Correct Answer: D. Proximate cause

Correct Answer: C. tarmac

Explanation

(a)Commerce is defined as those activities involved in the distribution and exchange of goods and services.

(b) Functions of Commerce:

(i) Commerce facilitates mass production and thus people all over the world can enjoy goods and services produced both within and outside their countries.

(ii) It facilitates the raising of capital for individual needs and investment through the services of banks and other financial institutions.

(iii) It offers employment opportunities to a large number of people as traders, bankers, insurance brokers, etc.

(iv) It assists in moving people, raw materials and finished goods from production points to consumption points through transport.

(v) It facilitates the storage of goods until they are needed, thus bridging the gap between demand and supply in the market.

(vi) It fosters unity among nations thus nations, become interdependent as they engage in trading activities.

(vii) The availability of variety of goods and services leads to improvement in standard of living and quality of life.

(viii) Risk bearing: The availability of insurance companies encourages entrepreneurs to venture into various business activities.

(ix) It facilitates the exchange of goods and services.

(x) It makes the public aware of the availability of goods and services through advertising.

(xi) Commerce through communication links buyers and sellers together to do business without physical contacts.

Explanation

(a) Marketing; is the business activity that directs the flow of goods and services from the producer to the final consumers. Marketing, therefore, creates time, place, possession and form utilities. It arranges for producing and making goods available at the right time, in the right place, at the right price and form. Selling It only creates possession utility. Selling is an aspect of marketing. This is the actual exchange of goods and services for money.

(b) Differences between marketing and selling are:

1. Marketing creates place, time, possession and form utility. while selling only creates possession utility

2. This is the total process of distributing goods and services to the consumers.selling is an aspect of marketing

3. Process of making goods and services available to the consumers. Selling is the actual exchange of goods and services for money.

(c) Functions of Marketing are:

(i) Buying: Buying is a fundamental business activity. Manufacturers buy raw materials, while middle men and retailers buy in bulk from manufacturers.

(ii) Risk bearing: Storing of goods which is one of the functions of marketing involves great risks as a result of changes in demand and supply.

(iii) Selling: Another basic function of marketing is to find buyers for the goods produced. Marketing helps to stimulate demand through sales promotion, etc.

(iv) Product planning and development: Marketing involves the planning of goods to meet the needs of the consumers.

(v) Standardizing and Grading: Marketing ensures the production of quality goods. The goods produced must conform to standard so as to meet the desires of the consumers.

(vi) Assembling: This involves bringing together a wide range of goods for resale by a single establishment.

(vii) Storage: It makes it possible for goods to be produced ahead of demand to be stored until they are needed by the consumers.

(viii) Market information and research: Marketing helps in the col lection of market information which serves great function to the manufacturer.

Explanation

a. A contract is a agreement between two or more persons which is enforceable in law and intended to have legal relationship.

b. Reasons for consumer protection

i.Exploitation: the consumers are proted from exploitation by manufacturers through indiscriminate price increase. This is done through the price control Act.

ii.Substandard goods: Manufactures may produce goods without taking into consideration the quality desired. The standards Organisation Act checks such practice.

iii.Deceptive weights and measures: Sellers may use incorrect weights and measurements in selling goods to customers. The weights and measures Act helps prevent such practices.

iv. Sale of harmful food and Drugs Act protects the consumers against the sale of such goods.

v.Credit purchase agreement:Consumers are often not well informed about the details of credit sales agreements. They may inadvertently sign false credit facilities. The Hire Purchase Act is aimed at protecting the rights of such customers.

vi.Misleading advertisement: May claims made by advertisers about the performance of their product are not correct. The Trade Description Act was enacted to check such practices.

vii.Description of goods: Consumers are protected against unscrupulous sellers who would sell goods that are not fit for the purpose or differ from the samples or decription. The Sales of goods Act is enacted to curb this practice.

Correct Answer: B. a vending machiine

Correct Answer: A. errors and omissions excepted

Correct Answer: D. Leasing of equipment

Correct Answer: C. state warehouse

Correct Answer: C. The legal banking