Agency Law – Page 5

BCL – Nov 2024 – L1 – Q4a – Agency of Necessity

Legal implications of an agent acting in necessity during a curfew.

Question

Ozoozo is a cargo driving agent of Oforiwa, a trader. Ozoozo loaded a truck of yam from Kutunada for delivery to Oforiwa in Accra. In the course of the journey and at Butako township, a curfew was imposed as a result of chieftaincy issues in the traditional area. He tried to communicate with Oforiwa but he was unable to do so due to network challenges. Ozoozo found it useful to off-load the cargo of yam and dispose of it by sale. He accounted for the sale but Oforiwa became furious.

Required:
Advise Oforiwa.

Answer

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Tags: Agency Law, Commercial Transactions, Emergency Contracts, Necessity Doctrine, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: Nov 2024

BMIS-Nov-2024-L1-Q2b- Economic Factors Influencing Business Opportunities and Threats

Economic factors that shape business opportunities or threats based on the PEST model.

Question

Explain THREE economic factors which determine the nature of opportunities or threats that organisations may face.

Answer

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Tags: Business Strategies, Economic Factors, Macro-Environment, Opportunities, PEST, Threats
Level: Level 1

Topic: Agency Law
Series: Nov 2024

BL – Nov 2020 – L1 – SA – Q10 – Agency Law

Objective question on the right of an agent to be reimbursed for expenses incurred in duty.

Question

10. The right of an agent to be reimbursed for expenses incurred in performing his authorised duties is called
A. Remuneration
B. Compensation
C. Indemnity
D. Salary
E. Commission

Answer

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Tags: Agency Law, Agent Rights, Compensation, Indemnity, Reimbursement
Level: Level 1

Topic: Agency Law
Series: NOV 2020

BL – May 2012 – L1 – SB – Q5B – Agency Law

State two differences between a hire purchase agreement and a sale agreement.

Question

A hire purchase agreement and a sale agreement are similar but not identical. Required: State any TWO differences between a hire purchase agreement and a sale agreement.

Answer

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Tags: Business Law, Contract Law, Hire Purchase
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q5A – Agency Law

Advise KMS and Stella on the legal implications of Stella's actions.

Question

Stella works as a sales girl for Kampus Multipurpose Stores (KMS), operated by Lucas on the University Campus. Recently, Lucas discovered that whenever he was not around, Stella would pack Lucas’ wares off the shelves and display her own wares on the shelves. Thus, Stella used her employer’s time, resources and facilities to sell her own wares in place of her employer’s. The financial books of KMS were audited last month and the audit revealed that on some occasions, Stella sold her employer’s wares at a higher rate than that recommended and she pocketed the difference. Required: Advise the following parties on the legal implications of their actions: (i) KMS (5 Marks) (ii) Stella (6 Marks)

Answer

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Tags: Agency, Business Law, Employment Law
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q2B – Agency Law

Advise on the steps to take in running the estate of a deceased person who died intestate.

Question

Mr. Chris died without leaving a Will. His dependants have approached you to advise them on the steps to take in running his estate. Advise them.

Answer

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Tags: Business Law, Estate Management, Intestacy
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q5 – Agency Law

Identify the type of agency created in an emergency without instructions.

Question

The type of agency which is created in an emergency without the opportunity to contact the principal and get his instruction is called:

Answer

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Tags: Agency Law, Business Law, Emergency
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q13 – Agency Law

Determine the number of parties involved in an agency relationship.

Question

An agency relationship is one involving:

A. A single party
B. Two parties
C. Three parties
D. Four parties
E. Five parties

Answer

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Tags: Agency Law, Business Law, Contract
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

Question

Yomi, the son of a school proprietor, often visited his father’s office to spend some hours. Although never given authority to do so, he sometimes assisted in accepting payments from and issued receipts to students, and always handed over the money to the Bursar. However, he failed to account for the payment he received from Kola, a student, whom the school eventually declared as still owing. The school proprietor argued that Yomi had no authority to collect money from students on behalf of the school.

(a) Outline the legal positions of Yomi, Kola, and the school. (5 Marks)

(b) Explain the doctrine of binding precedent and state TWO instances when the Court of Appeal will NOT be bound by its own previous decisions. (4 Marks)

(d) Define (i) Intestacy and (ii) Trust. (2 Marks)

Answer

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Tags: Agency by Estoppel, Intestacy, Judicial Precedent, Trust Law, Vicarious Liability
Level: Level 1

Topic: Agency Law
Series: NOV 2011

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

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

Question

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

Answer

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Tags: Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Agency Law
Series: NOV 2011

BL – May 2022 – L1 – SB – Q4b – Agency Law

State five circumstances in which an agency may be terminated by operation of law.

Question

An agency relationship can be terminated in two main ways, namely, by express acts of the parties or by operation of law.

Required:
State FIVE circumstances in which the operation of law may terminate an agency.

Answer

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Tags: Agency Law, Operation of Law, Termination of Agency
Level: Level 1

Topic: Agency Law
Series: MAY 2022

BL – Nov 2021 – L1 – SA – Q17 – Agency Law

Defining when a banker/customer relationship comes into being.

Question

A banker/customer relationship comes into being only when a person
A. Transacts any business with a bank
B. Has an account in his name in a bank
C. Presents a cheque to a bank for payment
D. Has a contractual relationship of whatever kind with a bank
E. Works for a bank

Answer

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Tags: Banker-Customer Relationship, Banking Law
Level: Level 1

Topic: Agency Law
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q16 – Agency Law

Determining the document that initiates an insurance contract.

Question

The document by which an insured initiates an insurance contract is known as
A. Proposal form
B. Application form
C. Insurance form
D. Policy form
E. Proposer form

Answer

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Tags: Insurance Law, Proposal Form
Level: Level 1

Topic: Agency Law
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q12 – Agency Law

Defining the rights of an undisclosed principal.

Question

An undisclosed principal
A. Cannot sue a third party based on the acts of the agent done on his behalf
B. Is one whose existence and identity is dual
C. Is one whose identity is not known though his existence is known
D. Can sue a third party based on the acts of the agent done on his behalf
E. Is one who has no known address in Nigeria

Answer

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Tags: Agency Law, Undisclosed Principal
Level: Level 1

Topic: Agency Law
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q10 – Agency Law

Defining crimes committed using a computer.

Question

Any crime committed using a computer is known as
A. Cybercrime
B. Internet fraud
C. Internet crime
D. Computerised crime
E. Computer crime

Answer

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Tags: Cybercrime, Technology Law
Level: Level 1

Topic: Agency Law
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q7 – Agency Law

Determining consequences of a breach of ethical codes for professionals.

Question

The consequence of a professional committing a crime could be a jail term. What is the consequence for a professional who commits a breach of ethical codes?
A. A fine payable to court
B. Withdrawal of professional licence
C. A suspended jail term
D. A fine payable to the Institute of Chartered Accountants of Nigeria
E. Reference to the Economic and Financial Crimes Commission for investigation

Answer

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Tags: Legal Penalties, Professional Ethics
Level: Level 1

Topic: Agency Law
Series: NOV 2021

BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

Question

Jaga contracted Tobi, a transporter, to deliver a trailer-load of bagged salt from Lagos to a customer in Abuja. Midway on the journey and in a remote village, it started raining and the salt was melting as the consignment was exposed. In order to prevent total loss of the consignment, Tobi quickly stopped at the nearest market and sold the wet salt to a buyer at half price.

Jaga is annoyed with Tobi and intends to sue the buyer to recover the salt, claiming that Tobi had no authority to act on his behalf.

Required:
Advise Jaga on his intended action against the buyer.

Answer

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Tags: Agency of Necessity, Principal-Agent Relationship, Sale of Goods
Level: Level 1

Topic: Agency Law
Series: NOV 2022

BL – Nov 2022 – L1 – SB – Q1a – Agency Law

Explaining the types of precedent in case law.

Question

There are different types of precedent under case law.

Required:
Explain the following terms:

i. Original precedent (2 Marks)
ii. Persuasive precedent (2 Marks)

Answer

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Tags: Original Precedent, Persuasive Precedent, Precedent
Level: Level 1

Topic: Agency Law
Series: NOV 2022

BL – Nov 2022 – L1 – SA – Q12 – Agency Law

Identifying the authority inferred from the acts of both the principal and agent.

Question

The authority which is inferred or observed from the acts of both the principal and agent is referred to as:

A. Unauthorized authority
B. Implied authority
C. Ultimate authority
D. Expressed authority
E. Original authority

Answer

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Tags: Agency Law, Authority, Implied Authority

Topic: Agency Law
Series: NOV 2022

BL – May 2022 – L1 – SA – Q12 – Agency Law

Define the principal’s action when accepting a contract made by an agent without prior authority.

Question

Where an agent acts without an authority of his principal but the principal accepts subsequently to be bound by the contract, the principal’s action is known as
A. Estoppel
B. Ratification
C. Recognition
D. Acceptance
E. Approval

Answer

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Tags: Agency Law, Contract, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: MAY 2022

Topic: Agency Law

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BCL – Nov 2024 – L1 – Q4a – Agency of Necessity

Legal implications of an agent acting in necessity during a curfew.

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BMIS-Nov-2024-L1-Q2b- Economic Factors Influencing Business Opportunities and Threats

Economic factors that shape business opportunities or threats based on the PEST model.

You're reporting an error for "BMIS-Nov-2024-L1-Q2b- Economic Factors Influencing Business Opportunities and Threats"

BL – Nov 2020 – L1 – SA – Q10 – Agency Law

Objective question on the right of an agent to be reimbursed for expenses incurred in duty.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q10 – Agency Law"

BL – May 2012 – L1 – SB – Q5B – Agency Law

State two differences between a hire purchase agreement and a sale agreement.

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BL – May 2012 – L1 – SB – Q5A – Agency Law

Advise KMS and Stella on the legal implications of Stella's actions.

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BL – May 2012 – L1 – SB – Q2B – Agency Law

Advise on the steps to take in running the estate of a deceased person who died intestate.

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BL – May 2012 – L1 – SA – Q5 – Agency Law

Identify the type of agency created in an emergency without instructions.

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BL – May 2012 – L1 – SA – Q13 – Agency Law

Determine the number of parties involved in an agency relationship.

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BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q1 – Agency Law"

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

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

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BL – May 2022 – L1 – SB – Q4b – Agency Law

State five circumstances in which an agency may be terminated by operation of law.

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BL – Nov 2021 – L1 – SA – Q17 – Agency Law

Defining when a banker/customer relationship comes into being.

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BL – Nov 2021 – L1 – SA – Q16 – Agency Law

Determining the document that initiates an insurance contract.

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BL – Nov 2021 – L1 – SA – Q12 – Agency Law

Defining the rights of an undisclosed principal.

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BL – Nov 2021 – L1 – SA – Q10 – Agency Law

Defining crimes committed using a computer.

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BL – Nov 2021 – L1 – SA – Q7 – Agency Law

Determining consequences of a breach of ethical codes for professionals.

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BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

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BL – Nov 2022 – L1 – SB – Q1a – Agency Law

Explaining the types of precedent in case law.

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BL – Nov 2022 – L1 – SA – Q12 – Agency Law

Identifying the authority inferred from the acts of both the principal and agent.

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BL – May 2022 – L1 – SA – Q12 – Agency Law

Define the principal’s action when accepting a contract made by an agent without prior authority.

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