Business/commercial law question and answer

  • Citing examples, write brief notes on the following:
    • Contracts which must be under seal (4 marks)
    • Contracts which must be in writing(4 marks)
    • Contracts which must be evidenced in writing

ANSWER
Contract under seal:
This is a contract drawn and sealed a party and submitted to the other for signature. Such is a contract requires on consideration. Example include lease agreement, charge, mortgage.

• Contract which must be in writing:
This is a contract which must be embodied in a formal document. The law insists that it must be written. Examples include, hire purchase agreement, contract of marine insurance.

• Contract which must be evidenced in writing
This is a contract which must be evidenced some note or memorandum. The law does not prescribe the form of note or memorandum. Examples include:
 Contracts of insurance other than marine,
 Contract of guarantee



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