At the end of the course, students should be able to:
Sources of Law: Common law, Equity and Judicial Precedent, Civil law, Criminal law, statute law, case law. Court structure, role of courts, other methods of dispute resolution as they are apply to business. The law of contract: agreement, consideration, certainty, intention to create legal relations, distinction between terms of a contract and representations, factors invalidating consent, misrepresentation, duress, undue influence, error (mistake).
Contents of a contract: expressed and implied terms, conditions and warranties, innominate terms, exemption and exclusion clauses, contra proferentem rule. Discharge of a contract by: performance, agreement, frustration, breach of contract; actual and anticipatory. Remedies available for breach of contract: damages and mitigating loss, specific performance, injunction, recission. The law of tort: nature of liability in tort, strict liability and vicarious liability, defences and remedies available, negligence including professional negligence.
The law of agency: principles of agency, methods by agency is created, the rights and duties of principal, agent and third parties, the rights and liabilities of different types of agent, termination of agency. Negotiable instruments and bill of exchange Act: Types of Negotiable instruments (Bills of Exchange, cheques, travellers’ cheques, promissory notes, credit cards and debit cards, electronic transfer of funds (automatic teller machines, telephone banking and internet banking).
Different types of crossing, parties to a negotiable instrument, negotiation, presentation and dishonor, discharge of an instrument, rights and duties of banker towards the customer both private and business and right and duties of the customer towards the bank. Companies and allied matters Act: corporate affairs commission, incorporation of companies and incidental matters, acts by and on behalf of company, membership, share capital, shares and debentures, meetings and proceedings, directors, secretary and officers, protection of minority, financial statements, audits and investigations, annual returns, dividends and profits, receivership, winding up and liquidation, arrangements and compromise. Estate and trust administration:
Devolution of real estate on personal representative, application of real estate of law affecting chattels real, wills and probate, relevant legislation over wills and probate, courts jurisdiction over wills and probate, formal validity of wills, testamentary capacity, bequests to witnesses and beneficiaries, grants of probate and administration. Trust: Nature and definition of trust, creation of trust, distinction between trust and other legal concepts-company, contract, a will, a foundation, agency, bailment, power. Types of trust: express trust, trust arising by operation of law, charitable trusts, legal definition of charity, classes of charitable trusts, differences between public trust and private, other types of trusts, fixed trusts, discretionary trusts, implied/resulting trust, rights relating to trust property, tracing at common law and equity.
Trustees: appointment, removal and discharge, power of the trustees, duties, liabilities and indemnities, replacement of trustees while trust exists, remuneration, breach of trust including remedies, asset management and investments, the trustee investment act, 1962, investment powers, investment portfolio for trusts including pension funds and charities, standard of care in investment decision-making, even-hand principle, management of a business, stockbroker in advisory capacity, stockbroker as asset manager, stockbroker as a custodian trustee, role of the public trustee-appointment, duties, rights, types and discharge, role of brokers in securities transmission and clients’ money rule. Law of mortgage and pledge, parties to the mortgage or pledge, types of mortgages and pledge, effect of a mortgage or pledge, extinction of mortgages and pledgees, foreclosure, tacit securities-liens.
Investments and securities Act (ISA) 2007: Background to making the ISA, establishment and management of securities and exchange commission, functions and powers of SEC, registration and regulation of securities exchanges, capital trade points and other self-regulatory organisations, registration and regulation of capital market operators, inspections and investigations, regulation of securities.
