BUSINESS LAW – Page 10

BL – Nov 2020 – L1 – SB – Q1d – Company Law

List powers exercised by the Annual General Meeting (AGM) of a company.

Question

One of the two organs of a company is the general meeting of members.

Required:
State FOUR powers of the Annual General Meeting.

Answer

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Tags: Annual General Meeting, Company Law, Corporate Powers, Shareholder Rights
Level: Level 1

Topic: Company Law
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q6c – Partnership Law

Assess the legality of different partnership arrangements.

Question

Comment on the legality of the following relationships operating as partnerships:

i. A partnership of 16 persons established for charitable purposes
ii. Adex cooperative society consisting of 500 members
iii. Black and Blue law firm consisting of 31 lawyers
iv. Stone Partnership firm comprising Segun aged 28, Tunde aged 17
v. A partnership of volunteers for the purpose of helping persons displaced by flood.

Answer

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Tags: Charitable Purpose, Cooperative Society, Law Firm, Legal Entity, Minor Partnership, Partnership, Volunteers
Level: Level 1

Topic: Partnership Law
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q6b – Law of Contract

Define express terms, implied terms, conditions, and warranties in a contract.

Question

Contractual agreements usually contain terms that are different in nature and importance.

Required:
Define the following terms:
i. Express terms
ii. Implied terms
iii. Conditions
iv. Warranties

Answer

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Tags: Conditions, Contract Terms, Express Terms, Implied Terms, Warranties
Level: Level 1

Topic: Law of Contract
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q6a – The Nigerian Legal System

List tests to determine intent to steal during taking or conversion.

Question

Taking or conversion with intent to defraud is an element of stealing.

Required:
State FIVE tests of determining whether or not an accused has an intention to steal at the time of taking or converting a thing.

Answer

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Tags: Conversion, Criminal Intent, Criminal Law, Fraud, Theft
Level: Level 1

Topic: The Nigerian Legal System
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

Question

Crossing of cheques has legal implications in banking transactions, and a cheque is a type of negotiable instrument.

Required:
i. A cheque instruction to “pay Ronke the sum of N50,000.00” without crossing the face of the cheque with two parallel lines.
ii. “Pay Andrew N100,000” with two parallel lines traversing the face of the cheque.
iii. “Pay Mary N150,000” with two parallel lines with Congo Bank written in between the two parallel lines on the face of the cheque.
iv. “Pay Ngozi N200,000” and by cheque with two parallel lines and the words “account payee only” written in between the two parallel lines.
v. Define negotiable instruments.

Answer

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Tags: Banking Transactions, Cheques, Crossing, Negotiable Instruments, Payment Instructions
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q5c – Agency Law

List the duties of an agent in an agency contract.

Question

Parties under a contract of agency have certain rights and duties.

Required:
State FIVE duties of an agent under a contract of agency.

Answer

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Tags: Agency, Agent Duties, Contractual Obligations, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q5b – Employment Law

Define an employment contract and list grounds for dismissal by an employer.

Question

Contracts of employment may be created and brought to an end in different ways.

Required:
i. Explain contract of employment.
ii. State THREE reasons for which an employer could dismiss an employee.

Answer

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Tags: Employment Contract, Grounds for Dismissal, Labor Law, Termination
Level: Level 1

Topic: Employment law
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q5a – Alternative Dispute Resolution

Define arbitration and describe an arbitral award.

Question

Arbitration is a type of alternative dispute resolution mechanism.

Required:
Explain arbitration and arbitral award.

Answer

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Tags: Alternative Dispute Resolution, Arbitral Award, Arbitration, Dispute Settlement
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q4d – Law of Tort

List exceptions to the rule that all persons of full age can sue and be sued in tort.

Question

As a general rule, all persons of full age may sue and be sued in tort.

Required:
State FIVE exceptions to this general rule.

Answer

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Tags: Legal Capacity, Legal Exceptions, Suing and Being Sued, Tort Law
Level: Level 1

Topic: Law of Tort
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q4c – Sale of Goods

List situations where a seller without title can pass good title to a buyer.

Question

In sale of goods law, a buyer could acquire ownership of goods only if the seller had title to such goods.

Required:
State FIVE instances where a seller who has no title could pass a good title to the buyer in a sale of goods transaction.

Answer

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Tags: Buyer’s Rights, Good Title, Ownership Transfer, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2020

BL – May 2012 – L1 – SA – Q6 – Hire Purchase and Consumer Credit Transactions

Identifying the obligation that does not fall under a hirer's responsibility.

Question

Which of the following is NOT a hirer’s obligation?

A. To take delivery of the goods
B. To take proper care of the goods
C. Not to part with the possession of the goods
D. To report to the owner every week
E. To return the goods to the owner when the agreement is terminated

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 – Q5 – Law of Contract

Identify which contract is not considered illegal under common law.

Question

Which of the following is NOT an illegal contract at common law?

A. A contract to commit a crime or tort
B. An agreement to solicit for prostitutes
C. A contract to obstruct the administration of justice
D. A contract to supply local goods to a foreign country
E. A contract with an alien enemy during the war

Answer

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Tags: Business Law, Contract Law, Illegal Contracts
Level: Level 1

Topic: Law of Contract
Series: MAY 2012

BL – May 2012 – L1 – SA – Q4 – Law of Contract

Identify the absent element in domestic agreements that makes them non-binding.

Question

Which of the following is absent in a domestic agreement?

A. Capacity to contract
B. Intention to create legal relations
C. Consideration
D. Undue influence
E. Duress

Answer

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Tags: Business Law, Contract Law, Domestic Agreement, Intention to Create Legal Relations
Level: Level 1

Topic: Law of Contract
Series: MAY 2012

BL – May 2012 – L1 – SA – Q3 – Law of Contract

Identify which category of person has limited contractual capacity.

Question

Which of the following categories of persons has limited contractual capacity?

A. Nursing mothers
B. Foreigners
C. Minors
D. Retired legislators
E. Ex-convicts

Answer

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

Topic: Law of Contract
Series: MAY 2012

BL – May 2012 – L1 – SA – Q2 – Law of Tort

Identify which tort requires no proof of harm.

Question

Which of the following is a tort that requires no proof?

A. Negligence
B. Battery
C. Assault
D. Mistake
E. Nuisance

Answer

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

Topic: Law of Tort
Series: MAY 2012

BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law

Identifying the problem equity sought to address in common law.

Question

Which problem of common law was equity developed to solve?

A. Age
B. Weight
C. Power
D. Harshness
E. Hegemony

Answer

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Tags: Business Law, Common Law, Equity, Nigerian Legal System
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2012

BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

Question

(a) State FOUR characteristics of a negotiable instrument. (4 Marks)

(b) Mr. Eddie is a customer of Perfect Bank Limited. He issued a cheque for the sum of N20,000 to Mr. Jossy. At the time of issuing the cheque, his account was in credit to the tune of N150,000. The cheque was dishonored by the bank. Mr. Eddie wants to sue the bank. You are required to advise Mr. Eddie. (5 Marks)

(d) State the parties to a Bill of Exchange. (3 Marks)

Answer

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Tags: Banker-Customer Relationship, Bill of Exchange, Negotiable Instruments, Revocation, Will
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q5 – Partnership Law

Discussing the required minimum contents of a partnership agreement and legal considerations in a dispute.

Question

(a) “It is not necessary for any two or more persons who intend to enter into a partnership to enter into any formal agreement. Where, however, they decide to do so, such agreements must have certain minimum contents.”

State any SIX of these minimum contents. (6 Marks)

(b) Femi and Solape entered into an agreement to contribute equal amounts to buy books. They purchased the books and shared them between themselves for sale. Subsequent to the initial purchase, however, Femi purchased books alone. Solape demanded that she share equally with Femi the profit made from the sale of the books, but Femi refused on the ground that Solape had not contributed towards the purchase of the books. Solape threatened to institute a court action for one half of the profit made on the sale of the books, claiming a partnership agreement. The written agreement between them was for sharing of the books purchased, not for sharing of the profit.

You are required to advise the parties. (9 Marks)

Answer

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Tags: Business Law, Legal Contracts, Partnership Agreement, Profit Sharing
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q4 – Company Law

Understanding the principles of the Salomon vs Salomon & Co Ltd case, circumstances for lifting the veil of incorporation, and statutory terms of partnership agreements

Question

(a) Explain the legal principle(s) established in the case of Salomon vs Salomon Co. Ltd. (1897). (2 Marks)

(b) State FOUR circumstances when the veil of incorporation of a company may be lifted under statute. (4 Marks)

(d) State FIVE statutory terms of a Partnership Agreement as contained in Sections 24 and 25 of the Partnership Act 1890. (5 Marks)

Answer

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Tags: Company Law, Legal Personality, Lifting the Veil, Partnership Agreement
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments

Explaining the two main parties involved in an insurance contract.

Question

Explain the TWO main parties to an insurance contract.

Answer

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Tags: Insurance Contract, Insured, Insurer
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

Subject: BUSINESS LAW

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BL – Nov 2020 – L1 – SB – Q1d – Company Law

List powers exercised by the Annual General Meeting (AGM) of a company.

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BL – Nov 2020 – L1 – SB – Q6c – Partnership Law

Assess the legality of different partnership arrangements.

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BL – Nov 2020 – L1 – SB – Q6b – Law of Contract

Define express terms, implied terms, conditions, and warranties in a contract.

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BL – Nov 2020 – L1 – SB – Q6a – The Nigerian Legal System

List tests to determine intent to steal during taking or conversion.

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BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

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BL – Nov 2020 – L1 – SB – Q5c – Agency Law

List the duties of an agent in an agency contract.

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BL – Nov 2020 – L1 – SB – Q5b – Employment Law

Define an employment contract and list grounds for dismissal by an employer.

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BL – Nov 2020 – L1 – SB – Q5a – Alternative Dispute Resolution

Define arbitration and describe an arbitral award.

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BL – Nov 2020 – L1 – SB – Q4d – Law of Tort

List exceptions to the rule that all persons of full age can sue and be sued in tort.

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BL – Nov 2020 – L1 – SB – Q4c – Sale of Goods

List situations where a seller without title can pass good title to a buyer.

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BL – May 2012 – L1 – SA – Q6 – Hire Purchase and Consumer Credit Transactions

Identifying the obligation that does not fall under a hirer's responsibility.

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BL – May 2012 – L1 – SA – Q5 – Law of Contract

Identify which contract is not considered illegal under common law.

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BL – May 2012 – L1 – SA – Q4 – Law of Contract

Identify the absent element in domestic agreements that makes them non-binding.

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BL – May 2012 – L1 – SA – Q3 – Law of Contract

Identify which category of person has limited contractual capacity.

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BL – May 2012 – L1 – SA – Q2 – Law of Tort

Identify which tort requires no proof of harm.

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BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law

Identifying the problem equity sought to address in common law.

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BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

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BL – Nov 2011 – L1 – SB – Q5 – Partnership Law

Discussing the required minimum contents of a partnership agreement and legal considerations in a dispute.

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BL – Nov 2011 – L1 – SB – Q4 – Company Law

Understanding the principles of the Salomon vs Salomon & Co Ltd case, circumstances for lifting the veil of incorporation, and statutory terms of partnership agreements

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q4 – Company Law"

BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments

Explaining the two main parties involved in an insurance contract.

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