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Foundation level · Corporate and Business Law

Corporate and Business Law · 2021

Every objective and theory question in this paper, and the topic notes to revise each one.

11 questions11 theory28 topics to revise
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, Pathfinder, 2021

May 2021 diet

0 objective and 5 theory
0 objective5 theory15 theory marks set
No.SectionMarksCovers
Q2Explain receivership (2 marks), and how a court-appointed receiver distributes the assets (4 marks). Revise receivers...
Q3Onyi, Okonto and Joe: stealing, the elements, and application to money taken for a purpose and spent otherwise. Revis...
Q46Distinguish an offer from an invitation to treat, and advise Daniel on the vaccine reward (5 marks). Revise invitatio...
Q53Three classes of goods, and classification with its significance. Revise the classes of goods.
Q66Osagie’s cheque returned unpaid: reasons the bank may be wrong and reasons it could disclose the account. Revise the ...

Theory questions Written questions

2
Theory question 2Written paper
  • Explain receivership (2 marks), and how a court-appointed receiver distributes the assets (4 marks). Revise receivership and the distribution of proceeds.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2021, Question 2
3
Theory question 3Written paper
  • Onyi, Okonto and Joe: stealing, the elements, and application to money taken for a purpose and spent otherwise. Revise worked problems 1 and 2.

  • GSM phone evidence, and conditions for admissibility of electronic evidence. Revise GSM, ATM and tape recordings.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2021, Question 3
4
Theory question 4Written paper
6 marks
  • Distinguish an offer from an invitation to treat, and advise Daniel on the vaccine reward (5 marks). Revise invitation to treat, Carlill and worked problem 2.

  • Meaning of negligence and its three elements. Revise negligence.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2021, Question 4
5
Theory question 5Written paper
3 marks
  • Three classes of goods, and classification with its significance. Revise the classes of goods.

  • Five and four ways of terminating a hire purchase agreement (Kabir and the bus). Revise termination and worked problem 2.

  • Utmost good faith, material fact, three exceptions to disclosure, and the current law on material facts. Revise utmost good faith.

  • How an arbitral panel is composed or constituted. Revise the composition of the tribunal.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2021, Question 5
6
Theory question 6Written paper
6 marks
  • Osagie’s cheque returned unpaid: reasons the bank may be wrong and reasons it could disclose the account. Revise the bank’s duties and worked problem 1.

  • Three certainties of a trust, and Esero’s trust over his housing estate. Revise the certainties, the Statute of Frauds and worked problem 2.

  • Applying the organisation test to distinguish contract of employment from contract for employment. Revise the tests.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2021, Question 6

November 2021 diet

0 objective and 6 theory
0 objective6 theory31 theory marks set
No.SectionMarksCovers
Q15An LLP is asked to pay a fine for failure to audit and file annual returns. Revise the exemptions from audit and the ...
Q212Four categories of tort, four that affect economic interests, and three common rules of tort liability. Revise classi...
Q34Distinguish an offer from an invitation to treat, and advise Daniel on the vaccine reward (5 marks). Revise invitatio...
Q4Adamu, a public officer, caught on camera corruptly requesting money: the offence and the maximum punishment. Revise ...
Q55Christopher and Uche: the kind of goods, who bears the loss, and the seller’s rights. Revise worked problem 1.
Q65These ask about the annual return of a limited liability partnership. Revise the annual return, and the comparison ta...

Theory questions Written questions

1
Theory question 1Written paper
5 marks
  • An LLP is asked to pay a fine for failure to audit and file annual returns. Revise the exemptions from audit and the LLP topic.

  • Explain ADR and state three mechanisms. Revise the meaning and types of ADR.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, November 2021, Question 1
2
Theory question 2Written paper
12 marks
  • Four categories of tort, four that affect economic interests, and three common rules of tort liability. Revise classification.

  • Explain four of company securities, debentures, share capital, preference shares and shareholder. Revise securities, share capital, classes of share and the shareholder.

  • Explain four of company securities, debentures, share capital, preference shares and shareholder. Revise the debenture definition and the share comparison.

  • Explain receivership (2 marks), and how a court-appointed receiver distributes the assets (4 marks). Revise receivership and the distribution of proceeds.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, November 2021, Question 2
3
Theory question 3Written paper
4 marks
  • Distinguish an offer from an invitation to treat, and advise Daniel on the vaccine reward (5 marks). Revise invitation to treat, Carlill and worked problem 2.

  • Distinguish an offence from ethics, and state four objectives of ethical codes. Revise ethics and ethical codes.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, November 2021, Question 3
4
Theory question 4Written paper
  • Adamu, a public officer, caught on camera corruptly requesting money: the offence and the maximum punishment. Revise sections 98 and 116 and worked problem 4.

  • Two defences available to a defendant in negligence. Revise the defences.

  • What electronic fraud is, and four ways it could be committed in a business environment. Revise electronic fraud.

  • Duties an agent owes his principal, and the duties Brenda breached. Revise duties and worked problem 2.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, November 2021, Question 4
5
Theory question 5Written paper
5 marks
  • Christopher and Uche: the kind of goods, who bears the loss, and the seller’s rights. Revise worked problem 1.

  • The seller’s rights after goods are destroyed and property has passed. Revise the action for the price.

  • The hirer’s duty to pay instalments after default and repossession, and five elements of a hire purchase agreement. Revise duties and elements.

  • Assignment of an insurance policy, types of assignment, why rights cannot pass by delivery, and when a marine policy is not assignable. Revise assignment.

  • Three instances in which a bank may divulge account information, and when it may avoid keeping accounts separate. Revise the duty of confidentiality.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, November 2021, Question 5
6
Theory question 6Written paper
5 marks
  • These ask about the annual return of a limited liability partnership. Revise the annual return, and the comparison table at the end of the figures section.

  • Francis died without a will with ₦20 million in the bank: steps to withdraw it, administrator versus executor. Revise worked problem 1.

  • Two categories of persons with limited capacity, three exceptions to privity, and contract under seal versus simple contract. Revise capacity, privity and the deed.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, November 2021, Question 6
Source and reference. These questions come from the Institute of Chartered Accountants of Nigeria (ICAN) Pathfinder for the Foundation Level Examination, Corporate and Business Law, 2021. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May or November 2021. Each question carries its own reference and a button to copy it.