JAMB Commerce Past Questions & Answers - Page 123

A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. It cannot be cashed at a bank counter but must be paid into an account in exactly the same name as that which appears on the 'payee' line of the cheque (i.e. the person who has received the cheque, who is legally the “payee” and “holder” of the cheque).

Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual. This has been a  major problem in foreign trade. When this happens, traders are unable to transact business and at the mercy of the government till the sanctions are lifted.

For instance, in August 2019, President Muhammadu Buhari had ordered a ban on dollars for food imports, forcing importers to source for dollars at parallel markets. This singular move skyrocketed the prices of consumables in the local economy.

The major functions of a trade association are: Educating members so as to improve efficiency. Preventing cut-throat or unfair competition. Promoting and extending trade through 'legislative work'.

A charter party is simply a deed between a shipowner and a trader for the hire of a ship and the delivery of cargo. That is, it is an agreement between the owner of a ship and a trader who intends to use the ship for the transportation of his/her goods.

The Internet is a vast network that connects computers, phones, and gadgets all over the world, with people sharing information and communicating through electronic messages from anywhere with an Internet connection.