Day: September 28, 2020

COST ELEMENTS Objectives After studying this chapter you will Know the objectives of material control Understand the essential requirements of material control system Appreciate the advantages of material control Understand the distinction of centralized and decentralized purchasing Know how to Read More …

Ultra Vires literally means beyond the powers. This is a rule of capacity of registered companies contained in the provisions of the Companies Act. This rule is to the effect that a registered company can only enter into transactions provided Read More …

Partnership A partnership is the relation which subsist between persons carrying on a business in common with a view of profit. It may be general or limited. It is an unincorporated association. Consists of 2-20 members. Liability of members is Read More …

Incorporated Association This is an association of persons recognized as a legal entity It has an independent legal personality with rights and subject to obligations Such a corporation may be brought into existence by registration, charter or by statute . Read More …

A qualified acceptance of a bill of exchange varies or modifies the terms of a bill. Such an acceptance may take the form of: o Conditional: payment by the acceptor is dependent on the fulfillment of a condition. o Partial: Read More …

It is an unconditional promise It must be written and signed by the maker It contains an engagement to pay a sum certain in money The sum is payable on demand or at a fixed or determinable future time. The Read More …

A bill of exchange may be discharged in the following ways: Payment in due course Acceptor the holder at maturity or merger Cancellation Material alteration Non-presentation for payment Renunciation or waiver

This is the adoption or affirmation by the “principal” of a contract previously entered into by another person purpoting to act on his behalf. Ratification creates agency after the “agent” has acted. The relationship arises when the “principal” adopts or Read More …

Duties of the buyer towards the seller: Take delivery Under section 28 of the Sale of Goods Act, it is the duty of the buyer to take delivery of the goods the subject matter of the contract failing which he Read More …

The definition for unascertained goods is the goods that are not specifically identified at the time a contract of sale is made Categories of unascertained goods. Goods to be manufactured by the seller Crops to be grown by the seller Purely generic goods An unidentified Read More …