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

Hello and Welcome to Commerce Practice Test - Legal Aspect of Business

  1. You are to attempt 5 random objectives questions ONLY.
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  3. You can attempt as many times as possible

The legal aspect of business is designed to ____ 

A. protect infant industries from collapse
B. safeguard consumers from undue business practices
C. protect business organizations and consumers
D. encourage free exchanges among business

An agency contract must involve _______ 

A. a principal and a consumer
B. a principal and a producer
C. a principal and a third party
D. a principal and an agent

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

The most essential element of a product is the _____ 

A. Price    B. Utility     C. Design     D. Colour

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



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