What is a contract? A contract is a legally enforceable promise or an exchange of promises.  To be enforceable, the contract must meet certain elements. There must be an offer, acceptance of that offer, and then an intended exchange of value between the parties. These elements demonstrate a Meeting of the Minds between the parties. That is, the part...

What is Fortune 500? The Fortune 500 enlists the best 500 US firms based on the total revenues earned for the specific fiscal year. The list is released in Fortune Magazine, and published on a yearly basis. It considers including both public and private firms in its assessment. And a firm that qualifies to be included in the list of Fortune 500 crea...

What is Value Stream Mapping?  Value stream mapping, also known as value stream analysis, is a method for analyzing the value delivery process in a business. More specifically, it is primarily used to create a graphical or visual representation of the value chain in a business. This includes mapping operations and administrative processes. Collectiv...

What is a Current Asset? A current asset, also known as a quick asset, refers to cash or an asset that a company can convert into cash quickly. Quick assets are under a subset known as current assets, and they do not include inventory. Note that to convert inventory into cash, you will need time. Therefore, the quick assets are the most highly liqui...

What is Vendor Managed Inventory (VMI)?  Vendor Managed Inventory, also known as Continuous Replenishment and Supplier Managed Inventor, is an inventory management system where the vendor or distributor of the goods manages the inventory of those goods on behalf of the purchaser (either retailer or consumer).  The vendor or distributor of the produc...

What is an appeal in a civil trial? An appeal in a civil trial is when a party at trial loses and petitions the appropriate appellate court to review:  the trial court's processes and procedures,   whether the law was applied correctly, and whether the law (as applied) is Constitutional.  What is the process and procedure for appealing (appeal) the ...

What is a Tax Information Exchange Agreement? Tax information exchange agreements (TIEA) was developed by the Organization for Economic Co-operation and Development (OECD). TIEA is a standard of exchange that provides information on civi tax matters or criminal tax investigation. TIEA renders services that aid international cooperation in tax relate...

What are Incoterms? Incoterms are commercial terms published by the ICC (International Chamber of Commerce) that are used in domestic and international shipping agreements. They are consistent with International Commercial Law (ICL). They cover all the important terms, including obligations, prices, risks, payables, delivery, credit terms, etc. Inco...

What are Team Tasks? Teams differ in terms of the tasks they are trying to accomplish and the roles team members play. Classes of Task J. R. Hackman identified three major classes of tasks: Production Tasks - This means creating or delivering something, such as a product, service, plan, etc. Idea Generation Tasks - Creative tasks, such as idea gener...

When is an Agent Liable for Actions Taken for the Principal ? Someone who commits a tort, even if on behalf of a principal, is liable for the tort. The rule is different for contracts. An agent acting within the scope of her authority to contract is not liable to third parties on contracts or obligations entered into on behalf of the principal.  Wha...