- 20 Marks
Question
a. An offer is the expression of a definite intention to enter into a contract on the basis of specific terms.
Required:
State SIX events that will terminate an offer. (12 Marks)
b. The general meeting of a company is so vital to a decision-making organ of the company that nobody that is entitled to attend must be excluded.
Required:
State FOUR categories of person that are entitled to receive a notice of a company‟s general meeting. (4 Marks)
c. Fraudulent false accounting is an offence that is usually charged alongside forgery.
Required:
Explain TWO conducts of a clerk or servant that amount to fraudulent accounting. (2 Marks)
d. Stealing is an offence that should be of concern to all accountants.
Required:
Define stealing. (2 Marks)
Answer
a. An offer may be terminated by the following circumstances:
i. death of either party;
ii. non-acceptance of the offer within the timeline, or effluxion of time;
iii. a counter-offer;
iv. revocation before it is accepted;
v. express rejection of the offer by the offeree;
vi. intervening incapacity of one of the parties;
vii. supervening illegality; or
viii. failure of a condition precedent.
b. The following persons are entitled to receive notice of a company‟s general meeting:
i. every member;
ii. every person upon whom the ownership of a share devolves by reason of being a legal representative, receiver, or trustee in bankruptcy of a member;
iii. every director of the company;
iv. every auditor for the time being of the company;
v. the Company Secretary; and
vi. the Corporate Affairs Commission in the case of a public company.
c. “Any person who, being a clerk or servant, or being employed or acting in the capacity of a clerk or servant, does any of the following acts with intent to defraud:
i. destroys, alters, mutilates, or falsifies, any book, document, valuable security, or account, which belongs to or is in the possession of his employer or has been received by him on account of his employer, or any entry in any such book, document or account or is privy to any such act; or
ii. makes, or is privy to making any false entry in any such book, document, or account; or
iii. omits, or is privy to omitting, any material particular from any such book, document, or account; is guilty of a felony and is liable to imprisonment for seven years.”
d. According to section 383(1) of the Criminal Code, a person who fraudulently takes anything capable of being stolen or fraudulently converts to his own use or to the use of any other person anything capable of being stolen, is said to steal that thing.
- Topic: Law of Contract
- Series: MAY 2025
- Uploader: Salamat Hamid