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SS2: COMMERCE - 3RD TERM

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  1. Business Law | Week 1
    5 Topics
    |
    1 Quiz
  2. Agency | Week 2
    7 Topics
    |
    1 Quiz
  3. Sale of Goods | Week 3
    5 Topics
  4. Rights of an Unpaid Seller and Buyer, Hire Purchase | Week 4
    3 Topics
    |
    1 Quiz
  5. Rights and Obligations of Employer and Employee | Week 5
    1 Topic
    |
    1 Quiz
  6. Government Regulation of Business | Week 6
    1 Topic
    |
    1 Quiz
  7. Structure of Business | Week 7
    3 Topics
  8. Organizational Structure Cont'd | Week 8
    2 Topics
  9. Span of Control | Week 9
    4 Topics
    |
    1 Quiz
  10. Introduction to Business Management | Week 10
    4 Topics
  11. Business Organizational Units | Week 11
    1 Topic
    |
    2 Quizzes




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Business relationships are deeply rooted in the law of contract

  1. What is a contract?
  2. State the essential elements of a valid contract
  3. Briefly discuss any three of them (SSCE 1991)
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Evaluation Questions

Business relationships are deeply rooted in the law of contract

1. What is a contract?

Answer – A contract may be defined as an agreement between two or more parties which is intended to be enforceable by law. In other words, a contract is an agreement that a court will enforce.

 

2. State the essential elements of a valid contract

Answer –

The following are the essential elements of a valid contract.

  1. Offer and acceptance
  2. Valuable consideration
  3. Genuine accent
  4. Legal capacity
  5. Legal object
  6. Proper form

 

3. Briefly discuss any three of them (SSCE 1991)

Answer –

(i) Offer and Acceptance: For any contract to be valid, an offer must be made. This may be in form of a written or verbal proposal or an action. Such an offer must also be accepted by the other party.

(ii) Valuable Consideration: Each party to a contract must be giving out something of value to receive another. Such thing must be money or money’s worth

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