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.
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What are the advantages from a legal point of view of converting an unincorporated association to a corporation
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
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What are the rules that govern the passing of property?
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
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Discuss the liability of parties to a bill of exchange
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
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In relation to partnership law: discuss; Registration of a limited partnership
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
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Why is it important to determine when property in goods passes from seller to buyer?
• 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,
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In relation to partnership law: discuss; In capacities of a limited partner
• Cannot withdraw or receive back his interest during the currency of the firm. • May not take part in the management of the firms business. If he does, he becomes a general partner for the duration he acted and may be held personally liable. • does not bind the firm • Cannot dissolve the
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State and explain the various types of offers
• 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
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Discuss the consequences of incorporation
• Limited liability: members are as a general rule not liable to make good the debts of corporation. In registered companies, members can only be called upon to contribute the amount unpaid on their share or the amount they undertook to contribute. • Perpetual succession: a corporation is a creation of law. It has no
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Write briefly on: Court Martial
Establishment: it is established by section 85 (1) of the Armed Forces Act as a subordinate court. Composition: the court consists of a presiding officer who sits with not less that two other persons or not less than four others if an officer is being tried or where the maximum penalty for the offense is
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