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What Is Inventory?

Inventory refers to the amount of goods or materials that are placed inside a store or factory at any time. One of the more important responsibilities of store owners is to have a constant knowledge of the exact number of items that are in their stores or warehouse so that they can properly service...

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What Is OPEC?

OPEC is the acronym for the “Organization of the Petroleum Exporting Countries”. It was established in 1960 with the mission and vision of unifying the world’s biggest oil producers in the midst of an oil crisis. At the time, Western oil companies were bullying countries to lower their oil prices....

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What Is Racketeering?

In a nutshell, racketeering is an illegal business scheme set up by a group with the goal of making a profit. Activities can include bribery, sexual exploitation of children, and illegal gambling—though there are much, much more. For example, the group may be involved in theft, fraud or extortion...

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What Is Consumer Law?

The government is obliged to protect and safeguard the welfare of its people. Thus, governments institute consumer laws to protect the interests of the people. Consumer laws are also known as consumer protection laws and are a form of government regulation expressed as regulations and statutes. A...

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Top Ten Most Lucrative Career Paths

If you're stuck trying to choose a career path, why not consider one of the 10 career paths with the most potential for high earnings. Below, we've listed the ten most lucrative career paths. This does not necessarily mean that an entry level job will be lucrative, but it does mean that as you...

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What Is a Simple Contract?

A simple contract is a verbal agreement between 2 individuals or entities. The agreement may be written or oral. A contract details the transaction that is to occur between 2 parties. Such details include what goods or services are exchanged under a certain price or what promises are made under...

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What Is Power of Attorney?

When an individual requires representation in a business or legal transaction, a power of attorney is used in order for an attorney to represent that individual. The power of attorney is a legal document that authorizes an attorney to act on behalf of the individual who filed for the power of...

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What Is Community Property Law?

Community property refers to the legal status of property acquired by a married couple under Civil Law. Community property law typically dictates that property is owned jointly by married couples regardless of marriage roles. Community property states in the U.S. include Arizona, California,...

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What Is Accord and Satisfaction?

Accord and Satisfaction is referred to as a legal contract which specializes on the settlement of debt and claim or it could also be referred to as a sudden release of debt obligation. Accord is the process of undergoing a contract that would stop the obligation while satisfaction could be considered...

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What Is a Drainage Easement?

Easements address the problem of individuals who need access to property that they do not own. Purposes for an easement may vary and provide the categories of easement. One such type of easement is a drainage easement. A drainage easement is a type of easement that allows access to a certain piece...