What is a Prisoner's Dilemma? When two individuals trying to resolve an issue act in their own self-interests rather than aiming for an optimal outcome, and as a result end up worsening the situation instead of resolving it, its called the Prisoners Dilemma paradox. Decision analysis of conflict resolution in the Prisoners Dilemma shows that each pe...

What is a Certificate Of Title? In the real estate industry, a certificate of title is a document that shows the rightful or legal owner of a property. Before any individual can claim ownership to a property, whether it is a personal or commercial property, a certificate of title must be presented. A certificate of title is issued to an individual s...

What is Abeyance? Abeyance simply refers to the suspension of the right to the ownership of a property, title or office. It is a situation in which the right to own a property or title is not vested in any individual but the right is held in abeyance or suspended until the rightful owner is determined. The term is mostly used in real estate or mortg...

5 Rules for an Effective Patent Search Conducting a patent search at the beginning of your quest to patent your invention is design is absolutely necessary. There are numerous benefits or advantages behind a patent search. First off, a patent search means searching to determine if a particular invention (or its elements being claimed as deserving pr...

What is Retaliation Under Title VII? Title VII protects employees who report or bear witness to discriminatory conduct. More specifically, employers cannot retaliate by taking disciplinary action against employees for making discrimination charges, making a statement to the EEOC or administrative agency, or giving testimony in a discrimination case....

Can Your Invention Be Patented? So many inventors create new inventions without a thought as to whether the invention will be commercially viable. For an invention to be valuable, it must deliver a value proposition to a customer, client, or end-user. This part of the entrepreneurial equation is fairly easy. The more difficult aspect is that the inv...

What is General Equilibrium Theory? General equilibrium theory refers to a theory which tries to explain how demand, supply, and price functions in an economy as a whole and not just in a single or specific market. In other words, the general equilibrium analyzes the whole economy. This is contrary to partial equilibrium which analyzes individual ma...

What is a Limited Recourse Debt? A limited recourse debt refers to a debt which a lender has limited claims if the borrower happens to default. Generally, it means that there is a legal claim against collateral posted to secure the loan, but the debtor cannot be held personally liable for the debt.  Limited Recourse vs. Full Limited Recourse There a...

What is a Credit Bureau? Credit Bureaus, also known credit rating agencies (CRAs), refer to agencies that collect, organize, and disseminate credit information on individuals and to potential and existing creditors. What does a Credit Bureau Do? In the United States, there are three major personal credit agencies: Equifax, Experian, and TransUnion. ...

What are some tactics for Effective Communication? There are innumerable tactics for effective communication. Below are some of the more common: Define Your Terms be aware of any words you are using that may be unfamiliar to your audience. whether to use it or to substitute a more common, easily understood word. state the meaning directly or to reph...