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(a) State the difference between a Private Limited Liability Company and a Public Limited Liability Company (b) Briefly describe how a Private Limited Liability company may be converted into a Public Limited Liability Company.
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A) “Consideration must be real or sufficient but need not be adequate”. Explain
B) A owed B the sum of GHS1,000.00. B promised to accept the sum of GHS500.00 from A in full settlement of the debt. A agreed and made payment to B accordingly. B now demands the payment of the balance of GHS500.00. Explain whether or not B can succeed.
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Amevo is a minor and a professional dancer. He entered into a contract to perform a series of dances for GH¢5,000 an hour per night of performance. The rule as accepted was that failure to perform in one series without reasonable excuse would incur a percentage deduction from his earnings at subsequent performances. Amevo failed to perform at one of the series. His attention was drawn to the rule, but he now thinks the deduction should not be made.
Required:
Advise Amevo.
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An undischarged bankrupt is NOT legally incapacitated to do ONE of the following:
A. To marry a wife
B. To be elected into an elective office
C. To be appointed to or to act in the office of a Justice of Peace
D. To be appointed as a trustee of a trust estate
E. To be admitted to serve on a governing board of a statutory institution
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Mr. Agbons pledged his tricycle to secure a loan of N200,000 from Chief Osas, a moneylender. Mr. Agbons promised to repay the loan on December 31 and recover his tricycle from Chief Osas. However, Chief Osas sold the tricycle on December 28 when he learned that Mr. Agbons had relocated to his village to be a farmer and might not return again. On the morning of December 31, Mr. Agbons came to meet Chief Osas to repay the N200,000, only to learn that the tricycle had been sold by Chief Osas. Mr. Agbons is aggrieved and intends to sue Chief Osas for the replacement of his tricycle.
Required:
Advise Mr. Agbons, stating the legal principle involved.
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The Audit Committee has objectives and functions under the Companies and Allied Matters Act, subject to the provisions of the articles of the company.
Required:
State and explain FOUR statutory functions of the Audit Committee. (8 Marks)
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Find Related Questions by Tags, levels, etc.
The persons that desire to manage the estate of a deceased person may need to apply for letters of administration.
Required:
Explain TWO situations that could warrant the need to apply for letters of administration. (6 Marks)
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A contract can be affected by vitiating factors, of which misrepresentation is an example.
Required:
i. What is misrepresentation? State any ONE type of misrepresentation. (2 Marks)
ii. State any TWO effects of misrepresentation on contracts. (2 Marks)
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Assignment is ONE of the principles in a contract of insurance.
Required:
i. Define the concept of assignment in relation to insurance contracts. (3 Marks)
ii. State the THREE types of assignment that are possible under an insurance contract. (3 Marks)
iii. “Insurance contracts are contracts uberrimae fidei”. Explain this doctrine, and state any ONE major duty the doctrine imposes on the parties to an insurance contract. (4 Marks)
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a) The Krachi Assembly having an Airport in its locality grants a single concession to operaters for pleasure flight from the airport. For a period of ten years that licence had been held by the Njoku club. When the concession came up for renewal, the Assembly decided to invite competitive tenders for it. Tenders were to be submitted by 12:00 pm on a given day. The Assembly’s, letter box was not cleared between the time of the club posting its tender and the closing time for the bids, with the result that the club’s tender was not considered.
The club claimed that the Assembly was in breach of a contract as it has not considered all tenders received before the deadline.
Required:
The Njoku club, in the case above, claimed that the Assembly was in breach of a contract for not considering all tenders received before the deadline. Explain. (5 marks)
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b) Essuman is an Accountant, who agreed with Odumadze, a garage proprietor, that he will assist Odumadze with his annual tax returns if Odumadze would service his car for him. Essuman also agreed with Adjei, a landscape gardener, that he will advise him (Adjei), on the installation of a computerized financial management system if Adjei, in return, will carry out some landscape work at the house of Essuman’s daughter, Njama. Essuman assisted Odumadze and advised Adjei, but both (Odumadze and Adjei) refused to honour their side of their respective agreements. On his way to an important meeting, Essuman’s car broke down and he was very late for the meeting. As a result, Essuman lost a deal worth GH¢250,000 per annum to another Accountant. On the other hand, Njama was very anxious to have the landscape work done on her garden by Adjei because of his reputation for doing quality work. Essuman is very worried and hurt.
Required:
i) Explain what is meant by breach of contract.
(4 marks)
ii) Explain the nature of TWO (2) contractual remedies available to Essuman and Njama, in the context of the facts of this scenario. (6 marks)
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