Ghana Contract Act, AN ACT to amend the law of Contract and to replace certain Imperial enactments. Ghana Contracts Act, (Act 25) section 8(1) (However, the Memorandum to the Contracts Act provides that there must be some evidence from which the. The Contracts Act, (Act 25) has made certain inroads in the doctrine of consideration. Ghana and for good reason too. It tended to preclude settlement of.
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Three actors feature prominently in the arena of commerce, namely sellers, buyers and the regulator.
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Commercial law is therefore an enabling and a regulatory legal framework. For instance, the buying and selling of drugs is regulated not only by the market forces of demand and supply, but also by the State through the regulatory agency called Food and Drugs Board.
Commercial law is also an off shoot of economic law. The economist assume a perfect market situation where sellers passively react to market determined prices, and are ghana contract act 1960 homogeneous products, or where both buyers and sellers have complete information about prices and any other relevant factors, and that it is easy to enter the industry, and no seller is large enough to effect price by increasing or decreasing its output.
Indeed, the economist also concedes that in reality, we do have imperfect markets where any of the above conditions are absent. In reality we have sellers supplying certain types of ghana contract act 1960 that are dangerous to public health, indecent or obscene.
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There are some products which do not meet safety, standards, and the ghana contract act 1960 quality. What the economist does not say is the law regulating the industry to protect the consumer. In commercial law, we cover this gap. Indeed, there are negative externalities associated with manufacturing of products.
A negative externality results ghana contract act 1960 the activity of one person or a business imposes a cost on someone else.
The most commonly used example is that of the polluting factory. The owners of the factory may use a variety of inputs for which they pay suppliers.
In addition, they may pollute the water and ghana contract act 1960, making them less useful to others, but not pay for the loss to others. Although any negative impact is an externality, the concept of externality has a more practical connotation results from the fundament question of what rights a person has.
Other examples of activities that create externalities include cigarette smoking, driving recklessly, and producing defective products. This is illustrated by a group of herdsmen who make use of a common area for grazing.
The cost of over-grazing is not fully internalized by the herdsmen even though ghana contract act 1960 full profit of grazing more cattle is internalized by each one of them. In simple terms, the consumer of these products and the public needs to be protected by the State and not left solely to market conditions.
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Page 1 of 7 But commerce is not the only economic activity within which goods and services are sold. The two areas of law are much related and they overlap.
Commercial Law is a subset of Business Law. The starting point in our study of commercial law is naturally contract law. We progress from ghana contract act 1960 general principle of contract law to the detailed rules applicable to such specific types of contract like sale of goods, international sale transactions, hire purchase, agency, banking, negotiable instruments, and other payment systems, securities, and e-commerce.
Even though commercial law is largely driven by contractual obligations, the modern commercial environment is also characterized by non-contractual obligations like economic torts and unfair competition.