a. A contract is a legally binding agreement which is enforceable by law. b. A simple contract can be: 1. Verbal or written. 2. Must have offer, acceptance and consideration. 3. Need not be signed. c. A breach of contract is where one of the parties to the contract fail to carry out his part of the agreement. d. Daliah will not succeed in her law suit. e. A promise is not a contract because there was no consideration, something was not given up to acquire the cellphone. a. Two criteria used to classify a firm as small are: Its profit must be within a particular profit range. It must have a particular asset value. b. Small enterprises contribute to the development of an economy in the following ways: 1. By providing essential services and support to larger firms. 2. By creating employment which contributes to the Gross Domestic Product of a country. c. A cottage industry is a small business which originates at home and is of a handicraft nature. 3. a. A market structure is the way in which markets are designed or organized in order for firms to sell their products. b. Perfect competition A very large number of buyers and sellers. –
a. A contract is a legally binding agreement which is enforceable by law. b. A simple contract can be: 1. Verbal or written. 2. Must have offer, acceptance and consideration. 3. Need not be signed. c. A breach of contract is where one of the parties to the contract fail to carry out his part of the agreement. d. Daliah will not succeed in her law suit. e. A promise is not a contract because there was no consideration, something was not given up to acquire the cellphone. a. Two criteria used to classify a firm as small are: Its profit must be within a particular profit range. It must have a particular asset value. b. Small enterprises contribute to the development of an economy in the following ways: 1. By providing essential services and support to larger firms. 2. By creating employment which contributes to the Gross Domestic Product of a country. c. A cottage industry is a small business which originates at home and is of a handicraft nature. 3. a. A market structure is the way in which markets are designed or organized in order for firms to sell their products. b. Perfect competition – A very large number of buyers and sellers.
past_paper_book_2012_final.docx