Definition: Breach of contract refers to the termination of a contract (whether in written, oral or implied form), after one of the contracting parties, fail to meet its part of contractual terms. Such a non-compliance is usually unjustifiable from the side of the breaching party. Some of the other reasons include incomplete performance, delay in payment, failing to … [Read more...] about Breach of Contract
Business Management
Contract
Definition: A contract can be stated as an agreement which is legally enforceable on both the parties involved in it. We can say that any of the party concerned can redress to the court of law on non-fulfilment of the contractual obligations by the other party. Thus, a contract has three essential components: Offer or Proposal: made by the offeror; Acceptance: … [Read more...] about Contract
Planning
Definition: Planning is a process of developing strategies for accomplishing the pre-determined goals of the company. It is an essential aspect of any business as planning a future adds value to the business. Planning focuses on both an individual or a group target. Efficient planning flourishes the business and encourages the personnel to work effectively on targeted … [Read more...] about Planning
Business Plan
Definition: Business Plan is an outline of a business project in a written form, i.e., a summarized structure of a scheduled business which includes all the details of business relating to finance, marketing, etc. For running a smoother business, there is no alternative other than making an efficient business plan. However, in various sectors, it can be called with distinctive … [Read more...] about Business Plan
Organizing
Definition: Organizing is one of the most prominent function of management that aims attention at assigning and organizing human as well as other financial resources efficiently to carry out the plans of the organization successfully. It also involved in constructing, establishing, and managing working relationships and requires the planning of tasks and an assorted way to … [Read more...] about Organizing
Leadership
Definition: Leadership is an individual’s competence to influence their teammates, i.e., it is the ability to frame effective plans and influence others to deal with all the difficulties efficiently with proper guidance. It requires a clear vision of the desired goals and an ability to explore the various paths. An individual who leads a position in a leadership process is … [Read more...] about Leadership
Sole Proprietorship Vs Partnership
Sole Proprietorship is the most accessible form of business that is solely or individually handled by one person called "proprietor," subject to minimal regulation. However, the Partnership is a type of business in which at least two persons are required to become a partner by signing a contract that explains all the partners' duties, responsibilities, and rights. In the … [Read more...] about Sole Proprietorship Vs Partnership
Partnership
Definition: Partnership is a type of business in which two or more individuals combines their hands to perform an activity and distribute its profits and losses. It constitutes an agreement known as a partnership deed. The Indian Partnership Act,1932 regulate evolution and administration of partnership firms. As the business extends, one requires more fund and more persons … [Read more...] about Partnership
Management Vs Administration
Management and Administration both are the significant functions of any business organization. However, there are certain arguments that arise amidst the two correlated terms. According to various management writers, both of them are identical and can be used conversely but the major difference exists in their use in relation to distinct areas of human activities. In the … [Read more...] about Management Vs Administration
Matrix Organizational Structure
Definition: A matrix organizational structure is the arrangement of the personnel, i.e., the matrix leader, managers and employees, across the grid, such that a hybrid hierarchy is maintained. Here, there is a vertical and horizontal flow of direction and information, such that each subordinate has dual bosses. Out of these, one is the functional manager; and the other is the … [Read more...] about Matrix Organizational Structure