Meaning and validity of a simple contract - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 1994

Which of the following maxims negate the principle of collective bargaining?

A. Individual employees have weak bargaining base
B. Individual employees attain strength when they come together in union
C. Only members of the union can benefit from agreements negotiated by the union
D. Collective bargainig covers the vast majority of employees, whether union members or not

Question 3:

• JAMB 2019

In a law of contract, what is given in exchange for a promise to perform is_____

A. Offer
B. Acceptance
C. Warranty
D. Consideration

Question 4:

• JAMB 2019

An offer extended to several people at once is called

A. Acceptance
B. Offeror
C. Invitation to threat
D. Consideration

Question 5:

• JAMB 2019

A conter offer is an offer that is

A. Different from the original offer
B. Breached
C. Different in terms of acceptance
D. Extended to several people at once