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Pregunta 1 Informe
The advertising medium which uses electric current in bulbs is referred to as
Detalles de la respuesta
The advertising medium you are referring to is neon signs. Neon signs are a type of advertising and signage that use electrified, glowing tubes or bulbs that contain neon gas. When an electric current is passed through the gas, it emits light, creating a bright and eye-catching display. Neon signs are popular because they are highly visible at night and can be customized in various shapes, sizes, and colors. They are often used for attracting attention to businesses or special promotions.
Pregunta 2 Informe
Stock exchange quoted the shares of ABC Plc at #0.75K for #1.25K per share. This means the shares were sold at a
Detalles de la respuesta
When shares are quoted on a stock exchange, it signifies the price at which the stock is available for purchase. The problem provides two prices regarding the shares of ABC Plc:
In this scenario, since the selling price (#1.25K) is higher than the par value (#0.75K), the shares were sold at a premium. Therefore, the stocks of ABC Plc were sold for more than their face value, which indicates that investors were willing to pay more than the nominal value for those shares, typically due to the company's perceived potential or existing market demand.
Pregunta 3 Informe
The term "consumer sovereignty" means that the consumer is a
Detalles de la respuesta
The term "consumer sovereignty" indicates that the consumer is considered a king in the market. This concept emphasizes the power and freedom consumers have to influence the goods and services that are produced in a market economy. Essentially, businesses strive to fulfill the desires and needs of consumers because their satisfaction and demand determine what should be produced. In this role, the consumer wields the power to make decisions based on preferences, effectively guiding the market dynamics. Companies that understand their consumers well and meet their needs are more likely to succeed.
Pregunta 4 Informe
The aid to trade which enables producer and consumer to transact business without physical contact is known as
Detalles de la respuesta
The aid to trade that enables a producer and consumer to transact business without physical contact is known as communication.
To understand why, consider the following: Communication is a process that involves the exchange of messages, ideas, and information. With modern technology, such as telephones, emails, and the internet, communication allows people from various locations to interact and conduct business seamlessly. This eliminates the necessity for face-to-face meetings.
For example, a consumer can order a product online and communicate with the seller via chat or email. Similarly, a producer can advertise a product to a global audience through digital platforms without any need for physical presence. These exchanges are facilitated primarily by effective communication.
Pregunta 5 Informe
The association that encourages savings for the benefit of its members is known as
Detalles de la respuesta
The association that encourages savings for the benefit of its members is known as a Credit and Thrift Co-operative Society.
Let me explain this in simple terms:
In summary, a Credit and Thrift Co-operative Society is all about saving money together as a group and supporting each other financially by providing easy access to loans.
Pregunta 6 Informe
Which of the following services is NOT rendered by NITEL?
Detalles de la respuesta
The service that is NOT rendered by NITEL is Recorded Delivery.
Explanation:
NITEL, which stands for Nigerian Telecommunications Limited, was mainly involved in providing telecommunications services in Nigeria. Its core services included:
On the other hand, Recorded Delivery is a service typically offered by postal services, not telecommunication companies. It involves sending mail with proof of mailing and, sometimes, delivery confirmation. This ensures that mailed items are tracked and delivered securely.
Pregunta 7 Informe
Prospectus in relation to a public limited inability company means
Detalles de la respuesta
In the context of a public limited company, a prospectus refers to a formal document that is issued by the company to provide essential information to potential investors. It serves as an invitation to the public to buy shares in the company.
The main purpose of the prospectus is to help potential investors make informed decisions about whether or not to invest in the company's shares. It typically contains details such as:
The prospectus is a crucial document because it ensures transparency and allows investors to assess the potential risks and rewards involved in purchasing shares from the company.
Pregunta 8 Informe
Which of the following is NOT part of the marketing mix?
Detalles de la respuesta
The marketing mix is commonly referred to as the "4 Ps", which are key elements involved in executing a marketing strategy effectively. These elements are:
Unlike the "4 Ps," personnel is not traditionally considered a part of the marketing mix. While having skilled and well-trained staff is crucial for customer service and operations, it is not one of the main components in the traditional marketing mix. Thus, among the options provided, personnel is NOT part of the marketing mix.
Pregunta 9 Informe
Use the information below to answer this question.
Aisha sold her wristwatch to Halima for #2,000.00 and she paid. The sum of #2,000.00 is the
Detalles de la respuesta
The sum of #2,000.00 in the transaction between Aisha and Halima is referred to as the consideration. In contracts and transactions, particularly in legal terms, a consideration is something of value that is exchanged between parties involved in an agreement. It can be in the form of money, goods, services, or a promise to act or refrain from acting. In this case, Halima paid Aisha #2,000.00 as a consideration for the wristwatch. This makes the transaction a valid contract where the consideration is the monetary amount exchanged for the wristwatch.
Pregunta 10 Informe
A person who runs a business on his own account is called a
Detalles de la respuesta
A person who runs a business on his own account is called a sole trader. This term refers to an individual who owns and operates their business independently, without forming a company or corporation. They are solely responsible for all aspects of the business, including decision-making, profits, and losses.
Here's a simple way to understand this:
Sole: This means "one" or "single," indicating that there is only one person in charge.
Trader: This refers to someone who engages in selling goods or providing services.
Therefore, a sole trader is someone who runs their business independently and takes full responsibility for its operation. They do not have partners or additional directors in the business.
Pregunta 11 Informe
Which of the following is NOT a credit instrument?
Detalles de la respuesta
The term **credit instrument** refers to a written document that provides evidence of a borrower's promise to repay a debt. These instruments allow the transfer of money or credit between parties. Each of the options given is assessed below:
Bill of Exchange: This is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. It is a credit instrument as it facilitates deferred payments.
Bank Notes: These are the paper currency issued by a central bank that people can use to pay for goods and services. They are not credit instruments because they represent actual money rather than a promise to pay in the future.
Cheques: A cheque is a written order directing a bank to pay money as instructed from the account holder's balance. It is a credit instrument as it allows the holder to defer payment until it is presented at the bank.
Bill of Lading: This is a document issued by a carrier to acknowledge receipt of cargo for shipment. It is mainly used to transfer goods and does not involve deferred payments or evidence of a debt, thus it is not a credit instrument.
Therefore, among the given options, the Bill of Lading is NOT a credit instrument as it is primarily related to the shipment and receipt of goods, and not to financial credit or promises of payment.
Pregunta 12 Informe
The breaking down of work into different processes is known as
Detalles de la respuesta
The breaking down of work into different processes is known as division of labour. This concept involves splitting a job into a series of smaller tasks, with each task assigned to a different worker or group of workers. By doing this, each worker can focus on what they do best, increasing their efficiency and productivity in that particular task.
Here's a simple way to understand it: Imagine a bakery that makes loaves of bread. Instead of one person doing everything from mixing the ingredients, kneading the dough, baking, and packaging, the work is divided among several people. One person may be responsible for mixing the ingredients, while another focuses on kneading the dough, yet another bakes it, and a final person packages the bread. This makes the entire process faster and more efficient, as each worker becomes proficient in their specific task.
The division of labour allows for a more effective use of skills and resources, leading to higher productivity and often resulting in goods being produced more quickly and for less cost.
Pregunta 13 Informe
The components of a balance of payments account are
Detalles de la respuesta
The balance of payments (BOP) is a record of all economic transactions between residents of one country and residents of other countries over a specific period. It is divided into three main components, which are: Current, Capital and Monetary movement (financial) account.
Pregunta 14 Informe
Which of the following can be used to establish an importer's title to goods?
Detalles de la respuesta
To establish an importer's title to goods, the most significant document among the given options is the Bill of Lading.
The Bill of Lading is a legal document issued by a carrier to a shipper. It has multiple roles, including serving as a:
The other documents mentioned have different purposes:
In summary, the Bill of Lading is the primary document used to establish an importer's title to goods, serving as both an acknowledgment of the shipment and a legal claim to the goods.
Pregunta 15 Informe
Detalles de la respuesta
The term "caveat emptor" is a Latin phrase which translates to "let the buyer beware." This principle is used primarily in property transactions and essentially means that the buyer assumes the risk of the quality and condition of the item purchased, unless it is covered by a warranty. In simple terms, it emphasizes the responsibility of the purchaser to examine and evaluate what they are buying. It is a warning that the buyer should be cautious and perform any necessary due diligence prior to completing a transaction. Sellers are not obligated to volunteer details about the products or properties they sell unless asked by the buyer or required by law.
Pregunta 16 Informe
An instruction to an agent abroad restricting him to buy from a named manufacturer is known as
Detalles de la respuesta
The instruction given to an agent abroad restricting him to buy from a specific or named manufacturer is known as a closed indent.
Let me explain it in a straightforward way:
1. **Indent:** This is a purchase order sent by a buyer to an agent or supplier to buy goods on their behalf. It contains details about the product, quantity, and specifications.
2. **Closed Indent:** This type of indent indicates that the buyer has decided to purchase products from a particular, specified manufacturer or supplier. The agent must comply with this restriction while procuring the goods. The buyer has already made a choice, and the agent is simply carrying out their instructions.
In contrast, an **open indent** allows the agent to choose the manufacturer or supplier from whom to buy the goods, as long as the buyer’s requirements are met. So, the key difference is the level of freedom or restriction given to the agent in selecting the supplier.
Pregunta 17 Informe
A dealer who buys securities at low prices in anticipation of reselling them at higher prices is called a
Detalles de la respuesta
A dealer who buys securities at low prices in anticipation of reselling them at higher prices is called a bull.
Here's a simple explanation:
Let's contrast this with the other terms mentioned:
Pregunta 18 Informe
The following are functions of marketing EXCEPT
Detalles de la respuesta
Marketing is a broad concept that involves various activities to promote and sell products or services. Let's briefly explore each option in relation to marketing:
Packaging: This is a marketing function that involves designing and producing the containers or wrappers for a product. The purpose of packaging is to protect the product, facilitate its storage and transport, and make it appealing to consumers.
Distribution: This function refers to the process of getting the product from the manufacturer to the consumer. It involves activities like transportation, warehousing, and supply chain management, ensuring that the product is available to customers at the right time and place.
Advertising: Advertising is a marketing function that focuses on promoting a product or service through various media channels. The aim is to inform potential customers about a product, persuade them to purchase, and build brand awareness.
Insurance: This is not a marketing function. Insurance is a financial service that provides risk management and protection against potential financial losses. While businesses may use insurance to protect their assets, it is not a function aimed at promoting and selling products or services like the other activities mentioned.
In summary, insurance is not a function of marketing. It stands apart as a service focused on risk management rather than the promotion and sale of products or services.
Pregunta 19 Informe
The Nigeria Enterprises promotion Decree brought about policy
Detalles de la respuesta
The Nigeria Enterprises Promotion Decree was a significant legislative action aimed at altering the structure of ownership in the Nigerian economy. The primary objective of this decree was to achieve indigenization of the Nigerian economy. This means that the decree was designed to increase Nigerian participation and ownership in various businesses and enterprises operating within the country.
Indigenization is a policy whereby a nation seeks to transfer ownership and control of foreign or expatriate-owned assets to its indigenous people. This was done by setting quotas or limits on foreign participation in certain sectors, thereby reserving those sectors for Nigerians. The goal was to promote local entrepreneurship, boost economic growth, and reduce foreign dominance in the economy.
While nationalization involves taking private assets into public ownership, and privatization is about transferring public sector enterprises into private hands, the Nigeria Enterprises Promotion Decree primarily focused on indigenizing the economy by empowering Nigerian citizens and businesses to own and control economic activities in the country.
Pregunta 20 Informe
The rights of the consumers does NOT include
Detalles de la respuesta
In discussing the rights of consumers, it's important to recognize that these rights are intended to ensure fair treatment, safety, and access to necessary information. Let's look closely at the options provided to determine which one does not align with consumer rights:
The right to fix prices: However, this is not a consumer right. **Consumers do not have the right to set or fix the prices of goods and services.** ^Pricing is usually determined by companies, influenced by factors like production costs, market demand, and competition.^ While consumers can compare prices and make choices based on their budget and preferences, the **determination of prices is not within their rights**.
In summary, **the correct answer is that consumers do not have the right to fix prices**. This responsibility lies with businesses and is regulated to prevent practices like price fixing, which can harm consumer interests.
Pregunta 21 Informe
The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is
Detalles de la respuesta
The principle of insurance that ensures an individual is restored to his former position after suffering a loss is the principle of indemnity. This principle is based on the idea that insurance is meant to compensate for the financial loss or damage suffered, and nothing more. It ensures that the insured party is not put in a better position than they were before the loss. The goal is simply to bring the insured back to the status they were at before the loss occurred. In essence, indemnity prevents the insured from profiting from an insurance claim, ensuring that they are compensated fairly and justly for their actual loss.
Pregunta 22 Informe
Closing stock is also known as
Detalles de la respuesta
Closing stock is also known as Ending Inventory. It refers to the amount of inventory or stock that remains unsold at the end of an accounting period. This can include raw materials, work-in-progress, and finished goods. Closing stock is important for financial reporting, as it affects the cost of goods sold and, ultimately, the company's profit. It is calculated by taking into account all the inventory purchases and subtracting the cost of goods that have been sold during the period. To express it simply, closing stock is what is left over after sales have been accounted for.
Therefore, the correct and precise term for closing stock is Ending Inventory.
Pregunta 23 Informe
The rules and regulations guiding the conduct of business transactions are known as law
Detalles de la respuesta
In the context of **business transactions**, the rules and regulations that govern them are primarily known as **commercial law**. This is because **commercial law deals specifically with the legal aspects of business and trade**, and it includes a variety of laws that regulate how businesses operate, how they interact with other businesses, and how consumers are protected in these transactions.
Other laws mentioned, such as:
Therefore, when discussing the guidelines and frameworks for business transactions specifically, **commercial law** is the umbrella under which these rules and regulations fall.
Pregunta 24 Informe
Bonded warehouse is controlled and supervised by
Detalles de la respuesta
A bonded warehouse is a secure facility where goods are stored, and duties or taxes are deferred until the goods are removed and sold. These warehouses play a crucial role in international trade.
A bonded warehouse is specifically controlled and supervised by customs authorities. Customs are responsible for the regulation and examination of goods that are imported or possibly exported from the country.
Here is why customs control bonded warehouses:
This control by customs is crucial for maintaining transparency and compliance in the import and export of goods, ensuring the appropriate duties are collected and that regulations are respected.
Pregunta 25 Informe
Which of the following is NOT an aim of advertising?
Detalles de la respuesta
Advertising primarily focuses on promoting products or services to potential customers. Here are typical aims of advertising:
On the other hand, reducing the cost of the goods produced is NOT an aim of advertising. This is more associated with production processes and cost management strategies within a company. Advertising itself often incurs costs and does not directly reduce production expenses but is intended to increase sales and generate revenue, which can offset costs over time.
Pregunta 26 Informe
Banks issue cheque books to customers holding ___________ accounts.
Detalles de la respuesta
Banks issue cheque books to customers holding current accounts.
Let me explain why:
A current account is designed for regular transactions. It is ideal for individuals or businesses that need frequent access to their funds. This account allows for multiple daily transactions such as deposits, withdrawals, and transfers.
One primary feature of a current account is the ability to issue cheques. A cheque is a written order to a bank to pay a certain amount of money from one’s account to another person or entity.
Unlike a current account, foreign accounts, deposit accounts, and fixed deposit accounts serve different purposes:
Therefore, banks provide cheque books specifically for current accounts to facilitate regular transactions.
Pregunta 27 Informe
The body charged with the responsibility monitoring the quality of goods supplied is the
Detalles de la respuesta
The body responsible for monitoring the quality of goods supplied is the Nigerian Standards Organization. This organization, also known as the Standards Organization of Nigeria (SON), is charged with setting and ensuring compliance with product quality standards for goods in the country. Their primary role is to develop and implement standards that help safeguard both consumers and the environment by ensuring that products are safe, reliable, and of good quality.
The SON conducts inspections, tests, and other evaluative measures on products to ascertain their quality. Additionally, they educate manufacturers and stakeholders about necessary standards and oversee adherence to these standards in production and distribution processes. Through these activities, the organization aims to protect consumers from harm, fraudulent practices, and low-quality products, while also enhancing the competitiveness of Nigerian goods both locally and internationally.
Pregunta 28 Informe
One of the easiest means of transporting petroleum product is by
Detalles de la respuesta
Pipelines are one of the easiest and most efficient means of transporting petroleum products. Here is why:
1. Continuous Flow: Pipelines allow for a constant and uninterrupted flow of petroleum products from one location to another. This continuity ensures a steady supply and minimizes delays that can occur with other modes of transportation.
2. Cost-Efficient: Over long distances, pipelines are generally more cost-effective than other transportation methods. This is due to lower operating costs and the ability to transport large volumes of product with minimal energy input once the infrastructure is in place.
3. Safety: Pipelines are considered to be a safer option for transporting petroleum products compared to road or rail. They reduce the likelihood of accidents or spills that can occur with vehicles or trains, making them a preferred choice for minimizing environmental impact.
4. Reliability: Unlike air or road transport, pipelines are less affected by weather conditions, traffic, or other disruptions, which makes them a reliable choice for consistent delivery schedules.
5. Low Environmental Impact: While the construction of pipelines can initially impact the environment, their operation creates fewer emissions compared to repeated vehicle trips. This makes pipelines a more environmentally friendly option in the long term.
Overall, due to these advantages, pipelines are often the preferred method for transporting large volumes of petroleum products over long distances in a safe, cost-effective, and reliable manner.
Pregunta 29 Informe
Which of the following does a seller send in reply to a letter of inquiry?
Detalles de la respuesta
When a potential buyer sends a seller a **letter of inquiry**, they are typically asking for information regarding the availability, price, and terms of products or services. In reply to this inquiry, a seller typically sends a **quotation**.
Here is why a **quotation** is the appropriate response:
In conclusion, a seller sends a quotation in response to a letter of inquiry because it addresses the buyer's questions about pricing and other terms related to potential products or services they might purchase.
Pregunta 30 Informe
Detalles de la respuesta
In an organization, welfare services are those that aim to improve the well-being and satisfaction of employees, providing them with a supportive and healthy working environment. Welfare services often include amenities or benefits that contribute directly to employees' health, happiness, and overall work-life balance.
Let's examine each option:
Considering the above definitions, training is NOT typically regarded as a welfare service in an organization. Unlike the other options, which focus on employee well-being, training emphasizes enhancing performance and skill sets to benefit organizational goals.
Pregunta 31 Informe
All the following are principles of insurance EXCEPT
Detalles de la respuesta
In insurance, there are several fundamental principles that ensure the contractual agreement between the insurer and the insured is fair and effective. Among these principles, three are well-known:
Insurable Interest: This principle states that the insured must have a financial stake in the object or life insured. The policyholder should suffer a financial loss if the insured event occurs. This ensures that insurance is not a mere gambling proposition.
Utmost Good Faith (Uberrimae Fidei): Both parties involved in an insurance contract are required to disclose all relevant information truthfully. The insured must reveal all material facts, and the insurer should provide honest terms and conditions.
Subrogation: After compensating the insured for a loss, the insurer may step into the shoes of the insured to seek recovery from a third party responsible for the loss. This principle prevents the insured from profiting more than once for the same loss.
On the other hand, the term "Particular Average" is not one of the fundamental principles of insurance. Instead, it is a maritime insurance term used to describe partial loss or damage to a ship or its cargo that is not shared by all parties but borne only by the individual whose cargo was damaged. Therefore, among the options provided, "particular average" is the exception as it is not a principle of insurance.
Pregunta 32 Informe
A bill of exchange sold for less than its face value before maturity is said to be
Detalles de la respuesta
A bill of exchange that is sold for less than its face value before maturity is said to be discounted.
Here's a simple explanation: A bill of exchange is a written order used in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date or on demand. When you hold a bill of exchange and decide to sell it before its maturity date, you usually sell it for less than its full value. This is because the buyer is taking on the risk of waiting for the maturity date to receive the full amount, and they are compensated for taking that risk by paying less than the bill's face value.
This process is known as discounting the bill of exchange. The amount you receive in the sale is called the discounted value, while the difference between the face value and the discounted value is known as the discount. Discounting is a common financial practice and allows the holder of the bill to get immediate funds, albeit at a lesser amount than the bill's face value.
Pregunta 33 Informe
The sum which the insured pays periodically to his insurance company is called
Detalles de la respuesta
The sum which the insured pays periodically to his insurance company is called a premium.
Explanation:
When you purchase an insurance policy, whether it's for health, life, car, or any other type of insurance, you agree to pay a certain amount of money at regular intervals to the insurance company. This amount is known as the premium. The premium is the cost you pay to the insurance company so that they will provide you with coverage and financial protection against specified risks.
Insurance companies calculate your premium based on various factors including the type of insurance, the amount of coverage you want, your age, your health (for health or life insurance), and other risk factors. In return for paying your premium, the insurance company promises to cover certain costs or losses as outlined in your policy.
Pregunta 34 Informe
The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises in Nigeria is called
Detalles de la respuesta
The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises in Nigeria is called Indigenization.
Indigenization refers to efforts and policies implemented to transfer ownership and control of enterprises and resources from foreign and non-national entities to the nationals of a country. The aim is to increase the involvement of local citizens in the economy of their country, ensuring that they have a substantial stake in the economic activities.
In the context of Nigeria, the indigenization policy was meant to empower Nigerians by enabling them to own and manage businesses. This was achieved by legally requiring certain levels of Nigerian ownership and participation in various sectors of the economy. Such policies were put in place to reduce foreign control and ensure that the wealth generated within the country contributed to national development and was accessible to the citizens of Nigeria.
Pregunta 35 Informe
The act of being on one job for expertise is called
Detalles de la respuesta
The act of being on one job for expertise is called specialization. Specialization is when an individual, group, or company focuses on a specific task, role, or field to become highly skilled and efficient in that area. For example, a person might specialize in medicine, engineering, or teaching, dedicating their time and effort to gaining deep knowledge and expertise in that particular domain.
Specialization allows individuals to become experts, improving their ability to perform their job effectively and efficiently. It also contributes to overall productivity and quality, as specialized professionals can apply their specific skills to complex tasks or problems, leading to more innovative and precise solutions.
In summary, by focusing on one job or area, individuals can hone their skills and contribute to greater efficiencies and advancements in their field.
Pregunta 36 Informe
Detalles de la respuesta
The relationship between a country's visible imports and exports in a trading year is known as the balance of trade.
To understand this concept, think of it as a way to measure how much a country is buying from other countries (imports) compared to how much it is selling to other countries (exports). When we talk about "visible" imports and exports, we refer to tangible goods like cars, food products, electronics, etc., that you can see, touch, and feel.
The balance of trade is essentially the difference in value between a country's visible exports and visible imports. If a country exports more than it imports, it has a trade surplus. Conversely, if it imports more than it exports, it has a trade deficit.
This concept is crucial because it gives insights into a country's economic health. A trade surplus might indicate a strong economy, whereas a trade deficit might suggest dependency on other nations for goods.
In summary, the balance of trade helps us understand the economic relationship between a country and its trading partners by showing whether the country has a surplus or deficit in its visible goods trade. Other terms like counter trade, international trade, and balance of payment have different meanings in economics and should not be confused with the balance of trade.
Pregunta 37 Informe
The deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
Detalles de la respuesta
The scenario you described is an example of a general average loss. This term is used in maritime law and insurance. It refers to a situation where part of the cargo or equipment is deliberately sacrificed or damaged to save the rest of the ship and its cargo from imminent danger. In this case, the throwing of some goods into the sea is done to prevent the ship from sinking, which benefits all parties involved. As a result, the losses are shared proportionally among all stakeholders, such as the shipowner and cargo owners. This shared approach to dealing with loss is known as a general average loss.
Pregunta 38 Informe
When the price quoted includes all the cost to the actual destination, that is, from the seller's warehouse to the buyer's warehouse. it is called
Detalles de la respuesta
When the price quoted includes all the costs from the seller's warehouse to the buyer's warehouse, it is referred to as "Franco".
In the context of goods transportation and sales, "Franco" means that the seller is responsible for all the costs associated with delivering the goods to the buyer's specified location. This includes packaging, loading, transportation, and unloading costs. Basically, the buyer does not have to worry about any extra charges that might occur while the goods are being transported. The seller takes care of everything until the goods reach the buyer's destination.
In contrast, terms like "Loco price" and "Carriage paid" have different conditions regarding the division of responsibilities and costs between the buyer and seller. For instance, "Loco price" typically involves the buyer bearing the cost of picking up the goods from the seller's location, while "Carriage paid" implies that the seller pays the carriage charges up to a certain point.
Overall, "Franco" provides a convenient option for buyers who prefer not to handle the logistics of moving goods from the seller to their final destination.
Pregunta 39 Informe
Detalles de la respuesta
An agreement that is enforceable in law is called a contract.
Here's why:
1. A contract is a legal agreement between two or more parties. Each party agrees to do or not to do something in exchange for some benefit, typically referred to as consideration. In simpler terms, it's a promise or set of promises that the law will enforce.
2. For an agreement to be considered a contract, it generally must contain the following elements:
3. Unlike a decree or a declaration which are generally formal statements or orders typically issued by a government or authority, or an offer which is a proposal but not yet binding, a contract actively binds the parties involved and can be enforced by law. If one party fails to fulfill their stipulated duties, the other can seek legal remedies.
Pregunta 40 Informe
Which of the following types of insurance is usually excluded from the principle of indemnity?
Detalles de la respuesta
The principle of indemnity in insurance states that an insured should not profit from a loss but rather be restored to their financial position prior to the loss. This principle is applied to prevent the insured from benefiting financially from an insurance claim.
Among the options provided, Life Insurance is usually excluded from the principle of indemnity. In the case of life insurance, it is not possible to quantify the loss of life in monetary terms and therefore indemnification in its traditional sense does not apply. Instead, life insurance works on a principle of paying out a specified sum when the insured event (death or specified incident) happens.
Other types of insurance like Fire, Fidelity Guarantee, and Marine are indemnity-based, meaning the payout aims to cover the actual financial loss. For example, if a fire damages property, the insurance payout is based on the value of the property destroyed. Similarly, fidelity guarantee insurance covers loss due to employee dishonesty, and marine insurance compensates for damage or loss of goods during transit. Therefore, these fall under the principle of indemnity.
In summary, life insurance is excluded from the principle of indemnity because it deals with the incalculable loss of a life by providing a predetermined benefit rather than a directly quantifiable financial covering of loss.
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