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. 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____

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

7. Consideration must be sufficient but need to be____

 
 
 

8. An invitation to make an offer is called____

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

14. 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____

 
 
 

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

 
 
 

16. 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____

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

24. 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.

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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