STUDY TO ENLIGHTEN YOURSELF
DIFFERENCE BETWEEN INDEMNITY AND GUARANTEE CONTRACT OF INDEMNITY The term Indemnity literally means “Security against loss”. In a contract of indemnity one party – i.e. the indemnifier promise to compensate the other party i.e. the indemnified against the loss suffered by the other. ACCORDING TO ENGLISH LAW “It is a promise to save a person…
RIGHTS OF SURETY A surety is a person giving a guarantee in a contract of guarantee. A person who takes responsibility to pay a sum of money, perform any duty for another person in case that person fails to perform such work. After making a payment and discharging the liability of the principal debtor, the…
CONTRACT OF GUARANTEE NOTES Contract of Guarantee means a contract to perform the promises made or discharge the liabilities of the third person in case of his failure to discharge such liabilities. ACCORDING TO SECTION 126 OF INDIAN CONTRACT ACT, 1872 “A contract of guarantee is a contract to perform the promise or discharge the liability of the…
CONTRACT OF INDEMNITY The term Indemnity literally means “Security against loss”. In a contract of indemnity one party – i.e. the indemnifier promise to compensate the other party i.e. the indemnified against the loss suffered by the other. ACCORDING TO ENGLISH LAW “It is a promise to save a person harmless from the consequences of…
DISCHARGE OF CONTRACT Discharge of Contract implies termination of contractual obligations. This is because when the parties originally entered into the contract, the rights and duties in terms of contractual obligations were set up. Consequently when those rights and duties are put out then the contract is said to have been discharged. Once a contract stands discharged, parties…
MEASUREMENT OF NATIONAL INCOME National income is the total money value of goods and services produced by a country in a particular period of time. The duration of this period is usually one year.Measurement of National income can be made by taking three viewpoints, namely production viewpoint, income viewpoint, and expenditure viewpoint. Based on these…
NATIONAL INCOME IN INDIA The total net value of all goods and services produced within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation. It is denoted by NNPFC. National Income in India is calculated by Income method, Product Method…
DIFFERENCE BETWEEN PERFECT AND MONOPOLISTIC COMPETITION In this post you will learn about perfect and monopolistic competition differences. PERFECT COMPETITION A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions and…
DIFFERENCE BETWEEN MONOPOLY AND MONOPOLISTIC COMPETITION MONOPOLY The word monopoly has been derived from the combination of two words i.e., ‘Mono’ and ‘Poly’. Mono refers to a single and poly to control. In this way, monopoly refers to a market situation in which there is only one seller of a commodity. There are no close…
PRODUCT DIFFERENTIATION STRATEGY In this post you will learn about Product differentiation strategy under Monopolistic competition Product differentiation is the means used by a firm in a monopolistic competitive market with many firms selling similar products to differentiate its product from that of other firms. Product Differentiation strategy is adopted to capture more market share…
