I’m stuck on a Business Law question and need an explanation.
provide a graduate-level response to each of the following questions:
Explain the term ‘Judicial precedent’ and state two of its
advantages. (5 marks)
(b) Kayode and Abinga had an agreement by which they contributed
N500,000 each as deposits for the purchase of spare parts. By the
agreement, they are to share the spare parts equally on continuous
basis. Kayode recently received a consignment of spare parts at the cost of
N600,000. Abinga demanded that the spare parts be shared equally with
Kayodeon the ground that, by their agreement, they are partners.
However, Kayode has sold two-thirds of the spare parts. Abinga,
therefore, demands an account from the Kayode of the sales by him of the
spare parts. Kayode insists that he cannot account to Abinga because they
are not partners.
Required:
Advise Abinga on the status of his relationship with Kayode.
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