NATIONAL OPEN UNIVERSITY OF NIGERIA

UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
MARCH/APRIL 2015 EXAMINATION

Course Code:   ACC307                                                        

Credit Unit: 3

Course Title:    COMMERCIAL LAW

Time Allowed: 2^1/2 Hours.

Instructions:    1. Attempt Question 1 and any other three (3) Questions.

                          2. Question 1 is compulsory and carries 25 marks

                           while the other two Questions carry 15 marks each.

                         3. Present all your points in coherent and orderly manner.

     1.   a. Define the term ‘Offer’ and ‘Acceptance’.                                        5 MARKS

c. Discuss the various ways in which an Offer can be terminated.     20 MARKS                              

2. Discuss the different duties which an Agent owes to his Principal. 15 MARKS

3.    a. Attempt a concise definition of ‘Consideration’.                            3 MARKS

b. Explain past Consideration.                                                            2 MARKS

c. Distinguish between Executed and Executory Considerations.   10 MARKS

4. a. Distinguish between ‘agreement’ and ‘contract’.                           4 MARKS     

        b. Discuss any four ‘constituent elements’ of a contract.                  11 MARKS

5.  List and explain the conditions that may lead to the termination of Agency by operation of law.    15 MARKS
6. a. What is an Arbitration?                                                                 5 MARKS

b. List and discuss the advantages of Arbitration.                          10 MARKS