Question on: JAMB Commerce - 2024
Use the information below to answer this question.
Aisha sold her wristwatch to Halima for #2,000.00 and she paid. The sum of #2,000.00 is the
A
Entitlement
B
Consideration
C
Money
D
Fees
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Correct Option: B
The sum of #2,000.00 is the consideration in this transaction.
- Consideration: Refers to something of value exchanged between parties in a contract. In this case, Halima provided the money (#2,000.00), and Aisha provided the wristwatch.
- Entitlement: Means the right to have something.
- Money: The general term for currency.
- Fees: A sum paid for a service.
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