ICAN 2025 Business Law | Mixed

Are you preparing for ICAN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2025 Business Law (Mixed) questions designed to simulate the real exam environment.

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Question 1
Which of the following is NOT an attribute of a body corporate?
A. Purchase and disposal of properties in its name
B. Suing or being sued in its own name
Correct C. Joint ownership of properties with its directors
D. Perpetual succession
E. Legal personality

Correct Answer: C

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Question 2
Which of the following is NOT an implied term under the Sale of Goods Act?
A. Implied condition as to title
B. Implied warranty to quiet possession
Correct C. Implied condition to act
D. Implied condition as to fitness
E. Freedom from encumbrance

Correct Answer: C

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Question 3
Which of the following is NOT an attribute of a limited partner?
A. He cannot bind the firm
B. His death will not dissolve the firm
C. He may assign his share with other partner’s consent
D. He cannot dissolve the firm by notice
Correct E. He can dissolve the firm by notice

Correct Answer: E

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Question 4
Which of the following is NOT an equitable maxim?
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Question 5
Which of the following is required for a company‟s voluntary winding up?
A. Judicial resolution
B. Ordinary resolution
Correct C. Special resolution
D. Extraordinary resolution
E. Hybrid resolution

Correct Answer: C

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Question 6
Which of the following are parties to an insurance contract?
A. Insured and policyholder
Correct B. Insurer and insured
C. Offeror and offeree
D. Company and client
E. Owner and risker

Correct Answer: B

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Question 7
Which of the following explains why a Will is ambulatory?
Correct A. It speaks from the death of the maker
B. It is attested to by two persons
C. It testifies to the good deeds of the maker
D. It is irrevocable
E. It is dynamic

Correct Answer: A

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Question 8
A person against whom a criminal case is initiated is the
Correct A. Accused/Defendant
B. Petitioner
C. Cross petitioner
D. Appellant
E. Prosecution

Correct Answer: A

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Question 9
Which action is required to validate a pre-incorporation contract?
A. Reporting to the Corporate Affairs Commission

Correct Answer:

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Question 10
The Corporate Affairs Commission has the power to refuse to register a proposed company if
A. There is violation of the minority rule
B. There is a violation of the majority rule
C. The application is ultra vires
Correct D. The application does not comply with the Companies and Allied Matters Act
E. There is non-compliance with the federal character policy

Correct Answer: D

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Question 11
A company is said to be insolvent when
Correct A. The company is in financial distress and unable to pay its debt
B. Its directors have high debt profiles
C. The Managing Director of the company dies
D. The Articles of Association of the Company is altered
E. It is unable to borrow money

Correct Answer: A

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Question 12
The principal agency responsible for the prosecution of financial crimes in Nigeria is the
A. Federal Ministry of Justice
B. International Government on Corruption Commission
Correct C. The Economic and Financial Crimes Commission
D. The Money Laundering Agency of Nigeria
E. The Corruption Must Leave Nigeria Commission

Correct Answer: C

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Question 13
The principle that enables the principal to adopt an agent‟s act that was done without his authority is
A. Estoppel
Correct B. Ratification
C. Presumption
D. Acceptance
E. Approval

Correct Answer: B

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Question 14
The principle that makes a person liable for a tort without fault is
A. Vicarious liability
Correct B. Strict liability
C. Transferred liability
D. Negligence
E. Liability by proxy

Correct Answer: B

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Question 15
A hire purchase agreement may be terminated by
A. The transferee of the hirer
B. Seizure of the hired goods
Correct C. Mutual agreement of the parties
D. The indebtedness of the hirer to a third party
E. The owner‟s unilateral action

Correct Answer: C

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Question 16
Which of the following is NOT a mode of settling disputes out of court?
Correct A. Counseling
B. Conciliation
C. Arbitration
D. Mediation
E. Reconciliation

Correct Answer: A

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Question 17
Which of the following is NOT an invitation to treat?
A. Display of goods in a shop window
B. Auction
C. Invitation to tender
D. Advertisement of goods in periodicals
Correct E. Sale of necessaries

Correct Answer: E

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Question 18
Which of the following is NOT a classification of goods?
A. Existing goods
Correct B. Commercial goods
C. Future goods
D. Ascertained goods
E. Unascertained goods

Correct Answer: B

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Question 19
A charge created over specific assets of a company is known as
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Question 1
QUESTION 1
Requirements
(a)
There are situations in which a person could be another person‟s agent without the latter‟s authority. Required: Explain TWO situations in which a person could be an agent without the express authority of the principal.
(b)
Statutes and case law are among the sources of Nigerian law. Required: Distinguish between case law and statutes.
(c)
There is a distinction in the characters of a general partnership and a limited liability partnership. Required: State FOUR attributes of a limited liability partnership.
(d)
The Court would disregard the separate personality of a company for justifiable reasons. Required: State FOUR reasons for which the Court would lift a company‟s veil of incorporation.
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Question 2
QUESTION 2
Requirements
(a)
Incorporation of a company depends on filing of relevant documents of incorporation with the Corporate Affairs Commission. Required: List SIX documents of incorporation.
(b)
Negligence is material to the practice and relationships of professionals. Required: Explain the law of negligence, stating the essential elements.
(c)
A trust is an equitable relationship, which imposes upon a person called a trustee, a duty to deal with the property of the donor under his control. Required: Explain the three certainties required of a valid trust.
(d)
The directors of a company may remove a Company Secretary from office by giving him the requisite notice. Required: State TWO matters that a notice to remove a Company Secretary must state.
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Question 3
QUESTION 3
Requirements
(a)
The relationship between a bank and a customer is contractual. Required: State SIX duties of a bank to its customer.
(b)
Hire purchase is an agreement to take possession of goods and pay for it by installments. Required: (i) Define the parties to a hire purchase transaction? (ii) State FOUR obligations of the hirer to the owner.
(c)
The directors of a company are entrusted with the authority to manage the business of the company. Required: State FOUR duties of a company director.
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Question 4
QUESTION 4
Requirements
(a)
Persons that may join in the formation of a company must have certain legal capacities. Required: State THREE categories of persons that are disqualified from joining in the formation of a company.
(b)
The main objective of the Sale of Goods Act is to regulate the sale of goods by the seller to the buyer. Required: State FOUR rules on passing of property in the goods from the seller to the buyer.
(c)
Alternative Disputes Resolution (ADR) mechanism is a flexible mode of resolving disputes that has varieties. Required: Differentiate between mediation and arbitration.
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Question 5
QUESTION 5
Requirements
(a)
The parties to employment relationship have duties and rights to protect their interests. Required: State FOUR remedies that are available to an employer when his employee breaches his duties.
(b)
The Companies And Allied Matters Act (CAMA) has provisions for incorporated trustees. Required: State THREE grounds upon which a Court would dissolve a body with incorporated trustees.
(c)
An e-mail message requires authentication to be admissible in evidence. Required: State TWO ways of authenticating an e-mail message.
(d)
Consideration is an essential element of a contract. Required: State THREE rules that govern Consideration.
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Question 6
QUESTION 6
Requirements
(a)
An offer is the expression of a definite intention to enter into a contract on the basis of specific terms. Required: State SIX events that will terminate an offer.
(b)
The general meeting of a company is so vital to a decision-making organ of the company that nobody that is entitled to attend must be excluded. Required: State FOUR categories of person that are entitled to receive a notice of a company‟s general meeting.
(c)
Fraudulent false accounting is an offence that is usually charged alongside forgery. Required: Explain TWO conducts of a clerk or servant that amount to fraudulent accounting.
(d)
Stealing is an offence that should be of concern to all accountants. Required: Define stealing.
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