CONTENT: Section 4 - Legal Aspects of Business

Profile 1: Organizational Principles Section 4: Legal Aspects of Business
	SPECIFIC OBJECTIVES The students should be able to:	CONTENT
1.	Explain the concept of contract;	Definition and concept of a contract.
2.	Describe the characteristics of a simple contract;	Offer and acceptance, competence of parties, intention to create legal relations, consideration.
3.	Differentiate between a simple contract and a specialty contract;	special contracts including mortages, sale of land and insurance
4.	Determine the validity of various contracts;	Use of case studies to determine the validity of contracts.
5.	Distinguish between offer and invitation to treat or bargain;	Concepts of offer and invitation to treat.
6.	Explain the conditions under which offer and acceptance are communicated;	Concepts of offer and acceptance.
7.	Outline ways by which contracts may be terminated or discharged;	Definitions of discharge, types of discharge methods of discharge.
8.	Explain why documentation is necessary in business transactions;	The importance of record-keeping in a business, including its value in satisfying requirements for taxation and auditing
9.	Prepare business documents for various purposes;	preparation of various business documents including pro forma invoices, purchase requisitions, statements of accounts and stock cards.
10.	Interpret information on transport documents;	Transport documents including import license, bill of lading, and airway bills.
11.	Identify instruments of payment;	Instruments of payment including cheque, money order, bank draft, debit card, credit card and telegraphic money transfer.
12.	Interpret information on various instruments of payment;	Interpretation and significance of information on instruments of payment.
13.	Explain the use of documentary credit;	The concept of documentary credit,
14.	Distinguish between insurance and assurance;	The concepts of insurance and assurance. .
15.	Evaluate the principles upon which insurance is based;	The concept of pooling of risks.
16.	Explain the various types of insurance policies;	Types of insurance policies: life and business insurance.
17.	Explain how insurance facilitates trade.	The value of insurance coverage in lowering the risks associated with business