1998 - JAMB Commerce Past Questions and Answers - page 3
21
Sabo and Gambo entered into a contract for the sale of two baskets of tomatoes belonging to Gambo. Before the date 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
correct option: d
Users' Answers & Comments22
A minor is not permitted to enter 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
May not be able to write the contract
correct option: c
Users' Answers & Comments23
A person who is cheated in 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
correct option: d
Users' Answers & Comments24
The most essential element of a product is the
A
price
B
utility
C
design
D
colour
correct option: b
Users' Answers & Comments25
Which of the following is a disadvantage of nationalization
A
It promotes poor economic planning
B
The cost of services is not determined by by market forces
C
It may lead to rationalization of resources
D
The development of local skills and technologyis retarded
correct option: d
Users' Answers & Comments26
An example of a consumer protection agency is the?
A
Nigeria Bar association
B
Nigeria Medical Association
C
Ferderal Environmental Protection Agency
D
Manufacturers Association of Nigeria
correct option: c
Users' Answers & Comments27
The body that organizes, promotes and participates in local and foreign trade fairs is the
A
Ministry of Commerce and Tourism
B
Ministry of finance
C
Chambers of Commerce
D
Export Promotion Council
correct option: c
Users' Answers & Comments28
The Continental West African Conference is a
A
group of all West African countries trading in the same products
B
conference to foster unity among the West African countries
C
gorups of shipping lines operating on the same West African route
D
trust with shareholders fromall West African countries
correct option: d
Users' Answers & Comments29
The main function of thrift, credit and loans co-operative societies is to
A
educate their members
B
collect money from their members
C
disburse money to their members
D
raise investment finance among thir members
correct option: d
Users' Answers & Comments30
Management is described as
A
getting things done through people
B
implementing of business decision
C
the numbers of levels in an organization
D
the people in authority in an organization
correct option: b
Users' Answers & Comments