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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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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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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
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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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Which of the following is NOT a condition for a valid ratification under agency law?
A. The professed principal must be in existence at the time of the contract
B. The contract must be professedly made on behalf of an identified or identifiable principal
C. The principal must have enough money to finance the transaction
D. The professed principal must have had full knowledge of all the material facts of the contract at the time of ratification
E. Ratification must be made within a reasonable time
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Which of the following contracts needs NOT be in writing?
A. Contracts for the sale or disposition of land
B. Contracts for carriage of goods within the same town
C. Contracts to take a mortgage on a property
D. Contracts of guarantee
E. Moneylenders’ contracts
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Which of the following is NOT a situation where an offer may be terminated before acceptance?
A. Where the offer is rejected by the offeree outright or by way of a counteroffer
B. When the offer does not bear the signature of the offeror
C. When the conditions attached to the offer remain unfulfilled
D. When the offer is revoked by the offeror, or the offeree makes acceptance impossible
E. When sufficient time has elapsed since the date of the offer to justify the inference that the offeree did not wish to accept it.
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Which of the following is the major difference between inferior and superior courts?
A. Inferior courts are presided over by laymen
B. Superior courts are presided over by learned men
C. Inferior courts handle important matters
D. Superior courts handle Federal cases
E. Inferior courts have limited jurisdiction whereas superior courts generally have unlimited jurisdiction.
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Which of the following does NOT fall under general insurance business in Nigeria?
A. Health insurance business
B. General accident insurance business
C. Fire insurance business
D. Engineering insurance business
E. Motor vehicle insurance business
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Which of the following is NOT a condition for “fitness for purpose” required by the Sale of Goods Act?
A. The buyer must have made known to the seller the particular purpose for which the goods are required.
B. The buyer must have bought the same type of goods from the seller before.
C. The buyer must have relied on the skill and judgement of the seller.
D. The goods must be the type which is ordinarily sold by the seller.
E. The goods must not have been sold under a patent or other trade name.
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
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