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Revision Questions and Answers on Business Law (CBT)

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

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

 
 
 

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

 
 
 

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

 
 
 

4. An invitation to make an offer is called____

 
 
 

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

 
 
 

6. 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.

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

11. 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____

 
 
 

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

 
 
 

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

 
 
 

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____

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

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

 
 
 

24. 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____

 
 
 

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

 
 
 

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

 
 
 

27. Consideration must be sufficient but need to be____

 
 
 

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

 
 
 

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

 
 
 

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