Month: November 2021

ELEMENTS OF LAW OF CONTRACT INTENTION TO CREATE LEGAL RELATIONS A valid contract should have the intention to create legal relations e.g. legal consequences. In practices parties do not direct their attention to these aspects when forming an agreement. To Read More …

ELEMENTS OF LAW OF CONTRACT CAPACITY TO CONTRACT Capacity is the ability to incur legal obligations and acquire legal rights. Persons are generally presumed by the law to have the ability to enter into contracts. However, such capacity may be Read More …

ELEMENTS OF LAW OF CONTRACT ACCEPTANCE This is manifestation of willingness to contract on the terms of offer. Rules of acceptance Acceptance can be done orally or in writing (expressed) or through conduct (implied). Acceptance is only possible if the Read More …

LAW OF CONTRACT A contract is an agreement between two parties with the intention to create legal relations. ESSENTIALS ELEMENTS OF A VALID CONTRACT Offer and acceptance Consideration Intention to create legal relations Capacity of the parties Lawful objects Free Read More …

PLANNING TOOLS FORECASTING AS A PLANNING TOOL Meaning: Forecasting is the systematic development of predictions about the future.  Managers must estimate how future internal and external environment conditions will affect operations in their organizations. Organizations must estimate the changes in Read More …

GOAL SETTING A goal is a statement of where the organization wants to be at a specific time in the future. Goals are the ends towards which the efforts of an organization are directed to achieve.  Quantitative goals are referred Read More …

MANAGEMENT BY OBJECTIVES MBO Meaning and concept of MBO Management by objectives is a planning approach developed and popularized by Peter F. Drucker in 1954. It is a collaborative / participative approach to planning. MBO begins with goal setting and Read More …

APPROACHES TO PLANNING              STRATEGIC PLANNING APPROACH Strategic planning is the process of identifying organizations mission, goals and objectives and developing action plans of how to achieve them. In strategic planning organizations identify what they want to achieve, how to Read More …

Elements of planning Planning requires managers to make decisions on the following fundamental elements; objectives, actions/strategies/means, resources, implementation and evaluation. Objectives Objectives specify the needs/expectations to be achieved by the organization. They specify the targets to be achieved e.g. 5% Read More …