BUSINESS LAW – Page 15

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 – Q7 – Law Relating to Banking

Identify the threshold at which a financial institution must report to the EFCC.

Question

A financial institution has the duty to report to the Economic and Financial Crimes Commission (EFCC) within seven days of lodgement by an individual of an amount exceeding:
A. N100,000,000
B. N10,000,000
C. N5,000,000
D. N2,500,000
E. N1,000,000

Answer

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Tags: Banking Law, EFCC Reporting, Financial Institution
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q6 – Partnership Law

Identify which aspect is not required in partnership agreements.

Question

The parties in a partnership arrangement must agree on all of the following EXCEPT:
A. Profit sharing
B. Business management
C. Capital contribution
D. Dissolution
E. Pension reform

Answer

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Tags: Agreement, Business Law, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q5 – Introduction to Law

Identify the legal term that represents the material facts and decision of the court.

Question

Which of the following constitutes the material facts of a case and the decision of the court thereon?
A. Res judicata
B. Ratio decidendi
C. Ratione soli
D. Obiter dictum
E. Judicial precedent

Answer

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Tags: Court Decision, Legal Case, Material Facts
Level: Level 1

Topic: Introduction to Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q4 – Partnership Law

Identify the minimum number of general partners required in a valid limited partnership.

Question

The minimum number of general partner(s) in a valid limited partnership is:
A. Two
B. Three
C. One
D. Four
E. Five

Answer

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Tags: Business Law, General Partner, Limited Partnership, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q3 – Law of Contract

Identify an example of a contract of utmost good faith.

Question

An example of a contract of utmost good faith is a contract of:
A. Hire purchase
B. Companies
C. Sale of goods
D. Insurance
E. Accountants

Answer

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Tags: Contract, Good Faith, Insurance, Legal Principle
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q2 – Law of Contract

Identify the process where the insurer is substituted into the insured's rights after claim payment.

Question

After payment of the insured’s claim, the substitution of the insurer to all the insured’s rights is called:
A. Indemnity
B. Act policy
C. Subrogation
D. Insurable interest
E. Claim note

Answer

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Tags: Indemnity, Insurance, Rights of Insurer, Subrogation
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q1 – Law of Contract

Identify the party in a contract of insurance that pays the premium for indemnity.

Question

In a contract of insurance, the party that pays the premium in return for the insurer’s promise of indemnity is the:
A. Insurance company
B. Insurer
C. Contractor
D. Insured
E. Third party

Answer

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Tags: Indemnity, Insurance Contract, Insured, Insurer, Premium Payment
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2012 – L1 – SB – Q6C – Company Law

State three reasons why a company may be wound-up voluntarily.

Question

There are different ways by which a company may be wound-up. State THREE reasons why a company may be wound-up voluntarily.

Answer

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Tags: Company Liquidation, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SB – Q6B – Company Law

State the difference between “transfer” and “transmission” of shares.

Question

The shares of a company represent the unit of ownership in the company. State the difference between “transfer” and “transmission” of shares. (4 Marks)

Answer

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Tags: Share Transfer, Share Transmission
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SB – Q6A – Company Law

Explain five circumstances when a company may alter its businesses.

Question

The objects of a company are contained in its incorporation document. Explain FIVE circumstances when a company may alter its businesses. (5 Marks)

Answer

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Tags: Alteration Circumstances, Company Objects
Level: Level 1

Topic: Company Law
Series: NOV 2012

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 – Q7 – Law Relating to Banking

Identify the threshold at which a financial institution must report to the EFCC.

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BL – Nov 2011 – L1 – SA – Q6 – Partnership Law

Identify which aspect is not required in partnership agreements.

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BL – Nov 2011 – L1 – SA – Q5 – Introduction to Law

Identify the legal term that represents the material facts and decision of the court.

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BL – Nov 2011 – L1 – SA – Q4 – Partnership Law

Identify the minimum number of general partners required in a valid limited partnership.

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BL – Nov 2011 – L1 – SA – Q3 – Law of Contract

Identify an example of a contract of utmost good faith.

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BL – Nov 2011 – L1 – SA – Q2 – Law of Contract

Identify the process where the insurer is substituted into the insured's rights after claim payment.

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BL – Nov 2011 – L1 – SA – Q1 – Law of Contract

Identify the party in a contract of insurance that pays the premium for indemnity.

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BL – Nov 2012 – L1 – SB – Q6C – Company Law

State three reasons why a company may be wound-up voluntarily.

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BL – Nov 2012 – L1 – SB – Q6B – Company Law

State the difference between “transfer” and “transmission” of shares.

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BL – Nov 2012 – L1 – SB – Q6A – Company Law

Explain five circumstances when a company may alter its businesses.

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