Business Law, Marketing, and Human Resources - Assignment Example

Running Headers: BUSINESS LAW Name: Course: Institution: Instructor: Date: August 18, 2010. Characteristics of a valid contract A contract can be defined as a promise that is enforceable by law. It is an agreement either to do or not to do something. A valid contract can be defined as an agreement that is signed by both parties and it meets the condition of nation’s law and is therefore enforceable. For a contract to be valid, it requires the agreement or consent of both parties, where one makes the offer while the other one accepts it. Failure to keep the promise by one party entitles the other to legal recourse him. Thus a contract can be legally referred to as legal, voluntary, written agreement which is made by individuals in their proper minds. It consists of an offer, acceptance and an exchange of value or consideration, (Brunstein, & Maier, 2005). A valid contract must be voluntary. Contracts that are not made voluntarily are voidable. Both parties must be willing to enter into a contract with one another. Incase an agreement is made under any duress, fraud, undue process and misrepresentation it is not enforceable. A contract must be legal. Incase a contract involves an illegal promise it is termed as void. For instance, a contract involving sale of unlawful drugs is unenforceable. Legal contracts that are not in public interest are termed to be null, (William, and Anthony, 1959). Parties involved in making the contracts should be mentally fit, should have the capacity and legal ability to contract. Children and mentally retarded individuals should not engage in making a contract thus they are voidable. Consideration: What is the difference between executed and executory? Executed consideration: it can be defined as for example when a person makes a promise to the other party in exchange of an act and the act is carried out, it is referred to as executed consideration. This can also be referred to as past consideration because the act has already taken place. Executory consideration: considerations are defined as executory when parties exchange promises for performance of acts at a later date. For instance, person x promises to supply goods to person y at a future date and y promises to pay x when the goods are supplied and he receives them. Incase x fails to deliver the goods to person y, this is a breach of contract and y can sue x. executory consideration can also be referred to as future consideration as the consideration is at a future date. Between the two considerations that is executed and executory or between past and future, the statute differentiates them as, executed considerations should be established on a earlier application while an executory consideration require not to, executed consideration imply a request, (William, and Anthony, 1959). For example if person x promises to pay person y in consideration that b will do something specified, then this is a request to y to carry out the duties in which he will be paid for. Valuable considerations are usually provided by: there must be mutual promise, these give rise to bilateral contract, in return there is a promise for an act, and as a result there is a unilateral contract. Marketing Consumer behavior and segmentation Consumer behavior is the study of persons, organizations, groups and the methods they use to choose, secure, make use of and dispose off services, products, ideas so as to satisfy their desires and the consequences of these processes to both the consumer and the society in general. Segmentation deals with ruling out what types of consumers with various requirements exist. In some markets for instance a number of consumers may insist on performance and speed whereas others demands safety and roominess. Segmentation can also mean separating a big diverse market into homogenous groups of people having same needs and interests, behave in same fashion or have same demographic characteristics. The market should be segmented only if the segment can be assessed by the marketer, if it is presumed to be approachable and it can be measured and identified in terms of purchasing power and size. There are various types of segmentation: consumer’s state of being (demographics) this includes various elements such as geography, gender, income, age, education, ethnicity, marital status, household size and sexual orientation. The other kind of segmentation is the consumer’s state of mind (psychographics). Consumers can be separated on behavioral traits such as lifestyle options and values, opinions, attitudes, perceptions and preferences. As a result of segmentation, the consumers expect to benefit in terms of location, access, premiums, durability, value, validation and enjoyment. Segmentation requires for tough choices. There are various variables used in differentiating consumers of a certain product but it is difficult to deal with all of them. Human resource Motivation: explain personal goals. Why are employers interested in motivation and how does it differ from person to person? Motivation can be referred to as that which drives the actions of a person. Motivation is based on ones emotions and achievement related ambition. Motivation can be intrinsic, extrinsic, achievement and psychological motivation. Employee motivation can be in direct disagreement with management mechanisms of employers and can be referred to as that which directs, energizes and maintains human behavior. According to Dubin (1958), motivation is that which moves a person into achievement, and continues him in the course of the achievement. Every individual sets personal goals. Management of goals can give proceeds in all areas of individual life. When a person knows what he wants to realize, he is able to concentrate on such areas and improve on them. Setting of personal goals helps in promotion of continuing vision and temporary motivation. Goal setting focuses on acquisition of knowledge, desire and organization of resources, (Elliot, & Sheldon, 1997). Employers are interested in motivation as they know that performance =ability*motivation. Organizations only become successful when employees have capacity and desire to complete given tasks, (Thompson, Davidson, & Barber, 1995). Motivated employees will help organizations to survive and they are also more productive, they are quality oriented, and they will look for better ways to do a job. Motivation changes from person to person. For example, for an employee, when his income increases, money ceases to be a motivator and as he becomes older he is motivated by interesting work. Nobody can make a person do anything, but ones perception of certainty shapes ones motivation, (Elliot, & Sheldon, 1997). Define organization structure, different structures and hierarchy? Organization structure is hierarchical notion of subordination of entities that are in collaboration and contribute in order to serve a common objective. It is a plan which shows how work is organized and the orderly arrangement of work. Organizations are structured in various ways and styles and depend on their aim and ambience. How an organization operates and performs is determined by the organization structure. The structure of an organization enables the allocation of duties for various processes and functions to various entities like the departments, branch, individual or workgroup. In an organization structure, individuals are hired under contracts or permanent employment Types of organization structures include: Traditional structures: they are based on functional departments and division. They usually follow organizations procedures and rules and have precise rules in all management levels. It is divided into: line structure, functional structure and line and staff structure. Division structures: it is based on various divisions in the organizations. It is divided into market structure, product structure and geographic structure, (Leon, Leslie, and Joseph, 2009). Matrix structure: it is s combination of product and function structures. It is the most complex in an organization structure. Every organization should find the best organization structure in order to ensure proper functioning. In a hierarchy organization, workers are positioned at different levels in the organization and each level is above the other. Every chain has one person with a number of employees under him. A high hierarchical organization has more chains while a flat one will have a few, (Tulsian, 2000). References Brunstein, J. C., & Maier, G. W. 2005. “Implicit and self-attributed motives to achieve: Two Separate but Interacting Needs”. Journal of Personality and Social Psychology, 89, 205-222 Elliot, A. J., & Sheldon, K. M. 1997. “Avoidance achievement motivation: A personal goals analysis. Journal of Personality and Social Psychology, 73, 171-185. Thompson, T. Davidson, J. A. & Barber, J. G. 1995. “Self-worth protection in achievement motivation: Performance Effects and Attributional Behavior”. Journal of Educational Psychology, 87, 598-610. Heckscher C. (Editor), Donnellon A. (Editor), 1994. “The Post-Bureaucratic Organization: New Perspectives on Organizational Change”, Sage Publications Sir William R.A., Anthony, G.G. .1959. “Principles of The English Law Of Contract And Of Agency In Its Relation To Contract: Ed 21”, Clarendon Press, University of California Leon, G. S., Leslie, L. K. and Joseph W. 2009. “Consumer Behavior: Ed 10”, Prentice Hall, ISBN 0135053013, 9780135053010 Tulsian, P.C. (2000). “Business law; ed 2”, Tata McGraw-Hill, ISBN 007463948X, 9780074639481 Read More