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


3. 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____


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


5. Consideration must be sufficient but need to be____


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


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


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


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


11. 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____


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


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


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


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


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


18. 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____


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


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


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


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


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


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


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


27. 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____


28. An invitation to make an offer is called____


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