KNEC| KASNEB| KISM| Study notes and Revision materials for schools in Kenya. KNEC certificate courses, Diplomas, Higher Diplomas, KISM courses cpsp-k and aps-k, KASNEB cpa, atd, cs, cifa, ccp, dcm, cict and cict, Ksce and Kcpe
Under the provisions of the Limited Partnership Act a limited partnership must be registered with the registrar of companies. To facilitate registration, a memorandum containing the following particulars must be delivered to the registrar: o Name of the firm o General nature of the business o Principal place of business o Full name of each
o Enables companies with no fixed assets to borrow o Enhances the borrowing capacity of companies with fixed assets. o Enables companies to use future assets as security. o Does not interfere with the ordinary business of the company.
Property in goods passes to the buyer at different times in different contracts hence the passage of property is governed by the following rules: • Sale of unascertained goods Under section 18 of the Act, where there is a contract for the sale of unascertained goods, property passes to the buyer when the goods are
Under the provisions of the Bills of Exchange Act, • A bill of itself does not operate as an assignment of funds in the hands of the drawee available for payment of the bill. The drawee of a bill who does not accept it is therefore not liable on it (53). • The acceptor of
By incorporating a partnership, it becomes a company limited by shares and certain advantages accrue there from: • Limited Liability: members liability for debts and other obligations is limited by shares. They are not liable to pay more. • Perpetual succession: the death of a member or members of the corporation has no effect on
Duties of the bailor • Deliver the goods the subject matter of contract to the bailee. • Disclose any defect in the goods or in his title to the bailee. • Indemnify the bailee from any loss or liability arising by reason of his defective title. Duties of the bailee • Take delivery of the
Establishment: it is established under section 14 (1) of the Trade Disputes Act. It was established in 1964. Composition: it is presided over by judge appointed by the president. The judge sits with two other persons selected by him from a four persons appointed by the minister for labour in consultation with COTU and Federation
• Cross offers This is a phenomenon whereby a party submits an offer to another who has already dispatched a similar offer and two offers cross in the course of transmission. No agreement arises between the parties for lack of consensus ad idem. • Counter-offer: This is the variation or modification or change of the
• This problem is based on the principle of vicarious liability. • In this case Nafula is the master and her employee the servant. • As the master, Nafula is liable for torts committed by her employee in the course of her employment. • It is apparent that by throwing rubbish into Atieno‟s compound, Nafula‟s
• It is the essence of the contract of the sale of goods that property in the goods pass to the buyer. • It determines when risk in the goods pass to the buyer hence the party is liable in the event of loss or destruction. • It determines the remedies available to the parties,