PART 1: SOLUTION
Under the provisions of the Contract Act, 1872 this is a valid contract. Because according to the Scope of Contract under sec. 2(h) and the Proposal or Offer base on the following.The offer must be communicated to the other party. According to section 4 of the Act, the communication of a proposal is complete when it comes to the knowledge of the person to whom it is made. 1. The terms of the offer must be definite and clear 2. The offer must be capable of creating legal relationships. 3. The offer must be made to obtain acceptance. An invitation to receive an offer is not an offer. Yes, Aftab would be able to claim the amount of reward under the circumstances because he has evidence in the newspapers form and he can easily claim about Badar so this contract imposed by enforceable by law.
PART 2: SOLUTION
As we know that according to the contract act of 1872 a promise and Consideration section 2 (g), All of the agreements are not contracts, meaning thereby that all agreements are not enforceable at law. Such agreements are called void agreements. So this is Void Agreement and this agreement not enforceable by law is said to be void agreement.Yes, it is possible and enforceable by law in this situation if this agreement with a written form or registered so than Aftab can claim and imposed this agreement by law if Mohsin breach this contract or Promise.
PART 3: SOLUTION
The contract should not be performed because the horse died through a natural death so the contract should over. If this contract in written and register from so according to act 1872 B can claim about Mr. A and then this contract would enforceable by law and called to be Valid contract. So an agreement made by the parties which are not legally competent to enter into the contract is not enforceable at law that is void. Here are a Scope of Promise –Sec. 2 (b)
• Promise under the Act stands for an accepted proposal • Acceptance of a conditional offer leads to acceptance of the proposal. • Communication of offer is necessarily leading to acceptance or otherwise. • If the accepted offer requires that terms of the contract are to be reduced into writing, in such circumstances writing of a contract would only constitute the completion of the formalities and shall not have any effect on the validity of acceptance.
PART 4: SOLUTION
No this is not a valid contract because for the contract both parties must be agreed, the promisee and promisor and that contract did without forcefully. If Y doesn’t want to sell his house and X threaten him forcefully to sold his house so in this situation the second party is not agreed so the proposal not be accepted by 2nd party and without acceptable proposal and consideration promises and the contract could not be made.
PART 5: SOLUTION
Yes, this contract is valid because one party Asif is giving offers or proposals to second party Basit and Basit accept this proposal without forcefully and as we know that without proposal and consideration promise or contract could not be made.
Here are the following essentials of Valid Contract:1. These are outlined below:2. Offer and acceptance3. Legal relationship4. Legal consideration5. Competent parties6. Free consent of the parties7. Lawful Object8. Terms of an agreement to be complete and certain9. Possibility of performance10. Contract to be got registered & in writing, wherever required
ECO704 Assignment 1 Solution and Discussion
SEMESTER FALL 2019
MANAGERIAL ECONOMICS (ECO704)
ASSIGNMENT # 1
Due date: 3 Dec 2019 Marks: 10
IGI Insurance offers mail-order automobile insurance to preferred-risk drivers in any area of Pakistan. The company is the low-cost provider of insurance in this market but doesn’t believe its Rs.750 annual premium can be raised for competitive reasons. Its rates are expected to remain stable during coming periods; hence, P = MR = Rs.750. Total and marginal cost relations for the company are as follows:
TC = 2,500,000 + 500Q + 0.005Q2
MC = ΜTC/ΜQ = 500 + 0.01Q
A. Calculate the profit-maximizing activity level.
B. Calculate the company’s optimal profit level and optimal profit as a percentage of total sales revenue (profit margin).
(Marks: 2 + 3)
Etehad Group of Companies has been on the forefront of design and development, by coming up with new products and increasing presence in all its featured markets. Established in Lahore in year 1957, today the Etehad Group of Companies is one of the largest consumer goods companies of Pakistan. Its products have proven themselves in functional performance parameters set by international industry experts. With the vision to become leaders of the industry, Etehad strives to make each of its products, with careful R&D and intensive innovation. Company has a constant sales growth rate of 35% and it wants to forecast the sales level for year 2019 based upon previous years (2010-2018) sales pattern that is given in the following table:
Actual Sales (in millions)
a) Forecast sales level of Etehad Company for 2019 through exponential smoothing by using 0.4 and 0.6 weights for actual values.
b) Analyze which weight is more feasible for data forecasting?
(Marking scheme: 3+2)
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