Category: Essays

7 Most Important Differences between Sale and Agreement to Sell are listed below: Sale: 1. The property or ownership in the goods immediately passes from seller to buyer.2. Sale is always of existing, specific or ascertained goods. ADVERTISEMENTS: 3. Sale is an executed contract4. The goods belong to the buyer even if they remain in the possession of seller. In case of loss or damage, the buyer will suffer the loss.5. If the buyer fails to pay the price, the seller can sue him for price, but cannot resell the goods.6. If buyer gets insolvent before he pays the price, the seller cannot retain the goods. He must return the goods to the buyer’s Official Receiver and shall be entitled only to a rateable dividend. ADVERTISEMENTS: 7. If seller gets…

5 differences between Bail and Anticipatory Bail may briefly be stated as follows:—(1) Provisions relating to bail are contained in Sections 436 and 437, Cr. P.C. whereas Section 438 deals with anticipatory bail. ADVERTISEMENTS: (2) The provisions relating to bail were contained in the old Code of Criminal Procedure, 1898 also but there was no provision for grant of anticipatory bail in the old Cr. P. C. Therefore it is relatively a new concept incorporated in the Code of Criminal Procedure, 1973.(3) Bail may be granted to the accused by any Judicial Magistrate or Court but anticipatory bail may be granted only by the High Court or Sessions Court.(4) Bail is a post arrest legal process, that is, it is granted only after arrest of the person whereas anticipatory bail…

4 Most Important Differences between Fraud and Misrepresentation are listed below: Misrepresentation: 1. A false statement of facts believing it to be true, without an intention to deceive the other party2. Misrepresentation is innocent or unintentional. ADVERTISEMENTS: 3. If the aggrieved party had the means to discover the truth with ordinary diligence, contract will not be voidable.4. The other party can rescind the contract but cannot claim damages. Fraud: 1. A misrepresentation of facts with full knowledge that it is not true, with an intention to deceive the other party.2. Fraud is a willful misrepresentation or concealment of facts to defraud the other party. ADVERTISEMENTS: 3. The contract will be voidable on account of fraud even if the aggrieved party could discover the truth by ordinary diligence except when it…

Different factors of production are used in the process of production so as to get maximum profit. If the composition of the factors of production is not profitable, there will be shift of resources from one use to the other so as to increase the profitability by increasing or decreasing outlay in one resource or the other.A change in the price of one factor keeping all other prices constant will require a readjustment of factor proportion. This is due to the fact that change in the price of one factor destroys the equilibrium condition of the equality of price ratios between the two factors and the marginal rate of technical substitution.The concept of elasticity of factor substitution was developed by J.R. Hicks in his book ‘The Theory of Wages’ in…

Different factors of production are used in the process of production so as to get maximum profit. If the composition of the factors of production is not profitable, there will be shift of resources from one use to the other so as to increase the profitability by increasing or decreasing outlay in one resource or the other.A change in the price of one factor keeping all other prices constant will require a readjustment of factor proportion. This is due to the fact that change in the price of one factor destroys the equilibrium condition of the equality of price ratios between the two factors and the marginal rate of technical substitution.The concept of elasticity of factor substitution was developed by J.R. Hicks in his book ‘The Theory of Wages’ in…

Producer always tries to achieve the largest possible volume of output from a given cost outlay on factors with given prices such that these are combined in an optimal manner. Alternatively, producer minimise his cost of production for producing a given level of output. In this way, the producer maximises his profits and produces a given level of output with least cost combination of factors. This least cost combination of factors will be optimum for him.Given iso-cost line and the series of isoquants (isoquant-map), the producer will choose the level of output, where the given iso-cost line is tangent to the highest possible isoquant. In Fig. 7.10 (a), E1 is the point of equilibrium, where isoquant IQ2 is tangent to iso-cost line AB.Given budgeted expenditure, all other points are either…

The relation among marginal utility, total utility and average utility can be understood by a careful study of Table 4.1 and Fig. 4.1. It is clear from this table and figure that initially the total utility curve slopes upwards to the right.This indicates that the total utility will rise with consumption of additional units of the commodity. However, the increase in total utility is not constant, but falls steadily. In other words, the total utility rises at a falling rate. This is shown by corresponding downward or negative slope of the marginal utility curve. In the present example, this happens upto 6 units of the commodity.When the total utility reaches its maximum value, marginal utility becomes zero. Before this point, though marginal utility falls, it always remains positive. In our…

Different producers respond differently to a given change in the price of a commodity. Elasticity of supply explains reactions of producers to a particular change in price.There are five types of elasticity of supply: (1) Perfectly Elastic (Es =?): Supply of a commodity is said to be perfectly elastic, when the supply changes to any extent irrespective of any change in its price. It means that at a price, any quantity of the good can be supplied. But, at a slightly lower price, the firm will not sell at all. It is purely an imaginary concept and can only be explained with the help of an imaginary supply schedule. ADVERTISEMENTS: In this case, the elasticity of supply is infinity and the supply curve is a straight line parallel to the…

The concept of elasticity of substitution was originally introduced by J.R. Hicks in his book ‘The Theory of Wages’ in 1932. The ratio in which the two goods are combined changes when, the process of substitution takes place.Like the substitution affect, elasticity of substitution can be measured at any point on an indifference curve. It is the extent to which one good can be substituted for another (as a result of a change in their price-ratio), if the consumer has to remain on the same indifference curve or in other words, on the same level of satisfaction. ADVERTISEMENTS: The elasticity of goods substitution (es) is the ratio of the proportionate change in the combination in which the two goods are to a given proportionate change in their marginal rate of…

Wells are the common sources of water supply in villages so they should be disinfected regularly to keep the water fit for drinking and domestic purposes.Previously potassium permanganate was used for disinfecting wells but now instead of potassium permanganate, bleaching powder is used for this purpose because it is cheap and quite effective disinfectant.For disinfecting the well following steps are involved: ADVERTISEMENTS: (i) Measurement of well for its depth.(ii) Amount of water in the well.(iii) Amount of bleaching powder required. ADVERTISEMENTS: (iv) Mixing of bleaching powder.(v) Addition of bleaching powder solution in the well.(vi) Ortho-toludine test. (i) Measurement of Well: First of all, the diameter of the well is measured and then its depth is measured in meters by a rope tied with some weight. The rope is lowered in…