Business Law – Page 3

BL – May 2012 – L1 – SB – Q6B – Company Law

Explain two fiduciary duties of a company director.

Question

Directors of companies are placed in special and unique positions. Their status imposes certain duties on them, and these include fiduciary duties.

Required:
Explain any TWO fiduciary duties of a company director.

Answer

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Tags: Business Law, Company Law, Directors' Duties
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q6A – Company Law

Advise on the importance of filing annual returns for Xeyoze Limited.

Question

Xeyoze Limited was incorporated by the Corporate Affairs Commission on February 1, 2010. On March 1, 2011, the company bid for a contract to rehabilitate one of the nation’s oil refineries. This contract attracted scores of bidders because it was seen as a very lucrative one. A rival bidder objected to the competence of Xeyoze Limited to bid for the contract on the ground that an investigation at the Corporate Affairs Commission revealed that the company has not filed its annual returns.

Required: Advise Xeyoze Limited on the following:

(i) The importance of filing annual returns. (2 Marks)
(ii) The period within which the annual returns must be filed. (2 Marks)
(iii) The consequences of failure to file annual returns. (2 Marks)
(iv) Whether it is optional to file the annual returns or not (2 Marks)
(v) What is your advice if the contract was bid for on October 1, 2010? (3 Marks)

Answer

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Tags: Business Law, Company Law, Compliance
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q5B – Agency Law

State two differences between a hire purchase agreement and a sale agreement.

Question

A hire purchase agreement and a sale agreement are similar but not identical. Required: State any TWO differences between a hire purchase agreement and a sale agreement.

Answer

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Tags: Business Law, Contract Law, Hire Purchase
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q5A – Agency Law

Advise KMS and Stella on the legal implications of Stella's actions.

Question

Stella works as a sales girl for Kampus Multipurpose Stores (KMS), operated by Lucas on the University Campus. Recently, Lucas discovered that whenever he was not around, Stella would pack Lucas’ wares off the shelves and display her own wares on the shelves. Thus, Stella used her employer’s time, resources and facilities to sell her own wares in place of her employer’s. The financial books of KMS were audited last month and the audit revealed that on some occasions, Stella sold her employer’s wares at a higher rate than that recommended and she pocketed the difference. Required: Advise the following parties on the legal implications of their actions: (i) KMS (5 Marks) (ii) Stella (6 Marks)

Answer

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Tags: Agency, Business Law, Employment Law
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q4B – Law of Contract

Explain the concept of undue influence in contract law.

Question

For a contract to be binding on all the parties to it, it must not be tainted by any vitiating element. Undue influence is one of such vitiating elements.
Required: Explain briefly undue influence as a vitiating element in a contract.

Answer

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Tags: Business Law, Contract Law, Vitiating Elements
Level: Level 1

Topic: Law of Contract
Series: MAY 2012

BL – May 2012 – L1 – SB – Q4A – Law of Contract

Advise on the implications of a contract entered into by a minor.

Question

Samuel, aged 16, is the son of Chief Luke Umeh, a multi-billionaire. Two weeks ago, Samuel drove his father’s 2011 model Jeep vehicle to a car exhibition. At the exhibition, he saw a year 2012 model of the same Jeep and entered into a contract with the manufacturers to buy two of the latest Jeep. The two Jeeps were delivered to Samuel and he drives them to his secondary school to impress his school mates. The manufacturers of the Jeep, Manny Auto Engineering Limited, requested payment for the Jeeps but Samuel refused to pay, claiming that he is an infant. The manufacturers are insisting on full payment for the vehicles by Chief Umeh.
Required: Advise the following parties on the implications of their actions:
(i) The manufacturers;
(ii) Samuel; and
(iii) Chief Luke Umeh.

Answer

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Tags: Business Law, Contract Law, Minors
Level: Level 1

Topic: Law of Contract
Series: MAY 2012

BL – May 2012 – L1 – SB – Q3C – Sources of Nigerian Law

Explain the tort of vicarious liability.

Question

The law of tort deals with civil liabilities of wrongdoers. There are many heads of liability under the law. One of the heads of liability is the tort of vicarious liability. You are required to explain the tort of vicarious liability.

Answer

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Tags: Business Law, Tort Law, Vicarious Liability
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q3B – Sources of Nigerian Law

State fundamental human rights guaranteed by the Nigerian Constitution.

Question

Every human being has rights which are fundamental and which he enjoys because he is a person. In Nigeria, the fundamental human rights are guaranteed under the Nigerian Constitution. You are required to state any FIVE fundamental human rights guaranteed by Chapter IV of the Nigerian Constitution.

Answer

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Tags: Business Law, Human Rights, Nigerian Constitution
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q3A – Sources of Nigerian Law

List the sources of Nigerian law.

Question

Nigerian law is rich both in respect to source and contents. You are required to list any FIVE sources of Nigerian Law.

Answer

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Tags: Business Law, Legal Sources, Nigerian Law
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q2C – Company Law

State two powers of an Official Receiver appointed to manage a debtor's property.

Question

An Official Receiver is usually appointed by the court to take over the management of the property of a debtor. You are required to state TWO powers of an Official Receiver.

Answer

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Tags: Bankruptcy, Business Law, Official Receiver
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q14 -Law of Tort

Identify the essential ingredient required to establish negligence.

Question

One of the essential ingredients of the tort of negligence is the existence of a:

Answer

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Tags: Business Law, Negligence, Tort Law
Level: Level 1

Topic: Law of Tort
Series: MAY 2012

BL – May 2012 – L1 – SA – Q13 – Nigerian Legal System

Identify the year the current Nigerian Constitution came into force.

Question

The Constitution being used in Nigeria at present as amended, came into force in:

Answer

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Tags: Business Law, Legal System, Nigerian Constitution
Level: Level 1

Topic: Nigerian Legal System
Series: MAY 2012

BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

Question

Apart from certainty of words and certainty of subject matter, state the other certainty which is required for the creation of a trust.

Answer

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Tags: Business Law, Certainty, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – May 2012 – L1 – SA – Q11 – Partnership Law

Identify what a partner must do to dissolve a partnership.

Question

What must a partner do by himself in order to dissolve the partnership in which he is a partner?

Answer

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Tags: Business Law, Notice, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q10 – Company Law

State the resolution required for a compulsory winding up of a company.

Question

State the type of resolution that is required in order to effect a compulsory winding-up of a company by the Federal High Court.

Answer

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Tags: Business Law, Company Law, Winding-up
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q9 – Company Law

Identify the meeting a company must hold within 18 months of incorporation.

Question

The meeting which a new company may hold within eighteen months after its incorporation is known as:

Answer

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Tags: AGM, Business Law, Corporate Governance
Level: Level 1

Series: MAY 2012

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

Question

State the principle of law which has been formulated to do equity between two or more insurers where one of them has fully settled the claim of the insured in respect of which both or all of them are liable.

Answer

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Tags: Business Law, Insurance, Subrogation
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

BL – May 2012 – L1 – SA – Q7 – Hire Purchase and Consumer Credit Transactions

State the type of goods covered by the Hire Purchase Act 2004.

Question

State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved.

Answer

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Tags: Business Law, Consumer Credit, Hire Purchase
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2012

BL – May 2012 – L1 – SA – Q6 – Sale of Goods

Identify the type of goods yet to be grown, manufactured, or acquired by the seller.

Question

The type of goods which is to be grown, manufactured, identified, and agreed upon or acquired by the seller after making the contract for the sale of goods is known as:

Answer

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Tags: Business Law, Future Goods, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2012

BL – May 2012 – L1 – SA – Q5 – Agency Law

Identify the type of agency created in an emergency without instructions.

Question

The type of agency which is created in an emergency without the opportunity to contact the principal and get his instruction is called:

Answer

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Tags: Agency Law, Business Law, Emergency
Level: Level 1

Topic: Agency Law
Series: MAY 2012

Question Tag: Business Law

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BL – May 2012 – L1 – SB – Q6B – Company Law

Explain two fiduciary duties of a company director.

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BL – May 2012 – L1 – SB – Q6A – Company Law

Advise on the importance of filing annual returns for Xeyoze Limited.

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BL – May 2012 – L1 – SB – Q5B – Agency Law

State two differences between a hire purchase agreement and a sale agreement.

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BL – May 2012 – L1 – SB – Q5A – Agency Law

Advise KMS and Stella on the legal implications of Stella's actions.

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BL – May 2012 – L1 – SB – Q4B – Law of Contract

Explain the concept of undue influence in contract law.

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BL – May 2012 – L1 – SB – Q4A – Law of Contract

Advise on the implications of a contract entered into by a minor.

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BL – May 2012 – L1 – SB – Q3C – Sources of Nigerian Law

Explain the tort of vicarious liability.

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BL – May 2012 – L1 – SB – Q3B – Sources of Nigerian Law

State fundamental human rights guaranteed by the Nigerian Constitution.

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BL – May 2012 – L1 – SB – Q3A – Sources of Nigerian Law

List the sources of Nigerian law.

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BL – May 2012 – L1 – SB – Q2C – Company Law

State two powers of an Official Receiver appointed to manage a debtor's property.

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BL – May 2012 – L1 – SA – Q14 -Law of Tort

Identify the essential ingredient required to establish negligence.

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BL – May 2012 – L1 – SA – Q13 – Nigerian Legal System

Identify the year the current Nigerian Constitution came into force.

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BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

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BL – May 2012 – L1 – SA – Q11 – Partnership Law

Identify what a partner must do to dissolve a partnership.

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BL – May 2012 – L1 – SA – Q10 – Company Law

State the resolution required for a compulsory winding up of a company.

You're reporting an error for "BL – May 2012 – L1 – SA – Q10 – Company Law"

BL – May 2012 – L1 – SA – Q9 – Company Law

Identify the meeting a company must hold within 18 months of incorporation.

You're reporting an error for "BL – May 2012 – L1 – SA – Q9 – Company Law"

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

You're reporting an error for "BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking"

BL – May 2012 – L1 – SA – Q7 – Hire Purchase and Consumer Credit Transactions

State the type of goods covered by the Hire Purchase Act 2004.

You're reporting an error for "BL – May 2012 – L1 – SA – Q7 – Hire Purchase and Consumer Credit Transactions"

BL – May 2012 – L1 – SA – Q6 – Sale of Goods

Identify the type of goods yet to be grown, manufactured, or acquired by the seller.

You're reporting an error for "BL – May 2012 – L1 – SA – Q6 – Sale of Goods"

BL – May 2012 – L1 – SA – Q5 – Agency Law

Identify the type of agency created in an emergency without instructions.

You're reporting an error for "BL – May 2012 – L1 – SA – Q5 – Agency Law"

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