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

Which of the following is a function of consumerism?  

A. Protecting consumers’ rights
B. Providing consumers’ choice
C. Providing consumers’ needs
D. Making profiteering impossible

The most important piece of legislation governing business and commercial activities in Nigeria currently ¡s the _____

A. Companies Decree, 1968.
B. Trade Disputes Decree, 1976
C. Companies and Allied Matters Decree, 2020
D. Banks and other Financial Institution Decree, 1991

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

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