- 20 Marks
BL – May 2018 – L1 – SB – Q5 – Negotiable Instruments
Comment on the validity of bills and state the rights of an unpaid seller.
Question
a. A bill of exchange must conform with the requirements of the law (the Bills of Exchange Act 1990) before it could be valid.
Required:
Comment on the validity of the following Bills of Exchange:
(i) Please pay Kwame the sum of N1,000,000.00; (2 Marks)
(ii) Pay James N5,000.00, provided the receipt form at the foot hereof is duly signed; (2 Marks)
(iii) Pay Jossy N10,000.00 ten days after the death of his father. (2 Marks)
b. An unpaid seller under a contract of sale of goods has two classes of rights, namely: rights against the goods and rights against the buyer.
Required:
State THREE rights of an unpaid seller over the goods. (6 Marks)
c. As a general rule, all persons of full age may sue or be sued in tort.
Required:
State FOUR exceptions to the above-mentioned general rule. (4 Marks)
d. James, a Nigerian who is resident in the U.S.A., intends to transfer a sum of 100,000 dollars to Nigeria for investment.
Required:
Advise James on the steps to be taken to avoid breaching the provisions of the Money Laundering (Prohibition) Act of 2011. (4 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Bills of Exchange, Tort, Unpaid Seller
- Level: Level 1
- Topic: Negotiable Instruments
- Series: MAY 2018