Revision Questions and Answers on Business Law (CBT) / Business Law, CBT Q&A / By Charles Izuoba / March 9, 2020 August 23, 2021 These questions were extracted from 2017 Yabatech Test Questions on Business Law (ND3 PT) Please enter your email: 1. State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved. Machine Set Vehicle Repair Motor Vehicle 2. A partner who does not participate in the day to day running of a partnership business is____ Unaccepted partner Sleeping Partner Distance Partner 3. If an acceptance is conditional or any fresh term is included by the offeree, the acceptance is called____ Replanned Offer First Offer Counter Offer 4. ____is required in addition to delivery for a bill of exchange payable to order to be negotiated. Focus Commitment Endorsement 5. Goods that are owned or possessed by the seller under a contract of sale are called____ Real Goods Contractors Goods Existing Goods 6. 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____ Herbert Macaulay Nemo Habet Nemo Dat Quod Non Habet 7. The type of agency created in an emergency for the benefit of a person whose authority cannot be obtained is called Emergency Agency Agency of Necessity Agency of Need 8. 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____ See Also: Law of Partnership - The Partnership Law Savaged Dissolved Frustrated 9. Consideration must be sufficient but need to be____ Adequate Consistent Approved 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____ Inland Bill National Bill Permanent Bill 11. An invitation to make an offer is called____ Invitation to Sale Invitation for Business Invitation to Treat 12. The person on whom a bill is drawn is known as____ Withdrawer Drawer Drawee 13. When will title in goods pass to the hirer under a hire purchase contract? When the hirer exercises the option to purchase When the hirer pays completely for the goods When the hirer pays as agreed for the goods 14. In a general partnership, the maximum number of partnerships is____ 10 15 20 15. A bill of exchange drawn on a banker and payable on demand is called a____ Deposit Slip Withdrawal Slip Cheque 16. Property will not pass in unascertained goods until the goods are____ See Also: Vitiating Factors - 5 Major Vitiating Factors Recommended Salable Ascertained 17. 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____ Ownership CEO Title 18. Except for Lawyers and Accountants, it is illegal to form a partnership of more than____ persons. 10 20 15 19. 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. 40% or 60% 30% or 70% 50% or 60% 20. The principle whereby a principal subsequently accepts an unauthorized action of an agent is called____ Ratification Agreement Acceptance 21. A term which authorizes the owner or his agent to enter any premises to retake possession in a hire purchase agreement is____ Void Possession Stamp Agreement 22. An agent who indemnifies the principal in return for an extra or higher commission is called____ Del Credere Agent Assistant Agent Decorative Agent 23. A person who appoints another and authorizes him to enter into a contractual relationship with a third party is called____ Headmaster Principal Proprietor 24. The mode of payment by the hirer in a hire purchase transaction is____ See Also: #1-10 Financial Accounting Questions & Answers Progress Payment Installment Payment Major Payment 25. The relationship which subsists between persons carrying on business is common is called____ Participation Collaboration Partnership 26. A partnership with one or more partners and one or more limited partners is called____ Approved Partnership Restricted Partnership Limited Partnership 27. A seller’s right to stop goods on the way before it gets to the buyer is called____ Work in Transit Transiting Stoppage in transitu 28. Something of value in the eye of the law which is given for a promise in order to make it enforceable is called Consideration Promissory Note Agreement 29. Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____ Collapse Void Rejected Loading … Related posts: AGENCY – Law of Agency (Business Law) #1-10 Financial Accounting Questions & Answers Law of Contract Law of Partnership – The Partnership Law Law Case Study – How To Answer Case Studies in Law Vitiating Factors – 5 Major Vitiating Factors Questions on 1,2,3 Column Cash Book Purchasing Cycle And International Purchasing Questions on Probability – Business Maths 10 Questions on Subsidiary Books Subsidiary Books of Accounting; Types & Summary