Legal Aspects of Business Generix Content - Legal Aspects of Business
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"Legal Aspects of Business" question number distribution across years
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JAMB questions for "Commerce :: Legal Aspects of Business"
Q1
The characteristic which ensures that money is free from forgery is it's
A
legality
B
durability
C
recognition
D
credibility
E
Q2
Unresolved disputes between the employer and employees are usually referred to the
A
code of conduct bureau
B
personnel unit
C
disciplinary committee
D
industrial arbitration tribunal
E
Q3
A document which gives a level status to a company is the certificate of
A
incorporation
B
trading
C
commencement of business
D
business registration
E
Q4
A proposed company may not be registered if
A
the name conflict with that of another
B
it does not put 'limited' after its proposed name
C
it has no paid-up capital
D
it has no asset of its own
E
Q5
An agreement between two parties which is enforceable by law is a
A
promise
B
warranty
C
contract
D
condition
E
Q6
The implied provisions in every sale of goods as contained in the Sales of Goods Act of 1893 are conditions and
A
consideration
B
sureties
C
warranties
D
guaranties
E
Q7
When an employee incurs expenses while executing bis normal duty, the employer is responsible for his
A
safety
B
family's securities
C
family welfare
D
indemnification
E
Q8
The practice whereby government relinquishes its ownership interest in a public enterprise is
A
commecialization
B
indigenization
C
privatization
D
nationalization
E
Q9
An announcement of a person's willingness to enter into a contract is referred to as
A
an offer
B
a proxy
C
consideration
D
an acceptance
E
Q10
Citizens are against privatization mainly because of
A
the rationalization of organizations
B
the likehood of monopoly
C
increased price of goods and services
D
ineffective management
E
Q11
Consumers require protection against exploitation to ensure
A
the sales of equality products
B
availability of product variety
C
adequate consumer awareness
D
increased aggregate demand
E
Q12
Law-making is an example of
A
commercial occupation
B
industrial occupation
C
direct service
D
indirect service
E
Q13
A written agreement for hiring a ship for transporting goods is a
A
charter party
B
consular invoice
C
certificate of origin
D
bill of lading
E
Q14
A protection right which can be reviewed or renewed after seven years is known as
A
trade mark
B
design
C
registration name
D
patent
E
Q15
'Safeguarding the health of the nation' is the slogan used by
A
NHIS
B
NAFDAC
C
NDLES
D
EPL
E
Q16
The most important advantage of privatization is the enhancement of
A
efficiency
B
accountability
C
profitability
D
liquidity
E
Q17
When one person approves an act previously done by another in the formers name without authority, this is known as
A
misrepresentation
B
estoppel
C
illegality
D
ratification
E
Q18
Consumerism aims at protecting the consumer from
A
alcohol consumption
B
drug
C
smoking cigarettes
D
harmful products
E
Q19
The most important right of the employee in discharging his duties to the employee is the right to
A
regular emoluments
B
job securities
C
working facilities
D
annual leave
E
Q20
The primary objective of consumer protection laws is to ensure that
A
consumer derive maximum satisfaction from goods and services
B
consumers buy goods and service at cheap rates
C
manufacturers of goods and services providers overcome internal competition
D
manufacturers of goods and services providers get optimum profit
E
Q21
In CIF contracts, risk passes at the time of shipment but the property does not pass untill
A
there is physical transfer of goods
B
the shipping manifests are signed
C
the shipping documents are transferred
D
the goods on board are delivered
E
Q22
A partnership is dissolved when
A
the business suffers a loss
B
there is bankruptcy
C
there is consistent theft
D
there is a misunderstanding between partners
E
Q23
A written partnership contract is known as
A
private company limited by shares
B
public company limited by shares
C
company limited by guarantee
D
company limited by shares
E
Q24
A common element in all contracts is
A
consideration
B
agreement
C
offer
D
acceptance
E
Q25
A transporter who had to sell some perishable goods without the prior authority of the owner becomes an agent by
A
necessity
B
estoppel
C
conduct
D
ratification
E
Q26
Consumer rights include the right to
A
redress
B
credit
C
a share of profits
D
free samples of a product
E
Q27
In Nigeria, the body that ensures that its members operate according to their professional ethics is the
A
MAN
B
NAFDAC
C
SON
D
NPF
E
Q28
One of the requirements necessary for setting up a business is
A
documentation
B
registration
C
advertisement
D
knowledge of the business
E
Q29
The right of ownership with respect of goods or property is
A
certificate of occupancy
B
title
C
right of occupancy
D
proxy
E
Q30
A guarantee given by one person or party to another in which the integrity of the person is assured is
A
tear assurance
B
indemnity
C
fidelity
D
subogation
E
Q31
The act of a person employing another to enter into a contract on his behalf is known as
A
agency
B
bilateral agreement
C
business
D
sales of goods
E
Q32
The protection of consumers against exploitation by manufacturers is to ensure
A
increase in production capacity
B
increase in level of consumer awareness
C
that the right quality of goods and service is sold
D
that there are varieties of products
E
Q33
Okeze contracted to sell TV to Ojo. Unknown to them, the set were stolen in transit. This contract may be terminated on the grounds of
A
bankruptcy
B
frustration
C
fraudulence
D
breach of contract
E
Q34
The agency in Nigeria which ensures that products conform to government quality specifications is the
A
Standards Organization of Nigeria
B
Nigeria Consumers' Association
C
Manufactures' Association of Nigeria
D
Nigerian Chamber of Commerce
E
Q35
An author's exclusive right to his published and unpublished work is known as
A
author's right
B
constitutional right
C
patent right
D
copyright
E
Q36
A contract for the sale of goods involves the
A
producer, the seller and buyer of goods
B
offering of goods to customers
C
transfer of title to goods for money
D
exchange of goods
E
Q37
Securities on which the buyers are not issued with certificates are called
A
authorized securities
B
inscribe securities
C
bearer securities
D
registered securities
E
Q38
Entrusting the management of a company to the courts to enable the settlement of the company's obligations is an indication of
A
distress
B
closure
C
bankruptcy
D
liquidation
E
Q39
Who is the offeree in this contract?
A
Musa
B
Audu
C
Adamu
D
Jacob
E
Q40
Who are the parties to the contract of renting the room?
A
Musa and Jacob
B
Musa and Audu
C
Adamu and Musa
D
Audu and Jacob
E
Q41
Government policies relating to the establishment and operations of businesses are targeted at
A
even spread facilities and employment
B
the general improvement of the economy
C
increasing the profits of business owners
D
diversification and expansion of businesses
E
Q42
The legal aspect of business is designed to
A
protect infant industries from collapse
B
safeguard consumers from undue business practices
C
protect business organisations and consumers
D
encourage free exchanges among business
E
Q43
An aspect of the law which allows an exclusive right for a limited number of years is a
A
patent
B
trade mark
C
ratification
D
copyright
E
Q44
The basic elements of a valid contract are
A
offer, acceptance, consideration and witness
B
offer, acceptance, capacity, legality and consideration
C
offer, acceptance, intention, capacity and legality
D
offer, intention, acceptance and legality
E
Q45
In an organization, civic consideration arises from
A
its social negative impacts on the community
B
its operations within the enviroment
C
the rpofit derived from the environment
D
the fact that it is registered in the locality
E
Q46
After registration, a certificate of trading is usually issued to a
A
partnership
B
private company
C
public company
D
sole proprietorship
E
Q47
The first known legislation to protect consumer rights in Nigeria is the
A
Usury laws
B
Sales of Goods Act
C
Hire Purchase Act
D
Food and Drugs Act
E
Q48
The process of bringing a company under exclusive state ownership and control is known as
A
nationalization
B
commercialization
C
indigenization
D
privatization
E
Q49
In a hire-purchase agreement between Argungu Ltd and Maikudi, Argungu Ltd inserted the provision that it can enter Marikudi's premises at any time and remove the hired vehicle for any breach. This provision is
A
lawful to both
B
unlawful to both
C
beneficial to both
D
detrimental to both
E
Q50
In every simple contract, the price which is paid to purchase a promise is called
A
offeree
B
acceptance
C
consideration
D
representation
E
Q51
An example of a consumer protection agency is the
A
Nigerian Bar Association
B
Nigerian Medical Association
C
Federal Environmental Protection Agency
D
Manufacturers Association of Nigeria
E
Q52
A person who is cheated in a business transaction can seek legal remedy
A
even if the agreement is verbal and the amount involved is large
B
only if the business is a sole proprietorship whose owner is known
C
regardless of the form of business organization
D
only if the transaction is documented in a contract
E
Q53
A minor is not permitted to enter a into a valid contract because he
A
cannot pay the consideration
B
is too young to interpret the law
C
is young in the eye of the law
D
Frustration
E
Q54
Sabo and Gambo entered into a contract for the sale of two baskets of tomatoes belonging to Gambo. Before the date of delivery and without any default by Gambo, the tomatoes were stolen. This is an example of termination of contract by
A
Breach
B
Performance
C
Fault
D
Frustration
E
Q55
Leasing is the right to use assets for an agreed period in return for
A
profit
B
interest
C
wages
D
rents
E
Q56
A close indent is an instruction to an agent to
A
order goods from a particular manufacturer
B
order goods from any manufacturer
C
sell goods to any firm
D
sell goods to certain firm
E
Q57
The most important piece of legislation governing business and commercial activities in Nigeria currently is the
A
Companies Decree, 1968
B
Trade Disputes Decree, 1976
C
Companies and Allied Matters Decree, 1990
D
Banks and other financial Institutions Decree, 1991
E
Q58
The over-riding objective of the food and drug act in Nigeria is to prevent the
A
importation of food and drugs that can be locally manufactured
B
consumption of food and drugs not tested by the ministries of health
C
adulteration of food and drugs sold in the country
D
manufacturers of food and rugs from charging excessive prices
E
Q59
In which of the following circumstances is a court order NOT necessary for the winding up of a company?
A
Suspension of business for one year
B
Special resolution of members
C
Reduction in the number of members below the legal minimum
D
Inability to pay its debts
E
Q60
What are the factors with which commercial undertakings can be distinguished? I Size of the undertakings.  II Profit generated   III Forms of ownership  IV Location of the undertakings
A
I and II only
B
i and II only
C
II and III only
D
III and IV only
E