Business Jargons A Business Encyclopedia

Definition: Bill of Exchange, can be understood as a written negotiable instrument, that carries an unconditional order to pay a specified sum of money to a designated person or the holder of the instrument, as directed in the instrument by the maker. The bill of exchange is either payable on demand, or after a specified…

Definition: The term contract is defined as an agreement between two or more parties which has a binding nature, in essence, the agreement with legal enforceability is said to be a contract. It creates and defines the duties and obligations of the parties involved. Process of Contract First and foremost, an offer is made by…

Definition: The Memorandum of Understanding or MoU is the performance agreement between two or more parties wherein they agree on the common lines of action. Generally, the parties opt for a memorandum of understanding when they don’t want the agreement to be legally enforceable and just want written proof of their oral commitments to each…