Series: MAY 2014

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BL – May 2014 – L1 – SB – Q6 – Negotiable Instruments

Discussing characteristics of negotiable instruments and banker duties.

Question

a. “A Negotiable Instrument must express clarity in the instruction on the instrument without any ambiguity”. Explain TWO characteristics of a Negotiable Instrument. (4 Marks)

b. The relationship between the banker and his customer is said to be the relationship between a debtor and a creditor. You are required to state FIVE duties of a banker to its customer. (5 Marks)

c. A testator that has made a Will can only revoke it under certain circumstances. Explain THREE ways by which a Will may be revoked. (6 Marks)

Answer

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Tags: Banking Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2014

BL – May 2014 – L1 – SB – Q5 – Corporate Governance

Discussing requirements for incorporation and the implications of proposed company names.

Question

a. Jossy is a cabinet maker based on Victoria Island, Lagos, where he has a lucrative business. Jossy is proposing to expand his business and wants to invite James to form a Limited Liability Company, using the name Jossy James Limited.

You are required to:
i. State FIVE documents that must be filed for the incorporation of the company; and (5 Marks)
ii. Advise the parties on whether the proposed name, Jossy James Limited is appropriate and, state FOUR prohibited or restricted company names. (5 Marks)

b. State FIVE advantages of a Limited Liability Company over a Partnership. (5 Marks)

Answer

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Tags: Company Law, Company Secretary, Incorporation
Level: Level 1

Topic: Corporate Governance
Series: MAY 2014

BL – May 2014 – L1 – SB – Q4 – Partnership Law

Discussing the duties of a Company Secretary and circumstances benefiting non-partners in a partnership.

Question

a. “Every company must, by law, have a Secretary. A company may also serve as a Secretary to another company. However, a sole director may not be the Secretary of a company. The Company Secretary is the Chief Administrative Officer of the company”.

Required: State FIVE duties of a Company Secretary. (5 Marks)

b. At common law, a Secretary was regarded as a mere servant who should do what he was told to do and could NOT bind the company in any way. This notion has since been corrected by the Companies and Allied Matters Act CAP C20 LFN 2004.

Required: State FIVE persons qualified to be appointed as Company Secretary of a public company under the Companies and Allied Matters Act. (5 Marks)

c. Partnership contract is based on confidence, good faith, and trust between the partners.

Required: Explain TWO circumstances in which a non-partner could benefit from the profits of a partnership. (5 Marks)

Answer

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Tags: Company Secretary, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2014

BL – May 2014 – L1 – SB – Q3 – Sale of Goods,

Discussing classes of goods under the Sale of Goods Act and characteristics of hire purchase transactions.

Question

a. In commercial transactions, goods and services are offered and sold. Explain briefly TWO classes of goods under the Sale of Goods Act. (5 Marks)

b. In hire purchase agreements, goods are delivered to the hirer who pays some money to the owner of goods as deposit. Explain briefly TWO characteristics of a hire purchase transaction. (5 Marks)

c. Steven insured his five-storey building with ABC Insurance Company Limited and paid the premium for the building. Steven had been told by his engineers that the building is weak and may collapse in no distant future, but Steven did not disclose this to his insurers, thinking it was immaterial. A year after the policy was issued, the building collapsed and the insurance company has refused to indemnify Steven on the ground of non-disclosure of a material fact. State the relevant law and advise the parties. (5 Marks)

Answer

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Tags: Contract Law, Hire Purchase, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2014

BL – May 2014 – L1 – SB – Q2B – Contract Law

Identifying five ways a contract can be discharged.

Question

Contractual obligations and rights arising from a contract can be discharged in various ways.
You are required to state FIVE ways by which a contract may be discharged.

Answer

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Tags: Contract Law, Discharge of Contracts
Level: Level 1

Topic: Contract Law
Series: MAY 2014

BL – May 2014 – L1 – SB – Q2A – Classification of Law

Advising Mrs. Devoted Hubby regarding property rights in the context of divorce.

Question

Mr. Loverboy Hubby and Mrs. Devoted Hubby were happily married until Mr. Hubby met Miss Girlie. The desire of Mr. Hubby to follow Miss Girlie led to separation between him and his wife, and Mr. Hubby moved out of the family house to Miss Girlie’s residence.
Mr. Hubby intends to divorce Mrs. Hubby. As part of arrangement for the divorce, they met and Mr. Hubby gave her a written statement that, in consideration of Mrs. Hubby paying the mortgage on the family house which was in the name of her husband, he would transfer the house into her sole ownership. Mrs. Hubby paid the mortgage and asked for the transfer of the house, but Mr. Hubby refused, claiming that the agreement is not binding on him.
Advise Mrs. Devoted Hubby.

Answer

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Tags: Divorce, Family Law, Property Rights
Level: Level 1

Topic: Classification of Law
Series: MAY 2014

BL – May 2014 – L1 – SB – Q1C – Law of Tort

Advising Olu on his legal rights following an incident involving Ojoge.

Question

Ojoge is a driver with Ozaro Bottling Company. At the close of work on Tuesday, while still putting on the branded overall jacket of Ozaro Bottling Company and walking down the street to his house, a motorcyclist, Olu, splashed rainwater on Ojoge.
Ojoge beat up Olu thoroughly and fractured his arm. While attempting to flee from the scene to avoid being lynched by an angry mob, his overall jacket dropped, and the mob used the jacket to locate Ojoge’s place of work.
Based on the fact that Ojoge works with Ozaro Bottling Company, Olu is, considering seeking legal redress against Ozaro Bottling Company for the act of Ojoge.

Required:
Advise Olu on his rights under the law

Answer

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Tags: Legal Rights, Personal Injury, Tort Law
Level: Level 1

Topic: Law of Tort
Series: MAY 2014

BL – May 2014 – L1 – SB – Q1B – Employment Law

Advising Mrs. Kabuki on her fundamental rights under Nigerian law.

Question

Jones Plastic Packaging Company Limited has its head office in Lagos. The company suspected that one of its accounting staff, Mrs. Kabuki, was responsible for the economic losses suffered by the company in recent months.
On Monday, when Mrs. Kabuki resumed at the factory, she was detained at the security gate for eight hours without questioning. Thereafter, she was summarily dismissed. She had protested that she had no information about what led to her dismissal. The only official communication from the company to her in the last six months was the letter of dismissal from employment.
Mrs. Kabuki is aggrieved and wants to seek legal redress.
Required:
Advise Mrs. Kabuki on her Fundamental rights under the 1999 Constitution of the Federal Republic of Nigeria

Answer

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Tags: Employment Law, Fundamental Rights, Legal Advice
Level: Level 1

Topic: Employment law
Series: MAY 2014

BL – May 2014 – L1 – SB – Q1A – Nigerian Legal System

Identify and explain four fundamental rights in the Nigerian Constitution.

Question

“Fundamental rights” are provided for in the 1999 Constitution of the Federal Republic of Nigeria. You are required to state any FOUR Fundamental rights contained in the Constitution.

Answer

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Tags: Fundamental Rights, Nigerian Constitution
Level: Level 1

Topic: Nigerian Legal System
Series: MAY 2014

BL – May 2014 – L1 – SA – Q20 – Law of Trusts

Identifying the term for a person holding legal title to property for another.

Question

A person who holds the legal title to a property for the benefit of another is a ____________.

Answer

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Tags: Beneficiary, Legal Title, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2014

BL – May 2014 – L1 – SA – Q9 – Sale of Goods

Assessing an agreement to buy goods by installments and transfer ownership.

Question

An agreement to buy goods and subsequently pay for it by installments on the term that ownership will pass when the final installment is paid is:
A. A credit sale
B. A hire purchase
C. A conditional sale
D. An outright sale
E. A provisional sale

Answer

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Tags: Installment Sale, Ownership, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2014

BL – May 2014 – L1 – SA – Q8 – Sale of Goods

Understanding the rule that a non-owner cannot pass good title

Question

The rule in sale of goods contract that a non-owner cannot validly pass good title is often expressed in Latin as:
A. Quic quid plantatur solo solo cedit
B. Volenti non fit injuria
C. Nemo dat quod non habet
D. Ex dolo malo non oritur actio
E. Caveat emptor

Answer

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Tags: Latin Maxims, Passing Title, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2014

BL – May 2014 – L1 – SA – Q7 – Agency Law

Determining the extent of an agent’s apparent authority.

Question

An agent has apparent authority to bind:
A. The third party
B. The principal
C. The whole company
D. The whole wide world
E. Himself

Answer

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Level: Level 1

Topic: Agency Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q6 – Law of Contract

Identifying a tool that cannot facilitate an e-contract.

Question

An e-contract can be facilitated using any of the following EXCEPT:
A. An iPad
B. A Smart telephone set
C. A desk top computer set
D. A laptop computer set
E. An electric typewriter

Answer

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Tags: Contract Law, E-Contracts, Facilitation Tools
Level: Level 1

Topic: Law of Contract
Series: MAY 2014

BL – May 2014 – L1 – SA – Q5 – Law of Contract

Identifying a term that renders a contract unenforceable if breached.

Question

The term of a contract that goes to the root of the agreement and can render the contract unenforceable if breached is:
A. Warranty
B. Mistake
C. Misrepresentation
D. Condition
E. Undue influence

Answer

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Tags: Breach, Contracts, Unenforceability
Level: Level 1

Topic: Law of Contract
Series: MAY 2014

BL – May 2014 – L1 – SA – Q4 – Law of Contract

Defining elements required for an enforceable e-contract.

Question

The elements of an enforceable e-contract consist of the following EXCEPT:
A. Offer
B. Acceptance
C. Computer
D. Consideration
E. Capacity to contract

Answer

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Tags: Contract Law, E-Contracts, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: MAY 2014

BL – May 2014 – L1 – SA – Q3 – Law of Tort

Describing the elements of tort of negligence.

Question

Tort of negligence can be described as:
A. Duty of care + Breach + Damages
B. Duty of care + Mistake + Nuisance
C. Defamation + Damages + Duty
D. Nuisance + Breach + Mistake
E. Misrepresentation + Duty + Breach

Answer

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Tags: Breach, Damages, Duty of Care, Negligence
Level: Level 1

Topic: Law of Tort
Series: MAY 2014

BL – May 2014 – L1 – SA – Q2 – The Nigerian Legal System

Understanding why Chapter 2 of the 1999 Constitution of Nigeria is non-justiceable.

Question

Chapter 2 of the 1999 Constitution of the Federal Republic of Nigeria is described as non-justiceable because:
A. It is against public policy
B. The court cannot adjudicate on it
C. It is not recognised by the court
D. The National Assembly is yet to approve it
E. It is against equity and fairness

Answer

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Tags: Court Rulings, Nigerian Constitution, Non-justiceable
Level: Level 1

Series: MAY 2014

BL – May 2014 – L1 – SA – Q1 – The Nigerian Legal System

Identifying the legal term when a lower court differentiates between a higher court's judgement and the case at hand.

Question

When a lower court differentiates between the judgement of a higher court and the case at hand in deciding a matter, the lower court is said to be:
A. Appraising
B. Reviewing
C. Distinguishing
D. Assessing
E. Evaluating

Answer

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Tags: Court Judgements, Higher Court, Legal Terminology, Lower Court
Level: Level 1

Topic: The Nigerian Legal System
Series: MAY 2014

FA – May 2014 – L1 – SB – Q6 – Accounting Concepts

Preparation of departmental profit or loss statement and head office statement of financial position.

Question

The following trial balance for the year ended 30 June 2013 was extracted from the books of Dapo Trading Enterprises which operates from the head office and two departments:

Additional Information:
(i) Write off bad debts of N120,000 and increase the provision for doubtful receivables to 5% of the outstanding receivables.
(ii) Depreciate furniture and fittings at 10% per annum.
(iii) Accrue N40,000 for sundry expenses owed at 30 June 2013.
(iv) The values of inventories on hand on 30 June 2013 were: Department X – N2,960,000, Department Y – N1,700,000.
(v) Catalogue in hand was valued at N60,000.
(vi) Inter-departmental transfers were made at cost.
(vii) All expenses are to be allocated between Department X and Y in the proportion of two-thirds and one-third, respectively, except for carriage inwards which is to be apportioned on the basis of purchases.
(viii) Dividend received is to be treated as Head Office income.

You are required to prepare:
a. Departmental Statement of profit or loss showing Department X, Department Y, and Head Office separately for the year ended 30 June 2013.
b. The Head Office Statement of Financial Position as at that date.

Answer

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Tags: Departmental Accounts, Profit or Loss, Statement of Financial Position
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

Series: MAY 2014

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BL – May 2014 – L1 – SB – Q6 – Negotiable Instruments

Discussing characteristics of negotiable instruments and banker duties.

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BL – May 2014 – L1 – SB – Q5 – Corporate Governance

Discussing requirements for incorporation and the implications of proposed company names.

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BL – May 2014 – L1 – SB – Q4 – Partnership Law

Discussing the duties of a Company Secretary and circumstances benefiting non-partners in a partnership.

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BL – May 2014 – L1 – SB – Q3 – Sale of Goods,

Discussing classes of goods under the Sale of Goods Act and characteristics of hire purchase transactions.

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BL – May 2014 – L1 – SB – Q2B – Contract Law

Identifying five ways a contract can be discharged.

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BL – May 2014 – L1 – SB – Q2A – Classification of Law

Advising Mrs. Devoted Hubby regarding property rights in the context of divorce.

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BL – May 2014 – L1 – SB – Q1C – Law of Tort

Advising Olu on his legal rights following an incident involving Ojoge.

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BL – May 2014 – L1 – SB – Q1B – Employment Law

Advising Mrs. Kabuki on her fundamental rights under Nigerian law.

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BL – May 2014 – L1 – SB – Q1A – Nigerian Legal System

Identify and explain four fundamental rights in the Nigerian Constitution.

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BL – May 2014 – L1 – SA – Q20 – Law of Trusts

Identifying the term for a person holding legal title to property for another.

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BL – May 2014 – L1 – SA – Q9 – Sale of Goods

Assessing an agreement to buy goods by installments and transfer ownership.

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BL – May 2014 – L1 – SA – Q8 – Sale of Goods

Understanding the rule that a non-owner cannot pass good title

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BL – May 2014 – L1 – SA – Q7 – Agency Law

Determining the extent of an agent’s apparent authority.

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BL – May 2014 – L1 – SA – Q6 – Law of Contract

Identifying a tool that cannot facilitate an e-contract.

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BL – May 2014 – L1 – SA – Q5 – Law of Contract

Identifying a term that renders a contract unenforceable if breached.

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BL – May 2014 – L1 – SA – Q4 – Law of Contract

Defining elements required for an enforceable e-contract.

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BL – May 2014 – L1 – SA – Q3 – Law of Tort

Describing the elements of tort of negligence.

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BL – May 2014 – L1 – SA – Q2 – The Nigerian Legal System

Understanding why Chapter 2 of the 1999 Constitution of Nigeria is non-justiceable.

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BL – May 2014 – L1 – SA – Q1 – The Nigerian Legal System

Identifying the legal term when a lower court differentiates between a higher court's judgement and the case at hand.

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FA – May 2014 – L1 – SB – Q6 – Accounting Concepts

Preparation of departmental profit or loss statement and head office statement of financial position.

You're reporting an error for "FA – May 2014 – L1 – SB – Q6 – Accounting Concepts"

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