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ECO402 - Microeconomics Solved Past Papers

VU ECO402 - All Subjective Solved Past Papers 2023 - Microeconomics

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Provide solution with reference to earn 1000 credits

Answer: Suggest Edit

Provide solution with reference to earn 1000 credits

Answer: Suggest Edit

Fraud:

Fraud is something which is done in order to deceive someone. It involves making false statement with the intention to deceive someone. A person knows that a statement or belief is false but he makes a false statement purposely in order to deceive other person.

Misrepresentation

Misrepresentation is making false statement without the intention of deception. A person positively states that a fact is true but in reality the fact is not true. He makes a false statement but there is no intention of deception because the person himself does not know about the fact that he stated is false.

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Contract of Agency

In general terms, Agency refers to the relationship which exists between two persons, the Principal and the Agent in which the Agent has to perform different duties/ functions as per instructions of the principal and also enters into contract with the third party / parties on behalf of the principal. The relationship of agency plays an important role in business and commercial dealings. This relationship is legal created by virtue of agreement between Principal and Agent.

Definition of Agent and Principal

Agent is a person employed to do any act for another or to represent another in dealing with a third persons. The person for whom such act is done, or who is so represented, is called the Principal.

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ECO - Economics Related Solved Past Papers

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