Reference no: EM132936543
Questions
1. The hire purchase contract focuses mostly on some parties such as owner and hirer who play an important role in it such that they have duties and obligation which should be followed to the latter. Explain the duties of hirer.
2. Guarantee contract occurs when one person signifies to perform the contract or discharge the liability incurred to the third party, on behalf of the second party, in case he fails. According to so, state the types of guarantee.
3. The person to whom the guarantee is given is Creditor, Principal Debtor is the person on whose default the guarantee is given and the person who gives guarantee is Surety (Guarantor). Therefore, list ways of discharge of guarantor.
4. In a guarantee contract there are several parties with duties and responsibilities that should be abided by and upheld. Thus, discuss the rights of an indemnity holder acting within scope of his authority.
5. A guarantee contract is a contract when one person(guarantor) signifies that he will be held liable if the principal debtor fails to pay the creditors. According to this statement, list the rights against principal debtor.
6. A guarantee contract has played an important role in commercial law thus has so many contributory aspects. With so, list the advantages of a guarantee contract.
7. With reference to the law of tort, defamation is the publication of a statement which reflects on a person's reputation and tends to lower him in the estimation of right-thinking members of the society. Discuss three essential aspects of the defense of fair comment in an action of defamation.
8. In administrative law, there are so many ways of so many ways of dispute resolution; arbitration as one of them is the settlement of any commercial dispute between two parties by one or more persons called the arbitrator. List six advantages of using arbitration in reaching a settlement in commercial disputes.
9. An insurance contract is where an insurer undertakes, in consideration for a sum of money known as premium paid by insured on happening of a specified future event. Elaborate on ways in which an insurance contract may come to an end or terminate.
10. Guarantee contract is when a guarantor signifies that he will be held liable if the principal debtor fails to pay the creditor. Outline four ways in which surety might be discharged from a contract of guarantee.
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