Correct Answer: C. voice, shipping note, bill of lading and freight note

Correct Answer: D. breach

Correct Answer: D. communicating

Correct Answer: B) the medium

Correct Answer: A. joint venture

Correct Answer: B. issued capital

Correct Answer: A) Proforma invoice

Explanation

The correct answer is Option A: Proforma invoice.

A Proforma invoice is a document that a supplier sends to a customer before the actual sale takes place. It provides detailed information about the products or services being offered, including the quantity, price, and total cost. Unlike a regular invoice, a Proforma invoice does not serve as a request for payment. Instead, it is used to inform the customer about the terms of the sale, such as the payment method and delivery details.

In this case, the supplier does not want to sell on credit, which means they do not want to give the customer the option to pay later. By sending a Proforma invoice, the supplier is indicating that they expect payment upfront before they will deliver the products or provide the services. This helps to reduce the risk of non-payment or delayed payment by the customer.

To summarize, a Proforma invoice is sent by a supplier who does not want to sell on credit. It is a document that provides detailed information about the products or services being offered and serves as a confirmation of the terms of the sale.

Correct Answer: C. premium

Explanation

(a) A contract is an agreement that is enforceable in law. It may be written or oral.

(b) WAYS BY WHICH A CONTRACT CAN BE DISCHARGED

(i) By agreement

(ii) By performance

(iii) By breach

(iv) By frustration

(v) By lapse of time

(vi) Operation of law.

(vii) Act of God.

EXPLANATIONS

(i)By agreement:Both parties may decide to end the contract by mutually agreeing that the contract be ended.

(ii) By performance:A contact is automatically brought to an end if each party has performed his own part of the agreement, e.g. contract to supply machinery to end when the machinery is supplied and paid for.

(iii)By breach:A contract ends if one party fails to perform his own part of the contract.

(iv) By frustration:A contract is ended when factors that are not only beyond control but also not contemplated upon by both parties prevent any party from performing his own part, e.g. death or sickness of one party.

(v) By lapse of time: A contract is terminated if the time fixed for its performance has elapsed.

(vi)Operation of law: Contracts could be discharged when it becomes legally impossible to operate. e.g. a court declaring one party bankrupt, insane or subsequent illegality of the object of the contract.

(vii)Act of God: Contracts can be terminated by the occurrence of natural events like flooding, earthquake and storm

Explanation

(a) Reasons why communication is important in commerce include:

(i) It facilitates mail order business.

(ii) It reduce the cost and risk of travelling for business transactions.

(iii) It facilitates payment for goods and services.

(iv) Goods and services are made known to potential buyers through communication.

(v) It facilitates contact among business men, irrespective of the distance between them.

(vi) Demand for goods and services could be stimulated through effective communication.

(vii) Information on government, economic and commercial policies get to the businessmen through communication.

(b) Functions of Advertising are:

(i) It promotes the image of the firm.

(ii)lt provides information that ; needed by potential consumers about the product advertised.

(iii) It maintains customers' demand or increases the number of customers, purchase by consistently arousing the interest of target customers in a particular product, i.e, creates brand loyalty.

(iv). It educates consumers on product usage and prevents the consumers from having a t impression of the firm.

(v) Advertising provides employment opportunities for many people.

(vi) Advertising stimulates demand by constantly reminding potential-buyers of the availability of the goods in the market.

(vii) It enhances turnover or increases the firm's turnover.

(viii) It persuades consumers to buy, thus promoting impulse buying.

(ix) Advertisement develops large markets by creating more market segments in order to reach and satisfy more potential customers