NTA UGC NET/JRF Exam, Dec. 2019 Commerce (Evening-Shift)

Warranty - A warranty is a type of guarantee that a manufacture or similar party makes regarding the condition of its product. it also refers to the terms and situations in repairs or exchanges will be made if the product does not function as originally described or intended.

Key Takeaways -
warranties often have conditions limiting the warranty.
The buyer must fulfill certain duties for the warranty be honored by the manufacturer. some of the most common warranties are expressed implied, extended and special warranty deeds.
The Magnusson- moss warranty Act was created to protect consumers from fraud and misrepresentations.
A guarantee is a promise from a seller that their product will meet certain quality and performance standards.

Compensation on account of any disaster [Section 10 (10 BC)]:
Any amount received from the central Government or state government or a local Authority by an individual or his legal heirs as compensation on account of any disaster is 100% exempt from tax. 

However, no deduction is available in respect of the amount received or receivable to the extent such individual or his legal heirs has been allowed a deduction under the Act on account of loss or damage caused due to such disaster.

Disaster here means any disaster due to any natural or man-made causes or by accident /negligence which results in substantial loss of human life or damage to property or environment and the magnitude of such disaster is beyond the coping capacity of the community of the affected area.

Sale of Goods Act, 1930 (Section -1 )1st July 1930
-Earlier scale of goods related provision was covered under Indian contract Act 1872 -When Scale of Goods act '1930' came into force from then section '76 to 123' of Indian contract act was Repealed
- Earlier its name the 'Indian sale of goods 1930'on 23rd Sept. '1963' the word 'Indian' removed from the earlier name and now new name is 'Sale of Goods Act 1930'
-This act extend to whole of India except J&K. -Implied condition according to the sale of goods Act.-
(i) Seller's Title to goods is valid
(ii) Goods comply with Description & sample
(iii) Quality or fitness of goods for the purpose specified by buyer.
(iv) Wholesomeness of eatables

A Non-Banking financial company (NBFC) -  s a company registered under the companies Act, 1956 engaged in the business of loans and Advances acquisition of share / stocks / bonds / debentures / securities issued by Government or local authority or other Marketable.

Securities of a like nature, leasing, hire-purchase, insurance business chit business but does not include any institution whose principle business is that of agriculture activity industry activity, purchase or sale of any goods (other than securities) or providing any service and sale / purchase / construction of immovable property.

-Within this broad categorization the different types of NBFCs are as follows:
(i) Asset Finance Company (AFC)
(ii) Investment Company (IC)
(iii) Infrastructure Finance Company (IFC)
(iv) Systematically Important Core Investment Company (CIC-ND-SI)
(v) Mortgage Guarantee Company (MGC)

Negotiable Instrument :- 1881
'Negotiable means transferable by delivery and 'Instrument 'is a written document which creates a right in favor of any person. therefore, a negotiable instrument is a written document which creates a right in favor of any person and which transferable by delivery.
A negotiable instruct means a promissory note, bill of exchange or cheque payable either to order or to bearer.
-Presumptions as to negotiable instruments (Sec.118): Until the contrary is proved, the following presumptions shall be made:-
(i) of consideration
(ii) as to date
(iii) as to the time of transfer
(iv) as to the acceptance
(v) as to order of endorsements
(vi) as to stamp
(vii) that holder is a holder in due course:

Below are the explanation of the above statements :
1- Deviation- method of mean deviation does not give accurate result.
- And if we compute mean deviation from mean that is also not desirable because the sum of the deviations from the mean (ignoring signs) is greater than the sum of the deviation from the median (ignoring signs).

2- Standard deviation - is independent of the change of origin and but not of scale.

3- In a Symmetrical distribution, the mean deviation equals 4/5 of standard deviation.
4- in symmetrical and bell-shaped distraction, quartile deviation is the distance from the median to the lower quartile or to the upper quartile.

Economic policies - An economic policy is a Course of action that is intended to influence or control the behavior of the economy.
2- Economic planning :- is a resource allocation its solution.
3- Macroeconomic scenario- As the term implies, macroeconomics looks at the overall, big-picture Scenario of the economy.
4- Socio cultural factors are the larger scale force within cultures and societies that affect the thoughts, feelings and behaviors.

The four important theories of group formation are
1- Propinquity theory:- The propinquity theory of group formation states that individuals from group due to Spatial and geographical nearness.
- The word propinquity means " Nearness"
- According to this theory people who work within the same business area or at nearby places are more likely to affiliate with each other and form a group than those who work in distant places.

2- Homan's theory:- According to George C. Homans, " The more activates Person share, the more numerous will be there interactions and the stronger will be their shared activities and Sentiments, and the more Sentiments people have for one another, the more will be their shared activates and interactions".
- The key element is interaction because of which people develop common sentiment for one another.
3- Balance Theory- similarity / balance theory states that people having similar attitudes and values are attracted to each other and form a group.
-The similarity of attitudes is the main factor for developing a group among people as per theory.
4- Exchange theory - it is based on reward- cost outcomes of interactions
- To be attracted to a group, a person thinks in terms of what he will get in exchange for interaction with group members.

Market logistic planning four correct step -
(D) Decide on company's value proposition to its customers
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(B) select the best channel design and network strategy for reaching the customer
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(A) Develop operational excellence in sales forecasting, ware house Management transportation and Material Management
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(C) Implement the solution with the best information system, equipment policies and procedures.