What is the effect of the process called "restitution" with regards to a sale transaction? 1) Property transferred is given back to its original owner and the money is returned to the buyer. 2) Property is retained by the buyer unless the original owner offers to return the money to the buyer. 3) There is a breach by the seller and the buyer has no right to the property but entitled to damages. 4) Both buyer and seller will renegotiate the terms of the sale transaction. Which one of the following is NOT a contract which is beneficial for the minor? 1) Student's attachment to a financial institution before entering the university 2) Scholarship to further the minor's education in a university 3) Membership to a club with specialised concierge services for overseas travel 4) Purchase of uniforms for the minor's use in activities organized by a uniform body in the Junior College of which the minor is a member What is the effect of Section 2(2) of the Frustrated Contracts Act on a contract which has been frustrated? 1) Money already paid is not recoverable. 2) The parties' rights and losses lie where they fall. 3) Money yet to be paid ceases to be payable. 4) All prior expenses incurred are recoverable. How does the law moderate the impact of common law regarding the effect of frustration? 1) The courts will decide the injustice of each case on its own merits. 2) The law of insurance will be applied to moderate the effect of frustration. 3) 3 The court will imply a force majeure clause into the contract to moderate the effect of frustration. 4) The effect of frustration is moderated by the Frustrated Contracts Act. Which of the following is FALSE about the rights of an agent? 1) The principal must indemnify the agent for any losses or damages suffered because of the agency. 2) The agent can only make a claim for commission when his duties have been fully performed. 3) The agent can recover for losses, expenses or damages caused by his own fault, misconduct, negligence or an excess of authority on his part and for which the principal did not ratify. 4) The agent cannot make undisclosed profits in the course of his work for the principal