Question Tag: Legal Position

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BL – Nov 2023 – L1 – SB – Q1b – Partnership Law

Advises on the legal position regarding a partnership dispute over the sharing of profits from palm oil fruit sales.

Ulokoagah, Etseosomi, and Ulekhia, farmers in Ilogboda, Edo State, agreed to carry on a business of buying palm oil fruits for milling, selling the product, and sharing whatever profits they made from the business. The three of them contributed ₦5,000 each as working capital. Etseosomi, thereafter, bought palm oil fruits with his own money, which he milled and sold at a profit. Ulokoagah and Ulekhia are demanding a share of Etseosomi’s profits, which the latter has rejected. The farmers have come to you for advice.

Required:
State the legal position and advise the farmers. (6 Marks)

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BCL – May 2016 – L1 – Q5d – Company Law

Explain how a company acquires interests in pre-incorporation contracts and the legal position of persons acting on behalf of the company.

Briefly explain how a company acquires interests in pre-incorporation contracts, and the legal position of a person purporting to act on behalf of the company with respect to those contracts. (10 marks)

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BL – Nov 2023 – L1 – SB – Q1b – Partnership Law

Advises on the legal position regarding a partnership dispute over the sharing of profits from palm oil fruit sales.

Ulokoagah, Etseosomi, and Ulekhia, farmers in Ilogboda, Edo State, agreed to carry on a business of buying palm oil fruits for milling, selling the product, and sharing whatever profits they made from the business. The three of them contributed ₦5,000 each as working capital. Etseosomi, thereafter, bought palm oil fruits with his own money, which he milled and sold at a profit. Ulokoagah and Ulekhia are demanding a share of Etseosomi’s profits, which the latter has rejected. The farmers have come to you for advice.

Required:
State the legal position and advise the farmers. (6 Marks)

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BCL – May 2016 – L1 – Q5d – Company Law

Explain how a company acquires interests in pre-incorporation contracts and the legal position of persons acting on behalf of the company.

Briefly explain how a company acquires interests in pre-incorporation contracts, and the legal position of a person purporting to act on behalf of the company with respect to those contracts. (10 marks)

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