Commerce Scheme of Work for SS3 First Term

SCHEME OF WORK

Week One: Business Law

Week Two: Types of Contract

Week Three: Law of Agency

Week Four: Hire Purchase/Instalment payment/Deferred payment

Week Five: Contract of sales of goods

Week Six: Contract of Employment

Week Seven: Government Regulation of Business

Week Eight: Structure of Business

Week Nine: Introduction to Business Management

Week Ten: Business Environment

Week Eleven: Revision

Week Twelve: Examination

 

Below are the 2022 complete SS3 First Term Commerce Lesson Note 

First Term SS3 Commerce Lesson Note

Week One: Business Law

INTRODUCTION:

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. To learn more, click here.

Week Two: Types of Contract

INTRODUCTION:

Types of contract are :

1. Valid Contract: A valid contract is an agreement in which the parties are legally

bound to carry out their obligations. It is binding and enforceable by law.

2. Executory contract: These are contracts in the process of being executed. The

contract has not been totally completed out; the parties have obligations to carry out

as some things still need to be done before it is totally completed. To learn more,

click here.

Week Three: Law of Agency

INTRODUCTION:

Agency can be defined as a legal relationship that exist between two parties, where one

called an agent employed by a one called the principal to bring the principal into a legal

relationship with the third party.

An agent is a person who is given the authority by the principal to enter into a contract on hid

behalf. The agent has the power to make a binding contract between his principal and a third

party without himself becoming a party the contract. To learn more, click here.

 

Week Four: Hire Purchase/Instalment payment/Deferred payment

INTRODUCTION:

Hire purchase is a method of financing of the fixed asset to be purchased on future date.

Under this method of financing, the purchase price is paid in installments. Ownership of the

asset is transferred after the payment of the last installment.

Features of Hire Purchase

The main features of hire purchase finance are:

1. The hire purchaser becomes the owner of the asset after paying the last installment.

2. Every installment is treated as hire charge for using the asset. To learn more, click here.

Week Five: Contract of sales of goods

INTRODUCTION:

A contract of sale is a legal contract. It is a contract for the exchange of goods, services or

property that are the subject of exchange from seller (or vendor) to buyer (or purchaser) for

an agreed upon value in money (or money equivalent) paid or the promise to pay same.

Terms of Contract of Sale

A valid contract of sale must consist of the following Terms :

(1) Two parties: There must be two parties viz., buyer and seller to constitute the contract. So

where a person buys his own goods through some agent, there is no contract. However, a

part-owner can sell his share to other part-owners. To learn more, click here.

Week Six: Contract of Employment

INTRODUCTION:

Employer can be defined as a person or an institutions that hires or provide job opportunity

for another person  called employee for an agreed remuneration.

The employer can hire anybody he pleases and relieve any of this employees of work if

misbehaves contrary to the laid down rules and regulations.

Duties of an Employer

Duties of employer are :

 Provision of safe place for work: Employer must be able to provide a good and safe

place for his/her workers to carry out their duties appropriately. To learn more, click

here.

Week Seven: Government Regulation of Business

INTRODUCTION:

A law that controls the way that a business can operate within a country All of these laws

considered together form government’s regulation of business.

 

Methods of Government Regulation of Businesses

 Trade marks: Trade mark is a distinctive symbol, special mark or design that is given

to a producer to distinguished or identify its products from other products. It is a form

of product differentiation. A trade mark is legal term covering words and symbols

which can be registered and protected. To learn more, click here.

Week Eight: Structure of Business

INTRODUCTION:

ORGANISATIONAL STRUCTURE

Organisational structure is simply the allocation or division of responsibilities and functions 

to the different component  of an organisation and  the process of delegating  authority to

each position so as to ensure the smooth running of the business to achieve the set goals of

the organisation.

Organisational set-up shows the functional relationship that exists among the employees

and the various departments within an organisation. To learn more, click here.

Week Nine: Introduction to Business Management

INTRODUCTION:

An organisation or economic system where goods and services are exchanged for one

another or for money. Every business requires some form of investment and enough

customers to whom its output can be sold on a consistent basis in order to make a profit.

Businesses can be privately owned, not-for-profit or state-owned. To learn more, click here.

Week Ten: Business Environment

Business Environment: Business environment is the sum total of all the activities that affect

the operation of business. For a business to survive it must consider what is going on in the

environment. Business environment can be classified into:

1. Political factor: These are factors relating to type of government, weather civil or

military, one party system or multi party system and the degree of stability in the

government. The policies of the political parties in power would affect the operation

of business e.g. during the military regime in Nigeria, investment business was badly

affected

2. Technological factor: This is the factor relating to degree of technology

development e.g. the degree of mechanization and automatic in agriculture and

industry or the degree of development in transportation and communication. These

will have a positive effect in business. To learn more, click here.

Week Eleven: Revision

This week, we would be doing a revision of all that we learned during the term.

Week Twelve: Examination

Afterward, you would write an examination, which would test your knowledge of what has

been taught so far.