Law implies a body of rules which are recognized by a country to govern the action and behavior of the citizens. It can be grouped as substantive law - that ascertains the rights of the parties and procedural/adjective law - that determines the practice, procedure and machinery to implement the rights and duties. On the grounds of decree or order, a judgment is passed by the court. An order is nothing but a judgment while a decree is a final part of judgement. The primary difference between … [Read more...]
Difference Between Life Insurance and General Insurance
The term insurance can be understood as an arrangement, in which the insurer commits to provide compensation for loss, damage, death, caused to the insured in return for the payment of the premium. There are two types of contract, life insurance, and general insurance. The insurance plan which covers the life-risk of the insured is called life insurance. On the other hand, the insurance plan which covers any risk other than the life-risk of an individual is called general insurance. Life … [Read more...]
Difference Between Layoff and Lock-out
Industrial Dispute, can be defined as the conflict between employer and employee, that is a result of a disagreement in their industrial relation, which is due to a clash of interest, resulting in dissatisfaction, for either of the parties concerned. Such disputes may take different forms like a strike, lock-out, dismissal of workers, protests etc. Lock-out is a situation, wherein there is a provisional closure of the place of employment, as a result of strike executed by trade unions or due to … [Read more...]
Difference Between Civil Law and Criminal Law
Every country's constitution enforces certain laws, for the purpose of maintaining order and protecting the society from crimes. These laws are broadly classified into two categories, i.e. Civil Law and Criminal Law. The Civil law lays emphasis on resolving the dispute like family dispute, rent matters, disputes relating to the sale and so forth. On the other hand, Criminal law stresses on punishment to the offender, who breaches the law by acts such as, murder, rape, theft, smuggling, … [Read more...]
Difference Between GATT and WTO
General Agreement on Tariffs and Trade (GATT) was made in the year 1947, that aimed at initiating an international trade, by liberalizing policies and removing tariffs. It was succeeded by World Trade Organization (WTO), which is a global organization, that encourages and facilitates inter-country trade and also helps in resolving trade disputes. GATT is a multilateral agreement, between several nations of the world, that regulates international trade. Its primary objective is to reduce … [Read more...]
Difference Between Manager and Director
In many organization, the directors themselves plays the role of a manager, but it does not mean that the role of the two important ranks of the company is same. A director can be an employee, member or any other person, who is unanimously chosen by the company's shareholder at the general meeting. In contrast, a manager is a paid employee of the company who possesses a substantial amount of knowledge, expertise, and abilities to manage the organization. The paramount difference between … [Read more...]
Difference Between Strategic Planning and Strategic Management
In the hyper-competitive environment, it is difficult for business houses to survive, grow and expand in the long-run if they do not have strategic planning. A strategic planning is an activity, which determines the objectives and considers both internal and external environment to design, implement, analyze and adjust the strategies, to gain competitive advantage. Strategic Planning is not exactly same as strategic management, which implies a stream of decisions and actions taken by the top … [Read more...]
Difference Between Mortgage and Charge
Charge denotes an impediment over the title of the property, i.e. when the charge is created on an asset, the asset is not allowed to be sold or transferred. Basically, there are three ways through which charge is created on the property, that are classified according to the movability of the asset, i.e. On movable property, the charge is created by way of pledge or hypothecation, whereas when the charge is created on an immovable asset, then it is known as Mortgage. The basic purpose of … [Read more...]
Difference Between IRR and MIRR
Internal Rate of Return (IRR) for an investment plan is the rate that corresponds the present value of anticipated cash inflows with the initial cash outflows. On the other hand, Modified Internal Rate of Return, or MIRR is the actual IRR, wherein the reinvestment rate does not correspond to the IRR. Every business makes a long-term investment, on various projects with the aim of reaping benefits in future years. Out of various plan, the business has to choose one that generates the best … [Read more...]
Difference Between Internal and External Sources of Finance
Business implies a commercial activity of producing and distributing goods and services to final consumers for a profit. To undertake various business activities, an entity requires money and thus, finance is said to be the spine of business, that keeps it going. The capital brought in, to the business by the proprietor is not sufficient to fulfill the financial needs and so he/she looks for new ways to fulfill fixed capital and working capital needs. Based on the source of generation, it is … [Read more...]
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