NEWS & BLOGS EXCLUCIVELY FOR INFORMATION TO ENGINEERS & VALUERS COMMUNITY
RESCISSION AND ALTERATION OF CONTRACTS Rescission refers to the cancellation of a contract, either by mutual agreement between the parties involved or by one party due to a breach of contract by the other party. When a contract is rescinded, the parties are released from their obligations under the contract, and any consideration that […]
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MICRO AND MACRO ECONOMICS Microeconomics and macroeconomics are two branches of economics that study the behavior of economic agents and the economy as a whole, respectively. Microeconomics is the study of the behavior of individual economic agents, such as consumers, firms, and markets. It analyzes the decisions made by these agents and how they interact
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DIFFERENCE BETWEEN VALUE ANALYSIS AND VALUE ENGINEERING Value Analysis (VA) and Value Engineering (VE) are two closely related methods used in product development, cost management, and process improvement. While they share some similarities, they differ in their goals, approaches, and application areas. Value Analysis (VA) is a systematic review process that evaluates the components, functions,
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FUNCTIONS AND ROLE OF MONEY Money is a medium of exchange that facilitates transactions between buyers and sellers. Its functions and roles can be broadly categorized as follows: Medium of exchange: Money serves as a medium of exchange for goods and services, making transactions easier and more efficient. Without money, transactions would have to be
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INDIAN LEGAL SYSTEM The Indian legal system is a complex system that is composed of multiple tiers of courts and legal institutions. The system is based on a combination of common law and civil law, as well as indigenous customs and traditions. At the top of the hierarchy of courts is the Supreme Court of
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DEFINITION OF PARALLEL ECONOMY A parallel economy, also known as a shadow economy or underground economy, refers to a part of the economic system that operates outside of official channels and is not monitored or taxed by the government. It typically includes activities such as unreported employment, illegal trade, and informal transactions that are conducted
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CAUSES AND EFFECTS OF DEFLATION Deflation refers to a sustained decrease in the overall level of prices in an economy. There can be several causes of deflation, and it can have a variety of effects on different sectors of the economy. Some of the
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MEANING AND TYPES OF INFLATION Inflation refers to a sustained increase in the general price level of goods and services in an economy over a period of time. Put simply, it means that the cost of goods and services is rising, and the purchasing power of a unit of currency is decreasing. Inflation is usually
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INDEMNITY AND GUARANTEE Indemnity and guarantee are two legal concepts that provide protection to individuals or organizations against financial loss or damage. While they are similar in some ways, there are important differences between the two. Indemnity refers to a legal agreement in which one party agrees to compensate another party for any losses or
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VOIDABLE CONTRACTS AND VOID AGREEMENT A void agreement is one that is not enforceable by law, and it is considered as if it never existed in the first place. Examples of void agreements include agreements that are illegal or against public policy, such as agreements to commit a crime or agreements that are discriminatory in
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INSOLVENCY AND BANKRUPTCY CODE, 2016 (CODE) The Insolvency and Bankruptcy Code, 2016 (Code) is a comprehensive legislation that seeks to consolidate and amend the laws relating to insolvency resolution and bankruptcy in India. The Code provides a time-bound framework for insolvency resolution of companies, limited liability partnerships, and individuals. The Code aims to promote entrepreneurship,
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DIFFERENCE BETWEEN LEASEHOLD AND FREEHOLD PROPERTY Leasehold and freehold are two common types of property ownership in real estate. The main difference between these two types of ownership is the length of time for which the owner has a legal right to the property. Freehold property ownership provides complete ownership of the land and the
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