Contract Law – Page 2 – NBC Institute

BL – Nov 2012 – L1 – SA – Q6 – Contract Law

Identify a minor term in a contract.

Question

State the term of a contract which is minor or which is ancillary to a major term.

Answer

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Tags: Contracts, Minor Terms, Warranties
Level: Level 1

Topic: Contract Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q1 – Contract Law

Identify the cardinal rules of interpretation in law.

Question

The cardinal rules of interpretation are the literal rule, Ejusdem generis rule, and _________.

Answer

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Tags: Legal Concepts, Rules of Interpretation
Level: Level 1

Topic: Contract Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q19 – Contract Law

Identify the legal activity that an undischarged bankrupt is not incapacitated from doing.

Question

An undischarged bankrupt is NOT legally incapacitated to do ONE of the following:

A. To marry a wife
B. To be elected into an elective office
C. To be appointed to or to act in the office of a Justice of Peace
D. To be appointed as a trustee of a trust estate
E. To be admitted to serve on a governing board of a statutory institution

Answer

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Tags: Bankruptcy, Legal Incapacities
Level: Level 1

Topic: Contract Law
Series: NOV 2012

BL – May 2014 – L1 – SB – Q2B – Contract Law

Identifying five ways a contract can be discharged.

Question

Contractual obligations and rights arising from a contract can be discharged in various ways.
You are required to state FIVE ways by which a contract may be discharged.

Answer

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Tags: Contract Law, Discharge of Contracts
Level: Level 1

Topic: Contract Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q5 – Contract Law

Identifying the remedy requiring the breaching party to perform their obligations.

Question

The remedy or an order by a court ordering a party who breached an agreement to perform his obligations under the contract is known as ____________.

Answer

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Tags: Contracts, Remedies, Specific Performance
Level: Level 1

Topic: Contract Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q4 – Contract Law

Identifying the term for a contract breach entitling only damages.

Question

The ordinary term of a contract which entitles the aggrieved party to sue only for damages and not rescission of the agreement is a ____________.

Answer

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Tags: Breach, Contracts, Damages
Level: Level 1

Topic: Contract Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q11 – Contract Law

Identifying when the court may lift the veil of incorporation.

Question

Under the common law, the veil of incorporation will NOT be lifted where the company:
A. Has been formed for fraudulent or illegal purposes
B. Operates as an agent of shareholders
C. Trades with alien enemies
D. Engages in acts that are detrimental to public interest
E. Engages in completely ultra vires activities

Answer

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Tags: Corporate Liability, Illegal Purpose, Lifting the Veil
Level: Level 1

Topic: Contract Law
Series: MAY 2014

BL – Nov 2021 – L1 – SA – Q11 – Contract Law

Identifying the type of contract negotiated on social media.

Question

Emeka and Ngozi negotiated and entered into a contract using Facebook throughout. What kind of contract is this?
A. Facebook contract
B. Unenforceable contract
C. Contract pending signature
D. Social media contract
E. Electronic contract

Answer

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Tags: Contract Law, Electronic Contract, Social Media
Level: Level 1

Topic: Contract Law
Series: NOV 2021

BL – Nov 2022 – L1 – SA – Q7 – Contract Law

Defining the act that constitutes theft under the Criminal Code.

Question

Which of the following is classified as an act of theft under the Criminal Code?

A. Acquisition of property
B. Conversion of property
C. Assumption of property
D. Presumption of property
E. Disposal of property

Answer

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Tags: Criminal Law, Theft
Level: Level 1

Topic: Contract Law
Series: NOV 2022

BL – Nov 2023 – L1 – SB – Q5c – Contract Law

Advises on the legal implications of transferring bulk money from Canada to Nigeria under the Money Laundering (Prevention and Prohibition) Act.

Question

Oluwe family borrowed money to enable him (Oluwe) to travel to Canada in 2014 to study Medicine. After graduation, he stayed back in Canada to work. He now wants to transfer bulk money equivalent to US$15,000 to his family from Canada. One of the family members, Oghiei, has come to you to ask what he should do, considering the Money Laundering (Prevention and Prohibition) Act 2022.

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

Answer

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Tags: Business Transactions, Data Purchasing, Database, Information Systems
Level: Level 1

Topic: Contract Law
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q4a Contract Law

Conditions under which a company may be placed in receivership.

Question

An insolvent company has several alternatives to liquidation.
Required:
State FOUR conditions under which a company may be placed in receivership. (4 Marks)

Answer

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Tags: Company Law, Insolvency, Liquidation, Receivership
Level: Level 1

Topic: Contract Law
Series: NOV 2019

BL – Nov 2019 – L1 – SB – Q1c – Company Law

Explanation of circumstances that may disqualify a director from office.

Question

Company directors are appointed by the shareholders to manage the company.
Required:
Explain briefly FIVE circumstances that may disqualify a director from office. (10 Marks)

Answer

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Tags: Company Law, Directors, Disqualification, Shareholders
Level: Level 1

Topic: Contract Law
Series: NOV 2019

BL – May 2023 – L1 – SB – Q5C – Contract Law

Advise Mr. Agbons on his rights regarding the sale of his pledged tricycle.

Question

Mr. Agbons pledged his tricycle to secure a loan of N200,000 from Chief Osas, a moneylender. Mr. Agbons promised to repay the loan on December 31 and recover his tricycle from Chief Osas. However, Chief Osas sold the tricycle on December 28 when he learned that Mr. Agbons had relocated to his village to be a farmer and might not return again. On the morning of December 31, Mr. Agbons came to meet Chief Osas to repay the N200,000, only to learn that the tricycle had been sold by Chief Osas. Mr. Agbons is aggrieved and intends to sue Chief Osas for the replacement of his tricycle.

Required:
Advise Mr. Agbons, stating the legal principle involved.

Answer

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Tags: Legal Principles, Pledge, Security Interests
Level: Level 1

Topic: Contract Law
Series: MAY 2023

BL – May 2023 – L1 – SB – Q5B – Contract Law

Identify circumstances under which a hire purchase contract may be terminated.

Question

Hire purchase contract may be terminated under certain circumstances.

Required:
State FOUR circumstances under which a hire purchase contract may be terminated.

Answer

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Tags: Contract Termination, Hire Purchase, Legal Principles
Level: Level 1

Topic: Contract Law
Series: MAY 2023

BL – May 2023 – L1 – SB – Q4B – Contract Law

Identify and explain the essential elements that constitute a valid contract.

Question

Under the law of contract, invalid contracts are unenforceable.

Required:
i. State FOUR essential elements of a valid contract. (4 Marks)
ii. State FOUR rules guiding consideration in a contract. (4 Marks)

Answer

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Tags: Contract Law, Legal Principles, Validity
Level: Level 1

Topic: Contract Law
Series: MAY 2023

BL – May 2023 – L1 – SB – Q2c – Contract Law

Advise Mr. Agbons on his legal rights regarding the sale of his pledged tricycle.

Question

Required:
Advise Mr. Agbons, stating the legal principle involved.

Answer

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Tags: Contract Law, Legal Rights, Loan Security, Pledge
Level: Level 1

Topic: Contract Law
Series: MAY 2023

BL – May 2024 – L1 – SB – Q2c – Company Law

State and explain four statutory functions of the Audit Committee.

Question

The Audit Committee has objectives and functions under the Companies and Allied Matters Act, subject to the provisions of the articles of the company.
Required:
State and explain FOUR statutory functions of the Audit Committee. (8 Marks)

Answer

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Tags: Audit Committee, Corporate Governance, Statutory Functions
Level: Level 1

Topic: Contract Law
Series: MAY 2024

BL – May 2024 – L1 – SB – Q2a – Company Law

State three tests of corporate insolvency under the Companies and Allied Matters Act (CAMA).

Question

The Companies and Allied Matters Act makes copious provisions for corporate insolvency in Nigeria.
Required:
State THREE tests of corporate insolvency in Nigeria.

(6 Marks)

Answer

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Tags: CAMA, Corporate Insolvency, Financial Insolvency, Legal Tests
Level: Level 1

Topic: Contract Law
Series: MAY 2024

BL – May 2024 – L1 – SB – Q1c – Law of Contract

Explain two situations that warrant the need to apply for letters of administration.

Question

The persons that desire to manage the estate of a deceased person may need to apply for letters of administration.
Required:
Explain TWO situations that could warrant the need to apply for letters of administration. (6 Marks)

Answer

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Tags: Estates, Letters of Administration, Succession, Wills
Level: Level 1

Topic: Contract Law
Series: MAY 2024

BL – May 2024 – L1 – SA – Q2 – Company Law

Identifying which type of company is exempted from holding an Annual General Meeting (AGM).

Question

Which of the following is NOT required to hold an Annual General Meeting?
A. A one-member company
B. A micro company
C. A private company
D. A municipal company
E. An unlimited liability company

Answer

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Tags: AGM, Corporate Law, Exemption Rules
Level: Level 1

Topic: Contract Law
Series: MAY 2024

Topic: Contract Law

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BL – Nov 2012 – L1 – SA – Q6 – Contract Law

Identify a minor term in a contract.

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BL – Nov 2012 – L1 – SA – Q1 – Contract Law

Identify the cardinal rules of interpretation in law.

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BL – Nov 2012 – L1 – SA – Q19 – Contract Law

Identify the legal activity that an undischarged bankrupt is not incapacitated from doing.

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BL – May 2014 – L1 – SB – Q2B – Contract Law

Identifying five ways a contract can be discharged.

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BL – May 2014 – L1 – SA – Q5 – Contract Law

Identifying the remedy requiring the breaching party to perform their obligations.

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BL – May 2014 – L1 – SA – Q4 – Contract Law

Identifying the term for a contract breach entitling only damages.

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BL – May 2014 – L1 – SA – Q11 – Contract Law

Identifying when the court may lift the veil of incorporation.

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BL – Nov 2021 – L1 – SA – Q11 – Contract Law

Identifying the type of contract negotiated on social media.

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BL – Nov 2022 – L1 – SA – Q7 – Contract Law

Defining the act that constitutes theft under the Criminal Code.

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BL – Nov 2023 – L1 – SB – Q5c – Contract Law

Advises on the legal implications of transferring bulk money from Canada to Nigeria under the Money Laundering (Prevention and Prohibition) Act.

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BL – Nov 2019 – L1 – SB – Q4a Contract Law

Conditions under which a company may be placed in receivership.

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BL – Nov 2019 – L1 – SB – Q1c – Company Law

Explanation of circumstances that may disqualify a director from office.

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BL – May 2023 – L1 – SB – Q5C – Contract Law

Advise Mr. Agbons on his rights regarding the sale of his pledged tricycle.

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BL – May 2023 – L1 – SB – Q5B – Contract Law

Identify circumstances under which a hire purchase contract may be terminated.

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BL – May 2023 – L1 – SB – Q4B – Contract Law

Identify and explain the essential elements that constitute a valid contract.

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BL – May 2023 – L1 – SB – Q2c – Contract Law

Advise Mr. Agbons on his legal rights regarding the sale of his pledged tricycle.

You're reporting an error for "BL – May 2023 – L1 – SB – Q2c – Contract Law"

BL – May 2024 – L1 – SB – Q2c – Company Law

State and explain four statutory functions of the Audit Committee.

You're reporting an error for "BL – May 2024 – L1 – SB – Q2c – Company Law"

BL – May 2024 – L1 – SB – Q2a – Company Law

State three tests of corporate insolvency under the Companies and Allied Matters Act (CAMA).

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BL – May 2024 – L1 – SB – Q1c – Law of Contract

Explain two situations that warrant the need to apply for letters of administration.

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BL – May 2024 – L1 – SA – Q2 – Company Law

Identifying which type of company is exempted from holding an Annual General Meeting (AGM).

You're reporting an error for "BL – May 2024 – L1 – SA – Q2 – Company Law"

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