Commerce Questions and Answers

A computer system consists of mainly four basic units; namely input unit, storage unit, central processing unit and output unit. Central Processing unit further includes Arithmetic logic unit and control unit.

A voidable contract is a formal agreement between two parties that may be rendered unenforceable for a number of legal reasons. Reasons that can make a contract voidable include the following: Failure by one or both parties to disclose a material fact. A mistake, misrepresentation or fraud. Undue influence or duress.

Factors and Brokers are both and equally agents; but with this difference: the Factor is entrusted with the property which is the subject-matter of the agency; the Broker is only employed to make a bargain in relation to it. This means that, a broker does not take the possession of goods while a factor takes title of the goods

Advantages of hire purchase to seller.

• Increases sales and thus profits.
• It encourages impulse buying.
• They get commission from Finance Houses.
• Insurers good during the Hire Purchase period.
• The seller has the right to repossess the goods if the buyer defaults on payment.

Frustration of contract is the legal termination of a contract because of unforeseen circumstances that: make the contract and its objectives virtually impossible to execute; make the performance of the contractual obligations illegal; or. render the contract fundamentally different from its original intended character