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ICAN Corporate and Business Law 2023 past questions and answers

This 2023 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 2023 set with instant marking.

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Sample ICAN Corporate and Business Law 2023 questions

1. A state law is inconsistent with a provision of the Constitution of the Federal Republic of Nigeria. Which rule determines the law to be applied?
  1. The state law prevails because it is more specific.
  2. The state law prevails unless the National Assembly repeals it.
  3. The Constitution prevails to the extent of the inconsistency.
  4. The later-enacted law always prevails.

Answer: C. The Constitution prevails to the extent of the inconsistency.

The Constitution is supreme, and an inconsistent law is void to the extent of the inconsistency. Specificity or enactment date does not displace constitutional supremacy.

2. Which court is the highest appellate court in Nigeria for matters within its jurisdiction?
  1. The Supreme Court
  2. The Court of Appeal
  3. The Federal High Court
  4. The National Industrial Court

Answer: A. The Supreme Court

The Supreme Court is Nigeria's highest court and the final appellate court in matters within its jurisdiction. The Court of Appeal is below it in the appellate hierarchy.

3. A court is asked to enforce a rule of customary law. Which circumstance is a recognised reason for refusing enforcement?
  1. The rule is unwritten.
  2. The rule is unfamiliar to the parties.
  3. The rule applies only within a particular community.
  4. The rule is repugnant to natural justice, equity and good conscience.

Answer: D. The rule is repugnant to natural justice, equity and good conscience.

A customary-law rule may be rejected where it fails the repugnancy test or is incompatible with applicable legislation. Being unwritten or community-specific does not alone make it unenforceable.

4. A shop displays a notice promising N50,000 to anyone who returns its missing company seal. Which act would ordinarily accept this unilateral offer?
  1. Reading the notice
  2. Returning the seal in accordance with the notice
  3. Writing to ask whether the offer is still open
  4. Promising to look for the seal

Answer: B. Returning the seal in accordance with the notice

A unilateral offer is ordinarily accepted by performing the act requested, here returning the seal as specified. Merely reading or promising to perform is not completion of the required act.

5. A buyer accepts an offer by post, and the offeror has not excluded postal acceptance. Under the postal rule, when is acceptance ordinarily effective?
  1. When the letter is correctly posted
  2. When the letter is delivered to the offeror
  3. When the offeror reads the letter
  4. When the buyer receives confirmation

Answer: A. When the letter is correctly posted

Where the postal rule applies, acceptance is effective on posting rather than on receipt. The rule can be excluded by the offer's terms or circumstances.

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