Description
In statistics, a sufficient statistic is a statistic which has the property of sufficiency with respect to a statistical model and its associated unknown parameter, meaning that "no other statistic which can be calculated from the same sample provides any additional information as to the value of the parameter".
Sufficiency of Consideration
1
Sufficiency of Consideration
2
Case: Undervalued House Sale
Druv got in a contract to sell his ancestral house to Pratap for Rs. 50, 000. As the spacious property was in Bangalore, Druv could have readily got Rs. 20 lakhs for the property. What would be the enforcement agencies municipal bodies? response of the law like income tax and
What would be the response of the anti-corruption department if Pratap is a government servant?
3
… cond
Druv was clear that the property being ancestral house, should never be sold any one other than a close relative. Pratap was the only one to whom it could have been sold. Pratap could only afford Rs. 50, 000. Thus, the two had settled for the amount. Is this a valid contract?
4
… cond
Druv was clear that the property being ancestral house, should never be sold any one other than a close relative. Pratap was the only one to whom it could have been sold. Pratap could only afford Rs. 50, 000. Thus, the two had settled for the amount. Later, Druv’s friends convinced him that it was better to keep the house with him than sell it for Rs. 50, 000.
Druv now claims that the contract is not enforceable as the consideration is insufficient.
Decide.
5
Thomas v. Thomas
Mr. Thomas had desired that if his wife survived him, she should have the use of the house. The house was in his name. After Mr. Thomas’ death, the executor of his estate, respecting the wishes of Mr. Thomas, allowed Mrs. Thomas to occupy the house on the payment by her of pound £ 1 per year. A dispute later arose on the rights of Mrs. Thomas to occupy the house on the grounds that there was practically no consideration in the agreement.
6
Judgement
The court ruled that £ 1 she was required to pay, even if manifestly inadequate, was a consideration.
7
doc_803617627.ppt
In statistics, a sufficient statistic is a statistic which has the property of sufficiency with respect to a statistical model and its associated unknown parameter, meaning that "no other statistic which can be calculated from the same sample provides any additional information as to the value of the parameter".
Sufficiency of Consideration
1
Sufficiency of Consideration
2
Case: Undervalued House Sale
Druv got in a contract to sell his ancestral house to Pratap for Rs. 50, 000. As the spacious property was in Bangalore, Druv could have readily got Rs. 20 lakhs for the property. What would be the enforcement agencies municipal bodies? response of the law like income tax and
What would be the response of the anti-corruption department if Pratap is a government servant?
3
… cond
Druv was clear that the property being ancestral house, should never be sold any one other than a close relative. Pratap was the only one to whom it could have been sold. Pratap could only afford Rs. 50, 000. Thus, the two had settled for the amount. Is this a valid contract?
4
… cond
Druv was clear that the property being ancestral house, should never be sold any one other than a close relative. Pratap was the only one to whom it could have been sold. Pratap could only afford Rs. 50, 000. Thus, the two had settled for the amount. Later, Druv’s friends convinced him that it was better to keep the house with him than sell it for Rs. 50, 000.
Druv now claims that the contract is not enforceable as the consideration is insufficient.
Decide.
5
Thomas v. Thomas
Mr. Thomas had desired that if his wife survived him, she should have the use of the house. The house was in his name. After Mr. Thomas’ death, the executor of his estate, respecting the wishes of Mr. Thomas, allowed Mrs. Thomas to occupy the house on the payment by her of pound £ 1 per year. A dispute later arose on the rights of Mrs. Thomas to occupy the house on the grounds that there was practically no consideration in the agreement.
6
Judgement
The court ruled that £ 1 she was required to pay, even if manifestly inadequate, was a consideration.
7
doc_803617627.ppt