Commercial Contracts Under Nigerian Legislation

COMMERCIAL CONTRACTS UNDER NIGERIAN LEGISLATION Introduction A contract is an agreement which is legally binding on the parties to it and which if broken may be enforced by action in court against the party that has broken it. A contract may be void or voidable. A void contract is that which lacks the essential ingredients or elements of valid contract and therefore of no legal effect. A voidable contract is that which is valid in the first place but may be ended at the instance of one of the parties to it.Such contracts include guarantee with a bank of money lender, hire purchase and sale or leasing of land. The legal consequences of non-compliance are that they are not enforceable at law though they are not necessarily void. However, some categories of contracts must of necessity be in writing or else they shall be void absolutely. These include transfer of shares, marine insurance and hire purchase agreements. As a general rule also, all contracts are in the nature of agreement: h owever, not all agreements may constitute a contract properly so called.For instance, an agreement for the sale of a parcel of land is intended to be binding and enforceable at law, whereas, an invitation to a luncheon which after all, did not hold may not be enforceable at the suit of the disappointed party. A contract may also be under-seal or by deed and may be simple or oral. It may be express when it is written or implied when it is inferred from the conduct and acts of the parties. In addition, there can be bilateral contract between two parties or multi-lateral contract among parties depending on the nature of obligations to be performed under the agreement.Condition and warranty are the two basic types of express terms in a contract. Whether a term is a condition or warranty depends on the intention of the parties. A condition is a vital term which goes to the root of the contract. Breach of a condition entitles the innocent party to repudiate the contract and to claim damag es. A warranty is a term which is subsidiary to the main purpose of the contract, breach of which only entitles the innocent party to damages. FORMATION OF A VALID CONTRACT The main requirements of a valid contract are as follows: 1. there must be an offer; . there must be an acceptance; 3. there must be consideration; 4. parties must have full contractual capacity; 5. there must be an intention to create legal relations; 6. object of the contract must not be unlawful nor illegal; 7. prescribed formalities must be followed, for example, it should be in writing or by deed. Forms of Contract Contract supported by consideration are essentially expected to be in writing,. It is however important to note that a contract may also be oral or implied and yet be binding on the parties depending on the peculiar circumstances.The fact remains that a contract may not be taken as being invalid or unenforceable for the mere fact that it is not in a written form. Te court would normally not assist any person who was lured into an oral agreement. Writing merely facilitates the interpretation or proving of the terms of the contract barring which it may not be all that necessary. In considering commercial contracts under Nigerian legislation however, we would evaluate three of such contracts which are: ? hire purchase; ?sale of goods; ?agency. AGENCY CONTRACT IntroductionAgency is a relationship that exists between two persons, one of whom expressly or impliedly agrees that the other should represent him or act on his behalf. The one that is represented is called the principal while the person representing or acting on somebody’s behalf is called Agent. Agency relationship involves the consent of the agent and the principal that one should act for the other. It thus arises from a contract or agreements express or implied. Ofodile v. Chinwuba Generally, the relationship of principal and agent may arise in three main ways: 1.By agreement , whether contractual or not expres s or implied in nature 2. By subsequent ratification by the principal of the agent’s act done on his behalf, and 3. By operation of law under the doctrine of necessity Whether or not an agency relationship exists would largely depend on the true nature of the agreement and the circumstances of the relationship between the principal and the agent. In another vein, the law of agency consists of the law of the employer and the employed, where the employment consists of bringing the employer into contractual relationship with the third party.This relationship is simply referred to as â€Å"The Master and Servant† relationship under the labour law and for which there is a vicarious liability. An agent should be distinguished for an independent contractor. An independent contractor is the person who negotiates with the third party on his own behalf. An independent contactor is a person liable to give contract for service while and agent or servant renders contract of service . An independent contractor is personally liable at law for his actions. An agent is not a trustee of the goods in his care not being the legal owner.The extent or scope of the Agent’s discretion is determined by his principal’s instructions. Legal title always remains in the principal. An agent can therefore not give good title all by himself. CLASSIFICATION OF AGENCY a. Special Agent: This is someone who has authority to do some particular act on behalf of his principal though not a continuous basis; for instance, a special order to purchase a house or a vehicle. b. General Agent: this is someone who has power to act for his principal in all matters involving business or trade, for example a solicitor or legal practitioner. . A Factor Agent: He is an agent who sells or disposes of goods that are entrusted to him. His activities are governed by the Factors Act 1889 (UK d. Broker Agent: He negotiates ad makes contract for the sale and purchase of goods. However unlike a factor he is not left in possession of the goods. Typical example is insurance Brokers and Stock Brokers. e. Universal Agent: This is someone who represents various principals in many aspects of trade. He is appointed by a Deed under Power of Attorney and has wide powers. f.Mercantile Agent: He represents someone in commercial and certain aspects of trade. Their duties are more or less similar to those of the factor agent g. Auctioneer: He represents a principal in the disposal of real properties. They are usually licensed to sell properties of Mortgagors who have defaulted in payment. Auctioneer acts between the Vendor and the purchaser. He receives commission and invariably sells to the highest bidder. h. Estate Agent: These deal in the acquisition of, valuation of an disposal of properties i.Del-Credere Agent: This is a mercantile agent who, in consideration of extra pay, that is del-credere commission guarantees to his principal that the 3rd party with whom he enters into cont ract on behalf of the principal shall duly pay the sum becoming due under the contract. In effect a del credere agent is a surety of the person with whom he deals. This is just a form of guarantee which may not necessarily be in writing in order to be enforceable at law. CREATION OF AGENCY It may be created in two broad ways namely: (a)Expressly and (b) impliedly a. Express Creation: . By deed – this involves issuing an authority in writing with the necessary instruction and attestation clauses. That is signed, sealed and delivered. This process is known as the granting a Power of Attorney. 2. Oral instruction – This is agency by appointment, it deals with express authorisation of the principal to the agent to act for him b. Implied Creation 1. Agency of necessity – This is created by act of person who normally had no authority but was compelled to reasonable act to protect the interest of the 3rd party especially during an emergency situation. 2.Agency by Estop pel: – This is a type of agency that can be inferred form the conduct of the parties. If the situation that exists suggests that parties want to create an agency relationship, either of the parties is stopped form denying the existence of such a relationship. 3. Apparent Agency – This occurs where a principal has not taken due precaution to prevent a situation where somebody portrays himself as having power to act as his agent. 4. Agency by ratification – This occurs where the principal having full knowledge of the fact, accepts the benefits of the contract entered into by his apparent agent.Any act whether lawful or unlawful may be ratified provided it is not void. If it is voidable it is still capable of being ratified as long as it is valid. In Brook v. Nook where an agent forged his principal’s signature on a promissory note; it was held that the attempt at ratification was void. The principal must have capacity as at the date of the contract. In Keln er v. Baxter where a promoter tried to ratify some pre-incorporation contracts it was held that he could not succeed as the contracts predated the company.

Reflection essay Example | Topics and Well Written Essays - 1500 words - 1

Reflection - Essay Example Those left have to learn to survive, and find the reason for their existence, or at least hope that fate will lead them to finding that reason. Fate just like love is an avalanche that hits when least expected, hurtling down at you, leaving you without an alternative, but to oblige to it. First, â€Å"Your Fate Hurtles Down at You† reflects more of the life that is comparable to the sting of cold in an icy setting. The setting of the story may not just have been a chance choice for the author to develop what he wanted to communicate to his readers, but must have been carefully considered to emphasize on his points. Davos is a place, perfect for research about ice and snow because of its geographical composition. Although some occurrences within the story took place in different localities, the settings are similar in that, they are prone to avalanches. This circumstance is what the author uses to emphasize the title of the story, used as a metaphor. Like an avalanche that falls anytime without warning, fate hurtles down inevitably on people, whether they like it or not. Moreover, the narration of the death of the storyteller’s twin brother, Willi, is a strong demonstration of how fate hurtles down on a person. He did not like to die, he was young, and in love with Ruth who was pregnant with their child. Nevertheless, he was destined to die young and as his death came suddenly and unexpectedly, this event and the cause of death portray the suddenness of how fate could hit an individual. On the other hand, the fate of Willi’s brother is to love the same woman Willi adored, Ruth. Despite the fact that Ruth showed interest on Willi more than his twin brother, the other did not stop loving her. This is Eckel’s fate, to love the woman who only loves his brother, and is not ready to love him even after his brother’s demise. This fate could be

A Critical appraisal of the Torrey Canyon oil spill and the Coursework

A Critical appraisal of the Torrey Canyon oil spill and the Remediative Response - Coursework Example dies show that many experts have been wrong to focus on dispersants as the main source of toxins involved in oil spill events, because oil itself has toxic effects that can outweigh the dangers of low-level dispersant use (Boyd et al 2001). Oil’s bioavailability to marine life is possible through four main pathways: 1) direct contact with the oil, such when birds dive through oil to catch fish 2) ingestion through eating prey covered with oil or that has recently eaten oil-contaminated food, or through preening their oil covered feathers 3) breathing in fumes or oil particulates suspended in the air, and 4) absorption, whereby toxins leach into the skin of sea creatures or the membranes of plants. Of particular concern is PAH, a highly toxic compound found in almost all oils that has a known association with cancers in both wildlife and humans. Polycyclic aromatic hydrocarbons (PAH) are formed when organic compounds are not completely burned off during combustion (Srogi 1997). PAH contamination of the environment occurs through many of our everyday activities both at the personal and industrial levels, such as motor vehicle emissions, asphalt and aluminum production, oil refining, waste burning, and the combustion of fuels in ships and aircraft (Srogi 1997). When in gaseous form, PAHs enter the water system through precipitation and other atmospheric conditions. Oil leaks and municipal and industrial waste and are other sources of aquatic contamination (Srogi 1997). PAH is toxic in both fresh oil and in â€Å"weathered† or decomposed oil that has been exposed to natural atmospheric conditions over time (Neff et al 2011). Researchers have found that oil continues to leach from sedimentation under the water’s surface years after a spill. French, Banta and Swiss... This paper stresses that experience and research are leading the science community and environmentalists in new directions in terms of oil spill responses. Microbial degradation of oil droplets is one area of research that may lead to more environmentally friendly cleanup procedures. Researchers are aware that all natural environments contain bacteria that degrade bacteria. Microbes adapt to their environment; areas with regular spills due to ship traffic have local led developed microbe populations that live off the oils. Many types of these oil-eating microbes work together to break down the diverse compounds found in crude oils and other spilled substances. Researchers have attempted to genetically engineer microbes to enhance their hydrocarbon-eating capacity in future oil spills. This report makes a conclusion that while the U.S. maintains open-mindedness about the use of chemical dispersants, most of the world, rejects non-chemical oil removal in favor of mechanical methods. It is worth noting that the International Tanker Owners Pollution Federation Limited, which produces an annual report on accidental oil spills finds that over the past four decades there has been a decrease in the number of large oil spills. Unfortunately, we seem to have far to go in figuring out how to prevent them altogether, however, when we use experience and science to handle spill events more intelligently, we may begin to see less disastrous consequences from our response to spills in the future.

Homework Assignment Example | Topics and Well Written Essays - 250 words - 6

Homework - Assignment Example Mallor, et al., 2012) in their contract stating that full payment for the ordered goods will be rendered upon successful delivery of goods in perfect condition. Whereas, any circumstance that result to failure of delivery will therefore discharge the buyer from paying the agreed amount for the transaction. Setting conditions in a contract protects both parties from being charged with breach especially if failure of delivery is a result of force majeure. On the other hand, the seller must secure a conditioned contract with a third party - insurance companies of the cargo ships – where, under the classification of condition precedent (Mallor, et al., 2012), the monetary amount insured will be collected by the seller in instances that their goods are damaged during transport. In addition, their bond with the buyer must indicate specific conditions to prevent allegation of breach of contract from the other party if such circumstance occur. Nevertheless, condition stated by the seller must indicated non-performance of expected duty only in force majeure situations such as bad weather condition that result in damage of goods during transport thus preventing excuses to non-performance other that what is indicated in the contract (Mallor, et al.,

The challanges of adopting a multi-channel retail approach Essay

The challanges of adopting a multi-channel retail approach - Essay Example It is evident that the digital era fuelled novel business opportunities and the continuous evolution of online business channels have made multi-channel retailing a reality, with the customer now placed at the forefront of retail strategy (Jain, 2008). In turn, this has reshaped business distribution and marketing models. To this end, it is submitted as a central proposition in this paper that consumers increasingly dictate retail strategy and therefore CRM is vital as part of an integrated retail strategy to ensure that an organization keeps pace with the multi-channel retail model. Moreover, the central consideration should be given to the movement away from the conventional economics based approach to consider the benefit of integrating effective CRM into retail strategy. For example, Weinberg at al’s 2007 report into changing consumer behaviour highlights that approximately 65-70% of consumers fall within the category of â€Å"multichannel shoppers† and they increas ingly have the highest purchasing power. (Weinberg et al, 2007). As a result, Weinberg et al posit that it is â€Å"critical that organisations effectively employ a multichannel marketing approach, as consumers in B2C contexts now expect it† (Weinberg et al, 2007, p.385). The impact of multi-channel retailing has continued to grow and Retail Solutions Online highlight that industry research indicates that approximately 40% of sales will be attributable to the multi-channel model by 2012 (2009). Additionally, the Retail Solutions’ Online research indicates that the proliferation of the multi-channel retail model will continue to grow and as a result, retail business have to embrace the model as part of integrated retail strategy to compete in the marketplace (2009). Moreover, Vollmer and Precourt argue that the underlying basis for marketing is rooted in economic principles of exchanging goods for value (2008). It is precisely this concept of â€Å"value† that ha s been at the heart of marketing strategy in persuading consumers to exchange value for goods in conventional business strategy. However, as the business models continue to evolve in line with changing consumer habits and retail channels, Vargo and Lusch point to the fact that economical basis for traditional marketing strategy has been forced to adapt to remain relevant (2004). Additionally, Vargo and Lusch further refer to the arguments of Achrol and Kotler that the: â€Å"very nature of network organisation†¦..and the potential impact on the organisation of consumption all suggest that a paradigm shift for marketing may not be far over the horizon†

Do judges in the Uk made political decisions Outline

Do judges in the Uk made political decisions - Outline Example In the part of the Judiciary, however, its intervention in the legislative is controversial. The participation of the Judiciary branch in political decision-making applies only to the making of a common law, but their primary duty is to interpret the law and make sure that anyone who goes against it will be punished. Separation of Powers The major institutions of the British state would include the executive, the parliament and the judiciary. Each branch works "in the name of the Crown" which is the ruling monarch. Much like the roles of other government types, the branches have the roles of law making, implementation, and evaluation, respectively. However, the influence of a monarch would be the difference. In the Constitutional Fundamentals, the executive "comprises the Crown and the Government, including the Prime Minister and the government" (Anon., n.d). Its duties are to formulate and implement policies that the state and the government itself should abide. The Parliament compr ises of the House of Commons and the House of Lords. The members of the House of Lords were unelected and were only appointed by the Crown. The Judiciary, as the term suggests, enacts the law and makes sure that it is properly exercised by every citizen of the nation. The Judiciary is an independent body. The legislature and the parliament should not influence the decisions of the judges and in the same way that the judges are not ought to make political decisions except for common laws. A common law, as the term suggests, comprises of general beliefs of people inspired by tradition, custom, and precedent (Anon., 2008). The status of the U.K. judges nowadays has been vague in terms of enactment of specified roles. As reported by Press Association (2011), former home secretary Lord Michael Howard said that the judges have "too much power" over the ruling of the state. This friction began when the High Court intervened with the Government's plan to pursue the "multibillion-pound secon dary school rebuilding programme." Lord Howard said that the judges are expected to stick to their responsibilities as law interpreters and leave the policy making to the executive (Press Association, 2011). This is the same to what Stevens (2005, p.55) stated that since the judges have taken a "more central role in political decision-making," their role as an independent body which exercises "impartiality" is already unreliable. In this note, the roles of the judges should be clarified. However, Peretti (1999) points out three things about judges and their roles in politics (cited in Cross, 2000, p.18). Peretti (1998) argues that "1) judge makes decisions based on their politics and not on some neutral principles of law; 2) that judges are not particularly independent of the influence of legislatures and hence must tailor their decisions to congressional politics; and 3) that this situation is a very good thing† (cited in Cross, 2000, p.18). Clearly, Peretti (1999) discloses that there should be a point in which the law-making body and the Judiciary could merge. The law states that there is a definite separation of power in all three branches, where the Judiciary acts as an interpreter of the law. Because of this, â€Å"Judges are independent from the police and the government, and cannot be told what to do, or have their decisions changed by ministers† (Directgov, n.d.). In reality, the opposite of expected outcomes persists. The manner of being one of the

RESEARCH METHODOLOGY ASSIGNMENT Essay Example | Topics and Well Written Essays - 500 words

RESEARCH METHODOLOGY ASSIGNMENT - Essay Example Let us get into all the details about them. Ramakrishna Mission is one of the biggest social institutions in the whole world. Headquarter of this institution is at Belur near Kolkata. As a believer in social works, I chanced to know some of the monks who work in this organization. I traveled to Belur in order to observe how the social institution works throughout the world. The most interesting thing which I found in Ramakrishna Mission is the fact that this organization does not only rely on the idealism and leadership, they believe in hard working and this is the main force acting behind their unparalleled success. Sharing my experiences with the monks working here was something told me their secret. Microsociology that exists among all the workers associated with Ramakrishna Mission is the main thing which has made the organization able to reach out for the macrocosmic society in the outside world. The monks have perfect rankings distributed among them. This ranking is never done following any kind of social status as all of them have left family life long ago. These ranks are offered to them for the sake of division of labor. They share all the works of the institution. Apart from this, they are also able to continue with their studies. Some of the monks are highly educated and they frequently travel to Western countries to deliver lectures on their philosophy or any other subjects as well. The organization has successfully adopted the outside world laws or the macrocosmic policies inside the institution and they have carefully left the bad elements of the society. Equality is the main theme which is well practiced in Ramakrishna Mission. Swami Vivekananda the founder of the organization is considered as the leader and his philosophy is followed by the monks. Ramakrishna Mission has a well organized management system. The manager, who is also a monk, is equal to the subordinates but is very sincere in strictly