Reference no: EM132941710

PROVIDE DETAILED ANSWERS ASAP

Questions

1. A guarantee contract when faced with some difficulties there will be situations where surety's secondary liability comes to an end. Therefore, discuss the vitiating factors or ways of discharge by invalidation of guarantee contract.

2. However, the partners may on their own accord reduce the basis of their relationship into a formal document detailing the terms and the condition of the association. The document is the Partnership Deed or Agreement or Articles of Partnership thus list the contents of a partnership deed.

3. Non-registration of a partnership form of business organization may be faced with some consequences since it is against the law. In addition to so, list the tights of a firm not affected with non-registration.

4. The interests of partners in the partnership property and their rights and duties in relation to the partnership shall be determined, subject to any agreement express or implied between the partners. Discuss the rules as to interests and duties of partners.

5. A partnership deed plays an important role as it contains rules and rights that govern the partners and should be abided by. With reference to a partnership deed, list the rules applicable in absence of partnership deed.

6. Despite the on-going partnership contract, it can be dissolved or come to an end due to courts intervention or without depending on various circumstances. Discuss the ways a partnership can be dissolved without courts intervention.

7. Insurance is a contract whereby a party known as the insurer undertakes, in consideration for a sum of money known as premium paid by the insured, to pay a sum of money or its equivalent on the happening of a specified future event. Explain the essentials of an insurance contract.

8. Insurance contracts may be classified into various categories on basis of circumstances affecting it such as interest and event insured, nature of the contract and others. Hence discuss the principles of insurance.

9. Despite the advantages of an insurance contract, it has also some consequences that lead to its termination. Based on insurance contract discuss ways in which its either terminated or comes to an end.

10. Bailment is a contract whereby a party known as bailor delivers goods to another known as bailee with specific instructions that the goods be dealt with in a particular manner or be returned as soon as the purpose for which they were bailed is accomplished. List the contents of bailment.