Day: September 22, 2020

The term law has no assigned meaning. It has no specific definition. However, it has been used in a variety of sense by different writers who have attempted to explain it. The study of law is referred to as jurisprudence. Read More …

Declaratory Precedent This is the application of an existing principle or proposition of law in a subsequent case. Original Precedent This principle or proposition of law as formulated by the court. It is the law creating precedent. Distinguishing Precedent This Read More …

Question Distinguish the following: (i) Law and Morality (ii) Public and Private Law (iii) Common Law and Equity (iv) Substantive Law and Procedural Law (v) Ratio Decidendi and Obiter Dicta   Solution  Law and Morality Morality is the sense of Read More …

Blank endorsement Section 34 (1) of the Bill of Exchange Act provides that an endorsement in blank specifies no endorsee. Its effects is to convert the order bill into a bearer bill. Special endorsement A special endorsement is an endorsement Read More …

The common law rule of nemo dat quod non nabet, literally means one cannot give what he has not. It means that a seller of goods cannot give the buyer thereof a better title than he himself has in the Read More …

Specific performance This is a court order which compels the defendant to perform its part of the contract as agreed. It compels the defendant to fulfill its promise in accordance with the contract without an option to pay damages. It Read More …

Compensation: the purpose of a monetary award in the damages is to compensate the plaintiff for the loss suffered. Proof: the plaintiff must prove the loss or damage suffered. He must adduce evidence of the actual loss suffered. Causation: There Read More …

QUESTION You have been asked to draft a partnership deed for a small retail firm of five partners. State the matters, if any, that you will omit from the partnership deed on the basis that they are implied by the Read More …

Advantages of Partnership Specialization: creates room for specialization particularly the professional firms. Sharing of losses: this reduces the amount borne by a single partner. Shared management: partners participate in the decision making process and in the management of the firms Read More …

Under Section 28 of the Accountants Act, a member of the institute is guilty of professional misconduct if: He allows any person to practice in his name of an accountant unless such person is an holder of practicing certificate or Read More …