JAMB Commerce Past Questions & Answers - Page 19

A counter offer is an offer made in response to a previous offer by the other party during negotiations for a final contract. Consensus ad idem in contract law means there has been a meeting of the minds of all parties involved and everyone involved has accepted the offered contractual obligations of each party.

Consensus ad idem in contract law means there has been a meeting of the minds of all parties involved and everyone involved has accepted the offered contractual obligations of each party

Privatization is the process of transferring an enterprise or industry from the public sector to the private sector. The public sector is the part of the economic system that is run by government agencies

The transfer of ownership, property or business from the government to the private sector is termed privatization

A chamber of commerce (or board of trade) is a form of business network, for example, a local organization of businesses whose goal is to further the interests of the community

A chamber of commerce is an association or network of business people designed to promote and protect the interests of its members.

The Verbal Communication is a type of oral communication wherein the message is transmitted through the spoken words.

telephone is a verbal means of communication

sole proprietorship is solely financed by the owner and money from family and friends and most times it’s difficult to raise funds

The main disadvantages to being a sole proprietorship is raising of funds