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Foundation level · Corporate and Business Law

Corporate and Business Law · 2022

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

15 questions4 objective11 theory39 topics to revise
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, Pathfinder, 2022

May 2022 diet

2 objective and 5 theory
2 objective5 theory85 theory marks set
No.SectionMarksCovers
Q120From the Business Law paper set under the previous syllabus. Part (a) asks for the validity tests that a customary la...
Q220From the Business Law paper set under the previous syllabus. Part (a) asks for five distinctions between criminal law...
Q320From the Business Law paper set under the previous syllabus. Part (a) asks for conditions for admitting computer-gene...
Q45Five ways in which a contract of employment may be terminated. Revise termination.
Q620From the Business Law paper set under the previous syllabus. Includes a part on the veil of incorporation. Revise the...

Objective questions Section A

•
Objective questionSection A
  • Section A (multiple choice): Question 9 asks which company may have fewer than two directors. Revise what being small means.

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 2022
8
Objective question 8Section A
  • Which company may not appoint a secretary, and the secretary of a public company. Revise appointment and qualifications.

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 2022, Question 8

Theory questions Written questions

1
Theory question 1Written paper
20 marks
  • From the Business Law paper set under the previous syllabus. Part (a) asks for the validity tests that a customary law must pass. Revise the customary law section.

  • Four ways to terminate a trust (Sola who wants to be free of his duties). Revise termination of the trusteeship.

  • Four duties of a bank customer. Revise the duties of the customer.

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 2022, Question 1
2
Theory question 2Written paper
20 marks
  • From the Business Law paper set under the previous syllabus. Part (a) asks for five distinctions between criminal law and civil law. Revise the comparison table.

  • Distinctions between civil law and criminal law. Revise the comparison table.

  • Five tests of the intention to steal, three fraudulent intents, and the intent concerning money. Revise the six intents.

  • Exceptions to the rule that only the owner of goods can pass title. Revise transfer of title.

  • 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.

  • From the Business Law paper set under the previous syllabus. Several parts of these questions involve the Corporate Affairs Commission. Revise its functions and the registration process.

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 2022, Question 2
3
Theory question 3Written paper
20 marks
  • From the Business Law paper set under the previous syllabus. Part (a) asks for conditions for admitting computer-generated evidence. This topic gives the framework. The detailed rules are in the criminal law chapter.

  • Conditions for the admissibility of computer and electronic evidence. Revise section 84 and worked problem 3.

  • Injunction, specific performance, rescission and rectification explained, and five remedies with the one that suits Christy. Revise the remedies table and worked problem 2.

  • Rights of the hirer in hire purchase. Revise the rights of the hirer and worked problem 4.

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 2022, Question 3
4
Theory question 4Written paper
5 marks
  • Five ways in which a contract of employment may be terminated. Revise termination.

  • Five duties of a personal representative. Revise the duties.

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 2022, Question 4
6
Theory question 6Written paper
20 marks
  • From the Business Law paper set under the previous syllabus. Includes a part on the veil of incorporation. Revise the table of situations and the two leading cases.

  • Two directors take a contract that the company declined, resign and perform it through their own company. Revise duty not to make secret profit and worked problem 2.

  • The purpose of conciliation and the composition of the conciliation body. Revise conciliation.

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 2022, Question 6

November 2022 diet

2 objective and 6 theory
2 objective6 theory68 theory marks set
No.SectionMarksCovers
Q120From the Business Law paper set under the previous syllabus. Part (a) asks you to explain types of precedent, startin...
Q210The limit on cash payments and on international transfers. Revise the cash limits and international transfers.
Q38Four duties of a secretary and four conditions for removal. Revise duties and removal.
Q44Floating charge and its advantages to the company. These are covered in the later topic on insolvency, receivership a...
Q520From the Business Law paper set under the previous syllabus. Part (a) asks for the features of a District Court. Revi...
Q66Five and four ways of terminating a hire purchase agreement (Kabir and the bus). Revise termination and worked proble...

Objective questions Section A

•
Objective questionSection A
  • Section A: Question 8 asks for the maximum number of multiple directorships (five public companies). Revise multiple directorships.

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 2022
11
Objective question 11Section A
  • How many members of the audit committee must be non-executive directors (two). Revise the composition.

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 2022, Question 11

Theory questions Written questions

1
Theory question 1Written paper
20 marks
  • From the Business Law paper set under the previous syllabus. Part (a) asks you to explain types of precedent, starting with original precedent. Revise the table of types.

  • From the Business Law paper set under the previous syllabus. Includes a part on pre-incorporation contracts. Revise section 96 and the position of the promoter before ratification.

  • Four circumstances in which a bill of exchange may be discharged. Revise discharge.

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 2022, Question 1
2
Theory question 2Written paper
10 marks
  • The limit on cash payments and on international transfers. Revise the cash limits and international transfers.

  • Vicarious liability explained with examples, and applied to an employee on a frolic of his own. Revise vicarious liability.

  • Unit trust and original trustee. Revise the appointment of trustees.

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 2022, Question 2
3
Theory question 3Written paper
8 marks
  • Four duties of a secretary and four conditions for removal. Revise duties and removal.

  • Four characteristics of criminal law. Revise the list of characteristics.

  • Fundamental breach and its effect, four elements of misrepresentation, and three types of mistake (9 marks). Revise mistake and misrepresentation.

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 2022, Question 3
4
Theory question 4Written paper
4 marks
  • Floating charge and its advantages to the company. These are covered in the later topic on insolvency, receivership and charges. Start here with secured debentures and priority.

  • Floating charge and two of its advantages to the company. Revise the five advantages.

  • Punishment for theft of a testamentary instrument and of postal matter, and the punishment under section 390. Revise the punishment.

  • Indemnity insurance and contingency insurance (3 marks each). Revise indemnity.

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 2022, Question 4
5
Theory question 5Written paper
20 marks
  • From the Business Law paper set under the previous syllabus. Part (a) asks for the features of a District Court. Revise the hierarchy table.

  • From the Business Law paper set under the previous syllabus. Part (b) deals with registered partnerships and their categories. Revise the formation and types of partnership.

  • From the Business Law paper set under the previous syllabus. Part (b) deals with the categories of registered partnership. Revise the limited partnership and LLP sections.

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 2022, Question 5
6
Theory question 6Written paper
6 marks
  • Five and four ways of terminating a hire purchase agreement (Kabir and the bus). Revise termination and worked problem 2.

  • When ownership passes where no intention appears, and property versus possession. Revise passing of property.

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

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 2022, 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, 2022. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May or November 2022. Each question carries its own reference and a button to copy it.