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

Question 26:

• JAMB 2012

Yahaya bought a piece of furniture on a credit sale agreement from Ahmed and resold it to Ali before all installments were made .The court upheld that Ahmed could not recover possession of the items from Ali. The reason for the judgement was because

A. Ownership was transfered on completeion of installment
B. Ownership was transfered on delivery
C. Yahaya could not pass title to a third party
D. Ali was still indebted to Yahaya

Question 27:

• JAMB 2013

A contract that is acknowledged before the law court is referred to as

A. Informal contract
B. Formal contract
C. Contract of records
D. Specialty contract

Question 28:

• JAMB 2013

A contract can be terminated through

A. Physical combat
B. Family intervention
C. Frustration
D. Consultation

Question 29:

• 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 30:

• JAMB 2014

A contract which is devoid of legal effect is

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