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

Question 21:

• JAMB 2007

An announcement of a person's willingness to enter into a contract is referred to as?

A. A proxy
B. An offer
C. A consideration
D. An acceptance

Question 22:

• JAMB 2008

An agreement between two parties which is enforceable by law is a?

A. Promise
B. Warranty
C. Contract
D. Condition

Question 23:

• JAMB 2009

The most important attributes in a sale of goods contract are?

A. Offer and consideration
B. Price and goods
C. Offer and acceptance
D. Demand and supply

Question 24:

• JAMB 2010

An opportunity to reject a binding contract at will by a third party is said to be a?

A. Valid contract
B. Quasi contract
C. Voidable contract
D. Conditional contract

Question 25:

• JAMB 2011

To make a simple contract valid, the intention must be?

A. Legal and written
B. Legal and binding
C. Legal and attractive
D. Legal and harmonious