NATIONAL OPEN UNIVERSITY OF NIGERIA
14/16, AHMADU BELLO WAY, VICTORIA ISLAND, LAGOS
SCHOOL OF MANAGEMENT SCIENCES
MARCH/APRIL 2014 EXAMINATIONS
Course Code: ACC307 Credit Unit: 2.
Course Title: COMMERCIAL LAW
Time Allowed: 2 Hours.
Instructions: 1. Attempt Question 1 and any other two (2) Questions.
- Question 1 is compulsory and carries 30 marks
while the other 2 Questions carry 20 marks each.
- Present all your points in coherent and orderly manner.
- 1. Define the term ‘Offer’. 5 MARKS
- How would you distinguish an Offer from an Invitation to Treat? 5 MARKS
- Discuss the various ways in which an Offer can be terminated. 20 MARKS
- Attempt an appropriate classification of materials filling under secondary sources of law and explain them briefly. 20 MARKS
- Define the term ‘Agency’ as a legal concept. 5 MARKS
- Discuss the various types of Agency known to you. 15 MARKS
- a. Distinguish between ‘agreement’ and ‘contract’. 4 MARKS
- Outline any four ‘constituent elements’ of a contract. 16 MARKS
- a. Define a Bill of Lading as a contract document. 5 MARKS
- Explain in detail the functions of the Bill of Lading. 15 MARKS
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Exam summary sample below
