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  • 20 Marks

BL – Nov 2024 – L1 – Q6 – Law of Contract

Multi-part question on insurance contribution conditions, contract vitiating factors, employee dismissal grounds, and trust fund investment securities under Nigerian law.

a. Where an insurer has settled a claim on behalf of another insurer, certain insurable interests apply. Required: State FOUR conditions for contribution to take place.                                                                                                                                                                    b. The validity of a contract may be vitiated by some factors known to law. Required: State TWO factors that may vitiate a contract.  c. An employee may be dismissed for justifiable reasons. Required: State FOUR grounds upon which an employee may be dismissed.                                                                                                                                                                                                                              d. The Trustee Investments Act stipulates securities in which trustees may invest. Required: State THREE categories of securities in which trust funds may be invested

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  • 20 Marks

BL – Nov 2024 – L1 – Q5 – Alternative Dispute Resolution, Trusts, Hire Purchase, Ethics

State advantages of ADR, elements and types of charitable trusts, ways to terminate hire purchase contracts, and explain ethics and ethical codes.

a. Alternative Dispute Resolution (ADR) as a mode of resolving commercial disputes enjoys an edge over court litigation. Required: State SIX advantages of ADR.                                                                                                                                                                                            b. A trust is an equitable relationship for the benefits of persons or objects. Required:                                                                                        i. State THREE essential elements or certainties of a trust.                                                                                                                                      ii. State THREE types of charitable trust.                                                                                                                                                                    c. Hire purchase is a contract of possession with an option to the hirer to purchase the goods in due course. Required: State FIVE ways of terminating a hire purchase contract.                                                                                                                                                              d. Ethics and ethical codes differ from legal rules. Required: Explain ethics and ethical codes.

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