ICAN Corporate and Business Law 2025 past questions and answers

1. The Constitution prevails, and the conflicting law is void to the extent of the inconsistency
2. The state law prevails because it was enacted by the state legislature
3. The law that was enacted later always prevails
4. The court must apply both provisions concurrently

Answer: A. The Constitution prevails, and the conflicting law is void to the extent of the inconsistency

The Constitution is supreme, and section 1(3) makes an inconsistent law void to the extent of the inconsistency. A later enactment cannot override the Constitution.

1. A Magistrates' Court decision binds the Supreme Court
2. A Supreme Court decision binds lower courts
3. A Federal High Court decision binds the Court of Appeal
4. A decision of one High Court judge invariably binds every other High Court judge

Answer: B. A Supreme Court decision binds lower courts

The Supreme Court is the apex court, and its decisions bind lower courts. A trial court decision cannot bind a superior appellate court.

1. It must have been written in a federal statute
2. It must have been applied in every state
3. It must not be repugnant to natural justice, equity and good conscience or incompatible with written law
4. It must be approved by the National Assembly

Answer: C. It must not be repugnant to natural justice, equity and good conscience or incompatible with written law

A customary rule is subject to the repugnancy and incompatibility tests. Nationwide application is not a condition for validity.

1. Asking whether delivery can be made next month
2. Posting an acceptance that changes the price
3. Remaining silent after receiving the offer
4. Communicating unqualified agreement to the offer's terms

Answer: D. Communicating unqualified agreement to the offer's terms

Acceptance must be final, unqualified and communicated in accordance with the offer. Changing the price would be a counter-offer, not acceptance.

1. The promise is generally unenforceable for lack of consideration because the work is past
2. The promise is enforceable because any benefit is sufficient consideration
3. The promise is enforceable as a deed without formalities
4. The promise automatically creates an agency relationship

Answer: A. The promise is generally unenforceable for lack of consideration because the work is past

The repair was completed before the promise and was not requested under a prior bargain, so it is past consideration. A benefit alone does not generally cure that defect.