Tag (SQ): Sale of Goods
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- 1 Marks
Which contracts fall under the statute of frauds?
Question
In most states the following types of contracts are within the statute of frauds:
AÂ Â Contracts for the sale of an interest in personal property.
BÂ Â Contracts that can be performed within a year from the date of their formation.
CÂ Â Contracts for the sale of goods.
DÂ Â Contracts for the sale of goods for a price of $500 or more.
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- 10 Marks
List four timelines under the Sale of Goods Act, 1962, for seller's delivery obligations.
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- Tags: Contract Law, Delivery Timelines, Sale of Goods, Seller Obligations
- Level: Level 1
- Topic: Sale of Goods
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- 20 Marks
Explain hire purchase and implications of a buyer's death in a credit sale.
Question
PREMIUM GH. LTD
Premium Gh. Ltd entered into an agreement with the Controller and Accountant General’s Department, by which monies were deducted at source on the salaries of workers who had benefited from its Christmas credit sales scheme by way of Hire Purchase. Unfortunately, Mr. Yaw got infected with a virus and passed away shortly after enjoying the credit sales.
Required:
You are the only law student in the accounts department, and your boss has asked you to:
(a) Explain the nature of a Hire Purchase arrangement and the implication of Mr. Yaw’s death.
(b) In TWO (2) ways, differentiate between a Hire Purchase and a Deferred Payment.
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- Tags: Contract Law, Deferred Payment, Hire Purchase, Sale of Goods
- Level: Level 1
- Topic: Sale of Goods/Hire Purchase
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- 20 Marks
Explain bills of exchange, holder in due course, and promissory notes.
Question
NEGOTIABLE INSTRUMENTS
(a) Explain the following terms:
(i) Bills of Exchange,
(ii) Holder in due course,
(iii) Promissory Notes
(b) You have been engaged as the Accounts Officer of a supermarket in Accra and the manager will like you to explain to him what is meant by Conditional Sale and Protected Goods under Hire Purchase Agreements.
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- Tags: Conditional Sale, Hire Purchase, Protected Goods, Sale of Goods
- Level: Level 1
- Topic: Sale of Goods/Hire Purchase
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- 20 Marks
Explain legal terms: Capacity, Acceptance, Misrepresentation, Goods, and Quantum Meruit in business law.
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- Tags: Acceptance, Capacity, Contract Law, Goods, Misrepresentation, Quantum Meruit, Sale of Goods
- Level: Level 1
- Topic: Sale of Goods
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- 20 Marks
State the legal effect of PrimeRock Ltd's actions in accepting a tender for bulldozers.
Question
A Company known as PrimeRock Ltd, invited tenders for the supply of 2000 bulldozers to be delivered within seven months. Daniel put in a tender stating that he is prepared to supply the bulldozers at fifty thousand Ghana Cedis (GHS $50,000.00). The company accepted the tender by a letter, and subsequently gave various orders which were executed by Daniel. The Director of Finance claims there is no valid agreement to support the payments.
Required:
(a) State briefly the legal effect of the company’s actions.
(b) State THREE (3) things that are required of a wary contracting party.
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- Tags: Caveat Emptor, Caveat Venditor, Contract Law, Due diligence, Sale of Goods
- Level: Level 1
- Topic: Contract Law
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