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Let us learn about the tort and contract before understanding the differences between them.ContractIt is a set of promise/promises which is legally enforced between parties. These are enforceable if any party is affected or injured then they are allowed to access legal remedies.A contract consists of offer, acceptance of offer and considerations and mutual agreements. According to contract law, it recognizes and governs rights and duties which arise from agreements or contracts between parties.Some contracts can be orally binding. Formalities in most contracts are signing, entering date of signed contractTortTort is nothing but any wrongful act which leads to legal ... Read More
Before going for comparison between bid and offer price, let us first try to understand the concept of bid price and offer price with an example.Let us a vendor offer a price for a T-shirt of Rs.500/- and the customer starts bidding at Rs.300/- then spreads the value of Rs.200/- . In reality bid amount and incremental changes are not the same.From the above example, the customer will not bid directly 300/-, initially he will go for less than 300 and gradually he ends up in 300 and ends the bid. If there is only a single bidder then the ... Read More
Let us learn about the offer and quotation before understanding the differences between them.OfferIt is an expression to show his/her willingness to do something for another to do or not to do. It is the first in contract. Offer must be certain, complete and defined. Offer is legal binding between parties.The types of offers are as follows −Express offer - It is the most usual form of offer in which communication is clear & unequivocal.Implied offer - Communication is not through words.Counter offer - In this type of offer, the modifications are made to the original offer.Cross offer - The ... Read More
Let us learn about the contracts and quasi contracts before understanding the differences between them.ContractsIt is an agreement between more than one party. Contracts are made with lawful considerations and objects between parties.The essential elements in the contracts are as follows −Legitimate offer followed by acceptance.Agreement should not be void or illegal.Minimum two parties are required and above 18 years of age.They should create legal relationships.Should have lawful considerations.Objective of the contract should be lawful etc.Quasi contractsQuasi contracts are pseudo contracts which means technically speaking, there is no contract but resembles one.The elements of quasi contract are as follows −Though ... Read More
Express contracts and implied contracts are two categories of a contract. Express contract illustrates promises made between parties with terms and conditions made clear.Implied contracts are made between parties based on behaviours of parties. Elements of express contracts are offer and acceptance. Implied contracts don’t have any written contract. These contracts happen due to circumstances.Express contractIn these contracts parties state terms and conditions either in written form or in orally. In other words agreement offers and acceptances are communicated either in written form or verbally.ExampleA party has offered to another party to install a carpet for payment of Rs.5000/-. Here ... Read More
Let us learn about costing and cost accounting before understanding the differences between them.CostingIt is the Process of cost determination and recording. There are various types of cost classifications. Costs are mainly classified into two types namely, function and behaviour.Function (costs) is sub divided into manufacturing and non manufacturing (selling and administration). Manufacturing costs are again classified as direct costs (material, labour) and indirect costs (overheads).>Behaviour costs are sub classified into fixed costs, variable costs and semi variable costsDirect costs − Clearly identified (direct material, direct labour, commissions).Indirect costs − Overhead costs (rent, office expenses, accounting expenses).Fixed costs − Costs ... Read More
To measure the cost of a product, various cost techniques are used. Job costing is used when goods are produced against only special orders. Process costing is used to determine the cost of each process involved in product making.Job costingJob costing determines the cost of each determined job. It is the cost which is involved in specific work or jobs which are performed according to the customer’s needs.Some of the cases where job costing method is applied are as follows−Jobs are executed according to customer needs.A job requires spate treatment.Each period of work requires different work in progress.Process costingProcess costing ... Read More
Costing is important to determine the exact cost, profit margins, to detect wastage and for the cost reduction. Companies follow different techniques to determine the cost based on their products, quality and quantity they produced.Some of them are job costing and contract costing.Job costingThis method is used when the company wants to produce a specific product according to customer needs. This method involves material cost, labour costs and overheads costs.This method also determines profit or loss accumulated in each job.Contract costingContract costing is used when a company wants to produce a specific product as per the contract with the customer. ... Read More
Let us understand the concept of an illegal agreement and a void agreement, before learning about their differences.Illegal agreementAn agreement which violates any law with the nature of crime or any opposition of public policy or immoral is an illegal agreement.Every illegal agreement is unlawful but not all the unlawful agreements are illegal. These agreements are strictly prohibited by law and parties who made these agreements can be penalized.Illegal agreements are void ab initio, so agreements collateral to original agreement is void.Void agreementMeaning of the term VOID is no legal binding and term AGREEMENT is consent between two or more ... Read More
To record commitments between the companies or between the parties, contracts and agreements plays an important role. These agreements or contracts also play a role in the companies’ smooth functioning.Void agreementIn simple words, it is not enforced by law which means that the parties which are involved in agreements have no rights and can’t be challenged in courts.These agreements can’t be changed into binding agreements. To become void agreement, it must meet the essentials which are mentioned in section 10 of the act.Some of the agreements which are declared as void are as follows −Agreements with minors, lunatics etc.Agreements whose ... Read More