(a) What is a contract? 

(b) List and explain four ways by which a contract can be discharged.
 

(a) State five reasons for governments participation in business

(b) Explain five problems encountered by government businesses. 

(a) Write in full the following abbreviations as used in commerce:

(i) COD (ii) CIF (iii) FOB; (iv) E and O.E. 

(b) The sale of consumer goods costing N 100,000 attracts a cash discount of 7½% and a quantity discount of 5%. Calculate the:

(i) value of the quantity discount

(ii) value of the cash discount

(iii) net amount of money payable by the buyer. 
 

Write explanatory notes on each of the following terms as used in insurance:

(a) Subrogation;

(b) Proximate cause;

(c) Barratry;