Reference no: EM132941276
1. Many clauses in a contract purport to exclude liability for injury, loss or damage. Explain five rules which determine the effectiveness of such clauses.
2. One of the remedies available on breach of contract is action for specific performance. However, there are cases when the remedy might or might not be granted. With reference to the above statement, identify three cases when specific performance might be granted and three when it might not the general rule that "for a contract to be discharged by performance, the performance must be precise and exact" was modified by exceptions to mitigate its harshness. Discuss five exceptions to this general rule be granted.
3. An agent will usually act within his authority, but if the relationship with his principal is well established, he may occasionally act outside the authority if he feels the principal will subsequently ratify the agent's action. Discuss the effects of subsequent.
4. Any person who has been appointed to represent another in dealings with parties is an agent. There are however persons who regularly act for others in business transactions as professional agents. Discuss four examples of professional agents.
5. Under the Sale of Goods Act, where there is a contract for the sale of specific or ascertained goods, the property in the goods is transferred to the buyer at such a time as the parties to the contract intend to be transferred. Discuss the rules for determining when the property passes from seller to the buyer.
6.Explain four ways in which an agency relationship would be terminated by action of the parties.
7. A married woman who is living with her husband is deemed to be his agent for the purpose obtaining necessities for the family this is known as domestic agency of necessity. Outline the exception to this rule.
8. Explain the essentials of a valid ratification of an agency contract.
9 .Hosea and Jeremiah met for a business lunch at a restaurant in town. They were later joined by Joshua, jeremiah's friend. During the discussion, Jeremiah informed joshua that he was hosea's agent to which hosea did not object.
A week later, Jeremiah obtained goods on credit from Joshua on behalf of hosea. Jeremiah has since disappeared and Joshua is claiming payment for the goods from hosea.
Explain the legal applicable in the case and advise Joshua.
10.Summarise four conditions that must be met before a partner in a firm could bind other partners in transactions with the third parties.
Explain three obligations of a partner to his fellow partners.