What international courts exist and what are their functions? International courts exist as a result of an agreement between nations as to their formation and authority. The authority of the court over a country or its citizens may result from that country becoming a member of an international organization or signatory to an international agreement....

What is an Inflation Index? To simplify the task of interpreting the price levels for more realistic and complex baskets of goods, economists typically report the price level in each period as an index number, rather than as the dollar amount for buying the basket of goods. Economists create price indices to calculate an overall average change in re...

What Strategy to Pursue? Choosing a competitive strategy is not as simple as setting a course and following it. Rather, you have to take into account all of the internal and external conditions of your business and the industry. Perhaps a market exists for a differentiated, low-volume product, but not for a low-cost, high-volume product.  Likewise, ...

What is a Bail-In? A bail-in is a relief or rescue strategy offered to a financial institution that is on the verge of collapse. This relief entails that creditors, depositors or bondholders of the company or financial institution bear part of the company's burden. A bail-in differs from a bail-out. Usually, in a bail-out, a financial institution is...

What is a Purchasing Agent? Purchasing Agents buy machinery, tools, equipment, supplies, parts, or services needed for running an establishment. Raw or semi-finished materials are purchased for the purpose of manufacturing. Who Is a Purchasing Agent? A purchasing agent is an administrator who helps in selecting and purchasing goods and services. Thi...

What does it mean to Dissolve a Foreign Qualification? A foreign qualification is a business’s registration statement to carry on business in a state other than the state of formation. Registering to business as a foreign corporation in a state requires the business to update any information in the registration document that changes. The business mu...

How to Concept Test Your Idea? Early in the idea evaluation phase, you should work diligently to concept test your business idea. This means questioning whether the business idea will make sense conceptually to the intended customer(s). It involves identifying the proposed value proposition of the product or service for the customer. If you product ...

What is the Homeowners Protection Act of 1998? The Homeowners Protection Act is a government regulation that came into force in 1998 as a measure to protect homeowners from the liability to pay for private mortgage insurance (PMI) when deemed unnecessary by law. The act also makes it obligatory for financiers to divulge to homeowners details about a...

What is the Allodial System? The allodial system is a legal right or claim of ownership of land applicable in many legal systems throughout the world. It allows someone to claim ownership of land through exclusive possession. What is Allodial Title?  The idea of allodial title allowed the holder and defender of the land to claim ownership rights tha...

What is Undue Influence? An individual is said to exercise an undue influence over another if he takes advantage of the relationship he has with the other individual or his position to influence their decisions.  Undue influence often occurs when there is inequity in power and status between parties. Generally it involves a situation in which one pa...