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MBA – PM0051 : What is the distinction between cheque and bill of exchange.

Answer :- A cheque differs from a bill of exchange in the following respects:
1. Drawee:
A cheque is always drawn on a bank or a banker while a bill of exchange can be drawn on any person including a banker.
2. Acceptance:
A cheque does not require any acceptance while a bill must be accepted before the drawee can be made liable upon it.
3. Payment:
A cheque is payable immediately on demand without any days of grace, but a bill of exchange is normally entitled to three days of grace unless it is payable on demand.
4. Crossing:
A cheque may be crossed but there is no such provision in the case of a bill of exchange.
5. Notice of dishonor:
When a cheque is not met, notice of dishonor is not necessary. Want of assets in the hands of the banker is sufficient notice. It is necessary to give a notice of dishonor in order to make the drawer of a bill liable.
6. Payable to bearer on demand:
A cheque can be drawn payable to bearer on demand. But a bill of exchange cannot be so drawn.
7. Stamp:
A bill of exchange must be stamped, whereas a cheque does not require any stamp.
8. Countermanding payment:
A cheque may be revoked by countermand of payment. The payment of a bill, however cannot be countermanded.
9. Noting and protesting:
A cheque is not noted or protested for dishonor and is generally inland.
10. Presentment:
A bill of exchange must be duly presented for payment otherwise the drawer will be discharged. The drawer of a cheque is not discharged by failure of the holder to present it in due time unless the drawer has sustained damage by the delay.
11. Protection:
A banker is given statutory protection with regard to payment of cheques in certain circumstances. No such protection is available to the drawee or acceptor of a bill of exchange.

 

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MBA-PM0051 :  Distinguish between indemnity and guarantee.

Answers: – Indemnity vs. Guarantee

Indemnity and guarantee are two important ways to safeguard ones interests when entering into a contract. There are many similarities between the two concepts though they differ a lot also. This article will highlight the differences between Indemnity and guarantee to enable readers to choose one of the two depending upon circumstances and requirements.

Indemnity

When you agree to an indemnity agreement, you agree to assume all responsibility and liability for any injuries or damages to someone else. Whenever there is an indemnity contract and one party suffers any losses, the other has the liability to indemnify for the consequences. The common phrases that are included in indemnity contracts say that the person agrees to indemnify and hold harmless or to defend, indemnify and hold harmless. If there is a clause or obligation to defend, you should also get a clause included requiring the person who is being indemnified to tender the defense to you. At least you should get the clause of right to control defense. In the absence of these provisions, the party that you are indemnifying can cost you dearly by raking up huge attorney fees and other sundry expenses. But if you are controlling the defense, you can have a say in the selection of attorney thereby minimizing litigation costs.

In general indemnity agreement covers damages, loss, costs, expenses and fees of attorneys. If there is no mention of attorney fees, the court may not require the person promising to indemnify to pay attorney fees.

Guarantee

In sharp contrast to an indemnity, a guarantee is a promise to answer for debt, default or other financial liability of another. You promise to pay for any damages or default in the event of the principal person refusing to do so or when he cannot do so. If you are a guarantor, once you have paid the principal obligation, your obligation is terminated. Guarantee clause is not the main agreement and is generally collateral to some other obligation or debt. You are held accountable or liable for this debt or obligation after you have fulfilled your obligation as a guarantor. It is therefore prudent to study all clauses or underlying contract before signing any guarantee contract.

Difference between Indemnity and Guarantee
• A guarantee is a promise to someone that a third party will meet its obligation to them. “If they do not pay you, I will pay you”.
• An indemnity is a promise to be responsible for another person’s loss and to agree to compensate them for any loss or damage on mutually agreed terms. For example, one agrees to pay the difference of repairs if they exceed a certain limit.

 

MBA- PM0051 : what are the remedies for breach of contract.

Answers: – Before you file a breach of contract lawsuit, you should know which type of remedy you are seeking. Many people simply want monetary compensation for the grief caused by the other party’s breach of contract. Types of damages for breach of contract include:

Compensatory Damages – money to reimburse you for costs to compensate for your loss

Consequential and Incidental Damages – money for losses caused by the breach that were foreseeable (foreseeable damages are when each side reasonably knew that–at the time of the contract–there would be potential losses if there was a breach

Attorney Fees and Costs – only recoverable if expressly provided for in the contract

Liquidated Damages – damages specified in the contract that would be payable if there is a fraud

Punitive Damages – money given to punish a person who acted in an offensive and egregious manner in an effort to deter that person and others from continuing to act in this way. You generally cannot collect punitive damages in contract cases.

The controlling law, the conduct of the violating party, and the extent of harm you suffered can influence which of these damages for breach of contract will be awarded in your situation. The more egregious and intentional the behavior, the greater the chance you have of being awarded larger, punitive damages. If the breach was unintended and arose from negligent behavior, you will probably receive compensatory or consequential damages.

MBA-PM0051: Distinguish between fraud and misrepresentation.

Ans. Fraud -is generally defined in the law as an intentional misrepresentation of material existing fact made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage. Fraud may also be made by an omission or purposeful failure to state material facts, which nondisclosure makes other statements misleading.

Misrepresentation – Means a false statement of fact made by one party to another party, which has the effect of inducing that party into the contract. For example, under certain circumstances, false statements or promises made by a seller of goods regarding the quality or nature of the product that the seller has may constitute misrepresentation. Finding of misrepresentation allows for a remedy of rescission and sometimes damages depending on the type of misrepresentation.

Difference between fraud and misinterpretation:-

1. In misrepresentation the person making the false statement believes it to be true. In fraud the false statement is person who knows that it is false or he does not caret know whether it is true or false.

2. There is no intention to deceive the other party when there is misrepresentation of fact. The very purpose of the fraud is to deceive the other party to the contract.

3. Misrepresentation renders the contract voidable at the option of the party whose consent was obtained by misrepresentation. In the case of fraud the contract is voidable It also gives rise to an independent action in tort for damages.

4. Misrepresentation is not an offence under Indian penal code and hence not punishable. Fraud, In certain cases is a punishable offence under Indian penal code.

5. Generally, silence is not fraud except where there is a duty to speak or the relations between parties is fiduciary. Under no circumstances can silence be considered as misrepresentation.

6. The party complaining of misrepresentation can’t avoid the contract if he had the means to discover the truth with ordinary diligence. But in the case of fraud, the party making a false statement cannot say that the other party had the means to discover the truth with ordinary diligence.

MBA – PM0050 : a.Explain the role of Graphs and Diagrams

b. What are the Types and General rules for graphical representation of data?

 Answer: a) Role of Graphs and Diagrams:

Role of Graphs:

Because graphs provide a compact, rhetorically powerful way of representing research findings, recent theories of science have postulated their use as a distinguishing feature of science. Studies have shown that the use of graphs in journal articles correlates highly with the hardness of scientific fields, both across disciplines and across subfields of psychology.

Role of Diagrams:

Recent technological advances have enabled the large-scale adoption of diagrams in a diverse range of areas. Increasingly sophisticated visual representations are emerging and, to enable effective communication, insight is required into how diagrams are used and when they are appropriate for use. The pervasive, everyday use of diagrams for communicating information and ideas serves to illustrate the importance of providing a sound understanding of the role that diagrams can, and do, play. Research in the field of diagrams aims to improve our understanding of the role of diagrams, sketches and other visualizations in communication, computation, cognition, creative thought, and problem solving. These concerns have triggered surge of interest in the study of diagrams. The study of diagrammatic communication as a whole must be pursued as an interdisciplinary endeavor. Diagrams attract a large number of researchers from virtually all related fields, placing the conference as a major international event in the area.

 

b) Types and General rules for graphical representation of data:

Graphical representation is done of the data available. This is very important step of statistical analysis. We will be discussing the organization of data. The word ‘Data’ is plural for ‘datum’; datum means facts. Statistically the term is used for numerical facts such as measures of height, weight and scores on achievement and intelligence tests. Graphs and diagram leave a lasting impression on the mind and make intelligible and easily understandable the salient features of the data. Forecasting also becomes easier with the help of graph. Thus it is of interest to study the graphical representation of data. The graphical representation of data is categorized as basic five types:

1) Bar graph

2) Pie graph

3) Line graph

4) Scatter plot

5) Histogram

MBA – PM0050 :  Select any topic for research and explain how you will use both secondary and primary sources to gather the required information.

Answer: For performing research on the literacy levels among families, the primary and secondary sources of data can be used very effectively. More specifically the primary sources of data collection is suggested in this regard. Because personal data or data related to human beings consist of:1. Demographic and socio-economic characteristics of individuals: Age, sex, race, social class, religion, marital status, education, occupation income, family size, location of the household lifestyle etc.2. Behavioral variables: Attitudes, opinions, awareness, knowledge, practice, intentions, etc.3. Organizational data consist of data relating to an organizations origin, ownership, objectives, resources, functions, performance and growth.4. Territorial data are related to geo-physical characteristics, resource endowment, population, occupational pattern infrastructure degree of development, etc. of spatial divisions like villages, cities, talks, districts, state and the nation. The data serve as the bases or raw materials for analysis. Without an analysis of factual data, no specific inferences can be drawn on the questions under study. Inferences based on imagination or guess work cannot provide correct answers to research questions. The relevance, adequacy and reliability of data determine the quality of the findings of a study. Data form the basis for testing the hypothesis formulated in a study. Data also provide the facts and figures required for constructing measurement scales and tables, which are analyzed with statistical techniques. Inferences on the results of statistical analysis and tests of significance provide the answers to research questions. Thus, the scientific process of measurements, analysis, testing and inferences depends on the availability of relevant data and their accuracy. Hence, the importance of data for any research studies

The sources of data may be classified into:

a. Primary sources

b. Secondary sources. Primary Sources of Data


Primary sources are original sources from which the researcher directly collects data that have not been previously collected e.g.., collection of data directly by the researcher on brand awareness, brand preference, brand loyalty and other aspects of consumer behavior from a sample of consumers by interviewing them,. Primary data are first-hand information collected through various methods such as observation, interviewing, mailing etc.

Advantage of Primary Data:

It is original source of data it is possible to capture the changes occurring in the course of time. It flexible to the advantage of researcher. Extensive research study is based on primary data

Disadvantage of Primary Data:

 Primary data is expensive to obtain

 It is time consuming

 It requires extensive research personnel who are skilled.

 It is difficult to administer

Methods of Collecting Primary Data:

Primary data are directly collected by the researcher from their original sources. In this case, the researcher can collect the required date precisely according to his research needs, he can collect them when he wants them and in the form he needs them. But the collection of primary data is costly and time consuming. Yet, for several types of social science research required data are not available from secondary sources and they have to be directly gathered from the primary sources. In such cases where the available data are in appropriate, inadequate or obsolete, primary data have to be gathered. They include: socioeconomic surveys, social anthropological studies of rural communities and tribal communities, sociological studies of social problems and social institutions. Marketing research, leadership studies, opinion polls, attitudinal surveys, readership, radio listening and T.V. viewing surveys, knowledge-awareness practice (KAP) studies, farm managements studies, business management studies etc. There are various methods of data collection. A ‘Method’ is different from a ‘Tool’ while a method refers to the way or mode of gathering data, a tool is an instruments used for the method. For example, a schedule is used for interviewing. The important methods are

(a) Observation,

 (b) Interviewing,

(c) Mail survey,

(d) Experimentation,

(e) Simulation and

 (f) Projective technique.

 

Each of these methods is discussed in detail in the subsequent sections in the later chapters.

Secondary Sources of Data:

These are sources containing data which have been collected and compiled for another purpose. The secondary sources consists of readily compendia and already compiled statistical statements and reports whose data may be used by researchers for their studies e.g., census reports , annual reports and financial statements of companies, Statistical statement, Reports of Government Departments, Annual reports of currency and finance published by the Reserve Bank of India, Statistical statements relating to Co-operatives and Regional Banks, published by the NABARD, Reports of the National sample survey Organization, Reports of trade associations, publications of international organizations such as UNO, IMF, World Bank, ILO,WHO, etc., Trade and Financial journals newspapers etc. Secondary sources consist of not only published records and reports, but also unpublished records. The latter category includes various records and registers maintained by the firms and organizations, e.g., accounting and financial records, personnel records, register of members, minutes of meetings, inventory records etc.

MBA – PM0050: List down various measures of central tendency and explain the difference between them?

Answer: – The three most commonly-used measures of central tendency and difference between them are as following.

Mean

The sum of the values divided by the number of values–often called the “average.”

  • Add all of the values together.
  • Divide by the number of values to obtain the mean.

Example: The mean of 7, 12, 24, 20, 19 is (7 + 12 + 24 + 20 + 19) / 5 = 16.4.

Median

The value which divides the values into two equal halves, with half of the values being lower than the median and half higher than the median.

  • Sort the values into ascending order.
  • If you have an odd number of values, the median is the middle value.
  • If you have an even number of values, the median is the arithmetic mean (see above) of the two middle values.

Example: The median of the same five numbers (7, 12, 24, 20, 19) is 19.

Mode

The most frequently-occurring value (or values).

  • Calculate the frequencies for all of the values in the data.
  • The mode is the value (or values) with the highest frequency.

Example: For individuals having the following ages — 18, 18, 19, 20, 20, 20, 21, and 23, the mode is 20.

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