Legal Aspects of Business - Jamb Commerce Past Questions and Answers

Question 111:

• JAMB 2014

An agent who transacts business with the broker in the stock exchange is a

A. Stag
B. Bull
C. Del credere
D. Jobber

Question 112:

• JAMB 2014

The payment made by a speculator to the buyer when he is unable to deliver stocks on the agreed date is

A. Arbitage
B. Franco
C. Contango
D. Backwardation

Question 113:

• JAMB 2014

Mr Taiwo entered into a contract to let a car to Mr Bunmi for his wedding for two days. However, the car had an accident before the first day. Mr Bunmi attempted to claim damages but failed. This implies the contract was terminated by

A. Bankruptcy
B. Frustration
C. Breach
D. Lapse of time

Question 114:

• JAMB 2014

Hire purchase is advantageous to the seller in that

A. It elevates his living standard
B. His turnover will increase
C. People pay on installment
D. It enhances high level of patronage

Question 115:

• JAMB 2014

A contract which is devoid of legal effect is

A. Void contract
B. Unenforceable contract
C. Voidable contract
D. Valid contract