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.

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

Required:
State FOUR powers of the Annual General Meeting.

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

Assess the legality of different partnership arrangements.

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.

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

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

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

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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.

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.

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

Explain different cheque crossing types and define negotiable instruments.

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.

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

List the duties of an agent in an agency contract.

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

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

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

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

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.

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

Define arbitration and describe an arbitral award.

Arbitration is a type of alternative dispute resolution mechanism.

Required:
Explain arbitration and 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.

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

Required:
State FIVE exceptions to this general rule.

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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.

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.

 

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BL – Nov 2011 – L1 – SA – Q20 – Law of Contract

Understanding the term in a contract that gives the party not at fault the right to repudiate.

A term in a contract that gives the party who is not at fault the right to repudiate is a ……………………………….

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BL – Nov 2011 – L1 – SA – Q19 – Sale of Goods

Understanding when property passes in unascertained goods.

Property will not pass in unascertained goods until the goods are ……………………………

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BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

Who is usually appointed for the purpose of getting in and distributing the assets of a bankrupt?

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BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

Any supplementary clause attached or referring to a Will with the object of adding or cancelling or altering the provisions of the Will is a …………………………………….

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BL – Nov 2011 – L1 – SA – Q13 – Nigerian Legal System

Understanding the type of legal system on which the Nigerian Constitution is based.

The Nigerian Constitution is based on the type of legal system that is called ……………………………….

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BL – Nov 2011 – L1 – SA – Q12 – Nigerian Legal System

Identifying the next court in the appeal process after the Court of Appeal.

Appeal lies from the Court of Appeal to ……………………………….

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BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

The maker of a Will is called ………………………………

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BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Identifying the apex bank in Nigeria that issues monetary policy circulars.

The apex bank in Nigeria that issues Monetary Policy circulars is ………………………

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BL – Nov 2011 – L1 – SA – Q9 – Company Law

Identifying the type of company that limits liability to contributions of members.

A company that limits its liability by what members undertake to contribute to its capital is called …………………………

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BL – Nov 2011 – L1 – SA – Q8 – Company Law

Identifying the act required to validate a pre-incorporation contract.

Which act of a company is required to validate a pre-incorporation contract?

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