Observation

Some candidates could not state the features of Cooperative Society and Mail Order Business. Some candidates stated the features of the Post Office for Mail Order Business.

The expected responses to the question include:

(a)        (i)         Features of Cooperative Society:

• One man one vote no matter the amount contributed/operated on democratic principle;
• Profits are shared based on patronage;
• Management is by elected committee;

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• It has no maximum number of members;
• It has perpetual existence;
• It is a legal entity;                              
• It is privately owned by people with common interest.

(ii)        Features of Mail Order Business:

• It is a form of large scale trading;
• It requires no retail outlet but a large warehouse;
• Goods are sold with the use of catalogue;
• The post office is used to deliver goods to customers;
• Goods are sold on cash on delivery or cash with order;
• It deals on durable goods;
• It employs few workers.

            (b)        Ways by which partnership could be brought to an end:

                        (i)         By admission of new partners;
(ii)        By the expiration of agreed period/completion of a project;
(iii)       By court order/liquidation/bankruptcy;
(iv)       If the partnership continued to make losses for a long time/insolvency;
(v)        If the object of the partnership becomes illegal;
(vi)       By mutual agreement of the partners;
(vii)      If any of the partners retires as a result of ill-health or incapacitation/insanity;
(viii)     If any partner dies.