1. Contract is a bargain, a deal from which both parties expect to benefit.

From the above statement, discuss the essential elements of contract.

(25 marks)

2. Whatever the type of agent the distinctive characteristic of the relationship is that

the agent has the power to make a binding contract between a principal and a third

party without himself becoming a party to the contract.

Discuss the following: -

a) The Duties of an Agent and Principal

b) Explain the appointment of the agent

(25 marks)

3. Answer the following: -

i. Define the meaning of "material facts" and give cases to support the

differences between material facts and non-material facts. (15 marks)

ii. Discuss two types of liquidation, one is voluntary (By Shareholder) and the

other is Compulsory (By Court Order). (10 marks)

(25 marks)

4. Section 3 of the Partnership Act 1961, define partnership as the relation which

subsist between persons carrying on business in common with a view of profits.

From the above explanation it is clear that there are three elements must be

satisfied first before a business is or not a partnership.

i. Discuss the said three elements. (15 marks)

ii. What factors can determine the existence of a partnership.