ICAN Corporate and Business Law 2024 past questions and answers

1. The statute prevails because state laws are locally applicable.
2. The statute is void to the extent of the inconsistency.
3. Both rules remain valid until the National Assembly repeals the statute.
4. The Constitution applies only if the state legislature approves it.

Answer: B. 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. A state statute cannot override it.

1. A High Court must follow a decision of a lower customary court.
2. A Court of Appeal decision can overrule a Supreme Court decision.
3. A lower court is generally bound by the ratio decidendi of a higher court in its hierarchy.
4. A court is bound by every statement made by a judge in any earlier case.

Answer: C. A lower court is generally bound by the ratio decidendi of a higher court in its hierarchy.

The binding part of a higher court's decision is its ratio decidendi, which lower courts in the hierarchy generally follow. Not every judicial comment is binding, and lower courts cannot overrule higher courts.

1. When the letter is posted.
2. When the supplier reads the letter.
3. When the supplier replies acknowledging it.
4. When the letter is delivered to the supplier's office.

Answer: A. When the letter is posted.

Under the postal rule, where it applies, acceptance is effective on posting rather than on receipt. The rule does not require the offeror to acknowledge the letter.

1. The offer remains open until its stated expiry date.
2. The withdrawal is ineffective unless made by a court.
3. The offeree can accept because withdrawal is effective only after consideration is paid.
4. The offer is revoked because the withdrawal was communicated before acceptance.

Answer: D. The offer is revoked because the withdrawal was communicated before acceptance.

An offer may be revoked before acceptance, but the revocation must be communicated to the offeree. Here it arrived before acceptance, so the offer could no longer be accepted.

1. Consideration must always equal the market value of the promise received.
2. Consideration must be sufficient in law but need not be adequate in economic value.
3. A past benefit is automatically valid consideration for a later promise.
4. A promise is supported by consideration whenever it is made in writing.

Answer: B. Consideration must be sufficient in law but need not be adequate in economic value.

Consideration must have legal value, but courts generally do not require it to be economically equivalent to the promise. Writing alone does not supply consideration, and past consideration is generally insufficient.