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. The relationship which subsists between persons carrying on business is common is called____ -- Advertisement -- Participation Collaboration Partnership 2. When will title in goods pass to the hirer under a hire purchase contract? When the hirer pays as agreed for the goods When the hirer pays completely for the goods When the hirer exercises the option to purchase 3. A person who appoints another and authorizes him to enter into a contractual relationship with a third party is called____ Proprietor Principal Headmaster 4. A bill of exchange drawn on a banker and payable on demand is called a____ Cheque Deposit Slip Withdrawal Slip 5. 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 6. 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 Habet Herbert Macaulay Nemo Dat Quod Non Habet 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____ See Also: Law of Contract Dissolved Savaged Frustrated 8. A partner who does not participate in the day to day running of a partnership business is____ Sleeping Partner Unaccepted partner Distance Partner 9. The mode of payment by the hirer in a hire purchase transaction is____ Installment Payment Progress Payment Major Payment 10. If an acceptance is conditional or any fresh term is included by the offeree, the acceptance is called____ First Offer Counter Offer Replanned Offer 11. Goods that are owned or possessed by the seller under a contract of sale are called____ Contractors Goods Existing Goods Real Goods 12. 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 13. Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____ Void Collapse Rejected 14. 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 15. An agent who indemnifies the principal in return for an extra or higher commission is called____ See Also: Law Case Study - How To Answer Case Studies in Law Del Credere Agent Assistant Agent Decorative Agent 16. Except for Lawyers and Accountants, it is illegal to form a partnership of more than____ persons. 20 10 15 17. The principle whereby a principal subsequently accepts an unauthorized action of an agent is called____ Agreement Acceptance Ratification 18. Property will not pass in unascertained goods until the goods are____ Recommended Ascertained Salable 19. The person on whom a bill is drawn is known as____ Drawee Drawer Withdrawer 20. In a general partnership, the maximum number of partnerships is____ 20 15 10 21. 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. 40% or 60% 30% or 70% 50% or 60% 22. State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved. Vehicle Repair Motor Vehicle Machine Set 23. Something of value in the eye of the law which is given for a promise in order to make it enforceable is called Consideration Promissory Note Agreement 24. ____is required in addition to delivery for a bill of exchange payable to order to be negotiated. See Also: Vitiating Factors - 5 Major Vitiating Factors Commitment Focus Endorsement 25. Consideration must be sufficient but need to be____ Consistent Adequate Approved 26. A seller’s right to stop goods on the way before it gets to the buyer is called____ Work in Transit Transiting Stoppage in transitu 27. An invitation to make an offer is called____ Invitation to Sale Invitation to Treat Invitation for Business 28. A partnership with one or more partners and one or more limited partners is called____ Restricted Partnership Approved Partnership Limited Partnership 29. 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____ Permanent Bill Inland Bill National Bill Loading … Share with your friendsWhatsAppTelegramPrint 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 -- Advertisement --