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.
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.
The breaking down of a market into separate and identifiable elements is known as
differentiation
segmentation
skimming
penetration
Correct answer is B
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.
The essential utility derived from the use of a product is known as
augmented benefit
branded benefitcore benefit
formal benefit
formal benefit
Correct answer is C
The fundamental need or want that consumers satisfy by consuming the product or service