Definition: Corporate Governance, as the name suggests, is the framework of principles, policies, rules, relationships, industry practices and procedures that defines the way in which companies are to be governed, resources are to be used, legal rules to be complied with and organizational decisions to be taken, in an ethical, and socially responsible manner. Corporate … [Read more...] about Corporate Governance
Logistics Management
Definition: Logistics management refers to the comprehensive planning, organization and controlling of physical flow, storage and movement of materials, equipment, supplies, finished goods and related information from the point of origin to the point of consumption, to satisfy the customer's needs, at a profit. The movement of goods implies the forward and reverse flow of goods … [Read more...] about Logistics Management
Dividend
Definition: Dividend can be defined as that portion of the corporation's earning which is distributed to the shareholders as a return for the amount invested by them in the publicly listed company by purchasing its shares. In finer terms, it is nothing but a section of the firm's distributable profit, payable to the shareholders whenever announced. It is distributed as a … [Read more...] about Dividend
Quorum
Definition: To constitute a valid and binding meeting, the minimum number of members which must be present to transact the business, is termed as Quorum. Hence, it is a basic criterion for attendance which needs to be fulfilled, to make the proceedings legal. Further, the members should have a vested interest in the company. The members of the company are required to be … [Read more...] about Quorum
Corporate Veil
Definition: The term 'Corporate Veil' is a combination of two words 'corporate' which means a 'body corporate or company' and 'veil' which means a 'cover or shield'. Therefore, it implies the shield of protection that lies amidst the actions of the corporation and the actions of its members. Once the company is incorporated, it becomes a separate legal entity, i.e. the … [Read more...] about Corporate Veil
Trade Union
Definition: Trade Union is also referred as Labour Union, indicating an organized union, i.e. association of the labours, employed in a trade, industry, business or factory, etc who come together to achieve common goals, i.e. improving bargaining power on wages and working conditions. Basically, trade unions are the legal representatives of the group of wage earners. They … [Read more...] about Trade Union
Warehouse
Definition: Warehouse refers to the place where surplus goods are stored in a systematic manner so as to keep their quality, value and usefulness intact. Warehouses facilitate in keeping a proper record of the items as to where they are stored, their time of arrival, until when the goods have been there and the quantity of stock in hand. It is the venture which is … [Read more...] about Warehouse
Mistake
Definition: In contract law, a mistake refers to the innocent belief about something by one or both parties at the time of entering into a contract that certain facts are true, resulting in a misunderstanding in the parties. It is an unintentional act resulting from ignorance, forgetfulness or inattentiveness. It is among the five elements that vitiate free consent, the … [Read more...] about Mistake
Ratification
Definition: Ratification is one of the modes of creation of a contract of agency. In ratification, a person who is not authorized professes to act as an agent of another person or an agent who is duly appointed, performs an action on behalf of the principal which is beyond his/her periphery and the principal does not have any knowledge of the same, then in such a case, the … [Read more...] about Ratification
Void Agreement
Definition: Void Agreements refers to those agreements which are legally unenforceable. So, it does not amount to any rights or obligation as per law. These do not have any legal effect and so they cannot be enforced under the court of law, as well as it does not give any rights to the immediate parties. Agreements Expressly Declared Void There are certain agreements which … [Read more...] about Void Agreement