At times the parties to the contract decide a reasonable compensation payable at the time of the breach of contract. The amount agreed by the parties concerned beforehand is called liquidated damages. So, these are predetermined damages that the parties agree to pay each other if they break the contract. As against, the court grants unliquidated damages depending upon the assessment of loss or injury that occurred to the plaintiff on account of the breach of the contract. What are … [Read more...]
Difference Between When and While
'When' and 'While' are often juxtaposed when we are talking about actions or events that take place simultaneously or even when you are discussing something that happened previously, and you are like, 'that time it happened'. So, you must be aware that both the words are somewhat related to time and action. When implies at or during which time, whereas while represents at the same time. Let's take a look at these examples to understand the two: Alan was playing while we were completing our … [Read more...]
Difference Between Tort and Contract
Contract Law encompasses consent-based relationships between parties. In this one party to the contract agrees to perform a certain obligation in exchange for something from the other party. Contracts indicate commitments made by the parties for the future. The parties entering into the contract expect the fulfilment of the commitment in future. Conversely, Tort Law is concerned with non-consensual relationships, wherein the action or omission of one party causes harm to another. A tort is … [Read more...]
Difference Between Monopoly and Perfect Competition
A perfectly competitive market is a market where you can find a large number of buyers and sellers. The firms in such a market offer homogeneous products. Also, no firm is large enough to influence the market price. Basically, perfect competition exhibits the 'ideal' form of competition that exists in the industry. For instance: An industry comprising street corner vendors can come under this category. On the other hand, a monopoly is when a single firm owns all or almost all of the market … [Read more...]
Difference Between Economic and Social Infrastructure
Infrastructure is primarily classified into economic and social infrastructure. Economic Infrastructure is one that contributes to promoting economic activities. This may include highways, telecommunication, electricity etc. On the contrary, social infrastructure is one that assists in the promotion of education and health-related standards. Investment in the infrastructure of the country is one of the important drivers of economic development. This is because it is pertinent for the … [Read more...]
Difference Between Transitive and Intransitive Verbs
Basically, transitivity is a universal characteristic of a clause, which results in the transfer of activity from an agent (subject) to the patient (object). When you talk about the difference between a transitive and intransitive verb, the point to ponder is whether the sentence contains object or not. While transitive verb is one that has a subject and object as well, the intransitive verb has a subject only. A sentence consists of a subject, verb and object. Subject implies the doer (noun) … [Read more...]
Difference Between Economic Development and Sustainable Development
Economic Development refers to the process by which the economic health and quality of life of the country improves. It contains a number of structural changes. On the other hand, sustainable development is a process of development wherein economic, social and environmental policies are designed to result in a development which is sustainable, i.e. which maintains ecological balance. In short, it ensures a better quality of life for all people whether they belong to the present or future … [Read more...]
Difference Between Autonomous and Accommodating Items
Autonomous Items are the reason for the imbalances in the Balance of Payment Account. On the other hand, Accommodating Items are intended to restore the balance in the Balance of Payment Account. While autonomous items are foreign exchange transactions which arise due to profit motives. Accommodating items are nothing but short-term capital transactions which emerge to overcome the disequilibrium in the Balance of Payment causing due to autonomous items. Do you know that the balance of a … [Read more...]
Difference Between Personal and Personnel
The word personal and personnel are such a pair of words which easily confuses people, due to which they use it incorrectly, but they have very different meanings. While personal is used when we are talking about something which is private or owned by someone. On the other hand, personnel means the people who are under the employment of an organization or business. Let's take a look at these examples to understand the difference clearly: The personal information of all the personnel … [Read more...]
Difference Between Ex-showroom Price and On-road Price
Typically in the vehicle advertisements that you have seen on Television or in Newspapers, the price they show is the Ex-showroom price. But when you actually visit the showroom and ask for the actual price of that vehicle they tell you the On-road price. This strategy is used by companies to get more and more responses from the target audience. Having a car or a bike of our own is important for day-to-day transportation. If you are one of those who are looking for buying a vehicle for … [Read more...]
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