Commerce

FUNCTIONS OR IMPORTANCE OF PUBLIC RELATIONS It ensures the maintenance of a favourable relationship between an organisation and the general public It helps to increase the goodwill of a company or business It is a source of useful advice to the management of a business It helps in advertising the products or services of the

Formal and Informal Contract Formal contract are normally written contracts. They are usually effected by affixing a seal on a written agreement or document. Informal or simple contracts are contracts whether written or oral, which are not under seal. Oral or Written Contract Oral contracts are contract entered into by the use of spoken words.

Advertising is the branch of commerce which deals with promoting sales of goods, services or ideas through messages that are meant to inform, educate and persuade the general public by means of various methods such as newspaper, radio, television. FUNCTIONS OF ADVERTISING Creation of demand for goods and services Informing customers about the existence of

Agency is the relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and has power to affect the principal’s legal position with regard to a third party. In practice, the two most important function of an agent are: Making contracts on his principal’s behalf Disposing of his principal’s

DUTIES OF THE EMPLOYER To pay wages – i.e. enumeration To provide work which the employee will handle To give holidays to the employee Duty to take reasonable care for his employee’s safety Indemnity – The employee must reimburse the employee for any expense / loss incurred on behalf of the employee. Duty to provide

This is a principle which states that a business merely exists to satisfy the needs (and wants) of its customers. Therefore all marketing activities are geared towards (or aimed at) identifying the needs of consumers, designing and producing goods to satisfy these needs while at the same time meeting the goals of the organization (i.e.

Customers’ services are services rendered free of charge by the seller to his customers in order to convince them to buy or to retain their patronage. Customer services can be divided into two categories. They are: Pre-sales services After sales services Pre-Sales Services: These are services provided to the customers before the goods are bought.

Definition of Contract A Contract is an agreement between two or more parties which creates legal rights and obligations as between the parties involved. Parties to a Contract: This is the identity given to the persons who have made an agreement that is recognized by law as a valid contract E.g.     Landlord and Tenant

SALE OF GOODS A contract of sale of goods is a contract whereby the seller transfer the property in goods to the buyer for a money consideration called the price. The parties to this contract are known as the seller (vendor or transferor) and the buyer (vendee or transferee). The seller must be either the

Sellers owe the duty, subject to the express terms of the contract to: i           Deliver the goods and at the right time ii          Ensure that the goods supplied are of the right quantity and quality iii         Pass good title to the buyer Buyers too owe the duty, subject to the express terms of the

Data Processing is the process of producing meaningful information from raw data.  It describes the series of actions taken to produce useful information by collecting all items of data together and performing operations on them.  The aim of data processing is to convert raw data into information. Data: Data represent the raw unprocessed input element