MAY 2011 EXAMINATIONS(PROFESSIONAL) - Paper 2.3 - BUSINESS &CORPORATE LAW (Part 2)

Oct 22, 2026

Uploaded by Connor

May 2011 Professional Examinations (Part 2) for Paper 2.3 covers Business & Corporate Law through sections A–C. Candidates answer two questions from Section A, two from Section B, and one from Section C within the stated time, with marks allocated per sub-question. Topics include contract concepts, invitation to treat versus offer, hire purchase enforceability, protected goods recovery, company incorporation and effects, lifting the corporate veil, registrar inspection powers, and company winding up. It also addresses partnership change and fiduciary duties.

LanguageEnglish

CategoryExam

FormatPDF

Pages4

Reading Time10 min

AccessFree to download

SECTION A

QUESTION 1

Question 2

QUESTION 3

SECTION B

QUESTION4

QUESTION 5

QUESTION 6

SECTION C

QUESTION 7

QUESTION8

# INSTITUTE OF CHARTEREDACCOUNTANTS(GHANA) MAY 2011 EXAMINATIONS(PROFESSIONAL) PART 2 BUSINESS &CORPORATE LAW(Paper 2.3) Attempt Two questions from Section A,Two questions from Section B,andOne question from Section C TIME ALLOWED: Reading &Planning - 15 MinutesWorkings- 3 Hours SECTIONA: # Answer two(2)questions from this section ## QUESTION 1 (a) Distinguish between the following: (4 marks) (i) A condition and a warranty. (ii) A representation and a term.(4 marks) (iii) An invitation to treat and an offer.(4 marks) (4 marks) (iv) Past consideration and executory consideration. (b) It was to be one of the greatest musical shows in the world.All the tickets were alreadysold out.It was however not to be as the great Michael Jackson did not live to see theday.His demise has thrown up issues between the organisers and the prospective fans.Discuss the legal issues in the matter and the modes of resolving them. (4 marks)(Total:20 marks) ## Question 2 (a) Johnny Koch,your friend from Singapore,has just arrived in Ghana.Since his arrival hisimmediate preoccupation has been becoming familiar with the general laws of the land.The obligation to meet the desire has fallen on you.Outline to him the sources of law inGhana.(14 marks) (b) Mr.Godfred Anku is the Public Relations Manager of “Exquisite Brands”,a limitedliability company with its Headquarters in Accra.In March 2010,he was sent to Genevaon attachment for two months.In his absence,Mrs.Josephine Anku,his wife,collected avariety of items from ‘Classique Shopping Mall"worth one thousand Ghana Cedis(GHS1,000)on credit and pledged that the husband will pay on his return.Mr.Anku,upon his return,has refused to pay with the excuse that he is not liable.What is the legalbasis for the wife's claim?What arguments must Mr.Anku advance to convince a courtthat he is indeed not liable? (6 marks)(Total:20 marks) ## QUESTION 3 (a) What requirements must be met before a hire purchase agreement becomes enforceable?(10 marks) (b) What are“protected goods”?How are they recovered by an owner or seller and what arethe consequences for not conforming to that mode of recovery?(10 marks) (Total:20 marks) SECTION B: # Answer two (2)questions from this section ## QUESTION4 (a) List the procedures for incorporation and explain the effects of incorporation. (10 marks) (b) Explain ^lifing the veil ofincorporation'and give two(2)circumstances under which theveil may be lifted or pierced.(10 marks) (Total:20 marks) ## QUESTION 5 On what grounds may the Registrar,by a written order,call on any company to produce for hisinspection all or any of the books of the company? 20marks ## QUESTION 6 (a) How may the official winding up of a company be commenced other than by a petition tothe court?(6marks) (b) Who are entitled to present a petition to the court for the official winding up of acompany?(4 marks) (c) On what grounds may the court order the official winding up of the company? (10 marks) (Total:20 mark) SECTION C: # Answer one(1)question from this section ## QUESTION 7 (a) Apart from an application by a partner to the court,in what other instances shall a partnercease to be a partner in a firm?(8 marks) (b) On what grounds may a court order that any partner ceases to be a partner in the firm onapplication by a partner to the court?(12 marks) (Total:20 marks) ## QUESTION8 (a) Describe the nature of the partnership firm from the date of registration. (8 marks) (b)Explain the implications of a partner's fiduciary duty to the firm and other partners. (12 marks) (Total:20 marks)

FAQs

What rules govern how many questions must be answered in this examination paper?

Candidates must answer two questions from Section A, two questions from Section B, and one question from Section C.

Which core topics in contract law are tested in Section A Question 1?

Distinctions are required for condition vs warranty, representation vs term, invitation to treat vs offer, and past consideration vs executory consideration, plus a discussion of legal issues in an event-related dispute.

What subjects in company law and partnership law are covered in Section B and Section C?

Section B includes company incorporation procedures, effects, lifting the corporate veil, registrar inspection powers, and official winding up. Section C covers when a partner ceases to be a partner and the partnership firm’s nature after registration, including fiduciary duties.

Oct 22, 2026

Uploaded by Connor