Assessment task; Instructions; Provide detailed answers to the following questions

(a) Explain the term 'Judicial precedent' and state two of its

advantages. (5 marks)

(b) Kayode and Abinga had an agreement by which they contributed

N500,000 each as deposits for the purchase of spare parts. By the

agreement, they are to share the spare parts equally on continuous

basis. Kayode recently received a consignment of spare parts at the cost of

N600,000. Abinga demanded that the spare parts be shared equally with

Kayodeon the ground that, by their agreement, they are partners.

However, Kayode has sold two-thirds of the spare parts. Abinga,

therefore, demands an account from the Kayode of the sales by him of the

spare parts. Kayode insists that he cannot account to Abinga because they

are not partners.

Required:

Advise Abinga on the status of his relationship with Kayode.

(10 marks)

(c) The powers of the Board of Directors in running the company differ from

those of the General Meeting in nature and limit.

Required:

Explain succinctly the nature and extent of the powers of the Board of

Directors.