BUSINESS LAW – Page 11

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 – Nov 2011 – L1 – SB – Q3b – Hire Purchase and Consumer Credit Transactions

Defining a hire purchase agreement and explaining its essential features.

Question

Define “hire purchase agreement” and explain THREE of its essential features.

Answer

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Tags: Bailment, Contract, Hire Purchase, Property in Goods
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q3a – Sale of Goods

Identifying three classifications of goods under the Sale of Goods Act.

Question

Explain THREE classifications of goods under the Sale of Goods Act.

Answer

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Tags: Future Goods, Sale of Goods, Specific Goods, Unascertained Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q2d – Partnership Law

Understanding the concept of deferred debts in bankruptcy and providing examples.

Question

Define “Deferred Debts” in bankruptcy proceedings and give any THREE examples.

Answer

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Tags: Bankruptcy, Debt Hierarchy, Deferred Debts
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q2c – Law of Contract

Identifying and explaining the elements of a valid contract.

Question

State briefly the elements of a valid contract.

Answer

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Tags: Consideration, Contracts, Intention to Create Legal Relations, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q2b – Law of Contract

Analyzing the breach of contract claim based on the sale of a car and revocation of an offer.

Question

On 1st of May, Adam saw a car in a local garage with a price tag of N300,000. When he went in to buy it, the garage owner, Bala, laughed and said that the tag must have been wrongly labelled as the actual price of the car was N800,000. However, in the circumstances, he said he would split the difference and let Adam have it for N550,000. Adam asked for time to think about the offer and Bala said he could have three days. Two days later, Adam found out that his friend Chibuzor had bought the car from Bala for N700,000. Adam has decided to sue Bala for breach of contract. Advise Adam.

Answer

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Tags: Breach of Contract, Contract Law, Offer and Acceptance, Revocation of Offer
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q2a – Law of Contract

Distinguishing between an offer and an invitation to treat.

Question

Distinguish between an offer and an invitation to treat.

Answer

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Tags: Contract Law, Invitation to Treat, Offer
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

Question

Yomi, the son of a school proprietor, often visited his father’s office to spend some hours. Although never given authority to do so, he sometimes assisted in accepting payments from and issued receipts to students, and always handed over the money to the Bursar. However, he failed to account for the payment he received from Kola, a student, whom the school eventually declared as still owing. The school proprietor argued that Yomi had no authority to collect money from students on behalf of the school.

(a) Outline the legal positions of Yomi, Kola, and the school. (5 Marks)

(b) Explain the doctrine of binding precedent and state TWO instances when the Court of Appeal will NOT be bound by its own previous decisions. (4 Marks)

(d) Define (i) Intestacy and (ii) Trust. (2 Marks)

Answer

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Tags: Agency by Estoppel, Intestacy, Judicial Precedent, Trust Law, Vicarious Liability
Level: Level 1

Topic: Agency Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q18 – Sale of Goods

Understanding when goods identified at the time of the contract of sale are transferred.

Question

Goods identified and agreed upon at the time of contract of sale is …………………………

Answer

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Tags: Agreement to Sale, Sale of Goods, Transfer of Property
Level: Level 1

Topic: Sale of Goods
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q17 – Law of Contract

Identifying the legal term for discharge of a contract due to supervening impossibility or illegality.

Question

Supervening impossibility or illegality of the performance of an obligation is a form of discharge of contract by ………………………………

Answer

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Tags: Contract, Discharge by Impossibility, Legal Impossibility
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

Question

In order to avoid being declared bankrupt, a debtor may assign substantially all his assets to a trustee by executing what is known as ………………………………

Answer

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Tags: Assignment of Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Law of Trusts
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 – Nov 2011 – L1 – SB – Q3b – Hire Purchase and Consumer Credit Transactions

Defining a hire purchase agreement and explaining its essential features.

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BL – Nov 2011 – L1 – SB – Q3a – Sale of Goods

Identifying three classifications of goods under the Sale of Goods Act.

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BL – Nov 2011 – L1 – SB – Q2d – Partnership Law

Understanding the concept of deferred debts in bankruptcy and providing examples.

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BL – Nov 2011 – L1 – SB – Q2c – Law of Contract

Identifying and explaining the elements of a valid contract.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q2c – Law of Contract"

BL – Nov 2011 – L1 – SB – Q2b – Law of Contract

Analyzing the breach of contract claim based on the sale of a car and revocation of an offer.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q2b – Law of Contract"

BL – Nov 2011 – L1 – SB – Q2a – Law of Contract

Distinguishing between an offer and an invitation to treat.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q2a – Law of Contract"

BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q1 – Agency Law"

BL – Nov 2011 – L1 – SA – Q18 – Sale of Goods

Understanding when goods identified at the time of the contract of sale are transferred.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q18 – Sale of Goods"

BL – Nov 2011 – L1 – SA – Q17 – Law of Contract

Identifying the legal term for discharge of a contract due to supervening impossibility or illegality.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q17 – Law of Contract"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts"

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