ICA (Ghana) – Page 7

BCL – L1 – SA – Q61 – Alternative Forms

Maximum members in a private company.

Question

According to Corporate Law, what is the highest number of members of a Private Company (excluding companies with single member)?

A 32

B 30

C 50

D All of these

E None of these

Answer

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Tags: Company Law, Membership Limits, Private Company
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q60 – Types of Capital

Meaning of "limited" in a company name.

Question

The word “limited” in a company name can point to the fact of limited

A assets

B liability

C profit

D business

E All of these

Answer

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Tags: Company Law, Company Name, Limited liability
Level: Level 1

Topic: Types of capital and the financing of companies

BCL – L1 – SA – Q59 – Types of Capital

What represents a company's capital.

Question

The capital of a company is represented by which of the following?

A shares

B properties

C balance sheet

D profit

E All of these

Answer

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Tags: Company Law, Equity shares, Preference Shares, Share Capital
Level: Level 1

Topic: Types of capital and the financing of companies

BCL – L1 – SA – Q58 – Contract Law

Correct statement about contract damages.

Question

Which of the following statements is correct?

A Ordinary damages are recoverable

B Special damage is recoverable only if the parties knew about them

C Remote or indirect damages are not recoverable

D All of these

Answer

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Tags: Contract Law, Damages, Ordinary Damages, Special Damages
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q57 – Contract Law

Effect of failing to perform a contract on time in commercial transactions.

Question

In commercial transactions, time is considered to be of the essence of contract, and if the party fails to perform the contract within specified time, the contract becomes.

A Voidable at the option of the other party

B Void and cannot be enforced

C Illegal for noncompliance of legal terms

D Enforceable in higher court only

Answer

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Tags: Commercial Transactions, Contract Law, Time Essence, Voidable Contract
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q56 – Contract Law

Agreement to pay based on an uncertain event.

Question

An agreement to pay money money’s worth on the occurrence or non-occurrence of a specified uncertain event is a

A Wagering agreement

B Contingent contract

C Quasi contract

D Uncertain agreement

Answer

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Tags: Contingent Contract, Contract Law, Wagering Agreement
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q55 – Contract Law

False statement about fraud or misrepresentation in contracts.

Question

Which of the following statement is false?

A A contract is not voidable if fraud or misrepresentation does not induce the other party to enter a contract.

B A party cannot complain of fraudulent silence or misrepresentation if he had the means of discovering the truth with ordinary means.

C In case of fraud or misrepresentation, aggrieved party can either rescind or affirm the contract.

D A party who affirms the contract, can also change his option afterwards if he so decides.

Answer

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Tags: Contract Law, Contract Rescission, Fraud, Misrepresentation
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q54 – Contract Law

Nature of promises in a cash sale of goods.

Question

Sale of goods for cash is an example of

A mutual and independent promises

B mutual and dependent promises

C mutual and concurrent promises

D conditional and dependent promises

Answer

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Tags: Cash Transactions, Contract Law, Mutual Promises, Sale of Goods
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q53 – Contract Law

Situations where exemplary damages are allowed.

Question

Exemplary damages are

A allowed in case of dishonour of a cheque by a banker having sufficient funds

B the difference between the contract price and the market price

C allowed where in case of breach of a contract, the plaintiff has not suffered any loss.

D none of these

Answer

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Tags: Breach of Contract, Contract Law, Damages, Exemplary Damages
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q52 – Contract Law

How a creditor applies payment when debtor's intention is unclear.

Question

Where the debtor does not expressly intimate or where the circumstances attending on a payment do not indicate any intention, the creditor

A may apply it to any lawful debt due.

B May apply it even to a time barred debt.

C Both A and B

D None of the above

Answer

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Tags: Contract Law, Creditor Rights, Debt Allocation, Payment Application
Level: Level 1

Topic: Contract Law

Professional Body (SQ): ICA (Ghana)

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BCL – L1 – SA – Q61 – Alternative Forms

Maximum members in a private company.

BCL – L1 – SA – Q60 – Types of Capital

Meaning of "limited" in a company name.

BCL – L1 – SA – Q59 – Types of Capital

What represents a company's capital.

BCL – L1 – SA – Q58 – Contract Law

Correct statement about contract damages.

BCL – L1 – SA – Q57 – Contract Law

Effect of failing to perform a contract on time in commercial transactions.

BCL – L1 – SA – Q56 – Contract Law

Agreement to pay based on an uncertain event.

BCL – L1 – SA – Q55 – Contract Law

False statement about fraud or misrepresentation in contracts.

BCL – L1 – SA – Q54 – Contract Law

Nature of promises in a cash sale of goods.

BCL – L1 – SA – Q53 – Contract Law

Situations where exemplary damages are allowed.

BCL – L1 – SA – Q52 – Contract Law

How a creditor applies payment when debtor's intention is unclear.

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Professional Body (SQ): ICA (Ghana)

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Maximum members in a private company.

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What represents a company's capital.

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Correct statement about contract damages.

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Effect of failing to perform a contract on time in commercial transactions.

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Situations where exemplary damages are allowed.

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