ICAN Business Law 2023
Past Questions

Customary law is a recognised source of law in Nigeria. For customary law to be applicable and enforceable by a Nigerian court, it must satisfy certain validity tests. Which of the following is NOT on…

For a customary law rule to be enforced by a court in Nigeria, it must pass three statutory validity tests. Which of the following correctly identifies these three tests?

On May 2, Chief Okon posted a letter offering to sell his tractor to Alabi for ₦12,000,000. Alabi received the letter on May 4 and posted a letter of acceptance on May 6. Chief Okon received the accep…

Apex Construction Ltd contracted with the Kano State Ministry of Works to construct a road for ₦500,000,000 with a completion date of December 31. By October, Apex realized it would suffer a financial…

Chukwuma contracted to supply 1,000 bags of cement to Danladi on July 30. On July 10, Chukwuma explicitly informed Danladi that he would not deliver the cement on the agreed date. Which of the followi…

Chief Okon, an illiterate land owner who speaks no English, signed a deed conveying his title in land to Tunde. Tunde fraudulently misrepresented the document as a mere temporary tenancy permit. In a …

Under the Sale of Goods Act 1893, which of the following scenarios represents a recognized statutory exception to the general rule of 'nemo dat quod non habet' (no one can give what he does not have)?

Kemi entered into a Hire Purchase agreement for industrial processing machinery with a Hire Purchase Price of ₦12,000,000. To date, she has paid total installments of ₦4,500,000 and currently owes ₦50…

Tunde, a delivery driver employed by XYZ Logistics Limited, was instructed to deliver goods along a specified route in Ikeja, Lagos. While driving along the route, Tunde made a minor 5-minute detour t…

In an action for the tort of negligence under Nigerian law, which of the following combinations represents the three essential legal elements that the plaintiff must establish to succeed?

Chemical Processing Industries Plc accumulated large volumes of toxic liquid in an artificial reservoir on its industrial land. Due to an unprecedented, extraordinary, and unforeseeable torrential rai…

Ade, Bello, and Chika are general partners in a firm sharing profits and losses in the ratio of 3:2:1. Upon dissolution of the firm, total realized assets amount to ₦25,000,000. Liabilities owed to ex…

Chief Danladi, a partner in an Abuja estate survey firm, orders office laptops in the name of the firm without express authorization from co-partners. The vendor delivers the goods believing Chief Dan…

Which of the following conditions must be satisfied for a covenant in restraint of trade contained in an employment contract to be declared valid and enforceable by a Nigerian court?

Apex Logistics Plc is in the process of completing its registration with the Corporate Affairs Commission (CAC). In accordance with Section 124(1) of the Companies and Allied Matters Act (CAMA) 2020, …

Under the provisions of Part C of the Companies and Allied Matters Act (CAMA) 2020, which of the following statements correctly describes the legal status and liability of partners in a Limited Liabil…

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA DIPLOMA / PROFESSIONAL LEVEL EXAMINATION BUSINESS LAW - LAW OF AGENCY QUESTION 1 Chief Olanrewaju is the Managing Director and founder of Danfo Logi…

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA DIPLOMA / PROFESSIONAL LEVEL EXAMINATION BUSINESS LAW - LAW OF AGENCY QUESTION 3 Mrs. Adebayo operates a prominent fashion retail chain in Aba, Abia…

Alhaji Garba, Mr. Chidi, and Dr. (Mrs.) Folake agreed to promote a new company, 'Keffi Agro-Allied Public Limited Company' (PLC), to engage in large-scale mechanized farming in Nasarawa State. Durin…

Apex Arbitrators & Management Consultants, a firm of business advisers, submitted an application to the Corporate Affairs Commission (CAC) to reserve and register a new company under the name 'Federal…

Chijioke & Co., a medium-sized accounting firm in Abuja, is restructuring due to severe economic downturn. The firm intends to declare 15 staff members redundant. Concurrently, three affected staff me…