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