What is the nature of contracts?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
What is the nature of contracts?
A contract implies an arrangement, which is enforceable by law. An understanding comprises of corresponding (common) guarantees between the two gatherings. On account of contract each gathering is lawfully limited by the guarantee made by them.
Nature of Contracts-
Basics of a legitimate contract:
Two Parties: – A substantial contract should incorporate at any rate two gatherings distinguished by the contact. One of these gatherings will propose and the other party will at last acknowledge it. The two players ought to have legitimate presence, for example should be organizations, schools, associations, and so forth or normal people.
Understanding: – A contract is at first an arrangement when the individual to whom the offer is made shows his acknowledgment to it. There is an arrangement that is the establishment of a contract.
Free Consent: – The gatherings should concur on something very similar in a similar sense and simultaneously. An arrangement without assent isn't lawfully restricting. The gatherings are called to assent when they concede to something very similar in a similar sense; additionally, the gatherings to the contract should have free and certified agree to establish a legitimate contract i.e., not to be gotten by distortion, misrepresentation, unnecessary impact or mix-up. On the off chance that the understanding isn't free, the contract is void.
Aim to make a legitimate relationship: – There ought to be a goal by the two players to shape a lawful relationship and to tie themselves lawfully because of such arrangement. Consequently, arrangements of a social or homegrown nature are not contracts, as the gatherings don't plan to have a legitimate relationship. For Example: – where two gatherings consent to move together, a legitimate contract won't sum.
Contractual limit: – The gatherings to the arrangement should have the option to go into a substantial contract. As indicated by the Act, each individual is fit for going into an understanding, in the event that the person: –
- is of the time of larger part;
- is of sound brain; and
- isn't precluded from contracting by any law.
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