What is an Absolute Auction? An absolute auction is a type of auction sale when the purchase amount is neither set (reserve price) nor negotiated. Instead, the purchase amount comes through competitive, open bidding, with the highest price as the winning bid. The absolute auction is a classic auction when regardless of the cost of goods, the items s...

What is the Law of 29? This law is based on the assumption that a marketer or a company must send promotional messages to a client 29 times if they want the customer to purchase their product. How does the Law of 29 Work? The law of 29 is often used by marketers to describe the level of consistency that must be maintained by a company if they want p...

What is a Trust Deed? Trust deeds or deeds of trust are real estate documents. Trust deeds do the following Trust deeds transfer the legal right of a real estate property to a trustee, which will only be released to the borrower on the completion of the loan. Some states in the U.S use deeds of trust as an alternative to mortgages. Trust deeds are g...

What is an Offtake Agreement? An offtake agreement refers to an agreement where a buyer and a manufacturer decide to either buy or sell specific portions of the products that the manufacturer will produce in the future. Generally, such agreements are finalized before the production starts. For instance, a mine will need a market where it can sell it...

What Does Patent Pending Mean Legally? “Patent pending” is a designation used to express to the world that a provision or non-provisional, utility patent application has been filed with the United States Patent and Trademark Office (USPTO) to cover the identified invention or creation (“invention”). This designation can be extremely useful for a sta...

When is a Patentability Search Needed? So, you have invented a product that you believe has potential to be valuable. You want to secure the exclusive rights to produce your invention commercially (or license your invention to others for production), so you begin researching the process for filing a patent application. You quickly learn that filing ...

What is a Bureau of Census? The Bureau of Census is a principal division of the Department of Commerce primarily responsible for conducting the U.S. Census every ten years. The bureau is also known as the United States Census Bureau helps the government and businesses make informed decisions related to the bureau's data. How is the Bureau of Census ...

What is the Freedom of Information Act? The Freedom of Information Act is a United States Federal law that allows individuals the right to make public record requests from governmental (and some quasi-governmental) entities. ...

What is Infrastructure? Infrastructure refers to all the physical systems of a business or a nation. It includes transportation, communication, sewage, utility, etc. Infrastructures tend to be high cost systems and they are crucial to running a nation or any establishment. Infrastructure projects can be funded by the public, privately, or public-pri...

What is the Watchdog Model?  The Watchdog Model is the theory that the mass media serves as a check on the government. That is, the media serves as a watchdog to inform the public of government activities that could affect their interests.  Principles of democracy are based largely upon the notion of the free and open press. This allows for the diss...