• Agricultural produce: means any produce out of cultivation of plants and
  rearing of all life forms of animals, except the rearing of horses, for food,
  fibre, fuel, raw material or other similar products, on which either no further
  processing is done or such processing is done as is usually done by a
  cultivator or producer which does not alter its essential characteristics but
  makes it marketable for the primary market.
• Agricultural Produce Marketing Committee or Board: means any
  committee or board constituted under State law for the time being in force
  for the purpose of regulating the marketing of agricultural produce
• Services by way of transportation by rail or a vessel from one place
  in India to another of agricultural produce.
• Services provided by a goods transport agency, by the way of transport in a goods carriage of agricultural produce
• Agricultural extension: means application of scientific research and
  knowledge to agricultural practices through farmer education or training.

Source: ICAI Study Material

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Economics Mock Test for CA CPT by KFDN

Instructions:

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2. All Questions are MCQs
3. No Negative Marking

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Law Mock Test for CA CPT by KFDN

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A remedy is the course of action available to an aggrieved party for the enforcement of a right under a contract. The various remedies available to an aggrieved party are as follows:

• Recession of contract
• Suit for Damages
•  Suit for Specific Performance of the contract
• Suit for Injunction
•  Suit for Quantum Meruit

RECESSION OF CONTRACT:

Recession means a right not to perform obligation. In case of breach of a contract, the promise may put an end to the contract. In such a case, the aggrieved party is discharged from all the obligations under the contract and is entitled to claim compensation for the damages which he has sustained because of the non-performance of the contract.
Example: X agrees to supply 10 tons of wheat to Y on 20th October. Y promises to pay the goods on its receipts. X does not supply the goods on the due date. Here, Y is discharged from the liability of paying the price. Y is entitled to rescind the contract and to claim compensation for the damages which he has sustained because of non-supply of goods on the due-date.

SUIT FOR DAMAGES:

Damages are monetary compensation allowed for loss suffered by the aggrieved party due to breach of a contract. The object of awarding damages is not to punish the party at fault but to make good the financial loss suffered by the aggrieved party due to the breach of contract.
The rules relating to damages are based on the judgement of Hadley vs. Baxendale. The facts of this case were: H’s mill was stopped due to the breakdown of a shaft. He delivered the shaft to B, a common carrier, to be taken to a manufacturer to copy it and make a new one. H had not made it known to B that delay would result in a loss of profits. By some neglect on the part of B, the delivery of the shaft was delayed in transit beyond a reasonable time. Held, B was not liable for loss of profits during the period of delay as the circumstances communicated to B did not show that a delay in the delivery of shaft would entail loss of profits to the mill. The following rule was laid down in the case: Where two parties have made a contract which one of them has broken, the damages which the other party ought to receive in respect of such breach of contract should be such as may fairly and reasonably be considered either arising naturally i.e. according to the usual course of things, from such breach of contract itself, or such as may reasonably be supposed to have been in the
contemplation of both parties, at the time they made the contract, as the probable result of the breach of it.
Compensation for loss of damage caused by breach of contract:
Sec 73 of the Act, states that the aggrieved party may claim any of the following types of damages as suitable for the situation:

• Ordinary Damages:
  Ordinary damages are those which naturally arise in the usual course of things from such breach. These damages can be recovered if the aggrieved party suffered by breach of contract and the damages were proximate consequence of the breach of contract and not the indirect consequence.
  Example: On 1st December, X contracted to sell and deliver 50 tons of wheat at Rs.8000 per ton to Y on 1st January, On 20th December Y, afterwards, contracted to sell those goods for Rs.10,000 per ton. X failed to deliver the goods on 1st January when the price of goods were Rs.9500 per ton. Y is entitled to recover Rs.75,000 [(9500-8000) x 50]. Y is not entitled to recover Rs.1,00,000 as profit which have arisen to Y from the sale to Z because the profit is the indirect consequences of the breach of contract.
•  Special Damages:
  Special damages are those which may reasonably be supposed to have been in the contemplation of both parties as the probable result of the breach of a contract. These damages can be recovered if the special circumstances which would result in a special loss in case of breach of a contract are communicated to the promisor.
  Example: A, a builder, contracts to erect and finish a house by 1st January, in order that B may give possession of it at that time to C, to whom B has contracted to let it. A is informed of the contract between B and C. A builds the house with low quality material, such that the house falls down before 1st January and has to be rebuilt by B, who in consequence, loses the rent which he was to have received from C, and is obliged to make compensation to C for the breach of his contract. A must make compensation to B for the cost of rebuilding the house, for the rent lost, and for the compensation made to C.
•  Exemplary or Punitive or Vindictive Damages:
  Exemplary damages are those which are in the nature of punishment. The court may award these damages in case of:
  a) Breach of promise to marry, where damages shall be calculated on the basis of mental injury sustained by the aggrieved party.
  b) Wrongful dishonour of cheque by a banker. In this case the rule is, smaller the amount of the cheque, larger will be the damages awarded. A trader may recover such damages as wrongful dishonour of cheque which adversely affects his goodwill, but a non-trader whose cheque is wrongfully dishonoured will have to prove that there was loss of goodwill before claiming such damages.
• Nominal Damages:
  Nominal damages are those which are awarded where there is only a technical violation of a legal right but the aggrieved party has not in fact suffered any loss because of breach of contract. These damages are called nominal because they are very small. The court may or may not award these damages.
• Damages for Inconvenience and Discomfort:
  If a party has suffered physical inconvenience and discomfort due to breach of contract, that party can recover the damages for such inconvenience and discomfort.
  Example: H with his wife and children booked a ticket for a midnight train, to be transported to a particular place where he lived. They were however transported to a wrong place and they had to walk several miles on a drizzling night and as a result, his wife caught cold and he had to incur some medical expenses. It was held that he could recover compensation for inconvenience and not for medical expenses for the sickness of his wife because it was very remote consequence. (Hobbs vs. London & S.W. Rail Co.)
•  Liquidated Damages and Penalty:
  When the parties to a contract at the time of formation of contract, specify a sum which will become payable by the party responsible for breach, such specified sum is called liquidated damages. Liquidated damages are a fair and genuine pre-estimate of the damages likely to result due to breach.
•  Stipulation for Interest:
  The stipulations for interest may or may not be in the nature of a penalty. If the stipulation for interest is in the nature of a penalty, the court may award reasonable compensation only.
• Forfeiture of security deposit:
  A clause in a contract which provides for forfeiture of security deposit in the event of failure to perform is in the nature of a penalty. In such cases, the court may award reasonable compensation only.

SUIT FOR SPECIFIC PERFORMANCE:

Where damages are not an adequate remedy in the case of breach of contract, the court may in its discretion on a suit for specific performance direct party in breach, to carry out his promise according to the terms of the contract.
Example: X agreed to sell an old painting to Y for Rs.50,000. Subsequently, X refused to sell the painting. Here, Y may file a suit against X for the specific performance of the contract.
Cases where suit for specific performance is not maintainable:

•  Where damages are considered as an adequate remedy.
•  Where the contract is of personal nature. E.g. contract to marry.
•  Where the contract is made by a company beyond its powers as laid down in its MOA.
•  Where the court cannot supervise the performance of the contract.
• Where one of the parties is a minor.
• Where the contract is inequitable to either party.

SUIT FOR INJUNCTION:

Suit for injunction means demanding court’s stay order. Injunction means an order of the court which prohibits a person to do a particular act. Where a party to a contract does something which he promised not to do, the court may issue an order prohibiting him from doing so.
Example: N, a film star, agreed to act exclusively for a particular producer, for one year. During the year she contracted to act for some other producer. Held, she could be restrained by an injunction.

SUIT UPON QUANTUM MERUIT:

The phrase ‘quantum meruit’ literally means “as much as is earned” or “according to the quantity of work done”. When a person has begun the work and before he could complete it, the other party terminates the contract or does something which makes it impossible for the other party to complete the contract, he can claim for the work done under the contract. He may also recover the value of the work done where the further performance of the contract becomes impossible. The claim on quantum meruit must be brought by a party who is not at default. However, in certain cases, the party in default may also sue for the work done if the contract is divisible.
Following are the cases in which a claim or quantum meruit may arise:

•  Where an agreement is discovered to be void:
  Where the work has been done and accepted under a contract which is subsequently discovered to be void, in such a case, the person who has performed the part of the contract is entitled to recover the amount for the work done and the party, who receives and accepts the benefit under such contract, must make compensation to the other party.
•  Where something is done or delivered without intention to do gratuitously:
  Where a person does some act or delivers something to another person with the intention of receiving payments for the same (i.e. non-gratuitous act), in such a case, the other person is bound to make payment if he accepts such services or goods, or enjoys their benefit.
•  Where the contract is divisble:
  The compensation for the work done may be recovered on the basis of quantum meruit, where the contract is divisible and a party performs part of the contract and refuses to perform the remaining part. In such a case, the party in default may sue the other party who has enjoyed the benefits of the part performance.
  Example: X wrongfully revoked Y‘s (his agent) authority before Y could complete his duties. Held, Y could recover, as a quantum meruit, for the work he had done and the expenses he had incurred in the course of his duties as an agent

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• The act came into force on the First day of September 1872
• It applies to the whole of India except the state of Jammu and Kashmir.
• It’s 1^st Article on Indian contract act and here we are going to learn about NATURE OF CONTRACTS

[I] Agreement {SEC 2(E) } : OFFER / PROPOSAL + ACCEPTANCE

Example: Mr. A told to Mr. B will you sell your house for Rs. 10 lakhs, This is an offer.

If Mr. B says YES to Mr. A, Then this is acceptance and combinedly they form AGREEMENT.

Every promise or set of promise forming consideration to each other is called an agreement .

NOTE: It may be expressed (writing or oral) or implied.

[II] Contract {SEC (H) } : Accepted Proposal + Enforceability by law

NOTE: Enforceable by law = If one party denies performing his promise, the other party may file suit in the court and court will force him not to deny.

It comes from intention of party to create legal obligation

“ Every contract is an agreement but every agreement is not a contract”

ESSENTIAL ELEMENTS OF A VALID CONTRACT

1. I. Proper offer and proper acceptance to create legal obligation
2. II. Lawful consideration and lawful object: Consideration is Quid pro quo ( I.e Something in return ). It may be cash or something of the kind.

3. III. Capacity to contract: Following person doesn’t have the capacity to contract (a) Minor (b) Unsound mind ( c) Person expressly disqualified.
4. IV. Free consent of parties: There must be consensus-ad-idem (same sense, same time). Free consent missing means it may be the case of coercion, undue influence, fraud or misrepresentation.
5. V. The agreement should not be declared void by law.
6. VI. The meaning of agreement must be certain.
7. VII. There must be possibility of work
8. VIII. Must complete necessary formalities – Writing, attestation, registration otherwise unenforceable.

TYPES OF CONTRACTS

[I] On the basis of validity

{a} Valid contract

{b} Void contract

{c} Voidable contract

{d} Illegal contract

{e} Unenforceable contract

[II] On the basis of formation

{a} Express contract

{b} Implied Contract

{c} Quasi contract

{d} Tacit contract

[III] On the basis of performance

{a} Executed contract

{b} Executory Contract

{c} Unilateral contract

{d} Bilateral contract

 ON THE BASIS OF VALIDITY

[1] Valid contract: An agreement which is binding and enforceable, which contains all essential elements of valid contract

[2] Void contract: A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable

[3] Voidable contract: An agreement which is enforceable at the option of one party but not at the option of the other party. Such contract is affected due to coercion, undue influence, fraud or misrepresentation.

[4] Illegal contract: An agreement for an act which is either forbidden by law or punishable

Note: Collateral contract with the illegal contract also becomes void.

[5] Unenforceable contract: A contract is good in substance but becomes unenforceable in court ‘due to some technical hitch.

ON THE BASIS OF FORMATION

[1] Express contract: A contract which is made either in written or oral form.

[2] Tacit contract: By conduct offer and acceptance is made

Example: auction sale – fall of a hammer

[3] Implied contract: When party do not contract to each other, but due to the operation of law they have to perform

NOTE: Here parties don’t have any intention to create a contract.

[4] Quasi contract: Not an actual contract but it resembles to be a contract {will explain about it in the last unit of contract act }

ON THE BASIS OF PERFORMANCE

[1] Executed contract: When both the party has given these considerations it becomes executed contract

Act already performed

Example: Mr A supplied sugar to Mr B and Mr B paid 1000 to Mr A this is an executed contract.

[2] Executory contract: Contract yet to be performed also known as a bilateral contract.

Example: Mr A will supply sugar to Mr B in next month and Mr B will pay for that after 15 days it is a bilateral contract

[3] Unilateral contract: Only one party has yet to perform.

FORMAL CONTRACTS

• * Not applicable in India.
• * Applicable in U.K

[a] Contract of record: due to the order of court parties has to perform.

[b] Contract of seal: Due to an agreement in writing, sealed and delivered, also known as a deed or specially contracted.

OFFER

• * Also known as proposal
• * When one person signifies to another his willingness to do or to abstain from doing something with a view to obtaining the assent of other, it is said to be Proposal.
• * Offer may be a positive act or negative act.

NOTE: The person who is making the offer is called ‘offeror’ OR ‘promisor’

The person who is accepting is called ‘offeree’ OR ‘promisee’.

CLASSIFICATION OF OFFER

• * GENERAL OFFER: Anyone can accept from public

The offeree is not definite.

• * SPECIAL OFFER: Offer to a definite person or can be accepted only by the person to whom it is made.
• * CROSS OFFER: the Second offer on same term or identical offer is made in ignorance

Example: Mr A made an offer to sell his house for Rs. 1 lakh and after some days Mr B asked Mr A will you sell your house for Rs. 1 lakh

• * COUNTER OFFER: Second offer made on changed terms.

Example: If in above example Mr A replied will you purchase my house for Rs. 2 lakhs.

Now terms are changed this is known as the counter offer.

• * STANDING / OPEN / CONTINUING OFFER: When an offer remains open for acceptance over a period of time or up to happening of some event.

RULES REGARDING VALID OFFER

[1]Capable to create a legal obligation.

[2]Certain and not vague

[3]Express or implied

[4]Specific or general.

[5]Offer must be communicated.

[6]Made with the view to obtain the consent of offeree.

[7] Conditional

[8]Offer should not contain a term the non-compliance of which would amount to acceptance

[9]Offer and invitation to offer -> Anyadvertisementt to attract customer is not an offer it is only an invitation to offer

Note: An offer may lapse by

[a] notice of revocation

[b] lapse of time

[c] death or insanity

[d]non-fulfilment of the condition.

[e]counter offer.

ACCEPTANCE

When the person to whom the proposal is made signifies his assent thereto the proposal is said to be accepted When a proposal is accepted it becomes a promise.

Rules regarding valid acceptance

• Acceptance must be absolute and unconditional.
• Must be communicated to offer.
• Acceptance must be in the mode prescribed. {if no mode is prescribed it can be given in any mode}
• Must be at the reasonable time. {Reasonable time is prescribed as per circumstances}
• Mere silence is not acceptance.

[A] COMMUNICATION OF OFFER: It completes when it comes to the knowledge of offeree.

[B] COMMUNICATION OF ACCEPTANCE: When it is put in course of transmission in such a way so that it cannot be withdrawn.

[C] REVOCATION OF OFFER: An offer may be revoked before completion of communication of acceptance

[D] REVOCATION OF ACCEPTANCE: An acceptance may be revoked before completion of communication of acceptance.

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In other words, wages include fees, commissions, and salaries.

Time and Piece wages

The wages which are paid weekly, fortnightly, or monthly and partly at the end of the year in the form of bonus are called Time wages. A bonus may be the task wage if a work is finished within specified period or before that. Wages are also paid in accordance with the amount of work done say in a shoe factory or a tailoring department as per one pair of shoes or pants manufactured. If rate per pair of shoes or for pants is Rs. 50, a worker will be paid according to the number of pair of shoes or pants manufactured this is called Piece wages.

Chapter notes on Type of Economy – Click Here

Money and Real wages

Money wages relate to the amount of money income received by workers for their services in production. It is also called as nominal wages.

Real wages include the various facilities, benefits, and comforts which workers receive in terms of goods and services for their work.

These are in addition to the money wages of workers.

Real wages depends upon following factors:

1. Price level: The purchasing power of money depends upon the price level. When the price level rises, the purchasing power of money gets reduced, thus adversely affects the real wages of workers. Every increase in the price level reduces the purchasing power of money. This leads to falling in real wages of workers.
2. Money wages: The size of the pay packet received by the worker is an important determinant of his real wages. The greater the money wages, the greater will be the real wages, other things remaining the same.
3. The regularity of work: A permanent job, even though it carries a smaller money income, is considered to be better than a temporary job which may yield high rewards in term of money.
4. Nature of work: The nature of work also plays an important role in determining the level of real wages. Some jobs are pleasant while others are not. Similarly, some occupations are enjoyable while others are not All these considerations have to be given weightage in determining real wages.
5. Future prospects: An occupation carrying the promise of better prospects of promotion in the future is considered to be better than the one which doesn’t do so, even the money wages offered by the latter may be high.
6. Extra benefits: In some occupations, employees receive in addition to their pay, some extra benefits. For example, the manager of the firm gets an addition to his pay, a well-furnished bungalow, free medical help etc.
7. Trade expenses: These refer to the expenses one has to incur in the course of one’s occupation. These expenses are high in some occupations while in others they may be moderate. These expenses should be deducted from the money income in order to arrive in the real wages.
8. Social prestige: The real wages of employees engaged in prestigious occupations are high as compared to real wages of employees working in ordinary occupations.

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In these notes, you will learn about three different types of Economy viz.

• CAPITALIST ECONOMY/LAISSEZ-FAIRE ECONOMY
• SOCIALIST ECONOMY
• MIXED ECONOMY

CAPITALIST ECONOMY/LAISSEZ-FAIRE ECONOMY

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• In this economy, resources are managed by and owned by private persons.
• It is a free economy and there are no government interventions.

FEATURES:

1. Right to private property: Factors of productions are under private ownership and they are free to use in like manner.
2. Freedom of enterprises: Producers are free to produce what they want.
3. Freedom of choice to consumers(Consumer sovereignty): Consumers are free to choose that good which they want to buy.
4. Profit motive: Producers produce those goods which give them a higher profit. Capitalism is a system of mutual exchange where the price-profit mechanism plays a crucial rule.
5. Competition: Due to freedom of choice of consumer there is a great competition among sellers.
6. Uneven distribution of profit: There is an uneven distribution of income due to unequal distribution o property.
7. Price determination: In the market economy price is determined through Price mechanism i.e. by the equilibrium of price and supply price is determined.
8. More innovation

Merits of the Capitalist economy:

1. Increase in production
2. Quality products at low costs
3. Progress and prosperity
4. Maximum welfare
5. Optimum use of resources
6. Flexible system

How capitalist economy resolves their central economic problem:

1. What to produce: That goods will be produced which are more demanded by the consumer due to increasing demand price will rise and it will give more profit to the producer.
2. How to produce: By that technique goods will be produced due to which cost will be minimum.
3. Technique:
   1. (A) Labour intensive  
   2. (B)Capital intensive
4. For whom to produce: For those who have higher buying capacity.
5. What provisions will be made: It depends on rate of return on capital

DEMERITS:

1. Leads to monopoly
2. Inequalities
3. Depression and unemployment
4. Insufficient production
5. Class conflict

GST-Know All About It

SOCIALIST ECONOMY

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• It is also called Command economy or centrally planned economy.
• There is a central authority who decides about the price of a commodity.

Features:

1. Collective ownership: There is collective ownership which means on resources ownership is of the state.
2. Centrally planned authority: There is a central planning authority who decides how to produce, what to produce, whom to produce and what provisions should be made.
3. Absence of consumer choice: Here restricted goods is produced hence there is no choice to the consumer.
4. Relatively equal income distribution: Here private capital is narrowed due to which there is equality of income.
5. Minimum role of price mechanism: Due to presence of central planning authority
6. Service motive: Here goods are produced with service motive to society.

MERITS:

1. Greater economic efficiency
2. Greater welfare due to less inequality of income
3. Absence of monopolistic practices.
4. Absence of business fluctuations.

DEMERITS:

1. Loss of consumer’s sovereignty
2. No freedom of occupation
3. Misallocation of resources
4. Bureaucratic

MIXED ECONOMY

• Co-existence of private and public ownership.
• The existence of economic planning
• It is also a planned economy government has a clear and definite role.
• Government also creates atmosphere for private sector

MERITS:

1. Best allocation of resources
2. general balance
3. Welfare state

DEMERITS:

1. Non-cooperation between the two sectors.
2. Inefficient public sector.
3. Economic fluctuations.

Read about GST Here

Indian Economy

• The Indian economy is a mixed economy. The public sector and private sector co-exist.
• There is an economic planning in India. There is a planning commission at the center.
• It formulates five years plans with the principle objective of achieving growth with social justice.
• It lays down priorities, targets, and policies for the different sectors of the economy.

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