What is an Irrevocable Trust? In an irrevocable trust, the terms and conditions of the trust cannot be changed, amended, or terminated without the order or permission of the grantors beneficiary or named beneficiaries. In such a trust, the grantor legally transfers all rights to the beneficiaries, so they themselves have no other right in the trust....

What is Privity of Contract? Privity refers to a contract law doctrine which states that contracts are only binding on the parties named in the contract. Unintended, non-signatory, third-parties can neither enforce the contract nor be sued under it. The parties to the contract are said to be "in privity of contract". Related Topics Contract Law (Int...

What is Present Value? In economics and finance, the present value refers to today's value of future total cash flow. Present value tells you how much you will need today to achieve a certain amount in the future. On the other hand, future values give you an overview of the investments worth at a later time. This is derived from the concept that mon...

What is Contextual Advertising? Contextual Advertising is an advertisement that is related to the contents and the theme of a website or a part of it and also the searches, interests and needs of the user who enters it. This system utilizes platforms like Google AdSense to get the banners which appear on the portals which use them to achieve a highe...

Why do Individuals React to Advertisements?  The primary reason why individuals react to advertising include:  Social Utility - People desire to learn about the social significance of a product or brand. Communication Utility - People desire to use the topic or content of the advertising for communication purposes (to discuss with others).  Vicariou...

What are Rotational Business Programs?  Many of these links are out of date. This list will give you a starting point to find the companies throughout the United States that currently (or did in the past) offer rotational business programs for undergraduate or MBA-level business students. Here is a link to a PDF of rotational programs collected by J...

What is False Imprisonment? False imprisonment is the wrongful detention of a person without that persons consent. The detention does not have to involve physical force. What Actions Constitute False Imprisonment? It can involve a threat of physical force or the apprehension of harm for failure to remain in a specific location. The key aspect is tha...

What is the Cape Cod Method? Cape Cod method, otherwise called the  Stanard-Buhlmann method , is used in calculating ultimate losses in loss reserves. Losses are projected through the Cape Cod method by measuring both loss exposure and loss development that occur in a year. There are diverse volume measures that estimate the loss reserves for histor...

What is Net Neutrality? In the usage of internet, net neutrality is a concept that holds that all data or information available on the internet should be treated the same by Internet service providers (ISPs) and government bodies. Net neutrality maintains that the content of a data, its application, device or platform used in searching the data shou...

What are the benefits of B2B Relationships?  A key feature of business to business marketing is the relationships that we have with our customers. There are fewer customers if we are targeting other businesses (especially if we have an industrial type product). There are numerous notable benefits to these relationships, including:  Increased Efficie...