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