BUSINESS LAW Keenan and Riches Book pdf

Exam Questions (3 & 5 marks)

From Business Law

Q1. Explain capacity of parties (any three points).

3 marks

Answer

Capacity of parties:

Parties must be major (not minors).
Parties must be of sound mind at the time of contract.
Parties must not be disqualified by law (e.g., insolvent in some contexts).

Q2. Differentiate between actual performance and attempted performance (any three points).

3 marks

Answer

Actual vs attempted performance:

Point	Actual performance	Attempted performance (tender)
Meaning	promise is actually fulfilled	offer to perform is made but refused
Result	obligation ends normally	promisor may be discharged from further performance in certain cases
Example	delivery and payment done	buyer refuses delivery though seller offers

Q3. Explain offer and its essentials. Write in exam style and include a table.

5 marks

Answer

Offer (proposal) is an expression of willingness by one person to do or not to do something with a view to obtaining the assent of another person. Offer is the first step in forming a contract.

Essentials of a valid offer:

Essential	Explanation
Definite and certain	terms must be clear and not vague
Intention to be bound	must show intention to create legal relations
Communication	must be brought to knowledge of offeree
Lawful	object must be lawful
Not a mere invitation	price list/display usually invitation, not offer

Thus, only a lawful and clear offer communicated to the offeree can be accepted to form a contract.

Complete Youtube Videos for this Subject - Business Law

Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow.

Watch Playlist

Free Download

Download this note as PDF at no cost

If any AD appears on download click please wait for 30sec till it gets completed and then close it, you will be redirected to pdf/ppt notes page.

Open Drive File

Download our app for easy access

Get instant access to notes, practice questions, and more benefits with our mobile app.

Download App

Join Our Team

Resources

Community

Quick Links

More Info About this topic online

Exam Questions (3 & 5 marks)

Complete Youtube Videos for this Subject - Business Law

Free Download

Download our app for easy access

Exam Questions (3 & 5 marks)