ICAN Business Law 2022
Past Questions

The doctrine of judicial precedent (stare decisis) is a fundamental principle of the Nigerian legal system. In which of the following scenarios is a lower court BOUND by a prior decision?

In the law of contract, which of the following best states the general rule regarding the revocation of an offer?

Grace, a young parishioner, transferred title to her inherited landed property valued at ₦50,000,000 to her spiritual leader, Pastor James, for a nominal payment of ₦100,000 following persistent inten…

On 10th March 2023, Mr. Adeleke signed a supply contract with Fabrik Ltd for industrial equipment worth ₦20,000,000, explicitly purporting to act 'for and on behalf of Apex Haulage Ltd', a company tha…

Which of the following is the primary legal characteristic that distinguishes a Hire Purchase Agreement from an Outright Credit Sale under Nigerian commercial law?

Chief Okafor purchased a chemical compound from Apex Industrial Supplies Ltd, expressly informing the seller that it was needed for processing and bleaching edible palm oil. Apex Ltd, which regularly …

A heavy industrial air-conditioning unit installed on the exterior wall of Prime Towers Limited detached and crashed onto Mr. Chukwu's parked luxury car, causing total repair damages evaluated at ₦8,0…

Pursuant to Section 795(2) of the Companies and Allied Matters Act (CAMA) 2020, what is the maximum number of partners permitted in a Limited Partnership (LP), and how does this restriction apply to a…

Under Section 11(2) of the Labour Act (Cap L1 LFN 2004), what is the statutory minimum notice period required to terminate a contract of employment where the employee has been continuously employed fo…

Mr. Kunle is employed by Zenith Logistics Ltd with a monthly compensation breakdown as follows: Basic Salary of ₦250,000, Housing Allowance of ₦150,000, Transport Allowance of ₦100,000, and Utility Al…

Which of the following circumstances will NOT operate to discharge a contract under the doctrine of frustration under the Nigerian Law of Contract?

Chief Adebayo instructed Mr. Chidi to purchase a commercial property in Lagos. Mr. Chidi negotiated and executed the contract of sale with Apex Properties Ltd in his own name, without disclosing to Ap…

Chief Olanrewaju, a prominent cocoa merchant in Ibadan, Oyo State, entered into a commercial contract with Apex Holdings Ltd for the lease of agricultural land. The contract stipulated that any disput…

The National Assembly of Nigeria passed the 'Financial Institutions Regulation Act 2022', granting powers to the Minister of Finance to make regulations for the smooth implementation of the Act. Exerc…

Benue Agro-Allied Processing Plc entered into two separate business transactions in March 2023: 1. **Transaction A**: Contracted to purchase 500 metric tonnes of raw cassava tubers from Makurdi Farme…

QUESTION 2 Lekki Industrial Chemicals Ltd operates a chemical manufacturing plant in Ogun State adjacent to an agricultural estate owned by Mr. Chukwuma. As part of its manufacturing operations, Lekk…