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ICAN Corporate and Business Law 2022 past questions and answers

This 2022 ICAN Corporate and Business Law set has 20 practice questions. Try these 5 free sample questions, tap a question to reveal the answer and explanation. Then practise the whole 2022 set with instant marking.

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Sample ICAN Corporate and Business Law 2022 questions

1. Which of the following is a primary source of Nigerian law?
  1. A legal textbook
  2. An Act of the National Assembly
  3. A lawyer's personal opinion
  4. A newspaper editorial

Answer: B. An Act of the National Assembly

An Act of the National Assembly is legislation and a primary source of law. Textbooks, opinions and editorials may be persuasive but do not themselves create binding legislation.

2. A provision of an ordinary statute conflicts with the Constitution of the Federal Republic of Nigeria. What is the legal effect?
  1. The statute prevails if it was enacted later
  2. The conflicting constitutional provision is suspended
  3. Both provisions are automatically repealed
  4. The statute is void to the extent of the inconsistency

Answer: D. The statute is void to the extent of the inconsistency

The Constitution is supreme, and an inconsistent law is void to the extent of the inconsistency. Later enactment of an ordinary statute does not override the Constitution.

3. Which statement about precedent in Nigeria is correct?
  1. The Court of Appeal is bound by decisions of the Supreme Court
  2. The Supreme Court is bound by decisions of every High Court
  3. A High Court decision binds the Supreme Court
  4. A court may disregard a binding decision solely because it prefers another view

Answer: A. The Court of Appeal is bound by decisions of the Supreme Court

The Supreme Court is the highest court and its decisions bind lower courts, including the Court of Appeal. The reverse is not true.

4. A shop displays a radio with a price tag. In the ordinary course, the display is best treated as:
  1. An acceptance by the shop
  2. A completed contract with every passer-by
  3. An invitation to treat
  4. A unilateral offer that cannot be withdrawn

Answer: C. An invitation to treat

A display of goods with a price is ordinarily an invitation to treat, inviting the customer to make an offer to buy. It is not itself an acceptance or a contract with each passer-by.

5. At a face-to-face negotiation, a buyer responds to a clear offer by saying, 'I accept.' When is acceptance ordinarily effective?
  1. When the buyer later pays
  2. When the unequivocal acceptance is communicated to the offeror
  3. Only when the offeror delivers the goods
  4. When the buyer privately decides to accept

Answer: B. When the unequivocal acceptance is communicated to the offeror

In a face-to-face exchange, acceptance is ordinarily effective when it is communicated to the offeror. Private intention, payment or delivery is not required for acceptance itself.

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