TMA QUESTIONS

Which of the following is not a source of commercial law in Nigeria?

Pursuant to section 1(1) Sale of Goods Act 1893, contracts for the sale of goods has been defined as “a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price”. The word “property” in the definition is broad equivalent to

In the context of contract for the sale of goods, the word “goods” includes the following except

In a contract for sale of goods an “agreement to sell” imputes the fulfilment of a condition which can include

The price for the contract for the sale of goods may be fixed by the parties, or determined as provied by contract or subject to a presumption that the buyer will pay a reasoable price. In such a case, the burden to prove the reasonableness or otherwise of the price demanded rests squarely upon

As a student of the Law of Commercial Transactions, would it be correct to hold that the Law of Commercial Transactions cover and include such domains as sale of goods, banking, intellectual property, taxation, company management, hire purchase, competition, agency, and insurance?

Where the price of a contract for the sale of goods is to be fixed or determined by a third party valuation and the third party fails to discharge this duty, the contract is to be

The case of Morgan v Russel & Sons (1909) 1 KB 357 is an authority that the contract for the sale of goods does not apply to

Providing that the consideration in a contract of sale should be in money called the price, the sale of goods law frowns at barter or exchange being construed as a sale. However, the stipulation is not cast in concrete on the authority of

Immediately the Commercial Transactions lecture, Ms Genius confronted Mr Bookworm on the the difference, if any, between hire purchase and contract of sale of goods. According to Ms Genius a credit sale (where the property in the goods passes to the buyer at once) and conditional sale (where the seller retains the property in the goods until the whole of the price is paid) is a hire purchase contract. Mr Bookworm disagreed. What is your view?

A typical illustration showing that a sale is different from a security for a loan is a mortgage. In a sale the general property in the goods passes to the buyer absolutely. In a mortgage it passes subject to the condition that the mortgagor

The judicial authority for the proposition that the burden of proof lies on the seller to show that the price he asks or insists that the buyer must pay is reasonable in the in relevant circumstances can be found in the

Under the Sale of Goods Act, “existing goods” have been defined as goods owned or possessed by the seller. Following this defintion, can it be said that the word “existing” has the same meaning with “in existence” in an everyday sense?

It is possible for goods to be physically available, and yet not in existence within the meaning of the Sale of Goods Act. This condition is fulfilled when

All of the following except one fall into the main categories of “unascertained goods”

The general law governing capacity to enter into contractual relations is contemporaneous with the capacity to create a valid sales of goods contract. This means that relevant is the case of

Generally, once an offer is made it takes a life of its own. It continues to live and keeps on living, always open for the offeree to accept until a legally recognizable event ensues to bring it to an end. The includes

Consideration is executed if the act is or has been performed in return for a promise. It is executory if the offer as well as acceptance remains within the domain of promises and as to liability

One of the following is not one of the basic rules for determing when the property in the goods under a sale of goods contract passes

Any situation in which a seller who is a non-owner, or a person with a defective title, confers a goood title on his buyer and in doing so defeats the claims of the true owner or of a person with a superior title is called

The international instrument which lays down identical rules for the international carraige of passengers, luggage and goods by air is known as

A documentary credit which represents a bank’s assurance of payment against presentation of specified documents. In the substantive contract the seller would state that payment is to be by documentary credit and it is a most common payment mehtod in

Apart from the fundamental principle of strict compliance in respect of documentary credit, there is another principle which ordains that a credit is a separate transaction from the contract on which it may be based called

FOB meaning that risk passes to buyer including payment of transportation and insurance costs once delivered on board the ship by the seller, is an example of a series of pre-defined commercial terms by International Chamber of Commerce better known as

In the case of Payrene Co Ltd v Scindia Steam Navigation Co Ltd (1954) 2 QB 402 it was pungently shown and admirably held that

With the exception of one, the following constitute the purpose of a bill of lading:

Bells Ltd entered into a contract of sale with Splits Ltd for the supply of 2,500 pieces of LED TV sets. The goods were damaged and Bells sued to recover. The sellers insisting property has passed pleaded res perit domino, meaning

Mr KnowItAll, ready to justify his training, counselled his father, a seller of tyres, that he should not deliver goods to any person “on sale or return basis” since property remains with him. Do you agree?

The statement that it is “a covenant shorthand expression of saying that a particular breachâ€¦ by one party is such as to go to the root of the contract which entitles the other party to treat such breach as a repudiation of the whole contract” refers to

The rule which stipulates that an ambiguous (or exemption) clause must be construed strictly against the party who insisted that the clause be inserted (or is relying on it) is otherwise known as