November 17, 2021

DUTIES AND OBLIGATIONS UNDER HIGHER PURCHASES AGREEMENT Duties of the Owner Duty to notify the hirer of the cash price The owner must send a copy of the Hire Purchase Agreement, to the Hirer within 21 days of execution Duty to put the Hirer in possession of the goods let under a Hire Duty to […]

CONSUMER CREDIT DEFINITION OF HIRE PURCHASE This is a contract by which goods are delivered to a person who agrees to make periodical payments by way of hire, with an option of buying the goods after the started hire installments have been paid. The goods may be returned to the owner at any instance before

REMEDIES AVAILABLE TO PARTIES IN THE BREACH OF A CONTRACT OF CARRIAGE OF GOODS Remedies for Breach of Contract Whenever there is a breach of contract, the injured party becomes entitled for some remedies. These remedies are:- a) Damages b) Quantums Meruit c) Specific Performance d) Injunction e) Rescission These are explained below Damages Damages

DOCUMENTS USED IN CARRIAGE OF GOODS i)Enquiry/Inquiry. A letter sent by an importer to the exporter asking about the supply of the goods and the terms of sale. ii) Order of Indent. This asks the supplier to supply goods. It may specify the goods to be supplied and suggest the preferred mode of transport for

CONTAINERIZATION A container is any unit used for transporting goods. It involves putting cargo in metal containers which are easily transferred between two transportation modes. They can also be easily lifted since they have hooks. It’s part of unitization and consolidation since it combines several units which are loaded into a container for transportation. Most

DISADVANTAGES OF RAIL TRANSPORT  Not flexible- It can only serve areas where there are railway lines Cannot be utilized while the tracks are being constructed unlike road transport-it has to be laid out in totality for it to be used. It is a slow means of transport when numerous stops to load or off-load cargo

CARRIAGE OF GOODS Carriage of goods, in law is the transportation of goods by land, sea, or air. The relevant law governs the rights, responsibilities, liabilities, and immunities of the carrier and of the persons employing the services of the carrier. Until the development of railroads, the most prominent mode of transport was by water. Overland transportation

RIGHTS OF A HOLDER OF A BILL A bona fide holder acquires a defect-free title Right to sue on it in his own names Right to negotiate the bill unless the lost endorsement is restrictive. DUTIES OF THE HOLDER It is the duty of the drawer to present the bill to the drawee for acceptance

NEGOTIABLE INSTRUMENTS NATURE AND CHARACTERISTICS What is a negotiable instrument? This is a document which represents money and the title in passes to a bona fide transferee free from only defect. It is a chose in action. Negotiable instruments are transferable by reason of law or trade usage or custom. Characteristics of Negotiable Instruments Consideration

PRINCIPLES  OF INSURANCE INSURABLE INTEREST This is the financial or monetary interest at stake or in danger if the subject matter is not insured. It is the interest a person has in the subject matter which he stands to lose in the event of its loss or destruction. To ascertain whether a person has insurable