Focus Professional Classes

 CA Foundation Economics : 1. Alfred Marshal (British)-  -Demand -Time concept  -Diminishing utility -Marginal Utility Approach -Time element to differentiate market -Welfare -Study of Mankind 2. Adam Smith -  -Nature & Causes of Wealth of Nation (1776). -Father of Economics -Definition of Wealth  3. Joel Dean -  Business Economics  4. JB Say - Economics is the science of growth   5. Nicholas Kardos -  Cobweb theory 6. HA Simon -  Satisfying Behavior  7. Olaf Hamler -  Delphi Method/Expert Opinion   8. Hicks & Allen -  Indifference Curve  9. L Robbins -  -Nature & Significance of Economics -Scarcity of resources -Positive science  10. Samuelson -  Growth of business  11. AC Pigou -  -Measuring rod of money -Welfare in economy Business -Optimism & pessimism  12. F Knight -  Risk 13. Schumpeter -  Innovation 14. A.A Berle & GC Means -  Separation of m...

Question: A student was induced by his teacher to sell his brand new car to the latter at less than the Purchase price to secure more marks in the examination. Accordingly, the car was sold. However, the father of the student persuaded him to see his teacher. Whether the student can sue the teacher..? Answer: •  Yes, A can sue his teacher on the ground of undue influence under the provisions of the Indian Contract Act, 1872.  • According to section 16 of the Indian Contract Act, 1872, “A contract is said to be induced by ‘undue influence’ where the relations subsisting between the parties are such that one of the parties is in a position to dominate the will of the other and he uses that position to obtain an unfair advantage over the other”.  • A person is deemed to be in a position to dominate the will of another: • (a) Where he holds a real or apparent authority over the other; or  • (b) Where he stands in a fiduciary relationship to the other; or  • (c) W...