Contract of Carriage

We are aware of the fact that transport plays a crucial role in the economic development of the nation. This is because it moves the goods from one point to another, which is significant for commerce. There was a time when production and consumption of goods takes place at the same place, due to a […]

Wagering Agreement

What is a Wagering Agreement? A wagering agreement is an agreement between two parties wherein one party commits to pay a certain sum of money to another person on the occurrence or non-occurrence of a future uncertain event. Such agreements are void. This means that none of the parties can file a suit to recover […]

Absenteeism

Concept of Absenteeism Any employee can stay away from work if he is on official leave on valid grounds like sickness, accident, etc. But in case of absenteeism, the employee is on unauthorized leave. Absenteeism implies unofficial non-attendance from work. This means that it is a situation in which an employee is scheduled to work, […]

Public Expenditure

What is Public Expenditure? Public Expenditure, as the name signifies is the expenses that the government of different levels, i.e. central, state or local bodies, incurs either for its own maintenance or for meeting the common needs of the citizens or for promoting economic and social welfare. For Instance: Expenditure to run government effectively by […]

Employee Orientation

What is Employee Orientation? In a company’s recruitment process, employee orientation plays a significant role. This is because the new joiners get to know about the company with this programme. Hence, the planning and execution of the orientation programme should be in such a manner that provides complete information about various aspects of the company. […]

Poverty

What is Poverty? Poverty means the state of deprivation of well-being. It can be seen in low-income or no-income of people and their inability to meet their basic needs and acquire basic services which are necessary for the livelihood of a person and his/her family. Basic needs mean an individual’s needs relating to food, clothing, […]

Service Marketing Mix

What is Service Marketing Mix? We define a service marketing mix as a blend of various components of service marketing. A firm uses these components to convey its brand message, so as to promote and sell its intangible services to its customers. It accounts for 7P’s namely: Service Product Pricing Place Promotion People Process Physical […]

Parts of Business Letter

What is a Business Letter? Business Letters are an important part of written communication. You can call it a life-breath of any business. These are exchanged with the parties like suppliers, customers, banks, insurance agencies, and government departments for different purposes. These letters can take the form of: Inquiries and Replies Quotations, Estimates, and Tender […]

Contingent Contract

What is a Contingent Contract? A contingent contract refers to a contract whose performance or non-performance depends on the happening or non-happening of a particular event. It means that the performance of the contract does not depend on the mere will of the promisor. Rather, the performance of the contingent contract becomes due only upon […]

Voluntary Retirement Scheme (VRS)

What is VRS? VRS expands to Voluntary Retirement Scheme. It is a scheme in which employers offer voluntary retirement from services to the employees, before their retirement date. This is a method to reduce the strength of employees. One must take a note that before implementing a voluntary retirement scheme, the company must practice other […]