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ENFORCEABILITY OF A CONTRACT

by | Jun 12, 2024 | Friday Read

In today’s read, we will be looking at the enforceability of a contract. Contract simply refers to a formal and legally binding agreement between parties.
A valid contract must have the following elements:

  1. Offer and acceptance: There must be an offer usually in the form of a promise from party A and acceptance of the offer by party B.
  2. Intention to create legal relation: The parties must show an intention that the contract is intended to have legal consequences. This is important because not all agreements are intended to create legal obligations.
  3. Consideration: The element of consideration provides the court with a reason to enforce the contract. it is usually something of value given in exchange for a promise. It can be in cash or kind.
  4. Capacity: The parties must be of full age and sound mind in order to enter into a valid contract. For public policy reasons, where persons who are not of full age or sound mind enter into a contract, the law determines the extent of enforceability of such contract.

In general, all the above-mentioned elements must be present before a contract can be deemed enforceable in law.

BREACH OF PROMISE TO MARRY

by | Jun 12, 2024 | Friday Read

In today’s Friday read, we will be discussing the law on breach of promise to marry.
Do you know that you can bring an action against a person who fails to honour his or her promise to marry you? This is called the action of breach of promise to marry.
The action of breach of promise to marry is rarely talked of or used in our Ghanaian setting. One of the possible reasons is that, most Ghanaians are not aware of it or some find it shameful and costly to commence it. That notwithstanding, the law provides a remedy for an aggrieved party.
In order to constitute a breach, there must be proof that there was a promise given by one party to marry another. It is not every promise given that would constitute the breach. The promise must be seriously given by one party and received as such by the other party. The promise can be express or implied.
In order to ascertain whether the promise is implied, the court will infer from the conduct of both parties. Conduct such as living under the same roof as husband and wife, representing to the community that you are married couples and the buying of a ring and Bible with the intention to marry amongst many others.
Since the courts in Ghana cannot compel a person to marry another, once it is established that there is a breach, the aggrieved party is entitled to damages (compensation)

Office of the Registrar of Companies – ORC

Office of the Registrar of Companies – ORC

by | Jun 9, 2024 | Know Your Regulator Series

Our Regulator for today is the The Office of the Registrar of Companies (“ORC”). The ORC was established by the Companies Act 2019 (“Act 992”) and is responsible for the following functions:

  • registering business names in accordance with the Registration of Business Names Act, 1962 (Act 151);
  • registering companies such as private companies, public companies and external companies;
  • registering partnerships in accordance with the Incorporated Private Partnerships Act, 1962 (Act 152);
  • registering professional bodies pursuant to the Professional Bodies Registration Act, 1973 (N.R.C.D. 147), other than professional bodies established by an Act of Parliament;
  • appointing inspectors, receivers or managers for insolvency proceedings; and
  • discharging duties and performing functions of the Official Liquidator in accordance with the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180).
Bank of Ghana

Bank of Ghana

by | Jun 9, 2024 | Know Your Regulator Series

Our Regulator for today is the central bank of Ghana; the Bank of Ghana. The Bank of Ghana has overall supervisory and regulatory authority over all banking and non- banking financial businesses and is governed by the Bank of Ghana Act, 2002( Act 612) as amended by the Bank of Ghana Amendment Act, 2016 (Act 918).
The regulatory and legal framework within the banking and finance industry is governed by the Banks and Specialised Deposit-Taking Institutions Act,2016 (Act 930) and the Non-Bank Financial Institutions Act 2008 (Act 774) (the “Banking Acts”). Below is a list of institutions regulated and licensed by the Bank of Ghana under the Banking Acts:

  1. Banks (including rural and community banks);
  2. Savings and loans Companies;
  3. Finance Houses;
  4. Leasing Companies;
  5. Representative offices of foreign banks;
  6. Finance and Leasing companies;
  7. Mortgage Finance Companies;
  8. Remittance Companies;
  9. Microfinance institutions;
  10. Finance NGO’s; and
  11. Forex Bureaus.

It is worthy to note that, the above institutions are required to be registered with and obtain operating licenses which are renewed on a yearly basis, from the Bank of Ghana before they can commence business.

Food and Drugs Authority – FDA

Food and Drugs Authority – FDA

by | Jun 9, 2024 | Know Your Regulator Series

Our Regulator for today is the the Food and Drugs Authority (“FDA”). FDA is governed by the Public Health Act, 2012 (Act 851) (the “Act”). Under the Act, the following industries are required
to register with the FDA:

  • Local manufacturing and sale of food, beverages and drugs;
  • Import and export of beverages and drugs;
  • Manufacturing and sale of cosmetics, household chemicals and medical devices;

A person shall not manufacture, import, export, distribute, sell or supply food and drugs or expose any product for sale unless the FDA has registered the product. It is important to note that the FDA may suspend or cancel a license if information submitted in respect of the registration changes or it is found to have been inaccurate.
Failure to comply with the regulatory requirements, shall attract a fine or a term of imprisonment or both.