What are the types of principal? Principals are categorized based upon whether their identity is disclosed to third parties with whom the agent interacts on their behalf. A principal can be classified as Disclosed,  Partially-disclosed, or  Undisclosed. These categorizations of principal are important in determining the rights and duties of the prin...

What are Gray-Market Imports? Gray market is the trade of a commodity that is unintended by the original manufacturer - even though they are legal. Gray market products, on the other hand, are goods sold by authorized parties without following the agreed terms between manufacturer and reseller. How do Gray Market Imports Work? Most manufacturers of ...

What are Intermediate Goods? Intermediate goods are those that in the construction or development process prior to becoming finished or final goods. Further, intermediate goods have undergone some form of transformation from being simply raw materials.  What are Final Goods? Final goods are those that have completed the manufacturing process and are...

What is a Canary Call? A canary call refers to a step-up bond that cannot be called once a certain period elapses. After the step-up bond has completed its first-step period, a call cannot be made. A step-up bond is a bond that pays investors a low interest rate at the initial stage but the coupon (interest) increases at regular intervals. The coupo...

What is a Rainmaker? A rainmaker as used in business refers to an individual who has the capacity to win a contract as well as bringing on board prospective clients in a magical manner. It is termed as magical because the influence on a business being a new activity is usually not readily available. In other words, a rainmaker is a person who has th...

What is the Inter-American Development Bank? The Inter-American Development Bank (IDB) was established in 1959 as a cooperative bank to advance the social and economic development of its member countries in the Caribbean and Latin America. It belongs to 47 member countries, which include some European nations and the United States. What does the  In...

What is BANT (Sales)? BANT refers to a sales qualification framework that is used to determine and evaluate prospects based on authority, needs, timeline, and budget. How does BANT Work?  The concept of BANT was developed by IBM to identify prospect opportunity. According to the IBM website, the following has been discovered. BANT opportunity identi...

What is a Chief Security Officer? Chief security officer refers to an executive position that deals with the overall management of risks in an organization. It entails protection of components such as digital and physical information, personnel as well as physical assets. In other words, it involves the protection of both software and hardware withi...

What is Socialism? Socialism is an economic theory pursuant to which members of a society own collectively all means of production, distribution, and exchange. Collective ownership is otherwise called public or common ownership.  What is an Absolute Socialist System? In an absolute socialist system, the means of production, distribution and exchange...

What is a Sheriff's Sale? A sheriffs sale a public auction of properties in order to settle an unpaid debt or obligation. A public auction refers to a process of offering goods to bidders and the item is eventually sold to the person with the highest bid. A sheriff's sale is done to satisfy a judgement lien or tax lien, in this type of sale, the sei...