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Articles by Nagasravan Tamma
Page 27 of 27
Differentiate between contracts and quasi contracts
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 MoreCompare express contract and implied contract
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 MoreDifferentiate between job costing and process costing
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 MoreDifferentiate between an illegal agreement and a void agreement
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 MoreCompare the void agreement and a void contract
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 MoreCompare the void contract and the voidable contract
Let us understand the void contract and the voidable contract.Void contractVoid contract means an agreement which is not enforceable by law.This contract has no obligation/right/accrues to contract the void contract and also has no legal ability.A contract can become void contract due to the following −If a contract involves illegal activity.If a contract is against public policy.If performing the contract is impossible.If the party/parties involved in a contract are not competent legally.Nature of contractInitially, the contract is valid, but due to some reasons, it becomes invalid subsequently.In the absence of any elements in a valid contract, then the agreement becomes ...
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