Ola presented his motor-cycle for sale to Musa at a cost of #8,000. Musa agreed and bought the vehicle at the same amount. The #8,000 for the sale is

Assessment: WAEC SSCE - Commerce - 1998 (Objective) Subject: Commerce

Question 1 Report

Ola presented his motor-cycle for sale to Musa at a cost of #8,000. Musa agreed and bought the vehicle at the same amount.
The #8,000 for the sale is
Answer Details
The #8,000 for the sale is a consideration. Consideration is the value or benefit that each party to a contract gives to the other. In this scenario, Ola offered to sell his motor-cycle to Musa for #8,000, and Musa agreed to pay the same amount. The payment of #8,000 by Musa is the consideration for the sale of the motor-cycle by Ola.
Read lesson note on Purchase And Sale Of Goods (JAMB)
Read lesson note on Commerce (JAMB)
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