Revision Questions and Answers on Business Law (CBT) / Business Law, CBT Q&A / By Charles Izuoba / March 9, 2020 August 23, 2021 These questions were extracted from 2017 Yabatech Test Questions on Business Law (ND3 PT) Please enter your email: 1. 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____ Savaged Frustrated Dissolved 2. Property will not pass in unascertained goods until the goods are____ Salable Recommended Ascertained 3. Consideration must be sufficient but need to be____ Adequate Consistent Approved 4. 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 Necessity Agency of Need 5. A term which authorizes the owner or his agent to enter any premises to retake possession in a hire purchase agreement is____ Void Agreement Possession Stamp 6. A seller’s right to stop goods on the way before it gets to the buyer is called____ Stoppage in transitu Work in Transit Transiting 7. State the type of goods to which the Hire Purchase Act 2004 is applicable irrespective of the amount involved. Machine Set Vehicle Repair Motor Vehicle 8. A partnership with one or more partners and one or more limited partners is called____ See Also: Law Case Study - How To Answer Case Studies in Law Approved Partnership Limited Partnership Restricted Partnership 9. An agent who indemnifies the principal in return for an extra or higher commission is called____ Assistant Agent Del Credere Agent Decorative Agent 10. 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 11. 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% 12. The principle whereby a principal subsequently accepts an unauthorized action of an agent is called____ Acceptance Ratification Agreement 13. A bill of exchange drawn on a banker and payable on demand is called a____ Deposit Slip Cheque Withdrawal Slip 14. 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 15. Goods that are owned or possessed by the seller under a contract of sale are called____ Contractors Goods Existing Goods Real Goods 16. An invitation to make an offer is called____ See Also: AGENCY - Law of Agency (Business Law) Invitation for Business Invitation to Sale Invitation to Treat 17. In a general partnership, the maximum number of partnerships is____ 20 10 15 18. If an acceptance is conditional or any fresh term is included by the offeree, the acceptance is called____ Counter Offer Replanned Offer First Offer 19. Except for Lawyers and Accountants, it is illegal to form a partnership of more than____ persons. 15 10 20 20. The relationship which subsists between persons carrying on business is common is called____ Participation Partnership Collaboration 21. The mode of payment by the hirer in a hire purchase transaction is____ Progress Payment Installment Payment Major Payment 22. A person who appoints another and authorizes him to enter into a contractual relationship with a third party is called____ Principal Proprietor Headmaster 23. Where an offeree refuses to assent to the terms of an offer, the offer is said to have been____ Collapse Rejected Void 24. A partner who does not participate in the day to day running of a partnership business is____ Sleeping Partner Distance Partner Unaccepted partner 25. 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 Ownership CEO Title 26. 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 Nemo Dat Quod Non Habet Herbert Macaulay 27. The person on whom a bill is drawn is known as____ Drawee Drawer Withdrawer 28. ____is required in addition to delivery for a bill of exchange payable to order to be negotiated. Commitment Endorsement Focus 29. Something of value in the eye of the law which is given for a promise in order to make it enforceable is called Agreement Promissory Note Consideration Loading … 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