Commerce Practice Test – Legal Aspect of Business (Questions with Answers and Explanations)

The activities of consumers’ association in Nigeria have not been effective because _______ 

A. the consumers are many
B. the government is not favourably disposed towards consumerism
C. there is poor enlightenment about consumer rights
D. the consumers have no medium for expressing their feelings

Social responsibility is the ability of an organization to _____ 

A. meet the needs of its community
B. operate without disrupting the very essence of the environment
C. tackle the socio-economic problem of its community
D. contribute to sustaining and developing its community

Consumer sovereignty means that the consumer is _____ 

A. a citizen     B. always independent     C. always wrong     D. always right

Mr. Amusa says to Mr. Bello ‘I will sell you this hat for N 330. And Mr. Bello replied, ‘I will pay 29’. The contract is ______

A. an offer and acceptance
B. an implied contract
C. a complete simple contract
D. an offer but no acceptance

A common element in all contracts is ______ 

A. consideration     B. agreement     C. offer     D. acceptance