ICAN 2022 Business Law | Mixed

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Question 1 View Details
Which of the following is NOT a source of Nigerian Law?
A. Common Law
Correct B. Allocutus
C. Equity
D. Statutes of General Application
E. Judicial Precedence

Correct Answer: B

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Question 2 View Details
A contract under seal need NOT to be supported by
Correct A. Consideration
B. Petitioner
C. Offer
D. Acceptance
E. Capacity

Correct Answer: A

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Question 3 View Details
Which of the following is NOT a classification of evidence in court?
A. Circumstantial evidence
B. Hearsay evidence
C. Real evidence
D. Direct evidence
Correct E. Strong evidence

Correct Answer: E

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Question 4 View Details
A fundamental ground upon which a partnership is distinct from a sole-proprietorship is
A. Authorised share capital
B. Financial accounts
C. Asset turnout
D. Debt recovery procedure
Correct E. Legal minimum of membership

Correct Answer: E

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Question 5 View Details
The case of Salomon vs Salomon is an authority for the principle of
A. Majority rule and minority right protection
B. Indoor management rule
C. Ultra vires doctrine
Correct D. Corporate personality
E. The rule in Turquand

Correct Answer: D

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Question 6 View Details
A company is said to be insolvent when the
Correct A. Company is in a financial distress and it is unable to pay its debt
B. Board of directors has refused to act
C. Managing Director of the company dies
D. Articles of association of the company is altered
E. Business of the company is to solve financial crisis

Correct Answer: A

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Question 7 View Details
A private company may hold a virtual general meeting if
A. Authorised by directors’ resolution
Correct B. Authorised by its articles of association
C. There is an emergency
D. Members agree
E. Creditors agree

Correct Answer: B

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Question 8 View Details
Which of the following may NOT appoint a Company Secretary?
A. Private company
B. Single shareholder company
C. Company limited by guarantee
D. Public company
Correct E. Asset management company

Correct Answer: E

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Question 9 View Details
Which of the following may have less than two directors?
A. Insurance company
B. Tax consultancy company
Correct C. Small company
D. Unlimited liability company
E. Company limited by guarantee

Correct Answer: C

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Question 10 View Details
An offence committed with the aid or assistance of a computer or computer network is called
A. Computer fraud
B. Computer crime
C. Yahoo Yahoo
D. Electronic crime
Correct E. Cybercrime

Correct Answer: E

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Question 11 View Details
A person to whom shares have been transmitted is entitled to dividends on the shares only after
Correct A. Registration as a member of the company
B. Death of the original shareholder
C. Proving of deceased shareholder’s Will
D. Applying for the dividends
E. Notifying the company of deceased’s death

Correct Answer: A

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Question 12 View Details
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
Correct B. Ratification
C. Recognition
D. Acceptance
E. Approval

Correct Answer: B

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Question 13 View Details
The operational expenses that a bank must write off before paying dividends include the following, EXCEPT
A. Preliminary expenses
Correct B. Set off
C. Organisational expenses
D. Share selling commission
E. Brokerage

Correct Answer: B

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Question 14 View Details
In a sale of goods, fitness for purpose is an/a
Correct A. Implied condition
B. Negotiated condition
C. Optional condition
D. Exclusive condition
E. Express condition

Correct Answer: A

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Question 15 View Details
A contract by which one person has possession of a product while paying for it in instalments is known as
A. Bailment
B. Factoring
C. Leasing
Correct D. Hire purchase
E. Sale in instalments

Correct Answer: D

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Question 16 View Details
An agreement by which a company undertakes to provide compensation for a specified loss, damage, illness, or death in return for payment of a specified premium is known as
A. Champerty
Correct B. Insurance
C. Underwriting
D. Compensation
E. Distress sale

Correct Answer: B

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Question 17 View Details
Which of the following is an attribute of a limited liability partnership (LLP)?
A. Minimum membership of three
B. For finance business only
C. Minimum capitalisation of N10,000
Correct D. Perpetual succession
E. Dissolution on death of designated partner

Correct Answer: D

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Question 18 View Details
In law, a person is said to have died ‘intestate’ if he died without
A. Leaving any estate for his children
B. Any money in the bank
Correct C. Writing a Will
D. Paying for all his debts
E. Paying his estate agency fee

Correct Answer: C

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Question 19 View Details
The principal Act which governs the relationship between employers and employee in Nigeria is the
A. Employment Act
Correct B. Labour Act
C. Compensation Act
D. Workman Act
E. Industrial Act

Correct Answer: B

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Question 20 View Details
Which of the following is NOT a mode of settling disputes out of court?
Correct A. Counselling
B. Conciliation
C. Arbitration
D. Mediation
E. Negotiation

Correct Answer: A

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Question 1 View Details
Requirements
(a)
Customary laws are derived from the customs accepted by members of a particular community as binding upon them. Since they are generally not written, they must be proved in Court. Required: State TWO validity tests that a customary law must pass to be recognised in Court.
(b)
Sola was named by Mr. Olaotan Jegede in his Will to hold his house for him in trust for his only son, Tommy. However, Sola is tired of Tommy's constant nagging and wishes to be free of his duties as a trustee. Required: Explain FOUR ways to terminate a trust.
(c)
Mrs. Ore Nnaji recently opened a bank account, and wonders what rights and duties she has on her account. Required: State FOUR duties of a bank customer.
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Question 2 View Details
Requirements
(a)
Civil law differs from criminal law. Required: State FIVE distinctions between criminal law and civil law.
(b)
In order to constitute stealing, there must be an element of fraud. Required: State THREE fraudulent intents as provided for by the Criminal Code.
(c)
Generally, only the owner of goods can validly transfer property or ownership in them to a third party. Required: State SIX exceptions to the preceding rule of sale of goods.
(d)
Filing of annual returns with the Corporate Affairs Commission is required of some registered businesses. Required: Explain briefly the duties of a Limited Liability Partnership (LLP) to file annual returns.
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Question 3 View Details
Requirements
(a)
There are grounds for admitting computer evidence. Required: State FOUR conditions for the admissibility of computer and electronically generated evidence.
(b)
Christy had contracted ABANDAB Photo Studios to cover her wedding photography and made full payment for the services. However, on the day of the wedding, ABANDAB Photo Studios failed to turn up. Christy had to engage another photographer. She has come to you for advice on the remedies available to a person who is a victim of breach of contract. Required: State FIVE remedies available for breach of contract and identify the ONE that suits Christy’s situation and why.
(c)
Bola has hired a car under a contract of hire purchase from CAB Car Rentals and wants to know if he has any rights under the contract. Required: State TWO rights of Bola under the contract.
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Question 4 View Details
Requirements
(a)
Rablowood Limited has come to you to advise it on ways to terminate the employment of some staff members. Required: State FIVE ways in which a contract of employment may be terminated.
(b)
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.
(c)
In administration of estates, a personal representative has some duties. Required: Explain FIVE duties of a personal representative.
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Question 5 View Details
Requirements
(a)
The Administrative Committee is a committee of the Corporate Affairs Commission (CAC). Required: State the functions of the Administrative Committee.
(b)
The Corporate Affairs Commission has the power to investigate the affairs of a limited liability partnership. Required: State FIVE grounds on which the CAC may investigate the affairs of a limited liability partnership.
(c)
In a company, there may be a reason for netting. Required: State TWO situations that show that netting has occurred.
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