ICAN 2023 Business Law | Mixed

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Question 1 View Details
Which of the following is an element of a valid contract?
A. Conditional acceptance
Correct B. Intention to create legal relations
C. Conditional offer
D. Anticipatory offer
E. Anticipatory acceptance

Correct Answer: B

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Question 2 View Details
Agency created when a person by conduct allows an innocent party to believe that another person acted on his behalf is referred to as agency by
A. Disclaimer
B. Deceit
Correct C. Estoppel
D. Necessity
E. Acceptance

Correct Answer: C

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Question 3 View Details
Which of the following is the meaning of ‘tortfeasor’?
Correct A. A person who commits a tort
B. A person who is injured by a tort
C. A person who avoids a tort
D. A person who demands a tort
E. A person who prevents a tort

Correct Answer: A

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Question 4 View Details
In a sale of goods, the wrongful refusal of the seller to release possession of goods to the buyer is called
A. Retinue
B. Seizure
C. Impoundment
Correct D. Detinue
E. Stoppage

Correct Answer: D

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Question 5 View Details
Which of the following could signify the termination of a hire purchase contract?
Correct A. New agreement
B. Dissatisfaction
C. Reclusion
D. Reproduction
E. Discouragement

Correct Answer: A

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Question 6 View Details
The insurance principle which allows an insurance company to take over and enforce the right of the insured is known as
A. Usurpation
B. Representation
Correct C. Subrogation
D. Contribution
E. Impersonation

Correct Answer: C

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Question 7 View Details
The person who orders money to be paid on his behalf to a named person through a cheque is called
A. Payee
B. Payer
Correct C. Drawer
D. Drawee
E. Payor

Correct Answer: C

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Question 8 View Details
Where an employee incurs expenses on behalf of his employer in his normal course of duty, he must be
A. Penalised
Correct B. Indemnified
C. Surcharged
D. Admonished
E. Sanctioned

Correct Answer: B

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Question 9 View Details
Under intestacy, the legal term for an estate that is unclaimed by anybody, which devolves on the State is
A. Res extincta
Correct B. Bona vacantia
C. Res ipsa loquitor
D. Pari delicto.
E. Animus testandi.

Correct Answer: B

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Question 10 View Details
Under Alternative Disputes Resolution, which of the following steps could a party dissatisfied with the arbitration final award take?
Correct A. Seek redress in court
B. Refuse to honour the award
C. Decline acceptance of the award
D. Dictate his own award
E. Stalemate the arbitration process

Correct Answer: A

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Question 11 View Details
When is shareholding qualification required of a director?
A. To screen those qualified
B. At the direction of the Corporate Affairs Commission
C. When stipulated by the Memorandum of Association
Correct D. When stipulated by the Articles of Association
E. When required by a Bill

Correct Answer: D

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Question 12 View Details
A law passed by the National Assembly and assented to by the President is referred to as
A. Edict
B. By-law
C. Decree
Correct D. Act
E. Bill

Correct Answer: D

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Question 13 View Details
A partner who is liable only to the extent of his capital contribution in apportioning of the partnership's debts is called a/an
A. Special partner
B. Ordinary partner
C. Inferior partner
D. Quasi partner
Correct E. Limited partner

Correct Answer: E

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Question 14 View Details
………………… appoints the first statutory auditors of a company
A. Audit Committee
B. Finance Executive
C. Company Secretary
Correct D. Board of Directors
E. Shareholders

Correct Answer: D

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Question 15 View Details
Which of the following is an effect of a receivership order?
Correct A. Powers of the company directors cease
B. The Company Secretary becomes the Receiver Manager
C. The shareholders take over the company‟s assets
D. The official receiver locks up the company
E. The debtors are imprisoned

Correct Answer: A

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Question 16 View Details
Which of the following is a feature of ethics?
A. It is punitive
B. It is repulsive
C. It is assertive
D. It is coercive
Correct E. It is persuasive

Correct Answer: E

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Question 17 View Details
Under the Criminal Code, a person who deliberately makes false entries in the financial records of a business organisation is guilty of
A. Negligent accounting
Correct B. Fraudulent accounting
C. Inappropriate accounting
D. Unreliable accounting
E. Inchoate accounting

Correct Answer: B

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Question 18 View Details
Under the Money Laundering (Prevention and Prohibition) Act, 2022 which of the following is the punishment against corporate bodies that obstruct authorised officers of the Agency from doing their lawful duties?
A. N250,000 fine
B. N500,000 fine
C. N1 million fine
D. N5 million fine
Correct E. N10 million fine

Correct Answer: E

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Question 19 View Details
A person who fraudulently invades and corrupts the integrity of information of an electronic device is referred to as a/an
A. Thief
B. Manipulator
C. Impersonator
Correct D. Hacker
E. Intruder

Correct Answer: D

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Question 20 View Details
The maximum turnover of a small company under the Companies and Allied Matters Act, 2020 is
A. N160,000,000
B. N150,000,000
C. N140,000,000
D. N130,000,000
Correct E. N120,000,000

Correct Answer: E

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Question 1 View Details
QUESTION 1
Requirements
(a)
Under the law of torts, any person of legal capacity can be sued for torts committed by him. Required: State FOUR classes of persons exempted from this rule as provided in the Nigerian 1999 Constitution (as amended).
(b)
Under the Companies and Allied Matters Act, 2020 partnerships and companies are business organisations which have distinct features. Required: Explain briefly THREE similar features of a limited liability partnership and a public limited company.
(c)
Jaffer, who trades in importation of edible consumables from Cotonou, agreed with Fudu to import and deliver to Fudu in Lagos 50 tonnes of foreign parboiled rice in 50kg bags of the total value of N7million. Fudu paid an advance of N3million, and balance was payable on delivery of the consignment. Jaffer sent the bags of rice but it was confiscated by the Nigeria Customs Service at the border, as the Federal Government had banned the importation of rice into Nigeria. Fudu is aggrieved for non-delivery of the consignment to him and intends to sue Jaffer to recover the N3million deposit he had paid. Required: Advise Fudu accordingly, stating the legal issues involved.
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Question 2 View Details
Requirements
(a)
The Nigerian 1999 Constitution (as amended) stipulates the fundamental rights of citizens. Required: State SIX fundamental human rights under the Nigerian 1999 Constitution (as amended).
(b)
Partnership name, if not the real surnames of the partners, must be registered with the Corporate Affairs Commission. Required: Enumerate FOUR contents of the statement to be submitted to the Corporate Affairs Commission if a partnership name is not the surnames of the partners.
(c)
The Companies and Allied Matters Act, 2020 provides that the directors of public companies must prepare annual financial statements. Required: State SIX contents of the directors’ annual financial report.
(d)
A cheque may be crossed in different ways. Required: i. Explain briefly “special crossing” on a cheque. ii. State TWO narrations that may be placed on such a crossed cheque.
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Question 3 View Details
Requirements
(a)
Tatafo insured his 2-storey house with an insurance company against fire and burglary incidents. A question in the proposal form required the insured to state any peculiar or special environmental information on the location of the house, to which Tatafo wrote “None”. The house was recently destroyed by fire, which started from a near-by petrol station. Tatafo filed for claims from the insurance company, but the insurance company refused to pay on discovering that the house was built behind the petrol station, which Tatafo failed to disclose on the insurance proposal form. Tatafo is aggrieved and intends to sue the insurance company. Required: Advise Tatafo, stating the legal issues involved.
(b)
Fraudulent acts in business may be classified under economic tort. Required: Explain briefly, the following in business transactions: i. Deceit ii. Passing Off.
(c)
There are different types of agent under agency law. Required: State SIX types of agent.
(d)
A public company may be wound up by order of court. Required: State FOUR persons that could petition the court for the winding up of a public company.
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Question 4 View Details
Requirements
(a)
The Companies and Allied Matters Act, 2020 stipulates that public companies must appoint statutory auditors. Required: Explain briefly FOUR of the steps in the procedure for the removal of auditors of a public company before expiration of their tenure of office.
(b)
Under the law of contract, invalid contracts are unenforceable. Required: i. State FOUR essential elements of a valid contract. ii. State FOUR rules guiding consideration in a contract.
(c)
Tort is a breach of personal duties, which gives rise to civil proceedings. Required: i. Explain “Negligence” briefly. ii. State TWO essential elements of negligence.
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Question 5 View Details
Requirements
(a)
Redundancy of employees in an organisation may arise as a result of excess manpower. Required: Explain briefly THREE conditions an employer must meet before the redundancy of its employees.
(b)
Hire purchase contract may be terminated under certain circumstances. Required: State FOUR circumstances under which a hire purchase contract may be terminated.
(c)
Mr. Agbons pledged his tricycle to secure a loan of N200,000 from Chief Osas, a moneylender. Mr. Agbons promised to repay the loan on December 31 and recover his tricycle from Chief Osas. However, Chief Osas sold the tricycle on December 28 when he learned that Mr. Agbons had relocated to his village to be a farmer and might not return again. On the morning of December 31, Mr. Agbons came to meet Chief Osas to repay the N200,000, only to learn that the tricycle had been sold by Chief Osas. Mr Agbons is aggrieved and intends to sue Chief Osas for the replacement of his tricycle. Required: Advise Mr Agbons, stating the legal principle involved.
(d)
The Money Laundering (Prevention and Prohibition) Act, 2022 stipulates punishments for various offences under the Act. Required: Explain briefly the punishment for laundering of drug money by the following persons: i. Individual (minimum and maximum punishments) ii. Corporate body.
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