Revision Questions and Answers on Business Law (CBT)

These questions were extracted from 2017 Yabatech Test Questions on Business Law (ND3 PT)

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1. The mode of payment by the hirer in a hire purchase transaction is____


2. 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____


3. If an acceptance is conditional or any fresh term is included by the offeree, the acceptance is called____


4. A seller’s right to stop goods on the way before it gets to the buyer is called____


5. The type of agency created in an emergency for the benefit of a person whose authority cannot be obtained is called


6. An agent who indemnifies the principal in return for an extra or higher commission is called____


7. The person on whom a bill is drawn is known as____


9. A bill of exchange drawn on a banker and payable on demand is called a____


10. ____is required in addition to delivery for a bill of exchange payable to order to be negotiated.


11. Property will not pass in unascertained goods until the goods are____


12. 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.


13. A person who appoints another and authorizes him to enter into a contractual relationship with a third party is called____


14. 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____


15. A partner who does not participate in the day to day running of a partnership business is____


17. A partnership with one or more partners and one or more limited partners is called____


18. Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____


19. An invitation to make an offer is called____


20. Except for Lawyers and Accountants, it is illegal to form a partnership of more than____ persons.


21. State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved.


22. The relationship which subsists between persons carrying on business is common is called____


23. 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____


25. In a general partnership, the maximum number of partnerships is____


26. 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____


27. Goods that are owned or possessed by the seller under a contract of sale are called____


28. The principle whereby a principal subsequently accepts an unauthorized action of an agent is called____


29. Consideration must be sufficient but need to be____