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Foundation level · Corporate and Business Law

Corporate and Business Law · May 2023

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

8 questions2 objective6 theory23 topics to revise
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023

May 2023 diet

2 objective and 6 theory
2 objective6 theory54 theory marks set
No.SectionMarksCovers
Q1Exceptions to the rule that all persons of full age may sue and be sued in tort. Revise capacity in torts.
Q220From the Business Law paper set under the previous syllabus. Part (a) asks for fundamental human rights under the Con...
Q36Tatafo and the petrol station, and Abokhasomi who did not disclose his health problems. Revise worked problems 1 and 3.
Q48Four steps for removal of the auditors of a public company, and who appoints the first auditors. Revise removal and a...
Q5Five and four ways of terminating a hire purchase agreement (Kabir and the bus). Revise termination and worked proble...
Q620From the Business Law paper set under the previous syllabus. Part (a) asks how an email is authenticated as evidence ...

Objective questions Section A

•
Objective questionSection A

  • Section A (multiple choice): Question 11 asks when a shareholding qualification is required of a director (when the articles stipulate it). Revise the contents of the articles.

  • Section A (multiple choice): Question 20 asks the maximum turnover of a small company under CAMA. Revise the two definitions of small.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.

Revise this question

Memorandum and articles of association › The articles of associationAnnual returns and company taxation › The small company
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023
11
Objective question 11Section A

  • Shareholding qualification of a director is required when the articles stipulate it. Revise qualification and age.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.

Revise this question

Directors: appointment, status, duties and removal › The number and appointment of directors
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023, Question 11

Theory questions Written questions

1
Theory question 1Written paper

  • Exceptions to the rule that all persons of full age may sue and be sued in tort. Revise capacity in torts.

  • Illegal contracts and their effects (4 marks). Revise the note on illegality.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.

Revise this question

Law of torts: negligence, vicarious liability and passing off › Capacity in tortsLaw of contract (ii): terms, vitiating factors, discharge and remedies › Vitiating factors
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023, Question 1
2
Theory question 2Written paper
20 marks

  • From the Business Law paper set under the previous syllabus. Part (a) asks for fundamental human rights under the Constitution. Revise the list in the Constitution section.

  • Six reports in a public company’s financial statements, and six contents of the directors’ annual financial report. Revise the financial statements table.

  • Special crossing and two narrations that may be placed on such a cheque. Revise special crossing.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.

Revise this question

Legislation, judicial precedent and the legislative process › Nigerian legislationCompany secretary, accounting records and financial statements › The financial statementsCheques › Crossing
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023, Question 2
3
Theory question 3Written paper
6 marks

  • Tatafo and the petrol station, and Abokhasomi who did not disclose his health problems. Revise worked problems 1 and 3.

  • Deceit and passing off in business, and the Magomago and Biz brand dispute. Revise the economic torts and worked problem 4.

  • Three, four and six types of agent. Revise the classes of agent.

  • Four persons who may petition for the winding up of a public company. Revise the section 573 list.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.

Revise this question

Insurance › Worked problemsLaw of torts: negligence, vicarious liability and passing off › Torts affecting economic interestsAgency › Classes of agentWinding up and administration of companies › Winding up by the Federal High Court
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023, Question 3
4
Theory question 4Written paper
8 marks

  • Four steps for removal of the auditors of a public company, and who appoints the first auditors. Revise removal and appointment.

  • Four essential elements of a valid contract. Revise the five elements.

  • Four rules that govern consideration. Revise the six rules of consideration.

  • 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.

Revise this question

Company audit, the auditor and the audit committee › Removal of the auditorLaw of contract (i): nature and formation › The elements of a valid contractLaw of contract (i): nature and formation › ConsiderationLaw of torts: negligence, vicarious liability and passing off › Negligence
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023, Question 4
5
Theory question 5Written paper

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

  • Penalties for laundering drug money by an individual and by a corporate body. Revise offences and jurisdiction.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.

Revise this question

Hire purchase › Termination of the agreementBribery, money laundering and the accountant as expert witness › Money laundering
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023, Question 5
6
Theory question 6Written paper
20 marks

  • From the Business Law paper set under the previous syllabus. Part (a) asks how an email is authenticated as evidence in an electronic fraud case. The detail is in the criminal law chapter.

  • Four ways to authenticate an email message as evidence. Revise the email section.

  • Four categories of tort, four that affect economic interests, and three common rules of tort liability. Revise classification.

  • Two disputes that can and two that cannot be referred to arbitration. Revise the table of arbitrable disputes.

  • Two situations needing letters of administration, and six persons who may apply in order of priority. Revise intestacy and letters.

The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.

Revise this question

Virtual evidence, cybercrime and data protection law › Virtual evidence and hearingsBribery, money laundering and the accountant as expert witness › Computer and electronic evidenceLaw of torts: negligence, vicarious liability and passing off › Classification of tortsAlternative dispute resolution › ArbitrationAdministration of estates, wills and intestacy › Intestacy
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023, 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, May 2023. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2023. Each question carries its own reference and a button to copy it.