Day: September 17, 2020

Question In relation to the law of property, distinguish between the following terms: i) Ownership and possession. ii) Fee simple and leasehold.   Answer  In relation to the law of property, distinguish between the following terms: i) Ownership and possession. Read More …

Question  Outline four advantages of registering an “invention” in the context of intellectual property.   Answer Advantages of registering an invention:- To protect one’s invention from piracy. To reward the creative effort of the inventor. Acts as an incentive to Read More …

Question  The Copyright Law is meant to protect literary works. Outline six literary works that could be protected by the Copyright Law in your country.   Answer  Literary works that could be protected by the copy right law Novels, stories Read More …

Question Discuss six rules governing presentment for payment of a bill of exchange.   Answer Rules governing presentment of bill of exchange A bill must be presented for payment in order to make the drawer and endorsees liable on it. Read More …

Question Briefly explain three uses of a bill of exchange   Answer Uses of bill of exchange A bill of exchange provides a creditor with a better remedy, because, once it has been issued (or accepted where applicable) it settles Read More …

Question Explain the term ‘promissory note’. Explain the characteristics of negotiable instruments.   Answer Promissory note is an unconditional note in writing undertaking to pay a sum certain in money to the specified person   Characteristics of negotiable instruments No Read More …

Question In relation to negotiable instruments: i) Define the term “qualified acceptance”. ii) Highlight four forms of qualified acceptance.   Answer i) Definition of qualified acceptance A qualified acceptance is one whereby some qualification is introduced.   ii) Forms of Read More …

Question Define the following types of bills of exchange: i) Order bills. ii) Bearer bills.   Answer (i) Order bills Is payable to order which is expressed to be so payable and does not indicate an intention that it should Read More …

Question Highlight six ways in which a bill of exchange might be discharged.   Answer Highlight six ways in which a bill of exchange might be discharged. i) Payment in due course Payment in due course means payment made at Read More …

Question Outline four requirements of a promissory note.   Answer Requirements of a promissory note. It is an unconditional written promise made by a person to another It must be signed by the maker It contains a promise to pay Read More …