Henry Ford was an American business magnate credited for advancing the automobile industry in the United States and revolutionizing transportation. His legacy centered on his critical role in advancing American and global manufacturing. Who Was Henry Ford: His Accomplishments and Contributions Ford was a true-blue American industrialist. He was not only a businessman nor a […]
Category Archives: Business and Economics
Henry Ford: Three Principles of Assembly Line
The assembly line is a manufacturing process that involves assembling several parts of the intended final product in a sequential or step-by-step manner. First seen in the meatpacking industry in Chicago during the 1860s, the concept was popularized by Henry Ford at Ford Motor Company beginning in 1913, particularly under the specific leadership of William […]
Non-Solicitation Agreement: Purpose and Elements
A non-solicitation agreement can either be a close within a master contract or a separate contract that forbids one party from soliciting the clients, suppliers, partners, and employees of another party for its own benefit or the benefit of a competitor. Purpose of and Justification for Non-Solicitation Agreement The concept is one of the three […]
Pros and Cons of Non-Compete Clause: The Arguments
A non-compete clause or NCC is a provision or clause in written contracts that obliges one party to agree not to compete against another party. It fundamentally bars an individual or organization from starting a profession or entering into a trade that would render it a competitor of the other participant of the agreement. Considered […]
Writing a Force Majeure Clause: Elements and Considerations
Force majeure is a common provision or clause in contracts that frees involved parties from liabilities or obligations when an extraordinary event or circumstance beyond their control prevent them from fulfilling some or all of their contractual duties. Examples of extraordinary events include natural calamities, sociopolitical instability, and pandemic. Including this clause in a written […]
How to Write a Non-Disclosure Agreement
A non-disclosure agreement or NDA is a specific legal contract or a clause within a written contract that prohibits one or more parties from divulging or sharing information obtained from a disclosing party. The information could include personal data and other private information, trade secrets and proprietary knowledge, and some aspects of intellectual property. Other […]
Parts of a Written Contract: Elements and Clauses
A legally binding written contract should not only meet the requirements or include all of the general elements of an enforceable contract but also follow an established standard for writing and organizing its contents. It is essential to organize these contents into components or parts to foster a logical presentation of the terms and conditions […]
Meeting of the Minds: Understanding the Concept
The phrase “meeting of the minds” is a concept in contract law that represents not only the collective agreement between involved parties but also their comprehension of the terms and conditions. Also called a mutual agreement, mutual assessment, and consensus ad idem, this concept is one of the fundamental elements of an enforceable contract. Understanding […]
Kinds of Contracts: From Manner of Creation to Validity
A contract represents a legally binding agreement between two or more parties. Note that there are different types or kinds of contracts, aside from formal written documents, depending on their manner of creation, fundamental nature, and extent of validity. Kinds of Contracts According to Manner of Creation There are two general kinds of contracts based […]
Elements of an Enforceable Contract
There are six recognized elements of an enforceable contract. Of course, as a backgrounder, a contract is a legally binding agreement between two or more parties. It details and recognizes the rights and duties of these parties, particularly the roles and responsibilities they agree to perform, as well as those that they avoid performing. Regardless […]
