Revisionsfragen und Antworten zum Wirtschaftsrecht (CBT)

These questions were extracted from 2017 Yabatech Test Questions on Business Law (ND3 PT)

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


2. Goods that are owned or possessed by the seller under a contract of sale are 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. A bill of exchange drawn on a banker and payable on demand is called a____


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


6. 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____


7. 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____


9. An invitation to make an offer is called____


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


11. 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____


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


29. Consideration must be sufficient but need to be____


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