JAMB UTME - Commerce - 2002

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The contract between Okeze and Ojo to sell TV sets may be terminated on the ground of frustration. Frustration occurs when unforeseeable events occur after the formation of a contract that makes it impossible to perform the contract. In this case, the TV sets were stolen in transit, which is an unforeseeable event that makes it impossible for Okeze to perform the contract. Therefore, frustration of the contract may be a valid ground for termination. However, if Okeze was aware that the TV sets were stolen and did not disclose this information to Ojo, this would be an act of fraudulence and may also be a valid ground for termination. Breach of contract may also be a ground for termination if one of the parties fails to fulfill their obligations under the contract. However, in this case, neither party has breached the contract as the stolen TV sets were beyond their control. Bankruptcy is not a valid ground for termination in this case as it does not relate to the performance of the contract.

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A wholesaler who possesses the title of goods he sells is known as a merchant wholesaler. Merchant wholesalers are businesses that purchase goods in large quantities from manufacturers or other suppliers and sell them to retailers, other businesses, or institutional customers. One of the distinguishing characteristics of merchant wholesalers is that they take ownership, or title, of the goods they purchase from the manufacturer. This means that they are responsible for storing, transporting, and ultimately selling the goods to their customers. In contrast, agent wholesalers act as intermediaries between buyers and sellers, but do not take ownership of the goods they handle. Multiple wholesalers and general wholesalers are not commonly used terms in the industry, and do not carry a specific meaning in this context.

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A retail cooperative society is an organization that is formed by a group of individuals with the aim of pooling their resources together to purchase goods and services in bulk for their mutual benefit. The answer is likely option (B): cutting off the profit of middlemen. By purchasing goods in bulk, the retail cooperative society is able to negotiate lower prices from manufacturers and suppliers, and then sell these goods directly to their members at a lower price than what they would have paid through middlemen, thus cutting off the profit of middlemen. This helps members save money and obtain quality products at a lower cost. While the other options may be benefits or activities of a retail cooperative society, the main aim is to provide members with goods and services at a lower cost through collective purchasing power. Therefore, option (B) is the most likely answer.

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The agency in Nigeria which ensures that products conform to government quality specifications is the Standards Organization of Nigeria (SON). SON is a government agency that is responsible for ensuring that products made and sold in Nigeria meet the quality standards set by the government. They accomplish this by setting and enforcing standards for products, testing and certifying products that meet these standards, and prosecuting those who sell substandard products. In summary, SON is the agency that makes sure products sold in Nigeria are safe and meet the government's quality standards.

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Members of the Stock Exchange who buy and sell securities for their own account are known as "jobbers." Jobbers act as market makers, providing liquidity to the market by buying and selling securities at their own risk. They make their profits by buying securities at a lower price and selling them at a higher price, or by selling securities at a higher price and then buying them back at a lower price. Unlike brokers, who act as intermediaries between buyers and sellers, jobbers trade directly with other members of the exchange.

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Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the "lump sum benefit". An endowment policy is a type of life insurance policy that provides both insurance coverage and a savings component. The insured pays regular premiums to the insurance company, and at the end of the policy term, the policy pays out a lump sum benefit to the insured. If the insured dies before the end of the policy term, the lump sum benefit is paid out to the beneficiary. The lump sum benefit is the amount of money that the insured receives at the end of the policy term, and it is usually a fixed amount that is specified in the policy. The lump sum benefit can be used for any purpose, such as paying off a mortgage, funding a child's education, or supplementing retirement income.

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Deferred shares are called so because the holders of these shares receive their dividends after other shareholders. This means that if a company issues both ordinary shares and deferred shares, the ordinary shareholders will receive their dividends first, and only after they have been paid will the deferred shareholders receive their dividends. Deferred shareholders are also not entitled to any dividends until the ordinary shareholders have been paid their dividends in full. This means that if the company does not make enough profit to pay dividends to both ordinary and deferred shareholders, the deferred shareholders may not receive any dividends at all. In some cases, deferred shareholders may be entitled to cumulative dividends. This means that if the company does not pay a dividend in one year, the dividend owed to the deferred shareholders will accumulate and be paid in a future year, before any dividends are paid to ordinary shareholders. However, this is not always the case, and the terms of the deferred shares will depend on the specific agreement between the company and the shareholders.

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The act of awarding scholarships and sponsoring sports by a business organization is an example of social responsibility. Social responsibility refers to the idea that businesses should act in a way that benefits society as a whole, rather than solely focusing on making a profit. By awarding scholarships, a business is providing financial assistance to students who may not have the means to pursue higher education. This can have a positive impact on society by creating more opportunities for people to access education and ultimately contribute to society in meaningful ways. Sponsoring sports can also be seen as a form of social responsibility because it promotes physical activity and healthy lifestyles, which can have positive effects on individuals and society as a whole. It can also help support local communities by providing opportunities for people to come together and engage in activities. Overall, social responsibility is about businesses recognizing that they have a broader role to play in society beyond just making a profit, and taking actions to make a positive impact on the world around them.

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The bulls and bears in the Stock Exchange market help to minimize fluctuations in the prices of securities. The term "bull" refers to an investor who is optimistic and expects the prices of securities to rise, while a "bear" is an investor who is pessimistic and expects the prices to fall. When the market is dominated by bulls, demand for securities increases, causing the prices to rise. Conversely, when the market is dominated by bears, supply of securities increases, causing the prices to fall. The competition between the bulls and the bears helps to stabilize the market by preventing sudden and extreme price changes in either direction. This allows investors to make more informed decisions and reduces the risk of large losses.

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The countries that are members of the Lake Chad Basin Commission are Niger and Cameroun. The Lake Chad Basin Commission is an intergovernmental organization that was established in 1964 to promote cooperation and sustainable development in the Lake Chad Basin region. The organization includes four member countries: Chad, Niger, Nigeria, and Cameroun. However, only two of the given options include Niger and Cameroun together: Niger and Cameroun, and Chad and Benin. Since Chad is also a member country of the Commission, can be eliminated. Therefore, the correct answer is Niger and Cameroun.

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The unit through which the result of processed data is displayed is the output unit. An output unit is a device that receives information from a computer or other electronic device and presents that information to the user in a human-readable form, such as text, images, or sound. The most common output units are displays, printers, and speakers. For example, when you type a document on your computer and then print it, the printer is the output unit that produces a hard copy of the document. Similarly, when you play a song on your phone, the speaker is the output unit that produces the sound. The output unit is an important part of the computer system, as it allows users to interact with the processed data and make use of the results of their computations. Without an output unit, the data would be processed but the user would have no way of seeing or hearing the results.

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The advantage of hire purchase to the consumer is the possession of goods before payment. This means that the consumer can acquire the desired product without paying the full amount upfront, and instead, they make installment payments over a period of time. This allows the consumer to spread the cost of the purchase and make it more affordable. Additionally, possession of the goods before payment allows the consumer to enjoy the benefits of the product while paying for it. However, it is important to note that the total cost of the product may be higher due to the interest charged on the installment payments.

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The option that is used to inform the addressee that a registered parcel is ready for collection is a slip. A slip is a small piece of paper that is usually left by the delivery person at the addressee's location when they are not available to receive the package. The slip contains important information such as the name and address of the post office or delivery center where the package is being held, along with a unique tracking number and instructions on how to retrieve the package. When the addressee receives the slip, they can use it to go to the designated post office or delivery center to collect their package. The slip is an important document, and the addressee must present it along with a valid form of identification to claim their package. Therefore, if you receive a slip in your mailbox or at your doorstep, it means that a registered parcel is waiting for you to collect it from the designated post office or delivery center.

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An important issue for consideration in the product element of the marketing mix is the planning and development of the product. Product planning and development involves identifying a need in the market and designing a product that meets that need. This includes defining the features and benefits of the product, determining the target market, and creating a product design that is both functional and aesthetically pleasing. By carefully planning and developing a product, a company can ensure that it meets the needs of its customers and is competitive in the marketplace. This is a crucial aspect of the product element of the marketing mix, as it determines whether the product will be successful and generate revenue for the company.

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The exclusive right that an author has to their published and unpublished works is known as "copyright." This means that the author has the sole right to reproduce, distribute, and display their work, and to create derivative works based on it. Copyright protects a wide range of creative works, including books, music, artwork, and software. It gives the author control over how their work is used and allows them to receive compensation for its use. In simple terms, copyright is a legal protection that gives authors the right to control and profit from their creative works.

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The commercialization of public enterprises is aimed at increasing efficiency and making the enterprises self-sufficient. Public enterprises are entities that are owned and controlled by the government, and they provide essential services to the public. However, they are often criticized for being inefficient and unprofitable. The commercialization of public enterprises involves transforming them into commercial entities that operate in a competitive market. The goal of this transformation is to make the enterprises more efficient, increase their productivity, and make them financially self-sufficient. By becoming financially self-sufficient, the public enterprises will require less government funding, and they will be able to provide better services to the public. While advertising and promoting goods and services, increased assistance and patronage of the enterprises by the public, and selling goods and services are all important aspects of commercialization, they are all secondary to the primary goal of increasing efficiency and self-sufficiency.

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The letters E and OE stand for "errors and omissions excepted." This phrase is commonly used in legal and business contexts, such as contracts, agreements, and invoices. The purpose of including the phrase "errors and omissions excepted" is to indicate that while every effort has been made to ensure the accuracy of the information presented, there may be some mistakes or omissions that have been overlooked. This means that if there are any errors or omissions in the document, the party issuing the document is not liable for them. In essence, the phrase "errors and omissions excepted" is a disclaimer that limits the liability of the party issuing the document, in case any mistakes or omissions are discovered later.

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A bill of exchange that has already been accepted by the drawee (the person or entity who is ordered to pay the bill) can be discounted by the holder (the person who is entitled to receive payment) at any bank. This means that the holder can receive the funds from the bank before the due date of the bill, in exchange for a lower amount than the face value of the bill. The bank then becomes the new holder of the bill and assumes the responsibility of collecting payment from the drawee when the bill matures. The holder does not need to go to his bank or any specific bank, as any bank can provide this service.

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The Stock Exchange is a market where all types of securities are sold. Securities are financial instruments that represent ownership in a company or a debt owed by a company. The Stock Exchange provides a platform for companies to sell their securities to the public in exchange for capital to finance their operations. The types of securities traded on the Stock Exchange include stocks, which represent ownership in a company, and bonds, which represent a debt owed by a company. These securities can be short-term, medium-term, or long-term, depending on the duration of the investment. Therefore, the Stock Exchange is a market where all types of securities are sold.

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The question is asking which of the options listed is considered as "aid to trade." The answer is likely option (B): iii, V, VI, and VIII. "Aid to trade" refers to the various services and facilities that support and facilitate international trade, including transportation, insurance, communication, and financing. Export, wholesale, and import are all related to the process of trade itself, while banking and finance are broad categories that encompass a variety of activities. Retail may indirectly support trade by providing products to consumers, but it's not directly considered an "aid to trade." Therefore, option (B) is the most likely answer, as it includes transportation (iii), insurance (V), banking and finance (VI), and communication (VIII), which are all essential services that support and facilitate international trade.

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Capital as a factor of production can be used as an input for further production. In economics, capital is defined as any resource that is used to produce goods and services. It includes not only money or financial assets, but also physical assets such as machinery, tools, buildings, and infrastructure. As a factor of production, capital is used to produce goods and services by combining it with other inputs such as labor and raw materials. For example, a factory may use capital in the form of machinery and equipment to produce goods such as cars or electronics. Capital is important for economic growth and development because it enables businesses to increase their production capacity and efficiency. By investing in capital, businesses can produce more goods and services at a lower cost, which can lead to higher profits and economic growth. In summary, capital is an important factor of production that can be used as an input for further production. It includes not only money or financial assets, but also physical assets such as machinery, tools, buildings, and infrastructure, and is essential for economic growth and development.

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The question is asking which option involves foreign trade among the four options given. The answer is most likely commodity markets. Commodity markets are physical or virtual marketplaces where traders buy and sell raw materials and primary products such as metals, agricultural products, and energy. These markets can involve domestic or international trade and are often used for foreign trade and exchange of goods between countries. Supermarkets, chain stores, and departmental stores are retail businesses that sell finished consumer goods to the general public. While these types of stores may sell products that are imported or exported, they are not directly involved in foreign trade.

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The function of employers' associates is to promote and protect the interests of employers. This includes advocating for policies that benefit employers, such as promoting thrift in workers and disseminating information through sponsored journals. They may also engage in activities that support the welfare of workers, but their primary focus is on advancing the interests of employers. Therefore, the correct answer to the question is the option that mentions "promotion of workers' welfare."

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The cement industry is normally located near the source of its raw materials. This is because the primary raw material used in cement production is limestone, which is a sedimentary rock that is typically found in large deposits close to the earth's surface. Other materials, such as clay and sand, are also used in the cement-making process, and these can also be found in close proximity to limestone deposits. Therefore, it makes economic sense for cement companies to establish their manufacturing plants close to the sources of these raw materials to reduce transportation costs and ensure a steady supply of the necessary materials. Additionally, this helps to minimize the environmental impact of transporting large amounts of heavy raw materials over long distances.

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The temporary insurance certificate that is issued to an insured person before an actual policy is drawn up is called a "cover note." It serves as proof that the person has applied for insurance coverage and that their application is being processed. The cover note is usually issued quickly, so the person can have some immediate protection until their policy is finalized. Once the policy is ready, the cover note is replaced by the actual insurance policy document. So, the cover note is only temporary and does not provide long-term insurance coverage.

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The document issued by the seller which gives details of the goods he sells is known as an invoice. It is an important commercial document used in business transactions between buyers and sellers. The invoice typically contains information such as the description of goods or services sold, their quantities, prices, and payment terms. The seller sends the invoice to the buyer as evidence of the transaction and to request payment for the goods or services rendered. The buyer then uses the invoice to keep track of their purchases and payments.