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