law for the entrepreneur and managers

8/20/2019 Law for the Entrepreneur and Managers

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LAW FOR THE ENTREPRENUER ANDMANAGER

by

EBE ONI-OJO (MRS)

WELCOME TO ENTERPRENEURIALDEVELOPMENT STUDIES (EDS)


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Today w !"a## b $a%&'&' a w o *"+a,&o! #aw! *"a* ,#a* *" a.*&+&*&! o*" E'*,/,',! a'd B!&'!! Ma'a,!

&' N&,&a0Ow&' *o *&% .o'!*,a&'*! w !"a## o'#y

$a%&' !o% a!/.* o *"! #aw! !."a! Co%/a'y Law1 Law o Pa,*',!"&/1 Law

o A'.y1 So# P,o/,&*o,!"&/1 Co'*,a.*!a'd I'*##.*a# P,o/,*y Law &' #&**#d*a!0


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So# P,o/,&*o,!"&/1 Pa,*',!"&/1 Co-o/,a*&+

So.&*&!1 S*a**o,y Co,/o,a*&o'! 12a!&-

Co,/o,a*&o'!1 I'.o,/o,a*&o' o T,!*!1I'.o,/o,a*d o, R&!*,d Co%/a'y0

SOLE PROPRITORSHIP

O' %a' ow'! a'd %a'a! *" b!&'!!0 Go!

w&*" o*", 'a%! a! 3o'-%a' b!&'!!41 3!o#

*,ad,4 *.0

S*a,*! b!&'!! w&*" "&! ow' .a/&*a# a'd #abo,o, !o%*&%! bo,,ow! ,o% ,&'d! o, ,#a*&+!0

O,a'&!! b!&'!! a'd *a6! a## /,o7* o, #o!!0

T8PES OF BUSINESSORGANISATIONS


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T" !o# /,o/,&*o, ,/,!'*! %a'y *"&'! a**" !a% *&%0

H &! a .a/&*a#&!* b.a! " ow'! *" b!&'!!a'd ,.&+! *" /,o7*

H &! a #abo,, b.a! " /,o,%! %o!* o, a##*" wo,6 &' *" b!&'!!

H &! a' '*,/,', b.a! " *a6! o' "&!!*,&d *" ,&!6 o 7'a'.&a# #o!!

H &! a#!o a %a'a, b.a! " *a6!d.&!&o'! a'd .o'*,o#! *" o/,a*&o' o *"b!&'!!0


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Ow',!"&/L&ab&*y

So,.! o Ca/&*a# o, F&'a'.La# E'*&*yMo*&+M*"od o W&*"d,aw&' Ca/&*a#I*! Na*,

Features of a Sole Proprietorship


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P,!o'a# !a+&'!

bo,,ow&' /a,*&.#a,#y ,o% ,&'d! a'd R#a*&+!

.,d&* /,."a! ,o% %a'a.*,! o, W"o#

!a#9!do'a*&o'! ,o% ,&'d! a'd ,#a*&+!

Advantages of a Sole proprietorship

I* ,:&,! !%a## .a/&*a#

Ea!y *o !*ab#&!"Ow',!"&/ o a## /,o7*

2&.6 d.&!&o'-%a6&'

SOURCES OF FUND OF A SOLEPROPRIETOR


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Ea!y *o w&*"d,aw "&! a!!*!

S&'# "a'dd#y o,%#a*! a## /o#&.&!

Bo!!

I* &! ;$&b#P,!o'a# Sa*&!a.*&o'

Co,d&a# R#a*&o'!"&/1 w&*" wo,6,! a'd

.!*o%,! Ta$ !a+&'

P,&+a.y


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Disadvantages of a SoleProprietorship

Ba, A## Lo!!! a'd R&!6! A#o'

L&%&*d F&'a'.&a# R!o,.!

U'#&%&*d L&ab&*y

La.6 o Co'*&'&*y

Ab!'. o S/.&a#&


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A' a!!o.&a*&o' o *wo *o *w'*y /,!o'! .a,,y&' o' ab!&'!! &' .o%%o' w&*" *" +&w o %a6&' /,o7*0

Pa,*',! .o'*,&b* bo*" 'd! a'd =o,*! *o !* /a'd %a'a *" b!&'!! !"a,&' /,o7* o, #o!! o' a'

a,d ba!&!0Features of PartnershipOw',!"&/> I* &! o,%d by ?-?@ /o/# a'd ?-@

/o/# &' .a! o ba'6!

I'&*&a# .a/&*a# .o'*,&b*d by /a,*',!L&ab&*y &! '#&%&*d $./* o, #&%&*d /a,*',0

Fo,%a*&o' %o*&+!> o,%d o, /,o7* ,a!o'!

PARTNERSHIP


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So,.! o .a/&*a#> .o'*,&b*&o' ,o% *"

/a,*',! /#o"&' ba.6 /,o7*1 #oa'! ,o% ba'6!

M*"od o w&*"d,aw&' .a/&*a# %!* ba//,o+d by o*", /a,*',! a! #a&d dow' &' *"&,/a,*',!"&/ dd0

Ha! 'o !/a,a* #a# '*&*y

Ha! 'o boa,d o d&,.*o,!0

Types of Partnership !"Ordinary Partnership# Pa,*',! *a6 a.*&+

/a,* &' *" %a'a%'* o *" b!&'!!


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Ha+ :a# #&ab&*y o #o!! o, ,&!61 :a#/ow,!1 '#&%&*d #&ab&*&! *a6 a.*&+/a,* a'd /,o7*! a, !"a,d :a##y0

Li$ited Partnership# %%b,! db*! a,,!*,&.*d *o *" a%o'* o %o'y.o'*,&b*d &' ,''&' *" b!&'!!0

No* a## /a,*',! *a6 :a# /a,* &' *"

%a'a%'* o *" b!&'!! *", %!*b a* #a!* o' o,d&'a,y /a,*', w"o "a!'#&%&*d #&ab&*y0


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F&+ *y/!>

A%tive Partner# Ta6! a.*&+ /a,* &' *" o,%a*&o'1 7'a'.&'a'd %a'a%'* o *" b!&'!! a'd ,.&+! !a#a,y a! !/#*o* &' *" /a,*',!"&/ dd0

Dor$ant&Sleeping Partner Co'*,&b*! o'#y *" %o'y

'dd o, o,%a*&o' o *" b!&'!! o, o, ,''&' o *"b!&'!!0 E'*&*#d *o /,o7* !"a,&' a'd #o!!! a! a,d /o'0

Nor$al&Passive Partner a.*a##y 'o* a /a,*', b* a##ow! "&!'a% *o b !d &' *" /a,*',!"&/ 0U!a##y a//o&'*d b.a!o "&! $/,&'.1 a% o, wa#*"y /o!&*&o'0

Silent Partners &! 6'ow' *o *" /b#&. a! a /a,*', b* *a6'o a.*&+ /a,* &' 7,%9! %a'a%'*0

Se%ret Partner' A.*&+ &' *" a=a&,! o *" b!&'!! b* 'o*6'ow' *o *" /b#&. a! a /a,*',0

T8PES OF PARTNERS


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Do.%'* *"a* ,#a*! *" a.*&+&*&! o *" /a,*',!"&/b!&'!!0 I* &! *" 3.o'!*&**&o' o *" /a,*',!"&/ b!&'!!a&%d a* &d&' aa&'!*1 o, ,!o#+&' d&!a,%'*!0

T" /a,*',! a, a'd !&' *" do.%'*0

T" dd o /a,*',!"&/ &! 'o* #a##y ,:&,d b* !!'*&a#0

S*y# a'd .o'*'*! +a,y ,o% /a,*',!"&/ *o /a,*',!"&/0

&'.#d a## o, !o% o *" o##ow&'>

Na% o *" /a,*',!

T" /#a. o b!&'!!

T" d!.,&/*&o' o *" 'a*, o b!&'!! T" a%o'* o .a/&*a# *"a* a." /a,*', &! *o .o'*,&b*

T" ,o# o a." /a,*', &' *" b!&'!!

T" %*"od o /,o7*! a'd #o!!! !"a,&'

Arti%le of Partnership or Deed of Partnership


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Co%/'!a*&o'1 & a'y1 /a,*',! a, *o ,.&+ o, !,+&.!,'d,d *o *" b!&'!!

T" ,&"* o /a,*',! &' *" b!&'!!

D,a*&o' o *" b!&'!!

How %a**,! a, *o b d*,%&'d w"*", by %ao,&*y +o* o, 'o*

P,o+&!&o' o, *" ad%&!!&o' o 'w %%b,!

A,,a'%'*! .o'.,'&' w&*"d,awa#! o, add&*&o'a# &'+!*%'*

A,,a'%'* o, *" d&!!o#*&o' o *" 7,% &' *" +'* o da*"1&'.o%/*'. o, o*", .a!! o w&*"d,awa# o o' o, %o, o &*!

%%b,!

O'. !&'d *" do.%'* b.o%! a #a# do.%'* *"a* &!'o,.ab# &' a .o,* o #aw0


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G,a*, 7'a'.&a# ,!o,.!

Co%b&'d Ab&*&! a'd S6#!

G,a*, Co'*&'&*y

Ea! o Fo,%a*&o' Jo&'* a'd b**, d.&!&o'

C,a*&o' o %/#oy%'* o//o,*'&*&!

E%/#oy%'* o +a#d %/#oy!

Ta$ ad+a'*aA//#&.a*&o' o D&+&!&o' o Labo,

P,&+a.y

AD(ANTA)ES OF PARTNERSHIP


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U'#&%&*d L&ab&*y

T" b!&'!! &! 'o* a #a# '*&*y

D&!a,%'* a'd R!&'a*&o'

D.#&' &' /,&d o ow',!"&/

B,a.,a.y #ad! *o !#ow d.&!&o'a'd /o#&.y %a6&'

L&%&*d .a/&*a#

R!*,&.*&o' o' !a# o &'*,!*

DISAD(ANTA)ES OF PARTNERSHIP


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A' a!!o.&a*&o' o,%d o, *" /,/o! o .a,,y&' o' b!&'!! o, a.*&+&*&!a&%d a* %a6&' /,o7* o, %a$&%% ,*,'!0

O'. &'.o,/o,a*d1 b.o%! a #a# '*&*y .a/ab# o "a+&' ,&"*! a'd#&ab&*&!0

T*PES OF +O,PANIES

Ba!&.a##y *", *y/! ,&!*,d 'd, S.*&o' ? o *" CAMA0

Co%/a'&!9 #&%&*d by !"a,!1 Co%/a'&! #&%&*d by a,a'* a'dU'#&%&*d .o%/a'&!0 W"&." %ayb a /,&+a* .o%/a'y o, a /b#&..o%/a'y0

+o$panies- li$ited .y shares> L&ab&*y &' *"&! .o%/a'y &! #&%&*d by *"%%o,a'd% *o *" a%o'*1 & a'y1 '/a&d o' *" !"a,! ,!/.*&+#y "#dby *" %%b,!0

+o$panies li$ited .y guarantee > o, /,o%o*&o' o !.&'.1 ,#&&o'1a,*!1 d.a*&o' a'd 'o* o, /,o7* %a6&'0 M%b,!9 #&ab&*&! a, #&%&*d by*" %%o,a'd% *o !." a%o'* a! *"y ,!/.*&+#y 'd,*a6 *o.o'*,&b* *o *" a!!*! o *" .o%/a'y &' *" +'* o &* b&' wo'd /w"&." !"o#d 'o* b #!! *"a' N@1 @@@0

A +O,PAN*


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M%o,a'd% .a''o* b ,&!*,d w&*"o* *"a*"o,&*y o *" A**o,'y G',a# o *" d,a*&o'0

/nli$ited +o$panies> 'o* .o%%o'1 b&'#&%&*d &' &*! !#'!!0

L&6 Pa,*',!"&/ %%b,! /,!o'a##y #&ab# o, *"db*! o *" .o%/a'y0

U!d by /,o!!&o'a#! w"o a!!% /,!o'a##&ab&*y o, *"&, ob#&a*&o'! 01 !.*&o' ?()(b)

o *" I'!,a'. A.* /,o+&d! *"a* a'&'!,a'. b,o6, w# 'o* b ,&!*,d '#!! *"a//#&.a'* "a! '#&%&*d #&ab&*y0


19/44

T" o##ow&' d&=,'* *y/! o .o%/a'&! .a'b &d'*&7d 'd, *" A.*0

Pb#&. .o%/a'y #&%&*d by !"a,!

P,&+a* .o%/a'y #&%&*d by !"a,!Pb#&. .o%/a'y #&%&*d by a,a'*

P,&+a* .o%/a'y #&%&*d by a,a'*

Pb#&. '#&%&*d .o%/a'y

/,&+a* '#&%&*d .o%/a'y


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M%b,!"&/> a %&'&%% o ? a'd a %a$&%% o @

I!!a'. o S"a,!> .a''o* !## !"a,! *o *" /b#&.

T,a'!,ab&*y o S"a,!> .a' o'#y b *,a'!,,d w&*"*" .o'!'* o o*", !"a,"o#d,!

2o*a*&o'> 'o* :o*d o' *" ;oo, o *" !*o.6$."a'

Pb#&.a*&o' o A..o'*!> 'o* ,:&,d *o /b#&!" a''a#

a..o'* b* %!* !'d a .o/y o ad&*d a..o'* *o

*" ,&!*,a, o .o%/a'&! a." ya,0L&%&*d L&ab&*y> a." !"a,"o#d, /o!!!!! #&%&*d

#&ab&*y0

Fa*,! o a P,&+a* L&%&*d Co%/a'y


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M%b,!"&/> M&'&%% o !+' a'd 'o %a$&%%1A,*&.# o A!!o.&a*&o' .o#d !/.&y %a$&%%0

I!!a'. o S"a,!> .a' !## !"a, *o *" /b#&.

T,a'!,ab&*y o S"a,!> !"a,! .a' b *,a'!,,d

w&*"o* *" .o'!'* o o*", !"a, "o#d,!02o*a*&o' a! Pb#&. Co%/a'&!> a, :o*d o' *"

;oo, o *" !*o.6 $."a'

Pb#&.a*&o' o A..o'*!> ,:&,d by #aw *o /b#&!"

a..o'* a'd !'d a .o/y o ad&*d a..o'* *o *",&!*,a, o .o%/a'&! a." ya,0

L&%&*d L&ab&*y> a." !"a,"o#d, /o!!!! #&%&*d#&ab&*y

Features of a Pu.li% Li$ited +o$pany


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0y S' 12 a'y *wo o, %o, /,!o'! %ay o,% a'&'.o,/o,a*d .o%/a'y w"*", /,&+a* o, /b#&.0

S' !3 /,o+&d *"a* a' &'d&+&da# !"a## 'o* o&' &' *"o,%a*&o' o *" .o%/a'y &>

H &! #!! *"a' ya,! o a1 '#!! *", a, o*",*wo /,!o'! o ## a a'd .a/a.&*y w"o "a+ a#,ady!b!.,&bd *" %%o,a'd%0

H &! o '!o'd %&'d a'd "a! b' !o o'd by a.o,* o .o%/*'* ,&!d&.*&o'0

H &! a' 'd&!."a,d ba'6,/* o,

H &! d&!:a#&7d 'd, S' !45 ,o% b&' a d&,.*o,o a .o%/a'y0

FOR,ATION OF A RE)ISTERED +O,PAN*


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For$ation starts 6ith the follo6ing steps#A!.,*a&'&' *" /a,*&.#a,! o *" /,o/o!d .o%/a'yP,/a,a*&o' o *" &'.o,/o,a*&o' do.%'*!F&' o *" &'.o,/o,a*&o' do.%'*!

R&!*,a*&o' o *" .o%/a'yDo%u$ents needed for in%orporation in%ludes> T" %%o,a'd% a'd a,*&.# o a!!o.&a*&o'0 T" 'o*&. o *" add,!! o *" ,&!*,d o.0L&!*1 /a,*&.#a,! a'd .o'!'* o *" 7,!* d&,.*o,!0S*a*%'* o *" a*"o,&!d !"a, .a/&*a#0A'y o*", do.%'*0!*a**o,y d.#a,a*&o' o .o%/#&a'. &' *,%! o S0 ()0


24/44

S*a*! .o%/a'y9! ,#a*&o'!"&/ w&*" *" o*!&d wo,#d0

S' !7 1" /,o+&d! *"a* *" %%o,a'd% !"o#d !*a**" o##ow&'>

Na% o *" .o%/a'y0

T"a* *" ,&!*,d o. o *" .o%/a'y w# b!&*a*d &' N&,&a0

Na*, o b!&'!! o, ob.*! o, w"&." &* &! !*ab#&!"d0

R!*,&.*&o' & a'y o' *" /ow,! o *" .o%/a'y0

T"a* *" .o%/a'y &! a /,&+a* o, /b#&. .o%/a'y0 T"a* *" #&ab&*y o &* %%b,! &! #&%&*d by !"a,! o, by

a,a'* o, &! '#&%&*d0

T" .a/&*a# .#a!0

,E,ORAND/, OF ASSO+IATION#


25/44

S*a*! *" &'*,'a# ,#a*&o' o a .o%/a'y0o+,'! *" ,&"*! o %%b,! a%o' *"%!#+! a'dw&*" *" .o%/a'y0!*a*! *" %a'', &' w"&." a .o%/a'y .o'd.* &* a=a&,!

%ontains the follo6ing#D*&!1 ,&"*! a'd /o!&*&o' o %%b, o *" .o%/a'yM*"od o a//o&'*%'* o *" d&,.*o,!S"a,&' o d&+&d'd!P,o.d, o, "o#d&' ',a# %*&'M*"od o #.*&' d&,.*o,! a'd *" +o*&' ,&"*! a*!." #.*&o'M*"od o ad&*&' *" .o%/a'y9! a..o'*

ARTI+LE OF ASSO+IATION


26/44

Filing of in%orporated do%u$ents

W"' *" do.%'*! "a+ b' /,/a,d a'd!*a%/d1 *"y a, /,!'*d *o *" .o%%&!!&o' o,

7#&' a#o' w&*" *" /ay%'* o a//,o/,&a* !0

+erti8%ate of In%orporationA .,*&7.a* &! &!!d by *" ,&!*,a, o CAC *o !"ow

*"a* a b!&'!! &! #a##y &'.o,/o,a*d a'd,.o'&!d by *" o+,'%'*0

T" .,*&7.a* &! &!!d 'd, *" !a# o *".o%%&!!&o' a'd da*d0 T" da* o' w"&." *",&!*,a, !&'d *" .,*&7.a* &! !*a*d a! *" da*o &'.o,/o,a*&o'0


27/44

A'.y &! a #a# a'd 7d.&a,y ,#a*&o'!"&/ *"a* $&!*!b*w' ? /,!o'! w"' o' .a##d *" a'* &!.o'!&d,d &' #aw *o ,/,!'* *" o*", .a##d *"/,&'.&/a# !." *"a* " a=.*! *" /,&'.&/a#9! #a#

/o!&*&o' &' ,!/.* o ,d

/a,*&! *o *" ,#a*&o'!"&/ by*" %a6&' o .o'*,a.*! o, *" d&!/o!&*&o' o /,o/,*y0

La# I%/#&.a*&o'! o *" D7'&*&o' o A'.y

P,&+&*y o .o'*,a.*

+hara%teristi%s Of Agen%y Relationship

C,a*! ! types o ,#a*&o'!"&/!> O' b*w' *"/,&'.&/a# a'd a'* a'd *" o*", b*w' *"/,&'.&/a#1 a'* a'd *" ,d /a,*y

AGENC8


28/44

Duties of an AgentFa&*"# P,o,%a'.>No* *o !b-d#a*0 E$./* w", &* &! .!*o%a,yD*y o .a, a'd !6# &' $.*&' "&! ,!/o'!&b&*&!0

Loya#*y1 &00 'o .o';&.* b*w' "&! /,!o'a# &'*,!* a'd"&! /,&'.&/a#9! b!&'!!F&d.&a,y> M!* a.* w&*" *%o!* ood a&*"0Co'7d'*&a#&*y1 %!* b d&!.,*P,o/, a..o'*! o *" /,&'.&/a#9! %o'y

D*y *o 6/ /,&'.&/a#9! %o'y a'd /,o/,*y ,o% "&! ow'D*y *o /ay o+, *o *" /,&'.&/a# a## %o'y ,.&+d o,1a'd "#d o' "&! b"a# 0

RI)HTS AND D/TIES 0ET:EEN A)ENT ANDPRIN+IPAL


29/44

/niversal agent> a' a'* w"o a.*! o, "&! /,&'.&/a#w&*"o* a #&%&* *o "&! a*"o,&*y0 H "a! a*"o,&*y *o do a##*"a* *" /,&'.&/a# .o#d do &' a## a!/.*! o *" /,&'.&/a#9!a.*&+&*&!0

Au%tioneer# a /,!o' #&.'!d 'd, *" #aw *o !## ood!a* a /b#&. a.*&o'0 H %ay o, %ay 'o* "a+ /o!!!!&o' o*" ood!0 H do! 'o* wa,,a'* *" !##,9! ,&"* *o *"/,o/,*y0 H &! a' a'* o *" ow', '* !a# a'd*",a*,1 a'* *o *" /,."a!,0 W", *", &! a ,!,+/,&.1 " .a''o* !## b#ow *"a* /,&. a'd & " do!1 *"

ow', w# 'o* b bo'd0,er%antile Agents or Fa%tor# a /,!o' w"o &! '*,!*d

w&*" /o!!!!&o' o ood! w&*" a' &%/#&d a*"o,&*y *o !## &'"&! ow' 'a%0

0ro;er# a' a'* w"o &! %/#oyd *o 'o*&a* .o'*,a.*!o' b"a# o a'o*", o, *" !a# o, /,."a! o /,o/,*y o,

T*PES OF A)ENTS


30/44

Partner > a." %%b, o a /a,*',!"&/ &! a' a'* o *" o*",/a,*',! *o *" /a,*',!"&/0

0an;er> a ba'6, &! *" a'* o a .!*o%, o *" ba'6 w&*",a,d *o a ba'6,9! d*y *o /ay %o'y *o *" a%o'*! !/.&7d bya .!*o%, o *" ba'6 &' a+o, o &'do,!!0

Estate Agent > a /,!o' 'ad by a' !*a* ow', o, #a'd!/.#a*o,! o, *" /,/o! o by&' o, !##&' "o!! o, /&.! o#a'd &' .o'!&d,a*&o' o /ay%'* o .o%%&!!&o'

Advertising and patent agents0 T"! a, a#!o !/.&a# a'*!%/#oyd &' ,#a*&o' *o ad+,*&!&' a'd /a*'*!

Legal Pra%titioners# Lawy,! a, !/.&a# a'*! o, *"&, .#&'*!1

!/.&a##y d,&' 'o*&a*&o' o, #&*&a*&o'0

Del +redere Agent0 a !/.&a# a'* /a&d "&" .o%%&!!&o'0 H!##! ood! o, "&! /,&'.&/a# b* a#!o 'd,*a6! *o /ay "&! /,&'.&/a#*" /,&. o *" ood! !o#d w"' *" by, da#*!0


31/44

A .o'*,a.* &! a' a,%'* w"&." &! #a##yb&'d&' o' *" /a,*&! *o &* a'd w"&."1 & b,o6'1%ay b 'o,.d by .&+ a.*&o' &' .o,* aa&'!**" da#*&' /a,*y0

C#a!!&7.a*&o' o Co'*,a.*!Co'*,a.* 'd, Sa# (Fo,%a# Co'*,a.*!)

S&%/# Co'*,a.*

E$/,!! Co'*,a.*

I%/#&d Co'*,a.*

Ba*,a# Co'*,a.* K M#*a*,a# Co'*,a.*

S+,ab# Co'*,a.*

CONTRACT


32/44

OFFER> A /,o/o!&*&o' %ad by o' /a,*y1 .a##d *"o=,o,1 *o a'o*", /a,*y1 .a##d *" o=,1 .#a,#y a'd/,.&!#y &'d&.a*&' *" *,%! 'd, w"&." *" o=,o,&! w#&' *o '*, &'*o a .o'*,a.* w&*" *" o=,0

Fo, a /,o/o!&*&o' *o a%o'* *o a' o=, .a/ab# oa../*a'.1 &* %!* !a*&!y *", .o'd&*&o'!>

M!* b d7'&*1 .,*a&' a'd ':&+o.a#0

M!* %a'a* ,o% *" /,!o' #&ab# *o b bo'd &*" *,%! a, a../*d0

M!* b .o%%'&.a*d *o *" o=,0

Ca' b %ad *o a /a,*&.#a, /,!o'1 o, *o a ,o/ o,.#a!! o /,!o'!1 o, *o *" /b#&. a* #a,0'

RE2UIREMENTS FOR THE FORMATION OF A VALIDCONTRACT


33/44

R+o.a*&o'0 *o b =.*&+1 %!* b.o%%'&.a*d *o *" o=,0

R.*&o'0 o..,! &' *wo way!> by a d&,.*

&'*'*&o'a# ,!a# o *" o=, a'd (&&) by a.o'*,-o=,

La/! o *&%0 w", a /,&od o *&% &!!*&/#a*d1 b* *" o=, &! 'o* a../*d

w&*"&' *"a* *&%0O..,,'. o, 'o'-o..,,'. o .o'd&*&o'0

Da*" bo, A../*a'.

T,%&'a*&o' o a' O=,


34/44

F&'a# $/,!!&o' o a!!'* *o *" *,%! o a' o=,w&*"o* +a,&a*&o'1 :a#&7.a*&o' o, add&*&o'0

T" ',a# ,# &! *"a* a../*a'. o a' o=, &!'o* .o%/#* '* &* "a! b' .o%%'&.a*d *o

*" o=,o, &*", by *" o=, "&%!# o, by "&!a*"o,&


35/44

A' a,%'* w# 'o* b b&'d&' '#!! &* &!&'*'dd *o &+ ,&! *o #a# ,#a*&o'!0

T" .a!! *"a* "a+ a,&!' &' ,#a*&o' *o *"$&!*'. o a' &'*'*&o' a## &'*o *",

.a*o,&!>W", *" /a,*&! $/,!!#y $.#d *"

&'*'*&o'

W", *" a,%'* ,#a*! *o a .o%%,.&a# o,b!&'!! *,a'!a.*&o'

W", *" a,%'* ,#a*! *o /,#ydo%!*&.1 a%y o, !o.&a# a=a&,!

INTENTION TO CREATE LEGAL RELATIONS


36/44

A .o'*,a.* &! +o&d a'd 'a.*&o'ab# & &*! ob.* &!#a#0 E0

& &* +&o#a*! *" #aw o *" #a'd

& &* &! .o'*,a,y *o /b#&. /o#&.y

W", a .o'*,a.* &! #a#1 *" o##ow&' ,!#*!o##ow>

*" .o'*,a.* &! +o&d ab &'&*&o a'd 'o a.*&o' .a' #&o' &*0

Mo'y /a&d o, /,o/,*y *,a'!,,d by o' *y/a,*y *o *" o*", 'd, *" .o'*,a.* &!&,,.o+,ab#0

LAWFUL OBJECT> ILLEGALIT8


37/44

Fo, a .o'*,a.* *o "a+ a'y +a#&d&*y &'#aw1 *" /a,*&! %a6&' &* %!* "a+ ##.a/a.&*y *o do !o0

T" o##ow&' do'9* "a+ ## .a/a.&*yI'a'*!

/,!o'! o '!o'd %&'d

d,'6' /,!o'! #&*,a*!

Co,/o,a*&o'!0

CONTRACTUAL CAPACIT8

INTELLE+T/AL PROPERT*


38/44

I'*##.*a# /,o/,*y ,&"*! a, ,&"*! .o',,d by!*a**! o' a' &'d&+&da# o, a .o,/o,a* body w&*",!/.* *o *" /,od.* o "&! o, ", &'*##.*1a,a'*&' *" $.#!&+ .o'*,o# o *" $/#o&*a*&o' o"&! wo,6 o, a #&%&*d /,&od0

Legal Fra$e6or; for Intelle%tual Property Right

I' N&,&a1 I'*##.*a# P,o/,*y R&"*! &! o+,'d by*" T,ad%a,6! A.*1 *" Pa*'*! a'd D!&'! A.*1 a'd*" Co/y,&"* A.*0

T" T,ad%a,6!1 Pa*'*! a'd D!&'! #aw! a, .,,'*#y&%/#%'*d by *" T,ad%a,6!1 Pa*'*! a'd D!&'!

R&!*,y 'd, *" Fd,a# M&'&!*,y o Co%%,.0

INTELLE+T/AL PROPERT*


39/44

T"&! &! *" ,&"* w"&." *" #aw &+! a' a*"o, o,o*", o,&&'a*o, o a' &'*##.*a# /,od.*&o'w",by " &! &'+!*d w&*" *" !o# a'd $.#!&+/,&+ o ,/,od.&' a'd !##&' .o/&! o "&!

wo,60U!a##y $/,!!d &' wa,'&'! #&6 *" $a%/#

b#ow &' boo6! a'd /"o'o,a/"&. ,.o,d&'!>

All rights reserved. No part of this work may be

reproduced in a retrieval system or transmitted inany form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher/author

+OP*RI)HT


40/44

The Purpose of +opyright La6#P,o*.*&o' o a' &'*##.*a# /,o/,*y 'd, #aw0

:ho Is a +opyright O6ner

T"&! &! a /,!o' w"o "a! a'y o *" $.#!&+ ,&"*! w"&.".o%/,&! .o/y,&"* &' ,!/.* o a' &'*##.*a# /,o/,*y

:or;s Eligi.le For +opyright In Nigeria3wo,6!4 o .o/y,&"* w"&." *" #aw w# /,o*.* a'd &'.#d>

a) L&*,a,y wo,6!

b) M!&.a# wo,6!

.) A,*&!*&. wo,6!

d) C&'%a*o,a/"&. wo,6!

) So'd ,.o,d&'

) B,oad.a!*

+OP*RI)HT O:NERSHIP


41/44

.o/y,&"* ow',!"&/ &! 'o* a*o%a*&.0 T" o##ow&' %ay .#a&%.o/y,&"*>

N&,&a' .&*&


42/44

Co/y,&"* &! a /,!o'a# /,o/,*y a'd a! !." .a' b*,a'!%&**d o, &+' away a! %o+ab# /,o/,*y by>

A!!&'%'* o *" w"o# o, /a,*1 o, o, o, 'o .o'!&d,a*&o'0

By d&!/o!a# 'd, a w#0

By o/,a*&o' o #aw /o' da*" o, &'*!*a.y0By #&.'!1 w"&." 'd 'o* b &' w,&*&'1 '#!! &* &! a'

$.#!&+ #&.'. o, by d&=,'* 6&'d! o a,%'* o,#&.'.0

Infringe$ent Of +opyright

Co/y,&"* &! &',&'d by a'y /,!o' w"o1 w&*"o* *"#&.'. o, a*"o,&!a*&o' o *" ow', o *" .o/y,&"* do!o, .a!! a'o*", /,!o' *o do a'y*"&' *"a* &! /,o"&b&*dby #aw ! S' 15'

TRANS,ISSION OF +OP*RI)HT


43/44

Fo, #&*,a,y1 %!&.a# a'd a,*&!*&. wo,6!1 .o/y,&"* #a!*!*" #&*&% o *" a*"o,1 /#! @ ya,! a*, "&!da*"0

o, .&'%a*o,a/" 7#%!1 /"o*o,a/"!1 !o'd

,.o,d&'! a'd b,oad.a!*!1 *" .o/y,&"* #a!*! o, @ya,! ,o% *" 'd o *" .a#'da, ya, &' w"&." *"wo,6 wa! 7,!* /b#&!"d o, b,oad.a!*0

Re$edies For +opyright &' .&+ a'd .,&%&'a# #aw0

Re$edies in %ivil la6 in%lude>

Awa,d o da%a!1 *"a* &!1 %o'*a,y .o%/'!a*&o'

I''.*&o' ,!*,a&'&' *" .o%%&!!&o' o, .o'*&'a*&o'o *" &',&'&' a.*0

D/RATION OF +OP*RI)HT


44/44

A..o'*! o, /,o7* a'd /ay%'* o &* *o *" .o/y,&"*ow', a! /,o7*0

D#&+,y / o a## *" .o/y,&"* wo,6

Re$edies in %ri$inal la6 in%lude#

F&' /o' .o'+&.*&o'I%/,&!o'%'* /o' .o'+&.*&o'

I%/o'd%'* o, !&

law for the entrepreneur and managers

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