M.COM/B.COM

Public Expenditure: Meaning & Nature,Canons of public expenditure/Principles of Public Expenditure

Public Expenditure: Meaning & Nature,Canons/Principles of Public Expenditure   Meaning Public expenditure is spending made by the government of a country on collective needs and wants such as pension, provision, infrastructure, etc. Throughout the 19th Century, most governments followed laissez faire economic policies & their functions were only restricted to defending aggression & maintaining law & order. The size of […]

Principle of Maximum Social Advantage- Assumptions, Conditions, Significance and Limitations

Principle of Maximum Social Advantage   The ‘Principle of Maximum Social Advantage’ was introduced by British economist Hugh Dalton. Public Finance” is concerned with income & expenditure of public authorities and with the adjustment of one with the other. Budgetary activities of the government results in transfer of purchasing power from some individuals to others. […]

Principle of Maximum Social Advantage

Principle of Maximum Social Advantage   The ‘Principle of Maximum Social Advantage’ was introduced by British economist Hugh Dalton. Public Finance” is concerned with income & expenditure of public authorities and with the adjustment of one with the other. Budgetary activities of the government results in transfer of purchasing power from some individuals to others. […]

Public Finance

Difference Between Public and Private Goods    Public goods have two distinct aspects: nonexcludability and nonrivalrous consumption.  Non rivalry means consuming good doesn’t reduce amount available to other people and Non excludable means once provided you can’t stop anyone consuming it.Private good, a product or service produced by a privately owned business and purchased to increase […]

Sale of Goods Act 1930: Formation of contracts of sale; Goods and their classification, price; Conditions, and warranties; Transfer of property in goods; Performance of the contract of sales; Unpaid seller and his rights.

Sale of Goods Act 1930 Till 1930,transactions relating to sale and purchase of goods were regulated by the Indian Contract Act,1872.In 1930,Sections 76 to 123 of the Indian Contract Act, 1872 were repealed and a separate Act called ‘The Indian Sale of Goods Act,1930 was passed.It came into force on 1st July,1930.With effect from 22nd […]

Special Contracts: Indemnity; Guarantee; Bailment and pledge; Agency.

Special Contracts Indemnity The term ‘Indemnity` Simply means ‘Making Somebody Safe` or ‘Paying Somebody back`. Section 124 of contract Act defines that ‘‘A contract by which one party. Promises to save the other from loss caused to him by the conduct of the promise himself by the conduct of any other person, is called a […]

Law of Contract (1872):Nature of contract; Classification; Offer and acceptance; Capacity of parties to contract; Free consent; Consideration; Legality of object; Agreement declared void

  Law of Contract (1872) Law of Contract  1.1 Nature of contract The Law of Contract came into force on 1 September 1872. 1. The Indian Contract Act was passed and implemented to control various kinds of commercial and business contracts. 2. This act is not complete code of contracts. It deals with general principles […]

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