Organisational behaviour has fundamental concepts revolving round the nature of people and the nature of the organisation. Here i m going to discuss the concepts dealing with the nature of individuals : a) Individual differences : In spite of the fact that all human beings are similar, every one is different. Everyone has different nature, different quality of intelligence, different perception and different ways of behaving. The concept tells that every person is an entity in himself. When it comes to human behaviour there can not be a prescriptive solution. Every individual is to be treated differently even though two persons may have the same behavioural problems. The concept also tells the manager that he had better be aware of his own stereotypes. A stereotype is a tendency to attribute the traits of a group to an individual because he belongs to [+]

Indian Contract Act, 1872 Section 10 states that all agreements are contracts if they are made by the free consent of both the parties competent to contract, for a lawful consideration and with a lawful object and are not hereby expressly declared to be void. Thus, an agreement must possess certain elements in order to constitute or form a contract. Here are the essential elements of a valid contract: a) There must be an agreement : An agreement is very essential condition of a contract. Every promise and every set of promises forming the consideration for each other, is an agreement. At least there must be two parties to an agreement, one party makes a proposal and the other accepts or rejects the same. If the other party rejects no question of entering into a contract arises.  A proposal from the side [+]

Following are the essential requirements of a Contract as per Indian Contract Act 1872. a) Two Parties : For the formation of a contract there must be two parties i.e. promisor and promisee. The who makes the proposal is called the promisor and the person to whom the proposal is made called the promisee. b) An Agreement : According to Indian Contract Act section 2(e), every promise and every set of promises, forming the consideration for each other is an agreement.  And when at the desire of the promisor, the promisee or any other person has done or abstained from doing something, such act or abstinence or promise is called consideration for the promise under section2(e) of Indian Contract Act. An agreement implies an offer and its acceptance. When an offer is accepted it becomes an agreement. It is not necessary that every [+]

According to Indian Contract Act 1872 ” an agreement enforceable by law is a Contract”. From the above definition of contract we can say that every contract is the result of the combination of two important elements, that is agreement and obligation. A contract creates rights and obligations between the parties entering into a contract. Refusal by any one party to a contract to honor a contracted obligation gives a right of action to another party. [+]