rule is to the effect that words of doubtful meaning derive the colour and precision from Read More …
Define Statute law and discuss its advantages
Define Statute law and discuss its advantages ANSWER Statute law: This law made by parliament directly in exercise of legislative power conferred upon it by the constitution. For example Judicature Act, Kadhis Court Act, Companies Act. Statute law is recognized Read More …