vu eco402 Mid Term Subjective Solved Past Paper No.1
vu eco402 Microeconomics Solved Past Papers
This subjective solved past paper is related to book/course code vu eco402 Microeconomics which belongs to vu organization. We have 2 past papers available related to the book/course Microeconomics. This past paper has a total of 10 subjective questions belongs to topic Mid Term to get prepared. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to get prepared for exams by learning subjective questions online on NVAEducatio.
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Fraud:
Fraud is something which is done in order to deceive someone. It involves making false statement with the intention to deceive someone. A person knows that a statement or belief is false but he makes a false statement purposely in order to deceive other person.
Misrepresentation
Misrepresentation is making false statement without the intention of deception. A person positively states that a fact is true but in reality the fact is not true. He makes a false statement but there is no intention of deception because the person himself does not know about the fact that he stated is false.
Contract of Agency
In general terms, Agency refers to the relationship which exists between two persons, the Principal and the Agent in which the Agent has to perform different duties/ functions as per instructions of the principal and also enters into contract with the third party / parties on behalf of the principal. The relationship of agency plays an important role in business and commercial dealings. This relationship is legal created by virtue of agreement between Principal and Agent.
Definition of Agent and Principal
Agent is a person employed to do any act for another or to represent another in dealing with a third persons. The person for whom such act is done, or who is so represented, is called the Principal.
"A breach of contract occurs when a party thereto renounces his liability under it, or by his own act makes it impossible that he should perform his obligations under it or totally or partially fails to perform such obligations."
Illustration 1
Mr. Z (seller) enters into a contract with Mr. Y a purchaser for sale of specified goods as per stipulations of contract. Mr. Z breaks his promise; Mr. Y is entitled to receive from Mr. Z a particular amount as compensation.
