Definition: Consignment implies a trading arrangement, wherein one party transfers goods to another party without immediate payment, who agrees for selling them on behalf and at the risk of the former, as per the instructions, to the customers, for a commission as a percentage of revenue from the sale proceeds. Consignment is opted when the owner of the goods does not have … [Read more...] about Consignment
Macro Environment
Definition: Macro Environment can be described as the collection of those factors and conditions, which has the capability of influencing the business positively or negatively. Macro Environment is the type of external business environment in which the firm and its micro-environmental forces exist which gives opportunities or pose threats to the firm. It comprises of the … [Read more...] about Macro Environment
Micro Environment
Definition: Micro Environment, refers to the environment comprising of all the actors of an organization's immediate environment which influences the performance of the company, as they have a direct bearing on the firm's regular business operations. The micro environment is popularly referred to as task environment or operating environment. Elements of Micro … [Read more...] about Micro Environment
Fraud
Definition: In general, fraud refers to wrongful deception committed intentionally, by using unfair means such as trick or lying, in an attempt to secure a financial gain or to unlawfully deprive the other party of the money, property or legal rights. In contract law, fraud is one of the elements which vitiates free consent of the parties. Fraud implies a false statement of … [Read more...] about Fraud
Undue Influence
Definition: Undue Influence can be described as the practice of affecting the will of the other person by the use of the relation existing amidst the parties. Further, to employ undue influence one party has to be dominant and the other being weaker, so as to use the position to get an unfair benefit over the other. Undue Influence is covered under Section 16 of the Indian … [Read more...] about Undue Influence
Coercion
Definition: Coercion is the primary element that vitiates free consent of the party. It refers to the method of inducing another party to act in a certain manner, which is against their will. In coercion, one party commits or threatens to commit an act which is not permissible under the Criminal Code. It also covers the detaining or threatening to detain the property, … [Read more...] about Coercion
Marketing
Definition: Marketing refers to a systematic process for creating, communicating, delivering and exchanging the offering, having value to the customers and also for building and managing the strong relationship with the customers and suppliers which is profitable to the organization and stakeholders as well. Marketing Mix The conventional means of understanding the basic … [Read more...] about Marketing
Prospectus
Definition: Prospectus is an offer document or information brochure issued by a public company used for inviting offers from the general public for subscribing the shares. It contains all the material information as to the price and number of shares/convertible shares being offered for sale to the public, which helps the investors to take a rational decision regarding the … [Read more...] about Prospectus
Consideration
Definition: In common parlance, consideration refers to something paid to someone in return for something else. In legal terminology, it can be understood as the price or compensation which has to be paid by the promisee to the promisor for doing or not doing an act. Consideration is necessary for a valid contract, in the absence of which a promise cannot be enforceable. It … [Read more...] about Consideration
Contract of Indemnity
Definition: In common parlance, the word 'indemnity' implies reimbursement against financial loss or protect someone from incurring a loss. In law, Contract of indemnity can be defined as a legal contract between two persons whereby one party commits to indemnify, i.e. to compensate or reimburse, the loss incurred to the other party, by the conduct of the party, who is … [Read more...] about Contract of Indemnity