WAEC Commerce questions: Elements of commercial law

16 questions with answers and explanations. Tap an option to check yourself.

1. Question 1· Elements of commercial law· WAEC

   A display of goods with price tags in a shop is

   • Aan offer
   • Ban invitation to treat
   • Can acceptance
   • Da contract

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2. Question 2· Elements of commercial law· WAEC

   Under the Sale of Goods Act, goods must be of merchantable quality, meaning they

   • Aare fit for ordinary use
   • Bare expensive
   • Care imported
   • Dare new only

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3. Question 3· Elements of commercial law· WAEC

   Agency is a relationship in which

   • Atwo firms merge
   • Bone person acts on behalf of another
   • Ca buyer pays cash
   • Da court decides a dispute

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4. Question 4· Elements of commercial law· WAEC

   Ada promises to sell her phone to Musa for ₦50,000. The ₦50,000 is the

   • Aconsideration
   • Boffer
   • Ccapacity
   • Dlegality

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5. Question 5· Elements of commercial law· WAEC

   In an agency relationship, the person who appoints an agent is the

   • Athird party
   • Bprincipal
   • Cbroker
   • Dfactor

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6. Question 6· Elements of commercial law· WAEC

   An agent who guarantees payment for goods sold on credit is a

   • Adel credere agent
   • Bgeneral agent
   • Cspecial agent
   • Dauctioneer

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7. Question 7· Elements of commercial law· WAEC

   An agreement made with a person of unsound mind is generally

   • Aa sale of goods
   • Bfully valid
   • Ca criminal offence
   • Dvoidable or void for lack of capacity

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8. Question 8· Elements of commercial law· WAEC

   In the sale of goods, 'caveat emptor' means

   • Alet the seller beware
   • Blet the buyer beware
   • Cgoods must be returned
   • Dprices are fixed

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9. Question 9· Elements of commercial law· WAEC

   A contract made by a minor for necessities is

   • Abinding
   • Bvoid in all cases
   • Cillegal
   • Dcriminal

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10. Question 10· Elements of commercial law· WAEC

    A valid contract must have

    • Aa lawyer present
    • Bonly an offer
    • Coffer, acceptance and consideration
    • Da written document in every case

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11. Question 11· Elements of commercial law· WAEC

    Goods displayed in a shop window with price tags are

    • Aa binding offer
    • Ban invitation to treat
    • Can acceptance
    • Da completed contract

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12. Question 12· Elements of commercial law· WAEC

    A patent protects

    • Aa building
    • Ba song
    • Ca company name
    • Dan invention

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13. Question 13· Elements of commercial law· WAEC

    An essential element of a valid contract is

    • Aadvertisement
    • Boffer and acceptance
    • Can invoice
    • Da witness

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14. Question 14· Elements of commercial law· WAEC

    Consideration in a contract means

    • Aa legal penalty
    • Bthe written agreement
    • Ca court case
    • Dsomething of value given by each party

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15. Question 15· Elements of commercial law· WAEC

    A contract is

    • Aany promise between friends
    • Ba legally binding agreement between two or more parties
    • Ca social arrangement
    • Da type of tax

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16. Question 16· Elements of commercial law· WAEC

    The essential elements of a valid contract include

    • Adelivery only
    • Badvertisement and display
    • Cbargaining only
    • Doffer, acceptance and consideration

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    Explanation and discussion