Question

1) using case law explain the fundamental difference between a condition and a warranty - 1 mark

2) Identify and explain the different types of remedies in business law - 1 mark

3) Explain the difference between a principal and an agent - 1mark

Answer 1

Answer 1. A condition is a statement or task or action that should be present or done prerequisite of any event. While warranty is a guarantee given by the supplier to the buyer of the condition of the product. In condition the person can terminate the contract at the time of breach but the person in case of warranty can claim damages.

Answer 2. Different types of remedies are as follows :-

- Rescission: It gives the right to the party which aggrieved to terminate the contract.

- Suit for damages -In this the monetary compensation is given to the aggreived party to make good the loss siffered or to make for the losses incurred by the party to the contract.

- Suit for specific performance: It is a punishment for the party where the aggrevied party takes an order from the court to make the party finish it’s promise.

- Suit for injunction: In this an order from the court is passed where the party can no longer perform such particular act in the future.

- Suit for quantum meriut: In this if a party acts as a hurdle or doesn’t let the other party to complete the contract then under this the court may grant the party who has performed the court oartially to get compensation for it.

Answer 3. An agent is a person who is hired by a another person known as the principal to act on his behalf. While a principal is just a person who hires an agent to do things on his behalf.