BUSINESS LAW II
GENERAL OBJECTIVES
This module is a continuation of Business Law 1 module. It is mainly based on the principle of contract. By the time you finish reading this module, you will be able to understand how the principle of contract, and agreement, legality is applied to business transactions and organisations like partnerships, sales of goods, Agency and hire purchase.
The module covers four lectures. The first lecture introduces you to the concept of partnership form of organizations by defining partnership, partner and firm. It also discusses its formation, relationship between partners, partnership and third party. Lastly it discusses how partnership and firm are dissolved. Lecture two discusses sales of goods, throwing light to various sections of sales of goods Act. Lecture three discusses the Agency by explaining agency relationship i.e the relationship between an agent and principal, their rights and liabilities to the third party. Lecture four discusses hire- purchase relationships. At the end of the module you will find Illustrations mentioned in the module. You are encouraged to look at other relevant Illustrations as those included in the module are not the only ones. Also consult any book on Business Law to further your reading on the subject.
LAW OF PERSONS
- Legal personalities
- Corporations
- Unincorporated associations
PARTNERSHIP
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- Nature and formation
- Types of partners
- Relations of partners
- Reconstitution and dissolution of a firm
SALES OF GOODS
- Distinction between sale and agreement to sell
- Sale and hire-purchase,
- Sale and bailment
- Sale and co-ownership
- Conditions and warranties
- Transfer of property and title
performance of contract of sale - Rights and duties of unpaid seller
LAW OF AGENCY
- Formation
- Types of agents
- Relationship of agent and principal
- Rights duties and obligation of agent and principal
HIRE-PURCHASE AGREEMENTS