Revision Questions and Answers on Business Law (CBT) / Business Law, CBT Q&A / By hstutorial / March 9, 2020 These questions were extracted from 2017 Yabatech Test Questions on Business Law (ND3 PT) Please enter your email: 1. 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____ Nemo Dat Quod Non Habet Nemo Habet Herbert Macaulay 2. An invitation to make an offer is called____ Invitation to Treat Invitation to Sale Invitation for Business 3. When will title in goods pass to the hirer under a hire purchase contract? When the hirer pays completely for the goods When the hirer exercises the option to purchase When the hirer pays as agreed for the goods 4. 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____ CEO Ownership Title 5. ____is required in addition to delivery for a bill of exchange payable to order to be negotiated. Focus Endorsement Commitment 6. The type of agency created in an emergency for the benefit of a person whose authority cannot be obtained is called See Also: #1-10 Financial Accounting Questions & Answers Agency of Need Agency of Necessity Emergency Agency 7. The mode of payment by the hirer in a hire purchase transaction is____ Installment Payment Progress Payment Major Payment 8. In a general partnership, the maximum number of partnerships is____ 10 15 20 9. State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved. Motor Vehicle Machine Set Vehicle Repair 10. A term which authorizes the owner or his agent to enter any premises to retake possession in a hire purchase agreement is____ Agreement Void Possession Stamp 11. Consideration must be sufficient but need to be____ Approved Consistent Adequate 12. Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____ Void Rejected Collapse 13. Goods that are owned or possessed by the seller under a contract of sale are called____ Real Goods Contractors Goods Existing Goods 14. 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____ See Also: Law of Contract Frustrated Dissolved Savaged 15. The person on whom a bill is drawn is known as____ Drawer Withdrawer Drawee 16. 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____ Permanent Bill National Bill Inland Bill 17. Except for Lawyers and Accountants, it is illegal to form a partnership of more than____ persons. 15 20 10 18. A seller’s right to stop goods on the way before it gets to the buyer is called____ Stoppage in transitu Transiting Work in Transit 19. A bill of exchange drawn on a banker and payable on demand is called a____ Deposit Slip Withdrawal Slip Cheque 20. A partner who does not participate in the day to day running of a partnership business is____ Distance Partner Unaccepted partner Sleeping Partner 21. An agent who indemnifies the principal in return for an extra or higher commission is called____ Assistant Agent Decorative Agent Del Credere Agent 22. A partnership with one or more partners and one or more limited partners is called____ See Also: Law of Partnership - The Partnership Law Approved Partnership Restricted Partnership Limited Partnership 23. The relationship which subsists between persons carrying on business is common is called____ Collaboration Participation Partnership 24. If an acceptance is conditional or any fresh term is included by the offeree, the acceptance is called____ Replanned Offer Counter Offer First Offer 25. A person who appoints another and authorizes him to enter into a contractual relationship with a third party is called____ Principal Headmaster Proprietor 26. The principle whereby a principal subsequently accepts an unauthorized action of an agent is called____ Acceptance Ratification Agreement 27. Something of value in the eye of the law which is given for a promise in order to make it enforceable is called Agreement Consideration Promissory Note 28. 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. 30% or 70% 50% or 60% 40% or 60% 29. Property will not pass in unascertained goods until the goods are____ Recommended Ascertained Salable Loading …
