Question 1

(a) Alternative Dispute Resolution (ADR) has some advantages.

Required

State FIVE advantages of ADR over litigation (5 marks)

(b) Under Section 32 of the Bills of Exchange Act, negotiation of a bill must

satisfy some requirements of endorsement.

State THREE of the requirements. (6 marks)

(c) Liman is an employee of Asuka Limited ("Asuka"). Liman supervises all the

distributors of Asuka's products. Konga also works in the haulage department

of Asuka. The Police are interrogating Konga for alleged possession of illicit

drugs while driving a truck belonging to Asuka and have impounded the truck.

A distributor of Asuka has lodged an official complaint with the company

secretary, alleging that Liman diverted some products of Asuka to a warehouse

that belongs to Liman.

Required

Explain briefly the remedies that Asuka has against Konga and Liman

respectively under employment law.

(4 marks)

(d) Three Certainties are mandatory for the validity of an express trust.

Required

Explain briefly two of the three Certainties. (5 marks)

(Total 20 marks)

Question 2

(a) The directors of Kante Bank Plc intend to please the shareholders of the

bank by ensuring that they distribute all the profits of the bank as dividends

without any fund conservation. They plan to do that, so that shareholders

may vote to retain them in office. The bank's paid up capital is less than its

reserve.

Required

As the Company Secretary of Kante Bank Plc, with knowledge of the Banks

and Other Financial Institutions Act, advise the bank on reserve funds.

(5 marks)

(b) Agents have some rights in law.

Required

State fiveof therights of an agent (5 marks)

(c) There are implied conditions in all contracts of sale of goods.

Required

Which conditions are implied where goods are sold by sample?

(3 marks)

(d) A hirer of goods has some remedies against the owner.

Required

State tworemedies of a hirer in a hire purchase contract (2 marks)

(e) A contract of insurance has elements of offer and acceptance.

Required

Explain briefly the making of offer and acceptance in insurance contract.

(5 marks)

Question 3

(a) Letters of administration is to administrators what a will is to testators.

Required

Explain the three situations that call for application for letters of

administration. (6 marks)

(b) Hassan has just been appointed the receiver and manager of Sterling

Innovation Limited, a private limited company in receivership. This is

hisfirst experience of this kind of appointment after obtaining the requisite

professional qualification. He has approached you for advice on the powers

deemed to have been conferred on him by the debentures of the company.

Required

Advise Hassan on his power on:

(i) Control of the properties of the company;

(ii) Disposal or restriction on disposal of the property;

(iii) Appointments that he may make;

(iv) Bills of exchange; and

(v) Lease and tenancy. (10 marks)

(c) Define negligence and state its elements