Business Law I (Buss 212) Question Paper

Business Law I (Buss 212)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2012

TIME: 2 HOURS

INSTRUCTIONS
Answer question one and any other two questions.

Question One
Explain five basic features of law.
(5 Marks)

Explain five important sources of law in Kenya in their hierarchical order.
(5 Marks)
Explain the meaning of the following terms:
(5 Marks)
A valid contract.
A voidable contract.
A void contract.
An illegal contract.
Unenforceable contract.
Explain five exceptions to the rule of caveat emptor in the sale of foods law.
(5 Marks)
Explain five key essential elements in a partnership relationship. (5 Marks)
What are the duties of the hirer in a hire purchase transaction?
(5 Marks)

Question Two
Describe the liability of the principal and the agent in an agency contract.
(10 Marks)
What is ownership and how is it acquired in the law of property? (10 Marks)

Question Three
Explain five essential characteristics of negotiable instruments.
(10 Marks)

Arbitration is the preferred mode of dispute resolution in a business transaction. Do you agree? Give your reasons.
(10 Marks)

Question Four
The law of contract is the foundation of business law. Do you agree? With very clear examples touching on other laws that you have encountered in business law studies explain yourself. (10 Marks)

Question Five
Explain the essential elements in a hire purchase agreement.
(10 Marks)

With the help of a well labeled diagram outline the structure of Kenyan judicial system in a hierarchical order.
(10 Marks)

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