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