Commercial law Paper Example

Roles of Federal Trade Commission include: -The elimination and prevention of unfair methods of competition in commerce. -Investigates, enforces sanctions and consumer and business education. 2. Role and workings of CPSC -It monitors and evaluates product information so that it can educate the public on safety problems. -It ensures that products produced by manufacturers are free from any safety problem. 3. sale agreement This is an agreement which shows that the debtor is obliged to pay the creditor amount as stated in due date and time. 4. Remedies available to creditor

-A creditor may withhold the delivery of goods if the buyer fails to make payment. -The creditor may recover damages for non acceptance or repudiation of the customer. -The creditor may cancel the contract due to the breach by the customer. 5. (a) type of fire insurance Friendly when one can lit fire in order to destroy your property Accidental – where the fire is caused accidentally (b)Co-insurance clauses-this reflects the insurance companies’ efforts to encourage the purchase of sufficient insurance to cover the value of property. (c) Other insurance clauses

(i) Contribution clause-Applies in cases of more than one insurer covering the same risk or subject matter. (ii) Average clause- This provides that if at the time of loss the value insured is less than the value of the subject matter, and then the insured will be taken as his own insurer for the difference. (iii) Excess clause- This specifies the minimum sum which the insurers will accept a liability. (d)Insurable interest- This is a financial stake in property or in someone’s life that will justify the person who has that stake in insuring the property or life.

(e) Valued policies states that covered property’s value as established by appraisals while in open policy the amount recoverable is left unstated. (f) defenses of misrepresentation:That representation was a statement of material fact, and not a statement of law or mere expression of opinion. That it was made before or at the time of making the contract That it was intended to induce him to contract That he relied on this statement and in fact entered into a contract That this statement was untrue. estoppel The defendant must show that: – There existed an original agreement between the promiser and the promise e.

There resulted a new agreement out of the original agreement for which no consideration was given by the promise e The promise e relied on the promise acted on it and changed his position to his loss waiver In case a contract still executor y, a mutual agreement between the parties, can release each other from their respective obligations and rights. The creditor can defend himself by saying that he gave the buyer ample time and to enjoy quiet possession of the goods. Reference. 1)Saleem (1988) (principles of law) 2) Hussain (1992)General principles and Commercial law )