STUDY TO ENLIGHTEN YOURSELF
CAPACITY TO CONTRACT NOTES QUESTION: Who is competent to enter into a contract? Discuss the position of minor in this regard? ANSWER: According to Section 10 of the Indian Contract Act 1872, an agreement becomes contract if it is entered into between the parties who are competent to the contract. Section 11 of the Indian…
LIMITED LIABILITY PARTNERSHIP ACT 2008 NOTES QUESTION: Explain the salient features of LLP? ANSWER: Limited Liability Partnership enterprise has been introduced in India by enacting the Limited Liability Partnership Act, 2008. LIMITED LIABILITY PARTNERSHIP Act was notified on 31.03.2009. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and…
BUDGETARY CONTROL NOTES QUESTION: Define Budgetary Control and discuss the objectives of introducing Budgetary Control in an organisation? ANSWER: Budgetary control is the process by which budgets are prepared for the future period and are compared with the actual performance for finding out variances, if any. The comparison of budgeted figures with actual figures will help…
CONSIDERATION CONTRACT LAW NOTES QUESTION: ‘Consideration is a necessary element of binding contract.’ Discuss. ANSWER: It is true that ‘Consideration is a necessary element of a binding contract as an agreement to be enforceable must be supported by consideration. Under an agreement, whatever a party gains from the other is called consideration. A valid Consideration…
OFFER AND ACCEPTANCE CONTRACT LAW NOTES
NATURE OF CONTRACT NOTES – INDIAN CONTRACT ACT, 1872 QUESTION: “All contracts are agreements but all agreements are not contracts.”. Discuss? ANSWER: Yes, it is true that “All contracts are agreements but all agreements are not contracts.” It is so because in order to become an agreement a contract, enforceability at law is required. Only…
RISK EVALUATION Risk evaluation is the process of measuring and prioritizing risks so that optimum risk-return relationships can be established. This can help in controlling the risk levels of the organisation. RISK ASSESSMENT PROCESS / RISK EVALUATION PROCESS Risk evaluation process or risk assessment involves the following steps: RISK IDENTIFICATION The first step in risk…
RISK MANAGEMENT ROLES AND RESPONSIBILITIES Everybody working for an organization will need to be made aware of their risk management responsibilities, as will contractors and suppliers. There are many professional people in large organizations who have an understanding of risk and a substantial contribution to make to the successful management of the priority significant risks….
RISK MANAGEMENT TECHNIQUES Risk Management Techniques can be classified broadly as either risk control or risk financing. Risk control refers to techniques that reduce the frequency or severity of losses. Risk financing refers to techniques that provide for the funding of losses. Risk managers typically use a combination of techniques for treating each loss exposure….
TYPES OF RISK IN INSURANCE FINANCIAL AND NON-FINANCIAL TYPES OF RISK IN INSURANCE Financial risk involves the simultaneous existence of three important elements in a risky situation – (a) that someone is adversely affected by the happening of an event, (b) the assets or income is likely to be exposed to a financial loss from…
