Neco commerce answers 2021

Here is neco confirmed commerce answers for 2021, remember to subscribe for waec answers. Enjoy.

Commerce Theory

8i)
Fear of domination; members are always suspicious and afraid of each other because of the uneven development in the region.

(8ii)
Political Instability; the constant changes in government among member nations as a result of coups lead to political instability in the sub-regions.

(8iii)
Currency differences; the differences in currency among member nations
had made the transfer of capital difficult and also reduced trading activities.

(8iv)
Political Ideology /Colonial Ties; the West African region is split into
French and English Speaking countries. Member countries still lean to their colonial masters.
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(9a)
A breach of contr act is a violation of any of the agreed-upon terms and conditions of a binding contract. The breach could be anything from a late payment to a more serious violation such as the failure to deliver a promised asset.

(9b)
A contract is a legally binding agreement between two or more people which is enforceable in a court of law.

(9c)
A contract under seal, or a deed, is a written document that, when “sealed”, is distinguishable from a contract. A deed is a formal document that gives the clear indication that a person or entity gives its most sincere promise that they will fulfil contractual obligations.

(9d)
A void contract is a contract that isn’t legally enforceable, starting from the time it was created. While both a void and voidable contract are null, a void contract cannot be ratified.

(9e)
Terminating a contract means legally ending the contract before both parties have fulfilled their obligations under the terms of the contract.