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

Assessment: JAMB UTME - Commerce - 1994 Subject: Commerce

Question 1 Report

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
Answer Details
The contract is an offer and acceptance. Mr Amusa made an offer to sell the hat to Mr Bello for N30, and Mr Bello responded with a counter-offer to pay N29. Although the counter-offer was not an acceptance of the original offer, it is considered a new offer. If Mr Amusa agrees to sell the hat for N29, then a contract is formed through the process of offer and acceptance.
Read lesson note on Purchase And Sale Of Goods (JAMB)
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