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…

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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 Environment The elements…

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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…

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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…

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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…

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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 components of…

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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…

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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…

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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…

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Contract of Agency

Definition: Agency can be defined as the relationship between two persons, wherein a person has the authority to act on behalf of another, bind him/her into a legal relationship with the third party. There are two parties in a contract of agency – principal and agent. Contract of Agency is based on the fact that…

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