ICAN Business Law 2021
Past Questions
11+ verified 2021 ICAN Business Law practice questions with Worked answers.
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Received English law constitutes one of the sources of Nigerian law. Which of the following instruments is the primary legislation that governs the application of English law in Nigeria at the federal…
Ade saw a laptop displayed in a shop window at Victoria Island, Lagos, marked with a price tag of ₦250,000. Under Nigerian contract law, the display of the laptop with a price tag constitutes which of…
Under Section 88 of the Companies and Allied Matters Act (CAMA) 2020, Chief Emeka was appointed Managing Director of Zenith Logistics Ltd. The company's internal Board Resolution restricted his borrow…
An agency coupled with an interest cannot be unilaterally revoked by the principal to the prejudice of the agent's interest. Which of the following scenarios best exemplifies an agency coupled with an…
Pursuant to Section 27(2)(a) of the Companies and Allied Matters Act (CAMA) 2020, what are the statutory minimum issued share capitals for a private company and a public company, respectively?
Under Section 20 of the Companies and Allied Matters Act (CAMA) 2020, which of the following individuals/entities is NOT disqualified from joining in the formation of a company?
Under Section 237(1) of the Companies and Allied Matters Act (CAMA) 2020, what is the maximum permissible time interval that must elapse between the date of one Annual General Meeting (AGM) and the ne…
Babatunde entered into a hire-purchase agreement with Kazaure Motors Ltd for the acquisition of a commercial delivery van (motor vehicle). The terms of the agreement are as follows: - Cash price of th…
Under the Nigerian Law of Torts, a partnership firm of Chartered Accountants will be held vicariously liable for a negligent act committed by an employee auditor against a client or third party if the…
Chief Olanrewaju, a veteran logistics entrepreneur based in Lagos, intends to establish a haulage and freight forwarding business to be known as 'Zest Logistics Limited'. Having managed a sole proprie…
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA SKILLS LEVEL EXAMINATION - BUSINESS LAW QUESTION 1 Ade, Baba, and Chidi entered into a general partnership operating under the firm name "ABC & Co. …