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COMMERCIAL TRANSACTIONS FIRST SEMESTER

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PDF Version of the Concise reads on Commercial Transactions for quick grasp / understanding. You can purchase with your Card, USSD, Transfer or Cash payment

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PREVIEW COMMERCIAL TRANSACTIONS FIRST SEMESTER

Contents

AGENCY. 2

AGENCY DISTINGUISHED FROM OTHER RELATIONSHIPS. 2

CLASSES OF AGENTS. 3

KINDS OF AGENTS. 4

CAPACITY.. 6

FORMALITIES REQUIRED FOR THE FORMATION OF AN AGENCY. 7

CREATION OF AN AGENCY. 7

DUTIES OF THE AGENT. 10

RIGHTS OF AN AGENT AGAINST HIS PRINCIPAL.. 12

THE PRINCIPAL AND THIRD PARTIES. 13

TERMINATION OF AN AGENCY.. 13

HIRE PURCHASE. 13

THE NATURE OF HIRE-PURCHASE AGREEMENTS AND ITS DISTINCTION FROM OTHER AGREEMENTS. 15

DYNAMICS AND RELATIONSHIPS IN HIRE-PURCHASE AGREEMENTS. 16

SCOPE OF THE HIRE-PURCHASE ACT. 17

OBLIGATIONS OF THE PARTIES TO A HIRE-PURCHASE AGREEMENT. 18

FORMALITIES FOR THE HIRE-PURCHASE AGREEMENT. 20

OWNERSHIP AND MINIMUM PAYMENT CLAUSE.. 20

SALE OF GOODS. 22

SALE DISTINGUISHED FROM OTHER TRANSACTIONS: 23

PRICE OF GOODS. 25

TERMS OF THE CONTRACT. 26

STIPULATIONS AS TO TIME. 27

IMPLIED TERMS. 27

IMPLIED CONDITION AS TO TITLE.. 28

WARRANTY OF QUIET POSSESSION. 28

FREEDOM FROM ENCUMBRANCES. 29

IMPLIED CONDITION AS TO DESCRIPTION. 29

FITNESS FOR PURPOSE AND MERCHANTABLE QUALITY. 31

SALE BY SAMPLE. 35

THE PASSING OF PROPERTY. 36

TRANSFER OF RISK. 41

PERFORMANCE OF A CONTRACT FOR THE SALE OF GOODS. 45

REMEDIES. 48

 

 

COMMERCIAL TRANSACTIONS PART ONE

AGENCY.

Agency relationship is an exception to the privity of contract rule. It is “An agreement between two that one should represent him”-Bowstead. The acts or omissions of the agent are seen as that of the principal –Salami JCA in Akalonu V. Amokaro.

An agent can be seen as a mere “conduit-pipe” connecting the principal to the third party-Prof Fogam. Agency relationships may arise in various situations as shall be discussed later.

AGENCY DISTINGUISHED FROM OTHER RELATIONSHIPS.

  1. Agency and trust
  2. Agency and bailments
  3. Agency, servants and independent contractors.

 

TRUSTS.

A trust involves the notion of holding any[1] property for the benefit of another called the beneficiary.

  • Trust and Agency involve a fiduciary relationship.
  • Both act for the benefit of another (An agent for his principal and a trustee for the beneficiary.
  • The duty not to make secret profits applies in both.

Differences.

  • Generally, unlike an agency, a trust should be created in writing.
  • A trustee is the legal owner of the property and can act in his own name while the agent is not the legal owner of the property but acts on his principal’s behalf.
  • Unlike an agent, a trustee cannot negotiate and conclude contracts on behalf of the settlor (person that creates a trust).
  • Generally, the agent can revoke the agency but a trustee cannot revoke a trust.

 

BAILMENT

Bailment involves where a person (bailor) keeps his property in the possession another (called bailee) for a particular purpose/duration on the understanding that it shall be returned once the purpose has been fulfilled. The Bailee should keep the property in good conditions. The difference here is that, unlike an agent, the bailee cannot negotiate and conclude contracts on behalf of the bailor.

 

AGENCY, SERVANTS AND INDEPENDENT CONTRACTORS

A servant is one who subjects himself to the service and control of another.

An independent contractor is one that provides services to another in return for a reward. In essence, an independent contractor is his own master.

A servant when working on the direction of the master makes his master liable for faults. However an independent contractor is liable for any wrong he commits.

 

CLASSES OF AGENTS

  1. SPECIAL AGENTS
  2. GENERAL AGENTS
  3. UNIVERSAL AGENTS

SPECIAL: Appointed for a particular purpose, transaction or act. Cannot bind his master in any other matter than that for which he is engaged. E.g. Tayo tells Tolani to go and buy a car for him. Tolani should not go and purchase a house. Tolani has been appointed for a particular purpose: to buy a car.

GENERAL AGENTS: He acts in all matters relating to his particular trade or business on behalf of his principal. E.g. a lawyer…. KINDLY DOWNLOAD FULL PDF

[1] Even in Yearworth and Others V North Bristol NHS Trust, the court held that sperm samples can be held in trust.