ICAN 2026 Corporate and Business Law | Mixed

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Question 1 View Details
The received English Law applicable in Nigeria consists of
A. British customary law, equity, good conscience
Correct B. Common law, doctrines of equity, statutes of general application
C. Repugnancy laws, statutes, equity
D. Common law, negligence, equity

Correct Answer: B

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Question 2 View Details
The rights contained in an insurance contract are transferable only by way of
A. Sale
B. Delivery
C. Execution
Correct D. Assignment

Correct Answer: D

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Question 3 View Details
Where a hirer fails to take possession of goods, subject matter of a hire purchase contract, the owner has the right to
Correct A. Sue for damages under common law
B. Sue for the full value of the goods
C. Arrest the hirer to compel him
D. Sue for specific damages

Correct Answer: A

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Question 4 View Details
A partnership in which all partners participate in its management is a
A. Partnership of the people
B. Democratic partnership
C. Private partnership
Correct D. General partnership

Correct Answer: D

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Question 5 View Details
Which of the following is a duty of an employee to his employer?
A. Allegiance to all causes of the employer
B. Muteness over company matters
Correct C. Obeying all lawful instructions
D. Specifying when sharing of profits will be prohibited

Correct Answer: C

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Question 6 View Details
Which of the following is NOT eligible to appoint an administrator for a company?
Correct A. The Corporate Affairs Commission under Section 8 of the Companies and Allied Matters Act
B. An administration order of the court under Section 449 of the Companies and Allied Matters Act
C. The holder of a floating charge under Section 452 of the Companies and Allied Matters Act
D. The company or its directors under Section 459 of the Companies and Allied Matters Act

Correct Answer: A

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Question 7 View Details
Where partnership assets are insufficient to discharge its liabilities upon dissolution, partners shall bear the deficiency first out of
A. Profits of the partnership
B. Individual contribution
Correct C. Capital
D. Selling individual assets

Correct Answer: C

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Question 8 View Details
In a hire purchase contract, ownership passes when the hirer
Correct A. Pays all installments and exercises option to purchase
B. Exercises option to purchase
C. Pays all installation
D. Is about to pay the last installment

Correct Answer: A

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Question 9 View Details
The minimum membership of a private company is
A. 1
Correct B. 2
C. 3
D. 4

Correct Answer: B

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Question 10 View Details
A company incorporated under the Companies and Allied Matters Act 2020
A. Has a short time to exist
Correct B. Can own property like a natural person
C. Cannot ordinarily enter into valid contracts
D. Does not possess a separate legal personality from its shareholders

Correct Answer: B

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Question 11 View Details
A contract formed and concluded using a software system is a/an
A. Software contract
B. Specialised contract
C. Digital contract
Correct D. E-contract

Correct Answer: D

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Question 12 View Details
The duties that an agent owes his principal under law are derived from two main sources, which are
A. The Companies and Allied Matters Act (CAMA) and the Common Law
B. The Partnership Act and equity
C. The Agency Act 1898 and the Common La
Correct D. The agency contract itself and equity

Correct Answer: D

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Question 13 View Details
Negligence as a tort consists of three elements, namely
A. Tortious act, negligent conduct, and damage
B. Damage, causation, and duty
Correct C. Legal duty of care, breach of the duty, and consequential damage
D. Duty, damage, and compensation

Correct Answer: C

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Question 14 View Details
Under sale of goods law, \(\text{nemo dat quod non habet}\) means that the
A. Seller can only transfer possession of goods
Correct B. Seller cannot pass title which he does not have
C. Property in the goods must be fit
D. Seller has a habit of giving credit

Correct Answer: B

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Question 15 View Details
Which of the following is an alternative dispute resolution mechanism?
A. Calibration
Correct B. Mediation
C. Intervention
D. Administratism

Correct Answer: B

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Question 16 View Details
Which of the following persons is NOT a personal representative?
A. Administrator
B. Executor
Correct C. Receiver
D. Executrix

Correct Answer: C

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Question 17 View Details
The memorandum and articles of association of a company have the effect of a contract under seal between
A. The shareholders as a group
B. The shareholders severally
Correct C. The company, its shareholders, and its officers
D. The company and its officers

Correct Answer: C

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Question 18 View Details
A floating charge created by a company to secure a loan is a/an
A. Charge with capacity to attach to any property belonging to the company
B. Security which is predatory
Correct C. Security which takes effect in the future
D. Security with a floating interest rate

Correct Answer: C

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Question 19 View Details
Being privy to making of false entry in a book constitutes an offence of
A. Fraudulent cheating entry
B. Fraudulent fake entry
C. Fraudulent false pretence
Correct D. Fraudulent false accounting

Correct Answer: D

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Question 20 View Details
In a banker/customer relationship, a bank has rights to do all of the following, \(\text{EXCEPT}\)
A. Charge reasonable interest on credits advanced by it
B. Use money deposited with it without approval of the customer
C. Decline payment on improperly drawn cheques
Correct D. Close the customer’s account without notice to the customer

Correct Answer: D

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Question 1 View Details
Personal representatives administer the estate of others
Requirements
(a)
State FOUR duties of personal representatives.
(b)
\( \begin{array}{l} \text{The Companies and Allied Matters Act, 2020 makes provisions for the yearly} \\ \text{auditing of company's accounts.} \\ \\ \text{Songa is a retiring auditor of XYZ Plc that the company desires to reappoint.} \\ \\ \textbf{Required:} \\ \text{i. State briefly the procedure for Songa's reappointment.} \\ \text{ii. State TWO reasons for which Songa may not be reappointed.} \end{array}\)
(c)
You are the legal adviser of XYZ Plc, an insurance company. \(Required: \) Explain i. Insurable interest. ii. Contribution.
(d)
You are a trustee of a public trust, and you have powers to invest the funds of the trust in profitable securities. \(Required:\) State THREE classes of securities in which you may invest the fund under the applicable law.
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Question 2 View Details
(a) The Board of Directors of Gondigo Plc. that was constituted last week intends to appoint a Company Secretary. \(Required:\)
Requirements
(i)
State FOUR qualifications of persons that could be appointed legally.
(ii)
Which company is NOT required to have a Company Secretary?
(b)
Andrew has free access to his employer’s network of computers. He deliberately inputted wrong data into the network of computers, which appeared favourable to his employer so as to please him. His employer, relying on the wrong data, promoted him. \(Required:\) i. State the offence, if any, which Andrew could be charged with. ii. If found guilty, state the punishment Andrew may be liable to. iii. What offence would Andrew have committed if he had only knowingly altered the data in the computer and caused his boss loss of property, but not for the purpose of conferring any economic benefit on himself?
(c)
A client whose employee is misbehaving has sought your advice on the legal grounds to dismiss him. \(Required:\) State THREE legal grounds upon which an employee could be dismissed.
(d)
In contractual relationships, the parties are required to be of the same mind. \(Required:\) State TWO exceptions to the principle of privity of contract.
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Question 3 View Details
Requirements
(a)
Under the Companies and Allied Matters Act (CAMA), 2020, every company must keep accounting records. \(Required:\) State THREE rules on keeping and filing of accounting records under CAMA
(b)
Akin, a director of Juguda Limited, received a discount of N2million from a vendor that sold a warehouse to Juguga Limited, and intends to keep the money for himself. \(Required:\) Advise Akin on his duties
(c)
Chinedu advertised his used accounting books for sale on his Facebook page. Bimbo accepted on Chinedu’s Facebook page to buy the books on the terms stated. Bimbo then completed a captcha authentication, gave a delivery address on the contract form, and clicked on the last button at the end of the form. \(Required:\) Explain the type of contract Chinedu and Bimbo entered into?
(d)
The Money Laundering (Prohibition) Act demands special surveillance and reporting on certain suspicious transactions. \(Required:\) State FOUR of such suspicious transactions.
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Question 4 View Details
Requirements
(a)
Winding up of a company are of different types. \(Required:\) Explain the TWO types of voluntary winding up.
(b)
Resolutions at the general meeting of a company are put to vote. \(Required:\) i. How are the resolutions decided on? ii. State FOUR categories of person that are eligible to demand for a poll at a general meeting.
(b)
ii. State FOUR categories of person that are eligible to demand for a poll at a general meeting.
(c)
As the apex regulatory authority for the money market, the Central Bank of Nigeria (CBN) has objects. \(Required:\) State FOUR of the principal objects of the CBN.
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Question 5 View Details
Requirements
(a)
Alternative Dispute Resolution (ADR) is a legal and useful means of resolving commercial disputes. \(Required:\) State THREE advantages and THREE disadvantages of ADR.
(b)
Angela has been Andrew’s salesgirl for over ten years. Angela had regularly ordered and paid for goods from Madam Brenda on behalf of Andrew for many years. Angela ordered goods worth five million Naira from Madam Brenda in Andrew’s name without paying and absconded with the goods. 106 Madam Brenda is considering suing Andrew for the value of the goods that Angela absconded with, and has approached you for advice. \(Required:\) Explain the type of agency, if any, in the relationship above, and advise Andrew on his possible liability.
(c)
In a contract of sale of ascertained goods, the general principle is that ownership in the goods passes to the buyer at time of entering into the contract even if he has not paid the price. \( Required:\) i. State THREE remedies of an unpaid seller. ii. State THREE implied terms of a sale of goods contract.
(c)
ii. State THREE implied terms of a sale of goods contract.
(d)
Some factors may invalidate a contract that ought ordinarily to have been valid. \(Required:\) State TWO factors that vitiate a contract.
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