A fixed-term contract is a contract of service for a specified period of time. The underlying understanding between the parties of fixed-term employment contracts is that once the fixed period has ended, the contract is automatically terminated without any further liability on the employer’s part
Defining a contract The commercial world is largely premised on contractual agreements or arrangements. A universally accepted definition of a contract still does not exist, but the general concession is that a contract connotes an agreement enforceable by law. Succinctly put, a contract implies a
After decades of using the English law of contract, Kenya is at the verge of having its own elaborate Law of Contract Act. The existing Act is arguably the shortest Act with 4 sections. Previous attempts to amend it have not been so successful, most notably the recent proposed amendment in the Law of Contract (Amendment) Bill, 2019 sponsored by Hon. Waititu Francis Munyua. The Bill seeks to amend the Act so that in case of a default by the principal borrower, the creditor would first realise the assets of the principal borrower before proceeding to realise the assets of the guarantor. President Uhuru Kenyatta however, sent back the proposed amendment to Parliament with his reservations and the Bill collapsed.