ACC307 TMA4 Questions

ACC307 TMA4 List of Questions

Q1 A contract of Hire is synonymous with Hire-Purchase. Justify this assertion.
Not Correct
Uncertain
Correct
None of the above

Q2 Goods not yet in existence, and goods in existence but not yet acquired by the seller at the point of making the contract are known as what?
Future Goods
Ascertained Goods
Existing Goods
None of the above

Q3 Goods identified and agreed upon at the time the contract of sale was made are known as what?
Ascertained Goods
Existing Goods
Future Goods
None of the above

Q4 Goods that are owned and possessed by the seller at the time of contract are known as what?
Existing Goods
Ascertained Goods
Future Goods
None of the above

Q5 A voluntary and gratuitous transfer of any property from one person to another is known as what?
Alienation
Transference
Gift
Assignment

Q6 A transaction under which goods are delivered by one party (the bailor) to another (the bailee), on certain specified terms, which generally provide that the bailee is to have possession of the goods and subsequently redeliver then to the bailor in accordance with his instruction is known as what?
A Sale of Goods
A Negotiable Action
A Fret Forwarding
A bailment

Q7 “A contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price” is known as what?
Hire-Purchase
Commercial Dealing
Bargaining
Sale of Goods

Q8 In which of the following cases did the following fact occurred? A sale of 200 tons of potatoes to be grown on a piece of land which was held to be a sale of specific goods, despite the fact that they were not existing goods.
HOWELL V COUPLAND (1876)
Eso West African INC. V Ali (1968)
Spiropolous Co. Ltd. V Nigeria Rubber & Co. Ltd (1970)
None of the above

Q9 In which case was it held, inter alia, that it is the duty of an agent to carry out any instructions that may be given to him by the principal and cannot depart from such instructions even though he reasonably believed that in doing so he was promoting the interest of the principal?
Eso West African INC. V Ali (1968)
HOWELL V COUPLAND (1876)
Spiropolous Co. Ltd. V Nigeria Rubber & Co. Ltd (1970)
Eso West African INC. V Ali (1968)

Q10 In which of the following cases did the Court, hold that ‘’the prudence which an agent is expected to show in the affairs of his principal requires that he should not involve the principal in a heavier financial burden where there is available means of involving him in a higher financial burden’’?
Eso West African INC. V Ali (1968)
Hutton V Warren (1836)1 M and W 466
Majekodunmi V Joseph Daboul Ltd. (1975)2 C.C.H.C.J. 161
Spiropolous Co. Ltd. V Nigeria Rubber & Co. Ltd (1970)

Q11 In which of the following case was it held that ‘’once the relationship of principal and agent is established, and the agent fails to keep proper account or fails to account to the principal for monies or properties received by him in the cause of his agency, he is accountable to such a principal and can be compelled to render such account by an action in a court for an account.’’?
Eso West African INC. V Ali (1968)
Spiropolous Co. Ltd. V Nigeria Rubber & Co. Ltd (1970)
Majekodunmi V Joseph Daboul Ltd. (1975)2 C.C.H.C.J. 161
HOWELL V COUPLAND (1876)

Q12 Which of the following is part of the Remedies Available to the Principal?
Dismissal
Rescission and Damages
Action for Account
All of the above

Q13 Which of the following is one of the Ways of Terminating Agency?
Operation of Law
Deal Settlement
Calling Quit
Redraft

Q14 Which of the following Remedies is available to the Agent?
Damages
Right of Set-Off
Right of Lien
All of the above

Q15 An Agent who is authorized to act for and on behalf of his principal on or for special occasion is addressed as what?
General Agent
Special Agent
Mercantile Agent
Open Agent

Q16 An agent’s instructor whose existence and identity is known to the third party at the time of entering into a contract with an agent is known as who?
Undisclosed Principal
Disclosed Principal
Available Principal
Identity Agent

Q17 An agent having authority to sell or to consign goods for the purpose of sale, or to buy goods or to raise money on the security of goods is addressed as who?
Special Agent
General Agent
Mercantile Agent
None of the above

Q18 An agent to whom certain goods have been consigned for a foreign principal?
General Agent
Overflow Agent
Mercantile Agent
Commissioned Agent

Q19 An Agent who is authorized to act for and on behalf of his principal in all his affairs in connection with a particular kind of business, trade or profession or who represents him in the ordinary course of his own trade, business or profession, as agent is addressed as what?
Commission Adent
General Agent
Del Credere Agent
None of the above

Q20 The instructor of an agent whose existence and identity is unknown to the third party at the time of entering into a contract with an agent is known as whom?
Disclosed Principal
Commissioned Agent
Undisclosed Principal
None of the above

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