FREE SS3 Commerce Lesson Note
This Commerce Lesson Note was pulled from our book ( FREE SS3 Commerce Lesson Note ); Compiled to serve as reference material to help teachers draw out their lesson plan easier, saving you valuable time to focus on the core job of teaching.
The Lesson notes are based on the current NERDC curriculum (UBE compliant)
This Free SS3 COMMERCE Lesson Note Covers The Following Topics
- BUSINESS LAW
- TYPES OF CONTRACT
- LAW OF AGENCY
- HIRE PURCHASE/INSTALMENT PAYMENT/DIFFERED PAYMENT
- CONTRACT OF SALES OF GOODS
- CONTRACT OF EMPLOYMENT
- GOVERNMENT REGULATION OF BUSINESS
- STRUCTURE OF BUSINESS
- INTRODUCTION TO BUSINESS MANAGEMENT
- BUSINESS ENVIRONMENT
WEEK 1
Meaning, Branches of Commercial Law e.g Law of Contract, Hire Purchase, Sales of goods, Agency etc.
- Law of Contract
– Definition of Contract
– Classification of contract
– Essential element of valid contract
Business/Commercial Law
Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow. A savvy businessperson will be generally familiar with business laws and know when to seek the advice of a licensed attorney. Business law includes state and federal laws, as well as administrative regulations. Let’s take a look at some of the areas included under the umbrella of business law.
Branches of Business Law
The branches of commercial law include the following:
- Companies law
- Corporate law
- Corporate governance
- Competition law (antitrust)
- Consumer protection
- Contract law
- Environmental law
- Intellectual property law
- Copyright law
- Patent law
- Trademark law
- International trade law
- Labour law
Definition of Contract
Contract can be defined as an agreement between two or more parties which is intended by them to have a legal backing. It is an agreement creating an obligation.
It is a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Not all agreements are contract, an important thing to note is that an agreement becomes a contract when the parties intend to be legally bound to carry out their agreement.
Classification of Contract
Contract can be classified into formal contract and informal contract.
Formal Contract
Formal contract can also be categorized into
- Contract of Deed (speciality Contract) This is a kind of formal contract whereby promises are written on a paper,signed, sealed and delivered. The contract is under seal is carried out by putting a seal on it. They do not usually require considerations .
- Contract of Records: These are obligations imposed by the court. They are not true contract but contracts which are acknowledge before the law court.
Informal Contract
Informal contacts are simple contracts which must possess all the essential characteristics of a valid contract. All contracts that do not belong to the formal mentioned above are referred to as informal contract and because of its flexibility it may be difficult to execute e.g contract of sales.
Essential Elements of Contract
- Offer and Acceptance: For a contract to be valid, there must be an offer made by one member of the party to the other party and the offer must be unconditionally acceptable. Acceptance must be absolute and once it is completed it cannot be revoked
Characteristics of an offer
- An offer must not be mistaken with the answer to a question or the supplying of information.
- An offer must be communicated to the offeree
- An offer may be expressly made or implied by the conduct of the parties
- An offer may be made to a specific person, a group of persons or the world at large
Termination of an offer
An offer can be terminated in the following way
- When the offeree notifies the offeror that he does not wish to accept the offer
- Lapse of offer
- Withdrawal of the offer (revocation)
- A refusal or counter offer
Rules of communication of Acceptance
- The offeree must positively accept the offer
- It must be communicated by the offeree or someone with his authority
- Acceptance is not effective until communicated to by the offeror and received by the offeree
- Acceptance is not effective if communicated in ignorance of the offeror
- Intention to create legal relations: it must be clearly stated that the parties intend to create a legally binding contracts.there must be no clause that will exclude the court.
- There must be valuable consideration: All valuable contract must be supported by valuable consideration.This is to say that an agreement can become contract when each of the parties give or promises to give something of value to the other party.
- 4. Certainty of terms: The terms of contract must be clearly stated, the parties can expressly state every term of their contract. A contract may contain two types of clauses namely:express and implied terms
- 5. Possibility of performance: The parties to a contract can enter into a contract once they are sure that they can do the job.It must be possible to carry out the contract.
Test and Exercises
- What is the meaning of business law?
- List 10 branches of business law.
- Define contract.
- What is the law of contract.
- Mr. Bello and Mr Ifeanyi want to terminate a business contract between them. Advice them on how they can go about it.
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