Where a cheque bears across its face an addition of the words “and company” or an abbreviation of those words, between two parallel transverse lines, with or without the words “not negotiable” or
Two parallel transverse lines simply, with or without the words “not negotiable”, that addition constitutes crossing, and the cheque is crossed generally.

Where a cheque bears across its face an addition of the name of a banker with or without the words “not negotiable”, that addition constitutes a crossing and the cheque is crossed specially, and to that banker.

• a statement of the cash price and the hire-purchase price or total purchase price, as the case may be, of the goods;
• the amount of each instalment by which the price is to be paid and the date or the mode of determining the date upon which each instalment is payable;
• a description or list of the goods to which the agreement relates sufficient to identify them;
• a notice, which is at least as prominent as the rest of the contents of the agreement, in the terms set out in the First or Second Schedule to this Decree.

Gyeabour should have taken the following steps as a hirer:

• The hirer under a hire-purchase agreement is entitled at any time before the final payment under a hire-purchase agreement falls due, to terminate the agreement by giving notice of the termination to the person entitled to receive payments under the agreement.
• Where the hirer terminates the hire-purchase agreement he is liable to pay the difference between the total of the sums of money paid and one-half of the hire-purchase.
• Where the agreement is terminated, the hirer shall return the goods at the expense of the hirer to the premises from which they were originally supplied or to any other place as the owner may direct.
• Where the agreement is terminated the hirer who has failed to take reasonable care of the goods is liable to compensate the owner for the loss or damage caused by his failure.

The law of agency provides for the rights and duties between the principal and agent. An agent owes various duties to his principal and the foremost is fiduciary duty. This means that the agent must act on utmost good faith and be sincere and honest in his dealings with his principal. The agent does not have to make secret profit beyond the commission or other remuneration paid by his principal. Thus the agent is accountable for every profit which he makes without the principal’s consent.
As the purchaser of the car had paid Duu a commission, Duu is in breach of his fiduciary duty that he owes to Cho. Cho stands to recover the GH¢5, 000 he paid to Duu and the GH¢2,500 received as bribe paid by the purchaser.

• An offer.
• An acceptance.
• Competent parties who have the legal capacity to contract.
• Lawful subject matter.
• Mutuality of obligation.
• Consideration.
• Intention to create legal relations.                                                                                                                           (Any 4 points)

Julie will not succeed (Balfour v Balfour). The parties in domestic or social arrangements are generally presumed not to intend legal consequences.”. “For a contract to exist the parties to an agreement must intend to create legal relations Usually, the presence of consideration will provide evidence of this – if the promisor has specified something as the price for the promisee this – in most cases – carries with it an intention that the parties be bound. Intention remains, however, an independent requirement and must be separately demonstrated and there are cases in which consideration has been present but no contract found to exist because this pre-condition has not been fulfilled. In determining if there is contractual intent and objective approach is taken.

Anita will succeed on the rebuttable presumption that they intend to claim legal relationship although it is the same social/domestic agreement

In the course of negotiations that should lead to the formation of a contract, the parties to the contract may make a number of statements. These statements may or may not form part of the contract. If a statement becomes a core part of a contract, it is a term of the contract. A term of a contract then creates a legal obligation for which it entitles the innocent party to sue for damages for breach of contract.

Rescission of a contract is an equitable remedy that allows the parties to a voidable contract to treat it as if it had never been made and to recover from one another any money or property that had changed hands before the defect came to light. It is a standard remedy in case of breach of a condition. The remedy requires that the person has acted equitably himself. It will not be available if the person claiming it delays in acting on his right and a third part’s rights have arisen, the person claiming (third party) has affirmed the contract and property being reclaimed has passed to a third party.

Every individual is liable for his own tort. However employers are vicariously responsible/liable for the tort of their employees while the employees are acting in the course of employment. The employer ceases to be liable only where the employee is on the frolic of his own.
Kofi Gee was employed to drive the specialty truck and was doing that when the accident occurred. Therefore, the Company becomes vicariously liable for the tort of Kofi Gee in the tort of negligence, despite the instructions and despite providing him with the needed training.
The law imposes a duty on everyone and to everyone to take care, in particular professionals. Kofi Gee breached that duty by failing to apply the skill and expertise in driving the specialty truck. Kofi Gee will also be liable in the tort of negligence.

Advantages:

• Ratio analysis will help validate or disprove the financing, investment and operating decisions of a firm.
• They summarize the financial statement into comparative figures, thus helping the management to compare and evaluate the financial position of the firm and the results of their decisions.
• It simplified complex accounting statements and financial data into simple ratios of operating efficiency, financial efficiency, solvency, long term positions etc.
• Ratio analysis help identify problem areas and bring the attention of the management to such areas. Some of the information is lost in the complex accounting statements and ratios will pinpoint such problems.
• Allows the company to conduct comparisons with other firms, industry standards, intra-firm comparisons etc. This will help the organization better understand its fiscal position in the economy.                                                                              (Any 4)

Disadvantages:

• The firm can make some year end changes in their financial statements, to improve their ratios. Then the ratios end up being nothing but window dressing.
• Ratios ignore the price level changes due to inflation. Many ratios are calculated using historical costs, and they overlook the changes in price level between the periods. This does not reflect the correct financial situation.
• Accounting ratios completely ignore the qualitative aspects of the firm. They only take into consideration the monetary aspects (quantitative).
• There are no standard definitions of ratios. So firms may be using different formu-las for the ratios. One of such example is Current Ratio, where some firms take into consideration all liabilities but others ignore bank overdraft from current liabilities while calculating current ratio.
• Accounting ratio do not resolve any financial problems of the company. They are a means to the end not the actual solution.                                                                                                                                                                                             (Any 2)

• Equality and Freedom from Discrimination
• Protection of Privacy of Home and other Property
• Protection from deprivation of property
• Rights of Disabled Persons                                                                                                                                     (Any 2 points)

No, Fundamental Human Rights are enshrined and can only be changed by a referendum.

The High Court shall, subject to the provisions of this Constitution, have jurisdiction in all matters and in particular, in civil and criminal matters and such original, appellate and other jurisdiction as may be conferred on it by this Constitution or any other law.

The Circuit court cannot overturn the decision of the High court because the former ranks below in terms of the hierarchy of the law courts.

• The directors are appointed by the members to manage the entity and have responsibility for ensuring that the entity keeps proper accounting records and for presenting financial statements to the members. The directors normally delegate the everyday running of the company and the keeping of accounting records and the preparation of accounts to employees who are qualified to perform such functions (for example, persons with knowledge in accounting in respect of the keeping of accounting records and the preparation and presentation of the financial statements).
• It is the duty of the directors to safeguard the assets of the entity and to prevent fraud and errors. The members look to the directors to discharge this duty and not the auditor.
• The directors should institute controls and checks to ensure that the above responsibilities are carried out.
• The directors are responsible for making available to the auditor, as when required, all the entity’s accounting records, all other relevant records and related information, including minutes of all management and shareholders’ and all other information the auditor considers relevant for his audit.                                                                                                   (Any 2)

The common law of Ghana shall comprise the rules of law generally known as the common law, the rules generally known as the doctrines of equity and the rules of customary law including those determined by the Superior Court of Judicature.