What is an Insurance Premium? Insurance premium refers to the amount which an individual or business entity has to pay in order to be covered by an insurance policy. Insurance premiums are paid for different insurance policies which typically cover things like healthcare, life, automotive, home, etc. After the individual or business entity pays the ...

Do all contracts have to be in writing to be enforceable? No. Only certain contracts must be in writing to be enforceable. These contracts are required to be in writing pursuant to a doctrine known as the statute of frauds. Note: As the name implies, the purpose behind requiring that certain types of contracts be in writing is to prevent fraud by or...

What is the duty of performance? Under a contract, each party has a duty to undertake (or refrain from undertaking) some activity. This is known as the duty of performance. Basically, it is what each party seeks from the other party. Example: Clarence enters into a contract with Dina to wash her car. In this situation, Clarences duty is to wash Dina...

What is a Term Sheet? A term sheet is a document which outlines the basic terms and conditions under which a business or an investment should operate. The term sheet is usually non-binding because it is not a final agreement signed by the signatories. It is a setting that only outlines what should be executed in the future. It is used by the legal c...

When is a party relieved from her obligations under a contract? Parties to a contract have duties or obligations thereunder. There are generally three options to relieve these obligations: Perform - An individual is relieved from her duties under a contract once she has fully or substantially performed those duties. The individual is discharged from...

What is Payment-in-Kind? Payment-in-Kind (PIK) involves allowing the use of a good or service rather than making a cash payment. Also, Payment-in-kind securities are financial tool that offers more securities or equity shares to its investors or stockholders as dividend or interest earned on bonds, shares, etc. instead of paying them via cash. ...

What is the Inter-American Development Bank? The Inter-American Development Bank (IDB) was established in 1959 as a cooperative bank to advance the social and economic development of its member countries in the Caribbean and Latin America. It belongs to 47 member countries, which include some European nations and the United States. What does the  In...

What is Population Ecology?  Population ecology is the study of dynamic changes (beginning, end, organizational forms) within a given set of organizations.  Adaptation vs Selection Hannan & Freeman (1989) believe that long-term change in the diversity of organizational forms within a population occurs through selection rather than adaptation. Mo...

What is a Standby Letter of Credit? A Letter of Credit is a promise to pay a specific amount to a named payee upon fulfillment of the requirements laid out in the letter.  Read more about how a letter of credit works. Standby Letters of Credit (SLOC) is issued to stand in as debt repayment guarantee.  Restated, it is a legal document that guarantees...

What are Side Hustles and the Gig Economy? I hear students every day talking about their side hustle. Most of the students activities involved providing some form of service for individuals or businesses.  A small percentage consisted of buying, repairing, and selling goods through Craigslist, Facebook Marketplace, eBay, or in their own Shopify stor...