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


2. A term which authorizes the owner or his agent to enter any premises to retake possession in a hire purchase agreement is____


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


4. An invitation to make an offer is called____


5. Consideration must be sufficient but need to be____


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


7. 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____


9. 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____


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


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


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____


13. When will title in goods pass to the hirer under a hire purchase contract?


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


16. Something of value in the eye of the law which is given for a promise in order to make it enforceable is called


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


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


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


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


21. 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____


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


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


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


26. 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.


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


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


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