ICAN 2024 Business Law | Mixed

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Question 1 View Details
Under the 1999 Constitution, the list that contains matters which a House of Assembly could legislate upon to the exclusion of the National Assembly is the
A. Exclusive Legislative List
B. Concurrent Legislature List
C. Discretional Legislative List
Correct D. Residual Legislative List
E. Remainder Legislative List

Correct Answer: D

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Question 2 View Details
Which of the following is NOT required to hold an Annual General Meeting?
Correct A. A one-member company
B. A micro company
C. A private company
D. A municipal company
E. An unlimited liability company

Correct Answer: A

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Question 3 View Details
Who among the following is eligible to be appointed as administrator of a company?
A. A chartered accountant
B. A legal practitioner
C. Administrator-General
Correct D. An insolvency practitioner
E. A public administrator

Correct Answer: D

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Question 4 View Details
The maximum turnover of a small company is
A. N20 million
Correct B. N50 million
C. N80 million
D. N100 million
E. N120 million

Correct Answer: B

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Question 5 View Details
The documents of incorporation that regulate the company‟s external relations is the
A. Articles of Association
B. Articles of incorporation
Correct C. Memorandum of Association
D. Memorandum of Understanding
E. Bye-law

Correct Answer: C

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Question 6 View Details
The two types of insolvency recognised by the law are
A. Directors‟ and shareholders‟ insolvency
B. Members and company insolvency
C. CAC and company insolvency
Correct D. Corporate and personal insolvency
E. Receiver and shareholders insolvency

Correct Answer: D

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Question 7 View Details
Which of the following is a tort that affects economic interest?
A. Nuisance
B. Champerty
C. Libel
D. Trespass
Correct E. Passing off

Correct Answer: E

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Question 8 View Details
In a sale of goods contract, goods that are not identified and agreed upon at the time of contract are
A. Generic goods
B. Prospective goods
C. Specific goods
Correct D. Unascertained Goods
E. Perishable Goods

Correct Answer: D

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Question 9 View Details
An agreement for the bailment of goods with an option to buy the goods is a contract of
A. Insurance
Correct B. Hire purchase
C. Sale of goods
D. Agency
E. Credit sale

Correct Answer: B

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Question 10 View Details
In a contract of insurance, the consequence of non-disclosure of material facts by either party to the contract where the duty exists is to render the contract
A. Unacceptable
Correct B. Voidable
C. A nullity
D. Vain
E. Derelict

Correct Answer: B

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Question 11 View Details
An offer that is NOT accepted within the time fixed by the offeror is said to be terminated by
A. Death
B. Rejection
C. Revocation
D. Counter offer
Correct E. Lapse of time

Correct Answer: E

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Question 12 View Details
The agency relation that arises in emergencies or situations of urgent commercial need is agency of
A. Ratification
B. Estoppel
C. Condonation
Correct D. Necessity
E. Needs

Correct Answer: D

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Question 13 View Details
A payee/endorser in possession of a bill that he obtained after giving consideration to the drawer ∕endorser is
A. Drawer
B. Drawee
C. Bearer
Correct D. Holder for value
E. Indorser

Correct Answer: D

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Question 14 View Details
The law that allows an internet service provider to keep all traffic data and subscribers‟ information and to intercept electronic communication that could support criminal investigation or proceeding is
A. 419 Act
B. Computer 201 Violation Act, 2022
C. Anti-Scam Act, 2012
D. Nigerian Data Protector Regulation Act, 2019
Correct E. The Cybercrime Act, 2015

Correct Answer: E

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Question 15 View Details
A moral persuasion against wrongdoing or unacceptable conduct in a given society is called
A. Laws
Correct B. Morality
C. Lifestyle
D. Ethics
E. Values

Correct Answer: B

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Question 16 View Details
The minimum number of designated partners that a limited liability partnership must have is
A. 1
Correct B. 2
C. 3
D. 4
E. 5

Correct Answer: B

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Question 17 View Details
To constitute the offence of stealing, the conversion or taking of another person‟s property must be done with the intention to
Correct A. Deprive the owner permanently of it
B. Shield the property
C. Bail the property
D. Destroy the property
E. Move the property

Correct Answer: A

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Question 18 View Details
Which of the following means Alternative Dispute Resolution?
A. Private hearing
B. Public hearing
C. General intervention
Correct D. Conciliation
E. Commission of Inquiry

Correct Answer: D

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Question 19 View Details
The removal of an employee without formalities is called
A. Termination
Correct B. Dismissal
C. Probation
D. Suspension
E. Interdiction

Correct Answer: B

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Question 20 View Details
When a Will fails or is declared invalid by the court, the administration of the estate of the testator will be governed by rules of
Correct A. Intestacy
B. Testacy
C. Equity
D. Good conscience
E. Trust

Correct Answer: A

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Question 1 View Details
Requirements
(a)
i. The Supreme Court of Nigeria usually follows its previous decisions on the same subject matter and similar facts. Required: State TWO situations in which the Supreme Court may depart from its previous decisions. (4 Marks)
(ii)
The Received English Law has three components. Required: State TWO types of Received English Law. (4 Marks)
(b)
The Companies and Allied Matters Act provides for freedom of association with business organisations. Required: State THREE grounds upon which a member of a limited liability partnership may cease to become a member of the organisation. (6 Marks)
(c)
The persons that desire to manage the estate of a deceased person may need to apply for letters of administration. Required: Explain TWO situations that could warrant the need to apply for letters of administration. (6 Marks)
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Question 2 View Details
Requirements
(a)
The Companies and Allied Matters Act makes copious provisions for corporate insolvency in Nigeria. Required: State THREE tests of corporate insolvency in Nigeria. (6 Marks)
(b)
A partnership is one of the business organisations that the Companies and Allied Matters Act provides for. Required: Explain THREE rules that could be applied to determine the existence of a partnership. (6 Marks)
(c)
The Audit Committee has objectives and functions under the Companies and Allied Matters Act, subject to the provisions of the articles of the company. Required: State and explain FOUR statutory functions of the Audit Committee. (8 Marks)
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Question 3 View Details
Requirements
(a)
Certain agents are classified as special agents. Required: Explain the following special agents: i. Factor (3 Marks) ii. Del credere agent (3 Marks)
(b)
Consideration is an element of a contract. Required: State FOUR rules that govern consideration. (6 Marks)
(c)
The Corporate Affairs Commission is the statutory body that regulates the affairs of business organisations in Nigeria. Required: Explain FOUR functions of the Corporate Affairs Commission. (8 Marks)
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Question 4 View Details
Requirements
(a)
Decisions during company meetings are made by passing of resolutions. Required: State FOUR company matters that require the passing of a special resolution. (4 Marks)
(b)
Gabriel is a shareholder in Zee Zee Company Plc. He desires to transfer his shares to his son who has just graduated from the Nigerian Law School as a sign of his appreciation of his excellent performance in the Bar Final examination. Required: i. Advise Gabriel on his competence to transfer his shares to his son. (2 Marks) ii. Which legal step must Gabriel take to transfer the shares? (2 Marks) ii. State TWO reasons for which Zee Zee Company PLC may reject the transfer of Gabriel‟s shares to his son. (4 Marks)
(c)
For the conversion of a movable thing to amount to stealing, the prosecution must prove a fraudulent intent. Required: i. Explain what the intent states concerning money. (4 Marks) ii. James promised to send some people to Canada on scholarship. He collected money from them for the purpose. He did not send them and did not refund the money on demand or within a reasonable time. Explain the liability of James, if any. (4 Marks)
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Question 5 View Details
Requirements
(a)
A contract of hire purchase is different from other contractual relationships. Required: State FOUR ways of terminating a hire purchase contract. (6 Marks)
(b)
A limited liability company based in Ibadan employed the services of two accountants to work in the organisation. The letters of appointment given to the accountants contain a clause that the new employees will be on probation for a period of 6 months. Required: i. Explain the clause in the letters of appointment, which states that the two accountants would be on probation for a period of six months. (1½ Marks) ii. How could the contract of the two accountants be terminated, if their employment were for an indefinite period of time? (1½ Marks) iii. Would your answer be different if the contract of employment of the two accountants were for a term certain? (1½ Marks) iv. What remedies will be available to the two accountants if their contract for a term certain is wrongfully terminated? (1½ Marks)
(c)
The Money Laundering (Prohibition) Act requires financial institutions to keep special surveillance on some transactions. Required: State TWO transactions that require the special surveillance of financial institutions. (4 Marks)
(d)
Biz Limited manufactures an efficient ceiling fan that is fast selling. The ceiling fan, which is branded ‘Biz’, is the most preferred in the market. Magomago Limited recently introduced its own ceiling fan, which is branded ‘Bizz’ into the market, and customers have been purchasing it significantly, thereby reducing the market share of ‘Biz’ fan. Required: Explain the implication of Magomago Limited’s action in the law of torts. (4 Marks)
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