• EQUILIBRIUM LAW OF MASS ACTION
    GENERAL KNOWLEDGE

    EQUILIBRIUM LAW OF MASS ACTION

    Introduction Equilibrium refers to a state in which the rates of the forward and reverse reactions are equal, and there is no net change in the concentrations of the reactants and products. In other words, the system…

  • LAW OF DIMINISHING MARGINAL UTILITY
    ECONOMICS

    LAW OF DIMINISHING MARGINAL UTILITY

    The law of diminishing marginal utility is based on the following consideration or assumption: “As the amount of a commodity a person possesses or consumes increases, the utility a consumer derives from successive units declines until marginal…

  • LAW OF VARIABLE PROPORTION
    ECONOMICS

    LAW OF VARIABLE PROPORTION

    Introduction Before we discuss the law of variable proportion or law of diminishing return, we wish to highlight (briefly explain) the following important terms: 1) Fixed factor It is a factor that does not vary or change…

  • LAW OF AGENCY
    COMMERCE

    LAW OF AGENCY

    DEFINITION OF AGENCY An agency can be defined as a legal relationship that exist between two parties, when one called the agent is employed by another called the principal to bring the principal into a legal relationship…

  • LAW OF CONTRACT
    COMMERCE

    LAW OF CONTRACT

    DEFINITION OF CONTRACT A contract can be defined as: “An agreement between two or more parties which is intended by them to have legal backing.” It can also be defined as an agreement creating an obligation, i.e…