merrylarry
Re- waec may/June assistance
(May 05 2015 at 02:02pm)
(6a)
Contract is a written or spoken
agreement,
especially one concerning employment,
sales, or tenancy, that is intended to be
enforceable by law. (6b)
(i)Agreement.
(ii)Performance.
(iii)Frustration.
(iv)Breach.
(i) AGREEMENT. A contract can be
discharged
in precisely the same way it was
formed.
Notice
that there must be consideration from both sides.
(ii)
PERFORMANCE. Complete and proper
performance will discharge both
parties.
The original rule was that performance must be precise and exact.
(iii)
BREACH
which is serious enough to give the
innocent party this option of treating
the contract,either one party may show by
express
words or by implications from his
conduct
at some time before performance is due
that he does not intend to observe his obligations under the contract
(anticipatory breach).
(iv)
FRUSTRATION The doctrine of frustration
operates in
situations where it is established that due to subsequent change in
circumstances, the contract is rendered
impossible to perform, or it has become
deprived of its commercial purpose by
an
event not due to the act or default of
either party
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merrylarry
Re- waec may/June assistance
(May 05 2015 at 02:03pm)
(6a)
Contract is a written or spoken
agreement,
especially one concerning employment,
sales, or tenancy, that is intended to be
enforceable by law. (6b)
(i)Agreement.
(ii)Performance.
(iii)Frustration.
(iv)Breach.
(i) AGREEMENT. A contract can be
discharged
in precisely the same way it was
formed.
Notice
that there must be consideration from both sides.
(ii)
PERFORMANCE. Complete and proper
performance will discharge both
parties.
The original rule was that performance must be precise and exact.
(iii)
BREACH
which is serious enough to give the
innocent party this option of treating
the contract,either one party may show by
express
words or by implications from his
conduct
at some time before performance is due
that he does not intend to observe his obligations under the contract
(anticipatory breach).
(iv)
FRUSTRATION The doctrine of frustration
operates in
situations where it is established that due to subsequent change in
circumstances, the contract is rendered
impossible to perform, or it has become
deprived of its commercial purpose by
an
event not due to the act or default of
either party
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merrylarry
Re- waec may/June assistance
(May 05 2015 at 02:08pm)
(4a)
-prevention of smuggling
-collection of data on import
-collection of taxes
-supplies information to traders
-implements government policy on restriction
of goods
(4b)
-provision of warehouse facilities: it
provides
warehousing facilities ath the airport where
luggages are kept.
-provision of office accomodations: the
authority provides office space for
customs,
airline companies, shops, police and immigrations
-provision of control tower: it provides
control
tower at each airport where
movements of
aircrafts are monitored to avoid accident.
-collection of taxes and levies: it collects
airport levies from airlines operators
and
other
users of its facilities -provision of maintenance facilities: it
provides
workshop in all airports where repairs
and
maintyenance can be carried out on
aircrafts.
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merrylarry
Re- waec may/June assistance
(May 05 2015 at 02:10pm)
7a)
-Capital involvement;The huge amount
of
capital involved may never be afforded
by
the individuals hence government involves
-The nature of their
services;government
prefers to handle the rendering of these
essential services in order to reduce
their costs
-Prevention of exploitation;If private
enterprises are allowed to render the
essential
services there will be
exploitation and discrimination in their provision
-To avoid duplication;If private
enterprises are allowed to render
services
rendered by corporations many of them
will be
involved thereby leading to
duplication
-To avoid private monopoly
7b)
-Frequent government or political interference into the administration of
public
corporation which result
ineffectiveness
-High embezzlement prospensity of the
officials of public corporation cripples the
corporation financially
-Lack of adequate personnel hampers
the
effective performance of public
corporation -Political instability that results in
frequent change of governments whic
gives rise to irregular change of the
officials of public corporation does not
augur
well for efficient running of corporation
-Favouratism in the appointment of
managers and members of board of
directors which leads to enthronement
and glorification of mediocrity in place
of meritocracy 3a)
-acccepting deposit;commercial banks
accept deposit from the public for
safekeeping
-Lending to customers;This is perhaps
the most profitable function of a
commercial
bank.deposit from different customers
are pooled together and given out as
loans to different customerx
-Safekeeping of valuables;commercial banks help customers to keep valuables
such
as jewellery,certificate etc
-Issuance of bank statement;At regular
intervals,the bank will prepare and
send bank statements to their customers to
show their transaction with them
-Facilitate international
trade;commercial
banks gives credits to exporters and
this facilitate payment in foreign trade
3b)
-Open market operation;This is the
purchase or sale of government
securities
on open market so as to expand or restrict
the
volume of money in
circulation.Central bank uses this
medium
to control the money in the circulation -Liquidity ratio;commercial banks are
mandated by the government tokeep
specialmproportion of their total
deposits
with
the central bank in order to control the volume of credit
-Bank rate;This is the minimum rate of
interest charged by the central bank for
discounting bill of exchange
-Moral persuasion;Central bank can just
appeal to the commercial banks to
restrict or expand the level of credit to
the public
-Special directives;Central bank can
issue
a direct or specific instructions to the commercial banks and other institutions
to
restrict their lending or credit policy
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merrylarry
Re- waec may/June assistance
(May 05 2015 at 02:22pm)
5a)
-Advertising creates demand because it
persuades consumers to purchase and
use
some goods
-It informs the public about the existence or
production of new good or services
-It contributes in educating the public
about
the uses of a particular commodity or
services advertised
-it helps to make brand names of
commodities
known to members of public
-It also aims at increasing sales and
profit of firms producing the goods advertised
5b)
-Advertising helps to increase the cost
of
goods to be sold -it contributes in
making large firms to drive small firms out of
production and business
-It leads to scarcity of goods
-Advertising contributes in denying the
consumer their traditional right of
choosing and picking goods they want to buy
-It encourages the multiplication of
brand
names
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merrylarry
Re- waec may/June assistance
(May 05 2015 at 02:30pm)
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