Agency, Sale of Goods Act and Hire Purchase Act - 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

An agreement to sell is distinguishable from sale because in the former, the transfer of goods is

A. Not anticipated
B. Not discussed
C. Deferred
D. Immediate

Question 3:

• JAMB 1994

Mr Amusa says to Mr Bello 'i will sell you this hat for N30'. And Mr Bello replied 'i will pay N29'. The contract is

A. An offer and acceptance
B. An implied contract
C. a complete simple contract
D. An offer but no acceptance

Question 4:

• JAMB 1994

Which of the following must be present in an agency by agreement?

A. Intentions
B. Will
C. Consent
D. Authority

Question 5:

• 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