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