Question
The famous case of Lalman Shukla vs. Gauri Datt is
related to:Solution
In this case it was held that for the purpose of entering into a contract two things are essential: (1) To have complete knowledge of the facts of the offer or proposal; and (2) Acceptance of the offer. To convert a proposal into an agreement both knowledge and assent to it must be present. However, in the given case, both were missing.  As the plaintiff had no knowledge and hadn’t given his approval or accepted the proposal so there did not exist a valid contract between the two. In the case it was held that for creating or entering into a valid contract there has to be knowledge and assent to the offeree made by the proposer.
The policy of "anticipating no profits and providing for all possible losses" arises due to:
GST is a consumption of goods and service tax based on
Compute material purchased from the given information.
Opening stock of raw material = Rs. 1,00,000
Prime cost = Rs. 10,00,000
Dire...
SA 700 deals with:
5000 kgs of raw material were bought at Rs.2.5 per kg and 10% is normal waste. If recovery value of the normal waste is Rs.1.2 per kg, then find the cos...
Which inventory costing formula calculates value of closing inventory considering that inventory most recently purchased has not been sold?
Which of the following statement is true?
An asset costing ₹12 lakh, useful life 10 years, residual value ₹2 lakh. Calculate annual depreciation using straight-line method (SLM).
Within how many days a person should apply for registration?
Which banking transaction involves the transfer of funds from one bank account to another electronically, often used for paying bills or making purchases?
