{"id":10031,"date":"2020-03-09T00:37:27","date_gmt":"2020-03-09T00:37:27","guid":{"rendered":"https:\/\/hstutorial.com\/?p=10031"},"modified":"2021-08-23T08:03:41","modified_gmt":"2021-08-23T08:03:41","slug":"revision-questions-business-law","status":"publish","type":"post","link":"https:\/\/hstutorial.com\/sv\/revision-questions-business-law\/","title":{"rendered":"Revision Questions and Answers on Business Law (CBT)"},"content":{"rendered":"<div id=\"watu_quiz\" class=\"quiz-area single-page-quiz\">\n<p><p>These questions were extracted from 2017 Yabatech Test Questions on Business Law (ND3 PT)<\/p>\n<\/p><form action=\"\" method=\"post\" class=\"quiz-form\" id=\"quiz-2\" data-trp-original-action=\"\" >\n\t<p class=\"watu_taker_email\">Please enter your email: <input type=\"text\" name=\"watu_taker_email\" id=\"watuTakerEmail\"><\/p>\n<div class='watu-question' id='question-1'><div class='question-content'><p><span class='watu_num'>1. <\/span>The mode of payment by the hirer in a hire purchase transaction is____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='26' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='75' \/><div class='watu-question-choice'><input type='radio' name='answer-26[]' id='answer-id-75' class='answer answer-1  answerof-26' value='75' \/>&nbsp;<label for='answer-id-75' id='answer-label-75' class='answer label-1'><span class='answer'>Major Payment<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='76' \/><div class='watu-question-choice'><input type='radio' name='answer-26[]' id='answer-id-76' class='answer answer-1  answerof-26' value='76' \/>&nbsp;<label for='answer-id-76' id='answer-label-76' class='answer label-1'><span class='answer'>Installment Payment<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='74' \/><div class='watu-question-choice'><input type='radio' name='answer-26[]' id='answer-id-74' class='answer answer-1  answerof-26' value='74' \/>&nbsp;<label for='answer-id-74' id='answer-label-74' class='answer label-1'><span class='answer'>Progress Payment<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType1' value='radio' class='required'><\/div><div class='watu-question' id='question-2'><div class='question-content'><p><span class='watu_num'>2. <\/span>When will title in goods pass to the hirer under a hire purchase contract?<\/p>\n<\/div><input type='hidden' name='question_id[]' value='33' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='96' \/><div class='watu-question-choice'><input type='radio' name='answer-33[]' id='answer-id-96' class='answer answer-2  answerof-33' value='96' \/>&nbsp;<label for='answer-id-96' id='answer-label-96' class='answer label-2'><span class='answer'>When the hirer pays completely for the goods<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='95' \/><div class='watu-question-choice'><input type='radio' name='answer-33[]' id='answer-id-95' class='answer answer-2  answerof-33' value='95' \/>&nbsp;<label for='answer-id-95' id='answer-label-95' class='answer label-2'><span class='answer'>When the hirer exercises the option to purchase<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='97' \/><div class='watu-question-choice'><input type='radio' name='answer-33[]' id='answer-id-97' class='answer answer-2  answerof-33' value='97' \/>&nbsp;<label for='answer-id-97' id='answer-label-97' class='answer label-2'><span class='answer'>When the hirer pays as agreed for the goods<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType2' value='radio' class='required'><\/div><div class='watu-question' id='question-3'><div class='question-content'><p><span class='watu_num'>3. <\/span>The person on whom a bill is drawn is known as____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='11' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='31' \/><div class='watu-question-choice'><input type='radio' name='answer-11[]' id='answer-id-31' class='answer answer-3  answerof-11' value='31' \/>&nbsp;<label for='answer-id-31' id='answer-label-31' class='answer label-3'><span class='answer'>Drawer<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='30' \/><div class='watu-question-choice'><input type='radio' name='answer-11[]' id='answer-id-30' class='answer answer-3  answerof-11' value='30' \/>&nbsp;<label for='answer-id-30' id='answer-label-30' class='answer label-3'><span class='answer'>Withdrawer<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='29' \/><div class='watu-question-choice'><input type='radio' name='answer-11[]' id='answer-id-29' class='answer answer-3  answerof-11' value='29' \/>&nbsp;<label for='answer-id-29' id='answer-label-29' class='answer label-3'><span class='answer'>Drawee<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType3' value='radio' class='required'><\/div><div class='watu-question' id='question-4'><div class='question-content'><p><span class='watu_num'>4. <\/span>In a general partnership, the maximum number of partnerships is____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='5' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='13' \/><div class='watu-question-choice'><input type='radio' name='answer-5[]' id='answer-id-13' class='answer answer-4  answerof-5' value='13' \/>&nbsp;<label for='answer-id-13' id='answer-label-13' class='answer label-4'><span class='answer'>10<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='11' \/><div class='watu-question-choice'><input type='radio' name='answer-5[]' id='answer-id-11' class='answer answer-4  answerof-5' value='11' \/>&nbsp;<label for='answer-id-11' id='answer-label-11' class='answer label-4'><span class='answer'>20<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='12' \/><div class='watu-question-choice'><input type='radio' name='answer-5[]' id='answer-id-12' class='answer answer-4  answerof-5' value='12' \/>&nbsp;<label for='answer-id-12' id='answer-label-12' class='answer label-4'><span class='answer'>15<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType4' value='radio' class='required'><\/div><div class='watu-question' id='question-5'><div class='question-content'><p><span class='watu_num'>5. <\/span>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____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='32' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='92' \/><div class='watu-question-choice'><input type='radio' name='answer-32[]' id='answer-id-92' class='answer answer-5  answerof-32' value='92' \/>&nbsp;<label for='answer-id-92' id='answer-label-92' class='answer label-5'><span class='answer'>Frustrated<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='93' \/><div class='watu-question-choice'><input type='radio' name='answer-32[]' id='answer-id-93' class='answer answer-5  answerof-32' value='93' \/>&nbsp;<label for='answer-id-93' id='answer-label-93' class='answer label-5'><span class='answer'>Dissolved<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='94' \/><div class='watu-question-choice'><input type='radio' name='answer-32[]' id='answer-id-94' class='answer answer-5  answerof-32' value='94' \/>&nbsp;<label for='answer-id-94' id='answer-label-94' class='answer label-5'><span class='answer'>Savaged<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType5' value='radio' class='required'><\/div><div class='watu-question' id='question-6'><div class='question-content'><p><span class='watu_num'>6. <\/span>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____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='8' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='21' \/><div class='watu-question-choice'><input type='radio' name='answer-8[]' id='answer-id-21' class='answer answer-6  answerof-8' value='21' \/>&nbsp;<label for='answer-id-21' id='answer-label-21' class='answer label-6'><span class='answer'>Permanent Bill<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='20' \/><div class='watu-question-choice'><input type='radio' name='answer-8[]' id='answer-id-20' class='answer answer-6  answerof-8' value='20' \/>&nbsp;<label for='answer-id-20' id='answer-label-20' class='answer label-6'><span class='answer'>National Bill<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='22' \/><div class='watu-question-choice'><input type='radio' name='answer-8[]' id='answer-id-22' class='answer answer-6  answerof-8' value='22' \/>&nbsp;<label for='answer-id-22' id='answer-label-22' class='answer label-6'><span class='answer'>Inland Bill<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType6' value='radio' class='required'><\/div><div class='watu-question' id='question-7'><div class='question-content'><p><span class='watu_num'>7. <\/span>A partner who does not participate in the day to day running of a partnership business is____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='20' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='58' \/><div class='watu-question-choice'><input type='radio' name='answer-20[]' id='answer-id-58' class='answer answer-7  answerof-20' value='58' \/>&nbsp;<label for='answer-id-58' id='answer-label-58' class='answer label-7'><span class='answer'>Sleeping Partner<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='57' \/><div class='watu-question-choice'><input type='radio' name='answer-20[]' id='answer-id-57' class='answer answer-7  answerof-20' value='57' \/>&nbsp;<label for='answer-id-57' id='answer-label-57' class='answer label-7'><span class='answer'>Unaccepted partner<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='56' \/><div class='watu-question-choice'><input type='radio' name='answer-20[]' id='answer-id-56' class='answer answer-7  answerof-20' value='56' \/>&nbsp;<label for='answer-id-56' id='answer-label-56' class='answer label-7'><span class='answer'>Distance Partner<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType7' value='radio' class='required'><\/div><div class='watu-question' id='question-8'><div class='question-content'><p><span class='watu_num'>8. <\/span>Except for Lawyers and Accountants, it is illegal to form a partnership of more than____ persons.<\/p>\n<\/div><input type='hidden' name='question_id[]' value='18' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='52' \/><div class='watu-question-choice'><input type='radio' name='answer-18[]' id='answer-id-52' class='answer answer-8  answerof-18' value='52' \/>&nbsp;<label for='answer-id-52' id='answer-label-52' class='answer label-8'><span class='answer'>15<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='51' \/><div class='watu-question-choice'><input type='radio' name='answer-18[]' id='answer-id-51' class='answer answer-8  answerof-18' value='51' \/>&nbsp;<label for='answer-id-51' id='answer-label-51' class='answer label-8'><span class='answer'>20<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='50' \/><div class='watu-question-choice'><input type='radio' name='answer-18[]' id='answer-id-50' class='answer answer-8  answerof-18' value='50' \/>&nbsp;<label for='answer-id-50' id='answer-label-50' class='answer label-8'><span class='answer'>10<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType8' value='radio' class='required'><\/div><div class='watu-question' id='question-9'><div class='question-content'><p><span class='watu_num'>9. <\/span>____is required in addition to delivery for a bill of exchange payable to order to be negotiated.<\/p>\n<\/div><input type='hidden' name='question_id[]' value='6' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='99' \/><div class='watu-question-choice'><input type='radio' name='answer-6[]' id='answer-id-99' class='answer answer-9  answerof-6' value='99' \/>&nbsp;<label for='answer-id-99' id='answer-label-99' class='answer label-9'><span class='answer'>Endorsement<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='98' \/><div class='watu-question-choice'><input type='radio' name='answer-6[]' id='answer-id-98' class='answer answer-9  answerof-6' value='98' \/>&nbsp;<label for='answer-id-98' id='answer-label-98' class='answer label-9'><span class='answer'>Commitment<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='100' \/><div class='watu-question-choice'><input type='radio' name='answer-6[]' id='answer-id-100' class='answer answer-9  answerof-6' value='100' \/>&nbsp;<label for='answer-id-100' id='answer-label-100' class='answer label-9'><span class='answer'>Focus<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType9' value='radio' class='required'><\/div><div class='watu-question' id='question-10'><div class='question-content'><p><span class='watu_num'>10. <\/span>If an acceptance is conditional or any fresh term is included by the offeree, the acceptance is called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='21' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='60' \/><div class='watu-question-choice'><input type='radio' name='answer-21[]' id='answer-id-60' class='answer answer-10  answerof-21' value='60' \/>&nbsp;<label for='answer-id-60' id='answer-label-60' class='answer label-10'><span class='answer'>Counter Offer<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='59' \/><div class='watu-question-choice'><input type='radio' name='answer-21[]' id='answer-id-59' class='answer answer-10  answerof-21' value='59' \/>&nbsp;<label for='answer-id-59' id='answer-label-59' class='answer label-10'><span class='answer'>First Offer<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='61' \/><div class='watu-question-choice'><input type='radio' name='answer-21[]' id='answer-id-61' class='answer answer-10  answerof-21' value='61' \/>&nbsp;<label for='answer-id-61' id='answer-label-61' class='answer label-10'><span class='answer'>Replanned Offer<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType10' value='radio' class='required'><\/div><div class='watu-question' id='question-11'><div class='question-content'><p><span class='watu_num'>11. <\/span>State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved.<\/p>\n<\/div><input type='hidden' name='question_id[]' value='25' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='72' \/><div class='watu-question-choice'><input type='radio' name='answer-25[]' id='answer-id-72' class='answer answer-11  answerof-25' value='72' \/>&nbsp;<label for='answer-id-72' id='answer-label-72' class='answer label-11'><span class='answer'>Motor Vehicle<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='71' \/><div class='watu-question-choice'><input type='radio' name='answer-25[]' id='answer-id-71' class='answer answer-11  answerof-25' value='71' \/>&nbsp;<label for='answer-id-71' id='answer-label-71' class='answer label-11'><span class='answer'>Machine Set<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='73' \/><div class='watu-question-choice'><input type='radio' name='answer-25[]' id='answer-id-73' class='answer answer-11  answerof-25' value='73' \/>&nbsp;<label for='answer-id-73' id='answer-label-73' class='answer label-11'><span class='answer'>Vehicle Repair<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType11' value='radio' class='required'><\/div><div class='watu-question' id='question-12'><div class='question-content'><p><span class='watu_num'>12. <\/span>An agent who indemnifies the principal in return for an extra or higher commission is called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='16' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='45' \/><div class='watu-question-choice'><input type='radio' name='answer-16[]' id='answer-id-45' class='answer answer-12  answerof-16' value='45' \/>&nbsp;<label for='answer-id-45' id='answer-label-45' class='answer label-12'><span class='answer'>Assistant Agent<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='44' \/><div class='watu-question-choice'><input type='radio' name='answer-16[]' id='answer-id-44' class='answer answer-12  answerof-16' value='44' \/>&nbsp;<label for='answer-id-44' id='answer-label-44' class='answer label-12'><span class='answer'>Decorative Agent<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='46' \/><div class='watu-question-choice'><input type='radio' name='answer-16[]' id='answer-id-46' class='answer answer-12  answerof-16' value='46' \/>&nbsp;<label for='answer-id-46' id='answer-label-46' class='answer label-12'><span class='answer'>Del Credere Agent<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType12' value='radio' class='required'><\/div><div class='watu-question' id='question-13'><div class='question-content'><p><span class='watu_num'>13. <\/span>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____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='17' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='48' \/><div class='watu-question-choice'><input type='radio' name='answer-17[]' id='answer-id-48' class='answer answer-13  answerof-17' value='48' \/>&nbsp;<label for='answer-id-48' id='answer-label-48' class='answer label-13'><span class='answer'>Ownership<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='47' \/><div class='watu-question-choice'><input type='radio' name='answer-17[]' id='answer-id-47' class='answer answer-13  answerof-17' value='47' \/>&nbsp;<label for='answer-id-47' id='answer-label-47' class='answer label-13'><span class='answer'>Title<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='49' \/><div class='watu-question-choice'><input type='radio' name='answer-17[]' id='answer-id-49' class='answer answer-13  answerof-17' value='49' \/>&nbsp;<label for='answer-id-49' id='answer-label-49' class='answer label-13'><span class='answer'>CEO<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType13' value='radio' class='required'><\/div><div class='watu-question' id='question-14'><div class='question-content'><p><span class='watu_num'>14. <\/span>Goods that are owned or possessed by the seller under a contract of sale are called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='19' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='55' \/><div class='watu-question-choice'><input type='radio' name='answer-19[]' id='answer-id-55' class='answer answer-14  answerof-19' value='55' \/>&nbsp;<label for='answer-id-55' id='answer-label-55' class='answer label-14'><span class='answer'>Contractors Goods<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='54' \/><div class='watu-question-choice'><input type='radio' name='answer-19[]' id='answer-id-54' class='answer answer-14  answerof-19' value='54' \/>&nbsp;<label for='answer-id-54' id='answer-label-54' class='answer label-14'><span class='answer'>Real Goods<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='53' \/><div class='watu-question-choice'><input type='radio' name='answer-19[]' id='answer-id-53' class='answer answer-14  answerof-19' value='53' \/>&nbsp;<label for='answer-id-53' id='answer-label-53' class='answer label-14'><span class='answer'>Existing Goods<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType14' value='radio' class='required'><\/div><div class='watu-question' id='question-15'><div class='question-content'><p><span class='watu_num'>15. <\/span>Consideration must be sufficient but need to be____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='14' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='38' \/><div class='watu-question-choice'><input type='radio' name='answer-14[]' id='answer-id-38' class='answer answer-15  answerof-14' value='38' \/>&nbsp;<label for='answer-id-38' id='answer-label-38' class='answer label-15'><span class='answer'>Adequate<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='40' \/><div class='watu-question-choice'><input type='radio' name='answer-14[]' id='answer-id-40' class='answer answer-15  answerof-14' value='40' \/>&nbsp;<label for='answer-id-40' id='answer-label-40' class='answer label-15'><span class='answer'>Approved<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='39' \/><div class='watu-question-choice'><input type='radio' name='answer-14[]' id='answer-id-39' class='answer answer-15  answerof-14' value='39' \/>&nbsp;<label for='answer-id-39' id='answer-label-39' class='answer label-15'><span class='answer'>Consistent<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType15' value='radio' class='required'><\/div><div class='watu-question' id='question-16'><div class='question-content'><p><span class='watu_num'>16. <\/span>A term which authorizes the owner or his agent to enter any premises to retake possession in a hire purchase agreement is____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='15' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='41' \/><div class='watu-question-choice'><input type='radio' name='answer-15[]' id='answer-id-41' class='answer answer-16  answerof-15' value='41' \/>&nbsp;<label for='answer-id-41' id='answer-label-41' class='answer label-16'><span class='answer'>Void<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='43' \/><div class='watu-question-choice'><input type='radio' name='answer-15[]' id='answer-id-43' class='answer answer-16  answerof-15' value='43' \/>&nbsp;<label for='answer-id-43' id='answer-label-43' class='answer label-16'><span class='answer'>Possession Stamp<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='42' \/><div class='watu-question-choice'><input type='radio' name='answer-15[]' id='answer-id-42' class='answer answer-16  answerof-15' value='42' \/>&nbsp;<label for='answer-id-42' id='answer-label-42' class='answer label-16'><span class='answer'>Agreement<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType16' value='radio' class='required'><\/div><div class='watu-question' id='question-17'><div class='question-content'><p><span class='watu_num'>17. <\/span>A partnership with one or more partners and one or more limited partners is called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='9' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='23' \/><div class='watu-question-choice'><input type='radio' name='answer-9[]' id='answer-id-23' class='answer answer-17  answerof-9' value='23' \/>&nbsp;<label for='answer-id-23' id='answer-label-23' class='answer label-17'><span class='answer'>Restricted Partnership<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='24' \/><div class='watu-question-choice'><input type='radio' name='answer-9[]' id='answer-id-24' class='answer answer-17  answerof-9' value='24' \/>&nbsp;<label for='answer-id-24' id='answer-label-24' class='answer label-17'><span class='answer'>Limited Partnership<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='25' \/><div class='watu-question-choice'><input type='radio' name='answer-9[]' id='answer-id-25' class='answer answer-17  answerof-9' value='25' \/>&nbsp;<label for='answer-id-25' id='answer-label-25' class='answer label-17'><span class='answer'>Approved Partnership<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType17' value='radio' class='required'><\/div><div class='watu-question' id='question-18'><div class='question-content'><p><span class='watu_num'>18. <\/span>The relationship which subsists between persons carrying on business is common is called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='28' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='80' \/><div class='watu-question-choice'><input type='radio' name='answer-28[]' id='answer-id-80' class='answer answer-18  answerof-28' value='80' \/>&nbsp;<label for='answer-id-80' id='answer-label-80' class='answer label-18'><span class='answer'>Collaboration<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='82' \/><div class='watu-question-choice'><input type='radio' name='answer-28[]' id='answer-id-82' class='answer answer-18  answerof-28' value='82' \/>&nbsp;<label for='answer-id-82' id='answer-label-82' class='answer label-18'><span class='answer'>Participation<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='81' \/><div class='watu-question-choice'><input type='radio' name='answer-28[]' id='answer-id-81' class='answer answer-18  answerof-28' value='81' \/>&nbsp;<label for='answer-id-81' id='answer-label-81' class='answer label-18'><span class='answer'>Partnership<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType18' value='radio' class='required'><\/div><div class='watu-question' id='question-19'><div class='question-content'><p><span class='watu_num'>19. <\/span>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____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='23' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='65' \/><div class='watu-question-choice'><input type='radio' name='answer-23[]' id='answer-id-65' class='answer answer-19  answerof-23' value='65' \/>&nbsp;<label for='answer-id-65' id='answer-label-65' class='answer label-19'><span class='answer'>Herbert Macaulay<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='66' \/><div class='watu-question-choice'><input type='radio' name='answer-23[]' id='answer-id-66' class='answer answer-19  answerof-23' value='66' \/>&nbsp;<label for='answer-id-66' id='answer-label-66' class='answer label-19'><span class='answer'>Nemo Habet<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='67' \/><div class='watu-question-choice'><input type='radio' name='answer-23[]' id='answer-id-67' class='answer answer-19  answerof-23' value='67' \/>&nbsp;<label for='answer-id-67' id='answer-label-67' class='answer label-19'><span class='answer'>Nemo Dat Quod Non Habet<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType19' value='radio' class='required'><\/div><div class='watu-question' id='question-20'><div class='question-content'><p><span class='watu_num'>20. <\/span>A person who appoints another and authorizes him to enter into a contractual relationship with a third party is called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='12' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='32' \/><div class='watu-question-choice'><input type='radio' name='answer-12[]' id='answer-id-32' class='answer answer-20  answerof-12' value='32' \/>&nbsp;<label for='answer-id-32' id='answer-label-32' class='answer label-20'><span class='answer'>Proprietor<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='34' \/><div class='watu-question-choice'><input type='radio' name='answer-12[]' id='answer-id-34' class='answer answer-20  answerof-12' value='34' \/>&nbsp;<label for='answer-id-34' id='answer-label-34' class='answer label-20'><span class='answer'>Headmaster<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='33' \/><div class='watu-question-choice'><input type='radio' name='answer-12[]' id='answer-id-33' class='answer answer-20  answerof-12' value='33' \/>&nbsp;<label for='answer-id-33' id='answer-label-33' class='answer label-20'><span class='answer'>Principal<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType20' value='radio' class='required'><\/div><div class='watu-question' id='question-21'><div class='question-content'><p><span class='watu_num'>21. <\/span>Property will not pass in unascertained goods until the goods are____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='7' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='103' \/><div class='watu-question-choice'><input type='radio' name='answer-7[]' id='answer-id-103' class='answer answer-21  answerof-7' value='103' \/>&nbsp;<label for='answer-id-103' id='answer-label-103' class='answer label-21'><span class='answer'>Recommended<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='101' \/><div class='watu-question-choice'><input type='radio' name='answer-7[]' id='answer-id-101' class='answer answer-21  answerof-7' value='101' \/>&nbsp;<label for='answer-id-101' id='answer-label-101' class='answer label-21'><span class='answer'>Ascertained<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='102' \/><div class='watu-question-choice'><input type='radio' name='answer-7[]' id='answer-id-102' class='answer answer-21  answerof-7' value='102' \/>&nbsp;<label for='answer-id-102' id='answer-label-102' class='answer label-21'><span class='answer'>Salable<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType21' value='radio' class='required'><\/div><div class='watu-question' id='question-22'><div class='question-content'><p><span class='watu_num'>22. <\/span>A seller\u2019s right to stop goods on the way before it gets to the buyer is called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='13' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='36' \/><div class='watu-question-choice'><input type='radio' name='answer-13[]' id='answer-id-36' class='answer answer-22  answerof-13' value='36' \/>&nbsp;<label for='answer-id-36' id='answer-label-36' class='answer label-22'><span class='answer'>Transiting<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='35' \/><div class='watu-question-choice'><input type='radio' name='answer-13[]' id='answer-id-35' class='answer answer-22  answerof-13' value='35' \/>&nbsp;<label for='answer-id-35' id='answer-label-35' class='answer label-22'><span class='answer'>Work in Transit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='37' \/><div class='watu-question-choice'><input type='radio' name='answer-13[]' id='answer-id-37' class='answer answer-22  answerof-13' value='37' \/>&nbsp;<label for='answer-id-37' id='answer-label-37' class='answer label-22'><span class='answer'>Stoppage in transitu<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType22' value='radio' class='required'><\/div><div class='watu-question' id='question-23'><div class='question-content'><p><span class='watu_num'>23. <\/span>The type of agency created in an emergency for the benefit of a person whose authority cannot be obtained is called<\/p>\n<\/div><input type='hidden' name='question_id[]' value='29' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='83' \/><div class='watu-question-choice'><input type='radio' name='answer-29[]' id='answer-id-83' class='answer answer-23  answerof-29' value='83' \/>&nbsp;<label for='answer-id-83' id='answer-label-83' class='answer label-23'><span class='answer'>Agency of Need<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='84' \/><div class='watu-question-choice'><input type='radio' name='answer-29[]' id='answer-id-84' class='answer answer-23  answerof-29' value='84' \/>&nbsp;<label for='answer-id-84' id='answer-label-84' class='answer label-23'><span class='answer'>Agency of Necessity<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='85' \/><div class='watu-question-choice'><input type='radio' name='answer-29[]' id='answer-id-85' class='answer answer-23  answerof-29' value='85' \/>&nbsp;<label for='answer-id-85' id='answer-label-85' class='answer label-23'><span class='answer'>Emergency Agency<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType23' value='radio' class='required'><\/div><div class='watu-question' id='question-24'><div class='question-content'><p><span class='watu_num'>24. <\/span>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.<\/p>\n<\/div><input type='hidden' name='question_id[]' value='10' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='26' \/><div class='watu-question-choice'><input type='radio' name='answer-10[]' id='answer-id-26' class='answer answer-24  answerof-10' value='26' \/>&nbsp;<label for='answer-id-26' id='answer-label-26' class='answer label-24'><span class='answer'>40% or 60%<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='28' \/><div class='watu-question-choice'><input type='radio' name='answer-10[]' id='answer-id-28' class='answer answer-24  answerof-10' value='28' \/>&nbsp;<label for='answer-id-28' id='answer-label-28' class='answer label-24'><span class='answer'>50% or 60%<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='27' \/><div class='watu-question-choice'><input type='radio' name='answer-10[]' id='answer-id-27' class='answer answer-24  answerof-10' value='27' \/>&nbsp;<label for='answer-id-27' id='answer-label-27' class='answer label-24'><span class='answer'>30% or 70%<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType24' value='radio' class='required'><\/div><div class='watu-question' id='question-25'><div class='question-content'><p><span class='watu_num'>25. <\/span>A bill of exchange drawn on a banker and payable on demand is called a____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='30' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='87' \/><div class='watu-question-choice'><input type='radio' name='answer-30[]' id='answer-id-87' class='answer answer-25  answerof-30' value='87' \/>&nbsp;<label for='answer-id-87' id='answer-label-87' class='answer label-25'><span class='answer'>Withdrawal Slip<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='88' \/><div class='watu-question-choice'><input type='radio' name='answer-30[]' id='answer-id-88' class='answer answer-25  answerof-30' value='88' \/>&nbsp;<label for='answer-id-88' id='answer-label-88' class='answer label-25'><span class='answer'>Cheque<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='86' \/><div class='watu-question-choice'><input type='radio' name='answer-30[]' id='answer-id-86' class='answer answer-25  answerof-30' value='86' \/>&nbsp;<label for='answer-id-86' id='answer-label-86' class='answer label-25'><span class='answer'>Deposit Slip<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType25' value='radio' class='required'><\/div><div class='watu-question' id='question-26'><div class='question-content'><p><span class='watu_num'>26. <\/span>Something of value in the eye of the law which is given for a promise in order to make it enforceable is called<\/p>\n<\/div><input type='hidden' name='question_id[]' value='24' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='70' \/><div class='watu-question-choice'><input type='radio' name='answer-24[]' id='answer-id-70' class='answer answer-26  answerof-24' value='70' \/>&nbsp;<label for='answer-id-70' id='answer-label-70' class='answer label-26'><span class='answer'>Promissory Note<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='69' \/><div class='watu-question-choice'><input type='radio' name='answer-24[]' id='answer-id-69' class='answer answer-26  answerof-24' value='69' \/>&nbsp;<label for='answer-id-69' id='answer-label-69' class='answer label-26'><span class='answer'>Agreement<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='68' \/><div class='watu-question-choice'><input type='radio' name='answer-24[]' id='answer-id-68' class='answer answer-26  answerof-24' value='68' \/>&nbsp;<label for='answer-id-68' id='answer-label-68' class='answer label-26'><span class='answer'>Consideration<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType26' value='radio' class='required'><\/div><div class='watu-question' id='question-27'><div class='question-content'><p><span class='watu_num'>27. <\/span>An invitation to make an offer is called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='22' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='64' \/><div class='watu-question-choice'><input type='radio' name='answer-22[]' id='answer-id-64' class='answer answer-27  answerof-22' value='64' \/>&nbsp;<label for='answer-id-64' id='answer-label-64' class='answer label-27'><span class='answer'>Invitation for Business<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='63' \/><div class='watu-question-choice'><input type='radio' name='answer-22[]' id='answer-id-63' class='answer answer-27  answerof-22' value='63' \/>&nbsp;<label for='answer-id-63' id='answer-label-63' class='answer label-27'><span class='answer'>Invitation to Treat<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='62' \/><div class='watu-question-choice'><input type='radio' name='answer-22[]' id='answer-id-62' class='answer answer-27  answerof-22' value='62' \/>&nbsp;<label for='answer-id-62' id='answer-label-62' class='answer label-27'><span class='answer'>Invitation to Sale<br \/>\n<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType27' value='radio' class='required'><\/div><div class='watu-question' id='question-28'><div class='question-content'><p><span class='watu_num'>28. <\/span>The principle whereby a principal subsequently accepts an unauthorized action of an agent is called____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='27' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='78' \/><div class='watu-question-choice'><input type='radio' name='answer-27[]' id='answer-id-78' class='answer answer-28  answerof-27' value='78' \/>&nbsp;<label for='answer-id-78' id='answer-label-78' class='answer label-28'><span class='answer'>Acceptance<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='77' \/><div class='watu-question-choice'><input type='radio' name='answer-27[]' id='answer-id-77' class='answer answer-28  answerof-27' value='77' \/>&nbsp;<label for='answer-id-77' id='answer-label-77' class='answer label-28'><span class='answer'>Ratification<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='79' \/><div class='watu-question-choice'><input type='radio' name='answer-27[]' id='answer-id-79' class='answer answer-28  answerof-27' value='79' \/>&nbsp;<label for='answer-id-79' id='answer-label-79' class='answer label-28'><span class='answer'>Agreement<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType28' value='radio' class='required'><\/div><div class='watu-question' id='question-29'><div class='question-content'><p><span class='watu_num'>29. <\/span>Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____<\/p>\n<\/div><input type='hidden' name='question_id[]' value='31' \/><div class='watu-questions-wrap'><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='106' \/><div class='watu-question-choice'><input type='radio' name='answer-31[]' id='answer-id-106' class='answer answer-29  answerof-31' value='106' \/>&nbsp;<label for='answer-id-106' id='answer-label-106' class='answer label-29'><span class='answer'>Collapse<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='105' \/><div class='watu-question-choice'><input type='radio' name='answer-31[]' id='answer-id-105' class='answer answer-29  answerof-31' value='105' \/>&nbsp;<label for='answer-id-105' id='answer-label-105' class='answer label-29'><span class='answer'>Rejected<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='104' \/><div class='watu-question-choice'><input type='radio' name='answer-31[]' id='answer-id-104' class='answer answer-29  answerof-31' value='104' \/>&nbsp;<label for='answer-id-104' id='answer-label-104' class='answer label-29'><span class='answer'>Void<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType29' value='radio' 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