Topic: Law of Contract

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BL – Nov 2020 – L1 – SB – Q6b – Law of Contract

Define express terms, implied terms, conditions, and warranties in a contract.

Contractual agreements usually contain terms that are different in nature and importance.

Required:
Define the following terms:
i. Express terms
ii. Implied terms
iii. Conditions
iv. Warranties

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BL – Nov 2020 – L1 – SB – Q4b – Law of Contract

Define material fact in insurance and list exceptions to disclosure duty.

A contract of insurance is a contract of utmost good faith.

Required:
i. Explain briefly the term “material fact” in a contract of insurance.
ii. State THREE exceptions to the duty of disclosure of material facts.

 

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BL – Nov 2020 – L1 – SB – Q3b – Law of Contract

Explain the capacity of specific individuals to contract, focusing on drunkenness, insanity, and infant contracts.

i. Capacity to contract is an important element of a legally enforceable contract.

Required:
Explain the capacity of the following persons to enter into a contract:

  • Drunken person
  • Insane person

ii. Explain a valid and binding contract on infants.
iii. Explain void contracts by infants.

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BL – Nov 2020 – L1 – SB – Q3a – Law of Contract

Discuss how courts assess intent to create legal relations and advise on breach in social and commercial contexts.

i. A contract may be enforced if the parties have an intention to enter into a legally enforceable agreement.

Required:
Explain ONE way by which the courts determine whether or not the parties to an agreement have an intention to create legal relations.

ii. Case Scenario:
‘A’ and ‘B’ entered into an agreement to meet at a gym for their daily physical fitness exercises. ‘B’ forgot about the agreement and kept ‘A’ waiting endlessly. ‘A’ is furious and intends to sue ‘B’ for breach of agreement.

Required:
Advise ‘A’, stating the legal issue involved.

iii. Case Scenario:
‘A’ is a dealer in textile materials. He sold ten bales of textile materials to ‘B,’ his childhood friend. ‘B’ has refused to pay for the ten bales of materials, arguing that he is a friend of ‘A.’

Required:
Advise ‘A,’ who intends to sue ‘B,’ stating the legal issue involved.

iv. Case Scenario:
‘A’ promised to attend a luncheon organized by ‘B.’ ‘B’ spent a lot of money to prepare for the luncheon. ‘A’ did not turn up as agreed. ‘B’ is aggrieved and intends to sue ‘A’ for the cost of the special dish.

Required:
Advise ‘B,’ stating the legal issues involved.

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BL – Nov 2020 – L1 – SA – Q9 – Law of Contract

Objective question on understanding the nature of legally enforceable agreements.

9. A voluntary agreement between two or more persons, which confers legally enforceable rights, duties, and liabilities on the parties is called a/an
A. Contract
B. Offer
C. Guarantee
D. Warranty
E. Condition

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BL – May 2012 – L1 – SB – Q4B – Law of Contract

Explain the concept of undue influence in contract law.

For a contract to be binding on all the parties to it, it must not be tainted by any vitiating element. Undue influence is one of such vitiating elements.
Required: Explain briefly undue influence as a vitiating element in a contract.

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BL – May 2012 – L1 – SB – Q4A – Law of Contract

Advise on the implications of a contract entered into by a minor.

Samuel, aged 16, is the son of Chief Luke Umeh, a multi-billionaire. Two weeks ago, Samuel drove his father’s 2011 model Jeep vehicle to a car exhibition. At the exhibition, he saw a year 2012 model of the same Jeep and entered into a contract with the manufacturers to buy two of the latest Jeep. The two Jeeps were delivered to Samuel and he drives them to his secondary school to impress his school mates. The manufacturers of the Jeep, Manny Auto Engineering Limited, requested payment for the Jeeps but Samuel refused to pay, claiming that he is an infant. The manufacturers are insisting on full payment for the vehicles by Chief Umeh.
Required: Advise the following parties on the implications of their actions:
(i) The manufacturers;
(ii) Samuel; and
(iii) Chief Luke Umeh.

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BL – May 2012 – L1 – SA – Q17 – Law of Contract

Identify the term for a claim based on the value of work done.

A party to a contract who claims damages on the basis of work done or as much as he deserves, is said to be claiming on:

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BL – May 2012 – L1 – SA – Q16 – Law of Contract

Identify the Latin term that means a person is not bound by a deed due to a misunderstanding.

Non est factum means:

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BL – May 2012 – L1 – SA – Q15 – Law of Contract

Identify the term for withdrawing an offer before acceptance.

Withdrawal of an offer before it is accepted is also known as:

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BL – Nov 2019 – L1 – SA – Q8 – Law of Contract

Determining the net amount of trade receivables to be recognised in the statement of financial position

What is the net amount of trade receivables recognised in the statement of financial position?
A. N1,110,000
B. N1,201,000
C. N1,210,300
D. N1,274,000
E. N1,300,000

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BL – Nov 2019 – L1 – SA – Q7 – Law of Contract

Calculating the amount of allowance for trade receivables in the profit or loss statement

What is the amount of allowance recognised in the statement of profit or loss?

A. N26,000
B. N63,700
C. N89,300
D. N89,700
E. N98,700

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BL – May 2017 – L1 – SB – Q4b – Law of Contract

Identifies the different types of electronic contracts.

Electronic contracts vary in types from paper and parol contracts.

Required:
State THREE types of e-contract.

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BL – May 2017 – L1 – SB – Q4a – Law of Contract

Examines ways in which terms can be read into a contract as if both parties agreed.

The terms of a contract may be express or implied.

Required:
State THREE ways by which a term may be read into a contract as if the parties had agreed to them.

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BL – May 2017 – L1 – SA – Q16 – Law of Contract

Identifies the type of contract that involves indemnity for an event bound to happen.

A contract to pay indemnity for an event that is bound to happen is called
A. Suretyship
B. Guarantee
C. Insurance
D. Assurance
E. Protection

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BL – May 2017 – L1 – SA – Q11 – Law of Contract

Identifies which scenario does not constitute an exception to the rule on privity of contract.

Which of the following is NOT an exception to the rule on privity of contract?
A. Third party right of action under the Motor Vehicles (Third Party Insurance Act)
B. Trustee’s right of action
C. Agency with power of attorney
D. Restrictive Covenant
E. Trade customs

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BL – March July 2020 – L1 – SB – Q6a – Law of Contract

Explains the three essential elements of an insurance contract under the law of indemnity.

Insurance contract is a contract of indemnity.

Required:
State and explain briefly THREE essential elements of an insurance contract.

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BL – March July 2020 – L1 – SB – Q4a – Law of Contract

Explains the general rule of privity of contract and three exceptions to this rule.

As a general rule, only parties to a contract are bound by it.

Required:
Explain briefly THREE exceptions to the rule of privity of contract.

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BL – MarJul 2020 – L1 – SA – Q11 – Law of Contract

Question identifying the fundamental terms essential to a contract.

Under law of contract, fundamental terms which are very essential to the contract are referred to as
A. Warranties
B. Guarantees
C. Conditions
D. Exceptions
E. Exclusions

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BL – MarJul 2020 – L1 – SA – Q10 – Law of Contract

Question on the rule of privity of contract and its implications for third-party beneficiaries.

The rule which states that a person who is not a party to a contract cannot benefit therefrom or suffer under it is referred to as
A. Certainty of contract
B. Privilege of contract
C. Discharge of contract
D. Privity of contract
E. Legality of contract

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