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Foundation level · Corporate and Business Law

Corporate and Business Law · May 2024

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

7 questions1 objective6 theory17 topics to revise
Source: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2024

May 2024 diet

1 objective and 6 theory
1 objective6 theory72 theory marks set
No.SectionMarksCovers
Q120From the Business Law paper set under the previous syllabus. Part (a) asks for the situations in which the Supreme Co...
Q220From the Business Law paper set under the previous syllabus. Part (b) deals with partnership as a form of business or...
Q36Four rules that govern consideration. Revise the six rules of consideration.
Q420From the Business Law paper set under the previous syllabus. Includes parts on the memorandum and articles of associa...
Q5Five and four ways of terminating a hire purchase agreement (Kabir and the bus). Revise termination and worked proble...
Q66Exceptions to the rule that only the owner of goods can pass title. Revise transfer of title.

Objective questions Section A

•
Objective questionSection A
  • Section A (multiple choice): Question 5 asks which document regulates the company’s external relations (the memorandum). Revise the memorandum and the comparison table.

  • Section A (multiple choice): Question 4 asks the maximum turnover of a small company. Revise the attributes and the CAMA figure.

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 2024

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 situations in which the Supreme Court may depart from its previous decisions. Revise the precedent section.

  • From the Business Law paper set under the previous syllabus. Part (a) asks when the Supreme Court may depart from its previous decisions. Revise the Supreme Court row.

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 2024, Question 1
2
Theory question 2Written paper
20 marks
  • From the Business Law paper set under the previous syllabus. Part (b) deals with partnership as a form of business organisation. Revise rights, duties and dissolution.

  • Tests of insolvency of a company, insolvency versus bankruptcy, and the consequences. Revise the tests and the types.

  • State and explain four statutory functions of the audit committee. Revise the six functions.

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 2024, Question 2
3
Theory question 3Written paper
6 marks
  • Four rules that govern consideration. Revise the six rules of consideration.

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 2024, Question 3
4
Theory question 4Written paper
20 marks
  • From the Business Law paper set under the previous syllabus. Includes parts on the memorandum and articles of association. Revise the documents of incorporation.

  • Gabriel and the transfer of his shares in a public company to his son: competence, the legal step and reasons for rejection. Revise worked problem 2.

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

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 2024, 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.

  • Probation period and interdiction in a letter of appointment, and termination of the two accountants’ contracts. Revise worked problems 1 and 2.

  • Mandatory disclosure, surveillance of bank accounts and transactions requiring special surveillance. Revise sections 7, 11 and 15.

  • Deceit and passing off in business, and the Magomago and Biz brand dispute. Revise the economic torts 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 2024, Question 5
6
Theory question 6Written paper
6 marks
  • Exceptions to the rule that only the owner of goods can pass title. Revise transfer of title.

  • Four and six essentials or elements of arbitration. Revise the essentials and the examiners’ alternative list.

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 2024, 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 2024. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Corporate and Business Law, May 2024. Each question carries its own reference and a button to copy it.