Revision Questions and Answers on Business Law (CBT)

1. Consideration must be sufficient but need to be____

2. The type of agency created in an emergency for the benefit of a person whose authority cannot be obtained is called

3. Something of value in the eye of the law which is given for a promise in order to make it enforceable is called

4. ____is required in addition to delivery for a bill of exchange payable to order to be negotiated.

5. An agent who indemnifies the principal in return for an extra or higher commission is called____

6. A partnership with one or more partners and one or more limited partners is called____

7. Where, without the fault of either party of a contract, there is an occurrence that makes the contract impossible to perform, the contract is said to have been____

8. An implied condition on the part of the seller that he has a right to sell goods when a property is to pass is known as____

9. The relationship which subsists between persons carrying on business is common is called____

10. Goods that are owned or possessed by the seller under a contract of sale are called____

11. A bill of exchange drawn on a banker and payable on demand is called a____

12. The person on whom a bill is drawn is known as____

13. Under the Hire Purchase Act 2004, the owner can recover possession without a court order, where there is a default in an instalment when the____ has been paid.

14. A seller’s right to stop goods on the way before it gets to the buyer is called____

15. The principle whereby a principal subsequently accepts an unauthorized action of an agent is called____

16. If an acceptance is conditional or any fresh term is included by the offeree, the acceptance is called____

17. Except for Lawyers and Accountants, it is illegal to form a partnership of more than____ persons.

18. Property will not pass in unascertained goods until the goods are____

19. Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____

20. A partner who does not participate in the day to day running of a partnership business is____

21. An invitation to make an offer is called____

22. A person who appoints another and authorizes him to enter into a contractual relationship with a third party is called____

23. A bill which on the face of it purports or is to be both drawn and payable within Nigeria or drawn within Nigeria upon some person resident therein is called____

24. Sale in market overt, estoppels, sale by the seller in possession and sale by the buyer in possession are exceptions to the principle captured in the Latin phrase called____

25. State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved.

26. A term which authorizes the owner or his agent to enter any premises to retake possession in a hire purchase agreement is____

27. When will title in goods pass to the hirer under a hire purchase contract?

28. In a general partnership, the maximum number of partnerships is____

29. The mode of payment by the hirer in a hire purchase transaction is____