Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
A contract can be terminated through
physical combat
family intervention
frustration
consultation
Correct answer is C
One of the instances in which the contract can be terminated due to frustration is when the nature of the contract has changed between the parties because of an unforeseen event, and which also happens to be outside the control of the contracting parties.
The right to retain possession of goods until the contract price is paid is referred to as
a promise
ultra vires
a breach
a lien
Correct answer is D
Lien; is a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
performance
frustration
an agreement
breach
Correct answer is D
If one of the parties to a contract breaches an obligation which the contract imposes, that party is in breach of contract. one party's failure to fulfill any of its contractual obligations is known as a "breach" of the contract.
An agent employed to sell goods delivered to him by the principal is referred to as a
special agent
del credere agent
factor
universal agent
Correct answer is C
A factor is a type of trader / agent who receives and sells goods on commission (called factorage). A factor is a mercantile fiduciary transacting business in his own name and not disclosing his principal.
A contract that is acknowledged before the law court is referred to as
informal contract
formal contract
contract of records
specialty contract
Correct answer is C
A contract of record is one which has been declared and adjudicated by a court having jurisdiction, or which is entered of record in obedience to, or in carrying out, the judgments of a court.