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


2. Consideration must be sufficient but need to be____


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


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


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


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


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


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


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


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


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


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


14. An invitation to make an offer is called____


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


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


17. 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____


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


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


21. 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____


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


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


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


26. 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.


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


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


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


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