Multiple Choice – Page 2

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

Question

A Trustee is not paid a remuneration because

A. He is a friend of the testator
B. He is a volunteer
C. He is a rich man
D. His reward is in the hereafter
E. He has no need of money

Answer

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Tags: Multiple Choice, Remuneration, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

Question

A debtor is said to be bankrupt when

A. A creditor obtains a final court order against him
B. A court declares that he is solvent
C. He pays his debts
D. He promises to pay his creditors
E. The creditors do not trust him

Answer

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Tags: Bankruptcy, Creditor's Rights, Insolvency Law, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

Question

A cheque is said to be generally crossed if it

A. Bears two parallel lines across its face
B. Is not dated
C. Is not signed
D. Is not stamped
E. Has two postage stamps on it

Answer

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Tags: Banking Law, Cheques, General Crossing, Multiple Choice
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

Question

A bill lacking in some material particular is known as

A. Inland bill
B. Incomplete or inchoate bill
C. Promissory bill
D. Esoteric bill
E. Accelerated bill

Answer

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Tags: Bills of Exchange, Multiple Choice, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

Question

The death of a partner leads to

A. Amendment of the partnership register
B. Change in the partnership business
C. Sharing of profit
D. Dissolution of partnership
E. Sharing of business information

Answer

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Tags: Dissolution, Multiple Choice, Partner's Death, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

Question

The membership of a Partnership for the practice of accountancy is

A. 20
B. 30
C. 40
D. 50
E. Unlimited

Answer

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Tags: Accountancy Practice, Membership Limit, Multiple Choice, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q14 – Company Law

Identifies the time frame within which a public company must hold its statutory meeting after incorporation.

Question

On incorporation, a public company must hold its Statutory meeting within

A. 6 months
B. 5 months
C. 3 months
D. 2 months
E. 1 month

Answer

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Tags: Company Law, Incorporation, Multiple Choice, Statutory Meeting
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q13 – Company Law

Identifies grounds for the disqualification of a company director.

Question

The following disqualifies a Director of a company EXCEPT

A. Insanity
B. Conviction
C. Bankruptcy
D. Being a principal partner
E. Court order

Answer

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Tags: Company Law, Director Disqualification, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies the minimum liability of members in a company limited by guarantee during winding up

Question

The liability of the members of a company limited by guarantee to contribute to the assets, in the event of its being wound up, shall not be less than

A. N 10,000
B. N 20,000
C. N 30,000
D. N 40,000
E. N 50,000

Answer

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Tags: Company Law, Guarantee Companies, Liability, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q11 – Company Law

Examines restrictions on the transfer of share interests in a company.

Question

The right to transfer an interest in the share of a company can be limited by the

A. Memorandum of Association
B. Articles of Association
C. Policy Manual of the company
D. Company’s directors
E. Secretary of the company

Answer

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Tags: Articles of Association, Company Law, Multiple Choice, Shares
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking

Examines indemnity in an insurance contract.

Question

In an Insurance contract, the insured is indemnified on payment of the

A. Price
B. Premium
C. Interest
D. Discount
E. Instalment

Answer

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Tags: Contracts, Indemnity, Insurance Law, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q9 – Hire Purchase and Consumer Credit Transactions

Determines the basis of possession in a hire purchase transaction.

Question

In Hire Purchase transactions, goods are in possession of the hirer in consideration of

A. Instalmental payments
B. Full payments
C. Non payments
D. Future payment
E. The close relationship between the parties

Answer

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Tags: Consumer Credit, Contract Law, Hire Purchase, Multiple Choice
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q8 – Sale of Goods

Identifies the type of goods in the possession of the seller.

Question

In a Sale of Goods transaction, goods in the possession of the seller are called

A. Sellable goods
B. Ascertained goods
C. Common goods
D. Existing goods
E. Future goods

Answer

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Tags: Contract Law, Goods Classification, Multiple Choice, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q7 – Agency Law

Identifies the type of agent who can perform all acts on behalf of the principal.

Question

An agent who can perform all acts on behalf of the principal is called

A. A broker
B. A del credere agent
C. A general agent
D. An estate agent
E. A factor agent

Answer

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Tags: Agency, Agents, Contract Law, Multiple Choice
Level: Level 1

Topic: Agency Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q6 – Law of Contract

Identifies the term used for agreements made via electronic medium.

Question

Agreements made through electronic medium are called

A. E-contracts
B. Valuable agreements
C. Written agreements
D. E-Mere agreements
E. Formal agreements

Answer

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Tags: Contract Law, E-Contracts, Multiple Choice
Level: Level 1

Topic: Law of Contract
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q5 – Law of Contract

Identifies the fundamental terms of a contract in law.

Question

The fundamental terms of a contract are called

A. Warranties
B. Conditions
C. Customs
D. Representations
E. Implied terms

Answer

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Tags: Contract Law, Contract Terms, Multiple Choice, Warranties
Level: Level 1

Topic: Law of Contract
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q4 – Law of Contract

Identifies the term used when an original offer is rejected.

Question

The rejection of an original offer is called

A. Conditional offer
B. Conditional acceptance
C. Lack of consideration
D. Counter offer
E. Communication offer

Answer

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Tags: Contract Formation, Multiple Choice, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q3 – Law of Tort

Identifies the appropriate remedy for a tort or civil wrong.

Question

A remedy for a tort or civil wrong is

A. Imprisonment
B. Punishment
C. Damages
D. Court fine
E. Court penalty

Answer

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Tags: Civil Law, Legal Remedies, Multiple Choice, Tort
Level: Level 1

Topic: Law of Tort
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q2 – The Nigerian Legal System

Identifies the term for a higher court's binding decision on a lower court.

Question

The decision of a higher court which is binding on a lower court is called

A. Obiter dictum
B. The res
C. Res sua
D. Stare decisis
E. Judicial Lapse

Answer

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Tags: Judicial Precedent, Legal System, Multiple Choice
Level: Level 1

Topic: The Nigerian Legal System
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q1 – Sources of Nigerian Law

Identifies a type of received English law applicable in Nigeria.

Question

Which of the following is a received English law?

A. Delegated legislation
B. The 1999 Constitution
C. Common law
D. International law
E. Customary law

Answer

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Tags: Legal Systems, Multiple Choice, Received English Law
Level: Level 1

Topic: Sources of Nigerian Law
Series: NOV 2013

Question Tag: Multiple Choice

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BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

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BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

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BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

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BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

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BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

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BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

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BL – Nov 2013 – L1 – SA – Q14 – Company Law

Identifies the time frame within which a public company must hold its statutory meeting after incorporation.

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BL – Nov 2013 – L1 – SA – Q13 – Company Law

Identifies grounds for the disqualification of a company director.

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BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies the minimum liability of members in a company limited by guarantee during winding up

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BL – Nov 2013 – L1 – SA – Q11 – Company Law

Examines restrictions on the transfer of share interests in a company.

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BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking

Examines indemnity in an insurance contract.

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BL – Nov 2013 – L1 – SA – Q9 – Hire Purchase and Consumer Credit Transactions

Determines the basis of possession in a hire purchase transaction.

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BL – Nov 2013 – L1 – SA – Q8 – Sale of Goods

Identifies the type of goods in the possession of the seller.

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BL – Nov 2013 – L1 – SA – Q7 – Agency Law

Identifies the type of agent who can perform all acts on behalf of the principal.

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BL – Nov 2013 – L1 – SA – Q6 – Law of Contract

Identifies the term used for agreements made via electronic medium.

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BL – Nov 2013 – L1 – SA – Q5 – Law of Contract

Identifies the fundamental terms of a contract in law.

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BL – Nov 2013 – L1 – SA – Q4 – Law of Contract

Identifies the term used when an original offer is rejected.

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BL – Nov 2013 – L1 – SA – Q3 – Law of Tort

Identifies the appropriate remedy for a tort or civil wrong.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q3 – Law of Tort"

BL – Nov 2013 – L1 – SA – Q2 – The Nigerian Legal System

Identifies the term for a higher court's binding decision on a lower court.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q2 – The Nigerian Legal System"

BL – Nov 2013 – L1 – SA – Q1 – Sources of Nigerian Law

Identifies a type of received English law applicable in Nigeria.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q1 – Sources of Nigerian Law"

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