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

Question 16:

• JAMB 2002

Okeze contracted to sell TV sets to Ojo. Unknown to them, the sets were stolen in transit. This contract may be terminated on the ground of

A. Bankruptcy
B. Frustration
C. Fraudulence
D. Breach of contract

Question 17:

• JAMB 2002

A contract for the sale of goods involved the?

A. Producer, seller and the buyer of goods
B. Offering of goods to customers
C. Transfering of the title to goods for money
D. Exchange of goods

Question 18:

• JAMB 2003

The act of a person employing another to enter into a contract on his behalf is known as?

A. Business
B. Sale of goods
C. Bilateral agreement
D. Agency

Question 19:

• JAMB 2004

A common element in all contracts is?

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

Question 20:

• JAMB 2005

In CIF contracts, risk passes at the time of shipment but the property does not pass until?

A. There is physical transfer of goods
B. The shipping manifest are signed
C. The shipping documents are transferred
D. The goods on board are delivered