BUSINESS LAW – Page 3

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 2020 – L1 – SB – Q1b – Partnership Law

Define a partnership deed and list essential items it must contain.

Question

A partnership may be formed with or without formality.

Required: i. What is a partnership deed?
ii. State FOUR items which a partnership deed must contain.

Answer

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Tags: Deed Contents, Legal Agreements, Partnership Deed, Partnership Formation, Partnership Law
Level: Level 1

Topic: Partnership Law

BL – Nov 2020 – L1 – SB – Q1a – The Nigerian Legal System

Describe two types of court jurisdictions in Nigeria.

Question

Courts in Nigeria possess different powers to hear and determine cases coming before them for adjudication.

Required:
Explain TWO of the following:
i. Original jurisdiction
ii. Appellate jurisdiction
iii. Limited jurisdiction
iv. Concurrent jurisdiction

Answer

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Tags: Appellate Jurisdiction, Concurrent Jurisdiction, Court Powers, Jurisdiction, Limited Jurisdiction, Nigerian Legal System, Original Jurisdiction
Level: Level 1

Topic: The Nigerian Legal System
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q20 – Alternative Dispute Resolution

: Identifying items not relevant to electronic evidence.

Question

Which of the following is not relevant to electronic evidence?

Options:

A. Email
B. Computer
C. Billboard
D. ATM
E. Tape recordings

Answer

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Tags: Digital Evidence, Electronic Evidence, Relevance of Evidence
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q19 – Nigerian Legal System

Determining the court with exclusive jurisdiction under the Money Laundering (Prohibition) Act.

Question

The court that is vested with an exclusive right to try all offences under the Money Laundering (Prohibition) Act is the:

Options:

A. High Court
B. Sharia Court
C. Court of Appeal
D. Supreme Court
E. Federal High Court

Answer

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Tags: Exclusive Jurisdiction, Federal High Court, Money laundering
Level: Level 1

Topic: The Nigerian Legal System
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q18 – Alternative Dispute Resolution

Identifying an alternative to litigation in dispute resolution.

Question

Which of the following is an alternative to a lawsuit in dispute resolution?

Options:

A. Mediation
B. Litigation
C. Prosecution
D. Subrogation
E. Interdiction

Answer

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Tags: Alternative to Litigation, Dispute Resolution, Mediation
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

Question

17. A will is said to be an ambulatory document because it
A. Is signed by two witnesses
B. Must have two executors
C. Takes effect after the death of the maker
D. Is written
E. Is prepared by a lawyer

Answer

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Tags: Ambulatory Document, Law of Trusts, Legal Terminology, Testamentary Documents, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q16 – Employment Law

Objective question on the alternative term for a contract of employment.

Question

16. A contract of employment is also known as a contract of
A. Service
B. Parties
C. Skills
D. Vocation
E. Training

Answer

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Tags: Contract of Employment, Employment Law, Legal Terms, Service Agreement
Level: Level 1

Topic: Employment law
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

Question

15. A payee that is in possession of a bill he obtained after giving consideration to the drawer is known in law as
A. Holder for value
B. Holder in due course
C. Drawee
D. Holder of bill
E. Holder for the meantime

Answer

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Tags: Bill of Exchange, Holder in Due Course, Law of Negotiability, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

Question

14. The document issued by the insurer to obtain material information that will form the basis of a contract of insurance is
A. Insurance policy
B. Proposal form
C. Insurance paper
D. Information document
E. Agreement paper

Answer

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Tags: Contract Basis, Documentation, Insurance, Proposal Form
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions

Objective question on the form of consideration in hire purchase agreements.

Question

13. The consideration for a hire purchase is
A. Payment of shares
B. Price of goods
C. Installmental payment
D. Bill of exchange
E. Cost of goods

Answer

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Tags: Consideration, Hire Purchase, Installment Payment, Payment Terms
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2020

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 2020 – L1 – SB – Q1b – Partnership Law

Define a partnership deed and list essential items it must contain.

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BL – Nov 2020 – L1 – SB – Q1a – The Nigerian Legal System

Describe two types of court jurisdictions in Nigeria.

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BL – Nov 2020 – L1 – SA – Q20 – Alternative Dispute Resolution

: Identifying items not relevant to electronic evidence.

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BL – Nov 2020 – L1 – SA – Q19 – Nigerian Legal System

Determining the court with exclusive jurisdiction under the Money Laundering (Prohibition) Act.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q19 – Nigerian Legal System"

BL – Nov 2020 – L1 – SA – Q18 – Alternative Dispute Resolution

Identifying an alternative to litigation in dispute resolution.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q18 – Alternative Dispute Resolution"

BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

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BL – Nov 2020 – L1 – SA – Q16 – Employment Law

Objective question on the alternative term for a contract of employment.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q16 – Employment Law"

BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments"

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking"

BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions

Objective question on the form of consideration in hire purchase agreements.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions"

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