ABM 323 Commercial Law Mid Semester Assignment
1.Nigerian Legal System a.Definition of Law b.Nature of Law c.Classification of Laws d.Sources of Law •Customary Law •Received English Law Common Law Equity Statutes of General Application •Islamic Law •Statutes and Legislations •Judicial Precedents e.Nigerian Court System 2.Law of Contract a.Introduction b.Elements of Contract c.Vitiating Factors d.Non Est Factum (not my doing) e.Privity of Contract f.Discharge of Contract g.Remedies for Breach of Contract 3.Sales of Goods a....
Main Content 3.1 Definition and Explanation of Law Law is the overall guiding principle of human conduct. Law is basically a body of principles or rules which are the basis of society. Members of a society are meant to abide by the law established by it. It is very hard to have a society without a set of laws guiding it. Human life needs a proper rule of conduct or principle at every step. It is also important for a successful society. Law according to Oyakhilomen (2009), controls, regulates,...
TABLE OF CONTENTSLAW OF BANKING AND INSURANCE PART I AND II.DEFINITION OF A BANK.DISTINGUISHING A BANK FROM OTHER SIMILAR ENDEAVOURSBRIEF HISTORY.BANKER AND CUSTOMER RELATIONSHIP NATURE, SCOPE, IMPLICATION,RIGHTS AND OBLIGATION, JURISDICTION OVER BANKER-CUSTOMERDISPUTES, AND REGULATION.WHEN CAN A CHEQUE/WITHDRAWAL ORDER BE DISHONOURED?REGULATION OF FOREIGN EXCHANGE.THE CENTRAL BANK OF NIGERIA (CBN); FUNCTIONS, CONSTITUTION,TOOLS OF MONETARY CONTROL, ETC.THE BANKS AND OTHER FINANCIAL INSTITUTI...
Contents HISTORY OF COMPANY LAW.3 SOURCES OF COMPANY LAW IN NIGERIA.. 9 ADMINISTRATIVE AND REGULATORY BODIES.9 THEORIES OF CORPORATE LAW.11 INCORPORATION OF COMPANIES.12 COMPANY PROMOTERS.15 PRE-INCORPORATION CONTRACTS. 16 CONSEQUENCES OF INCORPORATION.18 LIFTING THE VEIL OF INCORPORATION.19 CAPACITY AND POWERS OF A COMPANY.22 ALTERATION OF THE MEMO.25 ARTICLES OF ASSOCIATION.. 26 ALTERATION OF THE ARTICLES.27 LEGAL EFFECTS AND NATURE OF THE MEMART.28 CAPACITY OF C...
Contents AGENCY.2 AGENCY DISTINGUISHED FROM OTHER RELATIONSHIPS.2 CLASSES OF AGENTS. 3 KINDS OF AGENTS. 4 CAPACITY.. 6 FORMALITIES REQUIRED FOR THE FORMATION OF AN AGENCY.7 CREATION OF AN AGENCY.7 DUTIES OF THE AGENT.11 RIGHTS OF AN AGENT AGAINST HIS PRINCIPAL.. 12 THE PRINCIPAL AND THIRD PARTIES. 13 TERMINATION OF AN AGENCY.. 13 HIRE PURCHASE.14 THE NATURE OF HIRE-PURCHASE AGREEMENTS AND ITS DISTINCTION FROM OTHER AGREEMENTS.15 DYNAMICS AND RELATIONSHIPS IN HIRE-P...
WEEK 3.TOPIC: AN OVERVIEW OF THE LEGAL FRAMEWORK ANDREGULATORY BODIES ON CORPORATE LAW PRACTICE IN NIGERIA.HIGHLIGHTS OF THE CAMA 1990.- Promulgated on 2nd January, 1990 and commenced on 31st December 1990.- It incorporates various principles of law and equity, has detailed provisions on Directors,Members, Secretaries, Accounts, Auditors, Meetings, Memo and Articles, e.t.c. It alsoestablishes the CAC as a body corporate with perpetual succession and a common sealcapable of suing and being sue...