(a) In what ways does transport aid trade?

(b) Explain the following in connection with water transport:
(i) freight
(ii) charter party. 
 

Describe five measures each which a government may take to:

(a) restrict imports 

(b) promote exports. 
 

Mention and explain five functions performed by the Central Bank of Nigeria showing how they facilitate commercial activities. 
 

Business relationships are deeply rooted in the law of contract'.
(a) What is a contract?

(b) State the essential elements of a valid contract.
(ii) Briefly discuss any three of them. 

Mention and explain five ways in which a business discharges its social responsibilities to the society.