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. 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____

 
 
 

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

 
 
 

3. 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____

 
 
 

4. An invitation to make an offer is called____

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

9. 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____

 
 
 

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

 
 
 

11. 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.

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

24. Consideration must be sufficient but need to be____

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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