Revision Questions and Answers on Business Law (CBT)
[WATU 2]
Business Law
Vitiating Factors – 5 Major Vitiating Factors
Vitiating Factors are statements that drastically destroy or reduce the effectiveness of something or an agreement or contract which causes it to become faulty or makes it invalid. Vitiating Factors Affecting a Contract are: Mistakes. Misinterpretation. Duress. Undue influence. Illegality. Check out this post on “How To Answer Case Study Questions.” Mistakes: They are categorized …
Law of Partnership – The Partnership Law
In law, a partnership is not a charitable organization or a social club. The partnership is therefore expected to make a profit which is to be shared according to the laid down regulation. Partnership Law Section 1 of the partnership act states that “Partnership is the relation which subsists between persons carrying on a business …
Law Case Study – How To Answer Case Studies in Law
One of the major challenges students have in business law and other law courses are answering questions under the case study. In this article, I will explain how to answer any law case study question following the same rule you are aware of and which is generally recommended. The IRAC or IDAC Principle. Law Case …
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AGENCY – Law of Agency (Business Law)
An agent is a person who is employed for the purpose of bringing his principal into a CONTRACTUAL relation with a third party. Agency creation can take any of the following forms. Law of Agency Creation of Agency. Agency can be created by; Express agreement. Implication or by conduct. Necessity. Ratification. Express Agreement: An agent …
Law of Contract
A Contract Law is a formal or legally binding agreement. Though not every agreement is a contract, or is legally binding. There can also be a domestic agreement and much more… Classification of Contract Unilateral: A contract that one person has made on his own but involving many people. E.g. Carhill Vs. Carbolic Smoke Ball …