Multiple Choice – Page 3

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 2015 – L1 – SA – Q20 – Law Relating to Banking

Identifying non-functions of the Central Bank of Nigeria.

Question

Which of the following is NOT a function of the Central Bank of Nigeria?
A. Issuing and distribution of Nigerian currency
B. Issuing and dealing in shares and debentures
C. Management of Nigeria’s external reserves
D. Promotion of monetary stability
E. Banker and financial adviser to government

Answer

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Tags: Banking Law, Central Bank, Financial Functions, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

Question

A person is said to have insurable interest in an insured person, thing, or event when
A. He is related by affinity to the insured
B. The insured is the property of the person
C. The insured is a chattel
D. He stands to gain or profit in his/its preservation and to suffer loss or damage in his/its destruction
E. The insured could go into extinction by usage

Answer

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Tags: Insurable Interest, Insurance Law, Legal Definition, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q18 – Hire Purchase and Consumer Credit Transactions

Identifying duties not required of a hirer in a Hire Purchase contract.

Question

In Hire Purchase contract, the duties of the hirer include the following EXCEPT
A. Acceptance of delivery
B. Duty of care of the goods
C. Payment of instalment
D. Duty to buy the goods
E. Duty not to sell the goods

Answer

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Tags: Consumer Credit, Hire Purchase, Legal Duties, Multiple Choice
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q17 – Sale of Goods

Identifying non-implied conditions in Sales of Goods transactions.

Question

Which of the following is NOT an implied condition or warranty in Sales of Goods transactions?
A. Title
B. Time
C. Sale by sample
D. Customs and traditional usage
E. Fitness of purpose

Answer

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Tags: Implied Conditions, Legal Warranties, Multiple Choice, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q16 – Law of Tort

Essential elements that establish vicarious liability.

Question

Which of the following is NOT an essential element of vicarious liability?
A. A master and servant relationship
B. The servant may be under a contract of service or contract for service
C. The act must be a tortuous act and not an offence
D. The servant must have committed the tort in furtherance of the interest of the master
E. The servant must have committed the tort in the course of performing an official duty

Answer

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Tags: Legal Elements, Multiple Choice, Tort Law, Vicarious Liability
Level: Level 1

Topic: Law of Tort
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q15 – Agency Law

Breach of duty when an agent makes secret profits.

Question

An agent that makes secret profits has breached his duty of
A. Secrecy
B. Good faith
C. Obedience
D. Assignment
E. Performance

Answer

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Tags: Agency Law, Duty Breach, Multiple Choice, Secret Profits
Level: Level 1

Topic: Agency Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q14 – Law of Contract

Legal remedy requiring a party to fulfill a contractual promise.

Question

The remedy for a breach of contract which requires the defendant to perform a promise he made under the agreement is
A. Damages
B. Quantum Meruit
C. Injunction
D. Specific performance
E. Recision

Answer

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Tags: Breach of Contract, Contract Law, Legal Remedies, Multiple Choice
Level: Level 1

Topic: Law of Contract
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q13 – The Nigerian Legal System

Law allowing transfer of legal title to negotiable instruments by delivery.

Question

The law that allows the transfer of legal title to cheques, promissory notes etc by mere handing over or mere delivery is
A. Bills of Exchange Act
B. Banks and other Financial Institutions Act
C. Bills of Lading Act
D. Companies Income Tax Act
E. Central Bank of Nigeria Act

Answer

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Tags: Legal Title, Multiple Choice, Negotiable Instruments, Transfer
Level: Level 1

Topic: The Nigerian Legal System
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q12 – Law Relating to Banking

Court jurisdiction for trying offences under the Money Laundering Act.

Question

The court that has the exclusive jurisdiction to try offences under the Money Laundering (Prohibition) Act is the
A. State High Court
B. Magistrate Court
C. Federal High Court
D. Sharia Court of Appeal
E. Criminal Court

Answer

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Tags: Legal Title, Multiple Choice, Negotiable Instruments, Transfer
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q11 – Law of Tort

Essential elements required for the offence of bribery in law.

Question

The offence of bribery in law requires ONE of the following
A. Intention
B. Intention and fact of bribery
C. Intention and subject matter
D. Act of bribery and place of bribery
E. Subject matter and place of bribery

Answer

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Tags: Bribery, Criminal Law, Legal Elements, Multiple Choice
Level: Level 1

Topic: Law of Tort
Series: NOV 2015

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.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts"

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 2015 – L1 – SA – Q20 – Law Relating to Banking

Identifying non-functions of the Central Bank of Nigeria.

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BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q19 – Company Law"

BL – Nov 2015 – L1 – SA – Q18 – Hire Purchase and Consumer Credit Transactions

Identifying duties not required of a hirer in a Hire Purchase contract.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q18 – Hire Purchase and Consumer Credit Transactions"

BL – Nov 2015 – L1 – SA – Q17 – Sale of Goods

Identifying non-implied conditions in Sales of Goods transactions.

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BL – Nov 2015 – L1 – SA – Q16 – Law of Tort

Essential elements that establish vicarious liability.

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BL – Nov 2015 – L1 – SA – Q15 – Agency Law

Breach of duty when an agent makes secret profits.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q15 – Agency Law"

BL – Nov 2015 – L1 – SA – Q14 – Law of Contract

Legal remedy requiring a party to fulfill a contractual promise.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q14 – Law of Contract"

BL – Nov 2015 – L1 – SA – Q13 – The Nigerian Legal System

Law allowing transfer of legal title to negotiable instruments by delivery.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q13 – The Nigerian Legal System"

BL – Nov 2015 – L1 – SA – Q12 – Law Relating to Banking

Court jurisdiction for trying offences under the Money Laundering Act.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q12 – Law Relating to Banking"

BL – Nov 2015 – L1 – SA – Q11 – Law of Tort

Essential elements required for the offence of bribery in law.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q11 – Law of Tort"

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