BUSINESS LAW – Page 14

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 – SA – Q17 – Law of Contract

Explain the legal doctrine where a person cannot claim rights or suffer obligations under a contract unless they are a party to it.

Question

The fact that a person can neither claim right nor suffer obligation under a contract to which he is not a party is explained by the principle of:
A. Offer
B. Acceptance
C. Consideration
D. Intention to create legal relations
E. Privity of contract

Answer

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Tags: Contractual Rights, Legal Doctrine, Privity of Contract
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

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

Identify the legal term for a written document outlining the distribution of a testator’s estate.

Question

A written document by which a person called the Testator signifies his/her wishes on the distribution of his/her estate after his/her death is called:
A. Assignment
B. Will
C. Mortgage
D. Lease
E. Devolution

Answer

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Tags: Estate Planning, Testamentary, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q15 – Law of Contract

Identify the status of a contract that ought to be in writing but is not.

Question

A contract that ought to be in writing but is not, is:
A. Illegal
B. Void
C. Unenforceable
D. Unduly influenced
E. A deed

Answer

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Tags: Contract, Legal Status, Writing Requirement
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

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

Identify the method by which a contract is discharged after both parties fulfill their obligations.

Question

Where the parties to a contract have carried out their obligations, the contract is said to be discharged by:
A. Breach
B. Frustration
C. Performance
D. Liability
E. Obligations

Answer

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Tags: Contract Discharge, Contractual Law, Obligations
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q13 – Law of Contract

Identify the remedy that is always available in a breach of contract.

Question

The remedy that is always available in a breach of contract is:
A. Injunction
B. Restriction
C. Damages
D. Specific performance
E. Quantum meruit

Answer

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Tags: Breach of Contract, Damages, Legal Remedy
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q12 – Sources of Nigerian Law

Identify the item that is not a foreign source of Nigerian law.

Question

All of the following are foreign sources of Nigerian law EXCEPT:
A. Customary Law
B. International Law
C. Statutes of General Application
D. Common Law
E. Principles of Equity

Answer

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Tags: Foreign Sources, Legal Framework, Nigerian Law
Level: Level 1

Topic: Sources of Nigerian Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q11 – Company Law

Identify who cannot be a company director.

Question

An individual shall NOT be a director of a company if he is:
A. More than 19 years of age
B. Of sound mind
C. A discharged bankrupt
D. Less than 18 years of age
E. Of voting age

Answer

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Tags: Company Director, Company Law, Disqualification
Level: Level 1

Topic: Company Law
Series: NOV 2011

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

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

Question

The period between two Annual General Meetings must not exceed:
A. 18 months
B. 15 months
C. 13 months
D. 12 months
E. 6 months

Answer

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Tags: EFCC, Financial Crimes, Financial Institution Reporting
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2011

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

Identify the membership limit of a private company excluding certain members.

Question

The type of company that limits its membership to fifty, excluding past and present employees who have acquired shares by virtue of their employment, is a:
A. Limited partnership
B. Public company
C. Private company
D. Cooperative society
E. Unlimited company

Answer

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Tags: Company Law, Membership, Private Company
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments

Identify which type of acceptance does not qualify as a qualified acceptance of a Bill.

Question

A qualified acceptance of a Bill may occur in any of the following ways EXCEPT by:
A. Conditional acceptance
B. Partial acceptance
C. Restriction of payment to a place
D. Signature
E. Stipulation of time of payment

Answer

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Tags: Acceptance, Bill of Exchange, Negotiable Instruments
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 – Nov 2011 – L1 – SA – Q17 – Law of Contract

Explain the legal doctrine where a person cannot claim rights or suffer obligations under a contract unless they are a party to it.

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

Identify the legal term for a written document outlining the distribution of a testator’s estate.

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BL – Nov 2011 – L1 – SA – Q15 – Law of Contract

Identify the status of a contract that ought to be in writing but is not.

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

Identify the method by which a contract is discharged after both parties fulfill their obligations.

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BL – Nov 2011 – L1 – SA – Q13 – Law of Contract

Identify the remedy that is always available in a breach of contract.

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BL – Nov 2011 – L1 – SA – Q12 – Sources of Nigerian Law

Identify the item that is not a foreign source of Nigerian law.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q12 – Sources of Nigerian Law"

BL – Nov 2011 – L1 – SA – Q11 – Company Law

Identify who cannot be a company director.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q11 – Company Law"

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

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking"

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

Identify the membership limit of a private company excluding certain members.

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BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments

Identify which type of acceptance does not qualify as a qualified acceptance of a Bill.

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