Revision Questions and Answers on Business Law (CBT)Business Law, CBT Q&A / By Charles Izuoba These questions were extracted from 2017 Yabatech Test Questions on Business Law (ND3 PT) Please enter your email: 1. If an acceptance is conditional or any fresh term is included by the offeree, the acceptance is called____ Replanned Offer First Offer Counter Offer 2. 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 3. In a general partnership, the maximum number of partnerships is____ 10 15 20 4. Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____ Rejected Collapse Void 5. 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 Dat Quod Non Habet Nemo Habet 6. A seller’s right to stop goods on the way before it gets to the buyer is called____ Stoppage in transitu Transiting Work in Transit 7. The mode of payment by the hirer in a hire purchase transaction is____ See Also: Law Case Study - How To Answer Case Studies in Law Major Payment Installment Payment Progress Payment 8. A partnership with one or more partners and one or more limited partners is called____ Limited Partnership Restricted Partnership Approved Partnership 9. Except for Lawyers and Accountants, it is illegal to form a partnership of more than____ persons. 15 20 10 10. Goods that are owned or possessed by the seller under a contract of sale are called____ Existing Goods Real Goods Contractors Goods 11. The relationship which subsists between persons carrying on business is common is called____ Partnership Participation Collaboration 12. ____is required in addition to delivery for a bill of exchange payable to order to be negotiated. Commitment Endorsement Focus 13. 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 Permanent Bill National Bill 14. The principle whereby a principal subsequently accepts an unauthorized action of an agent is called____ Acceptance Ratification Agreement 15. 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____ See Also: #1-10 Financial Accounting Questions & Answers Title Ownership CEO 16. A bill of exchange drawn on a banker and payable on demand is called a____ Deposit Slip Cheque Withdrawal Slip 17. The type of agency created in an emergency for the benefit of a person whose authority cannot be obtained is called Agency of Need Emergency Agency Agency of Necessity 18. 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. 50% or 60% 30% or 70% 40% or 60% 19. An invitation to make an offer is called____ Invitation to Sale Invitation for Business Invitation to Treat 20. Consideration must be sufficient but need to be____ Consistent Adequate Approved 21. A term which authorizes the owner or his agent to enter any premises to retake possession in a hire purchase agreement is____ Possession Stamp Agreement Void 22. An agent who indemnifies the principal in return for an extra or higher commission is called____ See Also: Law of Contract Decorative Agent Del Credere Agent Assistant Agent 23. State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved. Motor Vehicle Machine Set Vehicle Repair 24. A person who appoints another and authorizes him to enter into a contractual relationship with a third party is called____ Proprietor Headmaster Principal 25. A partner who does not participate in the day to day running of a partnership business is____ Distance Partner Unaccepted partner Sleeping Partner 26. Something of value in the eye of the law which is given for a promise in order to make it enforceable is called Promissory Note Agreement Consideration 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____ Dissolved Savaged Frustrated 28. The person on whom a bill is drawn is known as____ Drawee Drawer Withdrawer 29. Property will not pass in unascertained goods until the goods are____ Recommended Salable Ascertained Loading … Share with your friendsWhatsAppTelegramPrint