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. 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____


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


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


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


5. 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____


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


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


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


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


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


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


13. 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____


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


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


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


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


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


20. Consideration must be sufficient but need to be____


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


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


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


25. An invitation to make an offer is called____


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


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


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


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


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