Revision Questions and Answers on Business Law (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. Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____


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


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


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


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


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


9. 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.


10. 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____


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


12. If an acceptance is conditional or any fresh term is included by the offeree, the acceptance 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. The person on whom a bill is drawn is known as____


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


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


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


19. 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____


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


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


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


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


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


26. Consideration must be sufficient but need to be____


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


28. An invitation to make an offer is called____


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


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