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Buss 212:Business Law I 3Rd Trimester 2015 Question Paper

Buss 212:Business Law I 3Rd Trimester 2015

Course:Bachelor Of Business Information Technology

Institution: Kenya Methodist University question papers

Exam Year:2015

BUSINESS LAW 1 (BUSS 212) 3RD TRIMESTER 2015
KENYA METHODIST UNIVERSITY

END OF 3'RD 'TRIMESTER 2015 (FT) EXAMINATION

SCHOOL : BUSINESS AND ECONOMICS
DEPARTMENT : BUSINESS ADMINISTRATION
UNIT CODE : BUSS 212
UNIT TITLE : BUSINESS LAW 1

TIME: 2 HOURS
INSTRUCTIONS

Answer question one and any other two questions

Question One

Using appropriate examples in support of your answer explain the importance of the law of contract in business law.
(10 marks)
Discuss the following concepts. You must use proper illustrations in your answer
Contractual obligation.
(4 marks)
Source of law
(4 marks)
Caveat emptor
(4 Marks)
Agency by ratification
(4 marks)
Equitable remedies
(4 Marks)
Question Two

Define "goods" and discuss the nature of the various categories of goods in a contract for sale of goods noting to use appropriate illustrations in your answer.
(10 marks)
Discuss the various factors that may vitiate a contract. You must use proper illustrations in support of your answer.
(10 marks)
Question Three

Explain five key essential requirements of a valid hire-purchase agreement noting to capture the consequences of non-compliance with those requirements.
(10 marks)
Define the term "insurance" and explain the concepts of insurable interest subrogation and indemnity.
(10 marks)
Question Four

Using appropriate examples explain the key differences between the various types of partnerships you have studied.
(9 Marks)
Explain the nature of the agency of necessity noting to capture at least two conditions that necessite its presumption by operation of law.
(6 marks)
What are negotiable instruments and how do they facilitate business transactions?
(5 Marks)
Question five

With the help of relevant examples explain the following terms;

Alternative dispute resolution
(4 marks)
Jurisdiction
(4 Marks)
Constitution
(4 Marks)
Morality
(4 Marks)
Industrial court
(4 Marks)

Buss 212:Business Law I 3Rd Trimester 2015 Question Paper

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