Revisie vragen en antwoorden over ondernemingsrecht (CBT)

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

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

 
 
 

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

 
 
 

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

 
 
 

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____

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

9. Consideration must be sufficient but need to be____

 
 
 

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

 
 
 

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

 
 
 

12. 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____

 
 
 

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

 
 
 

14. 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.

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

23. An invitation to make an offer is called____

 
 
 

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

 
 
 

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

 
 
 

27. 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____

 
 
 

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

 
 
 

29. 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____

 
 
 

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