...Magnuson Moss Warranty Act (a/k/a Federal Lemon Law) Abstract As established by the Magnuson-Moss Warranty Act of 1975, all written warranties require a title of either “full” or “limited” and be specific as to coverage. In some states, the limited warranty is required to have an “as is” disclaimer so as to be very clear to the buyer. Otherwise, the implied warranty of merchantability is applied. In the case study at hand, the sales contract between Raymond Smith and the new car dealer, assuming it was titled “limited”, did set specific limitations to the coverage. However, in many states, the Act does prohibit the seller from modifying or disclaiming implied warranties so that the consumer retains basic protection of the implied warranty of merchantability. Consumer Protection and Warranties Although there is a still a belief in the doctrine of caveat emptor, often thought of as the most important protection for a consumer, the government has recognized that consumers need greater protection and has passed several laws/acts to do just that. “Article 2 of the Uniform Commercial Code, adopted in whole or in part by all 50 states, establishes certain warranties that apply to the sale of goods.” (Cheeseman, 2013, p. 343). Implied Warranty of Merchantability The implied warranty of merchantability is essentially a merchant’s promise that the goods sold will do what they are promised to do and that there is nothing significantly wrong with them. Merchant, defined by the...
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...The decision, which affirmed a lower court's entry of summary judgment in favor of the coffee maker manufacturer, is consistent with a majority of courts, which have held in recent years that such claims leave no issue of material fact for trial.' However, not every jurisdiction has routinely dismissed these "coffee" cases. In fact, McMahon referred to Nadel v. Burger King,3 which held that a products liability claim for excessively hot coffee was appropriate for a jury to decide. This Note will discuss the facts and procedural history of McMahon, as well as the Seventh Circuit's ruling on the duty to warn and defectiveness of the product's design. This note will next examine the Ohio Court of Appeals' contrasting decision in Nadel. This comparison will...
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...* Chapter 20: The Formation of Sales and Lease Contracts - When we turn to contracts for the sale and lease of goods we move away from common law and into the area of statutory law. - UCC article 2: on sales, 2A: on leases - The goal of the UCC is to simplify and streamline commercial transactions, allowing parties to form contracts without observing the same degree of formality used in other types of contracts by making laws governing sales and lease contracts clearer, simpler and more readily applicable to the difficulties that can arise during such transactions. The Uniform Commercial Code (1949) Comprehensive Coverage of the UCC UCC: single most comprehensive codification of laws involved in total commercial transaction Views commercial transaction for sale and payment of goods as a whole Article 1: General Provisions Definitions and general principles applicable to commercial transactions, including an obligation to perform in “good faith” all contracts un the UCC Provides basic groundwork for the remaining articles A Single, Integrated Framework for Commercial Transactions UCC attempts to provide a consistent and integrated framework of rules to deal with all phases ordinarily arising in a commercial transaction Many sections from the different articles can apply to a single transaction Periodic Revisions of the UCC To clarify certain rules or establish new rules when changes in business customs have rendered existing UCC provisions inapplicable ...
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...THE PROPERTY INSPECTORS 2010 LIMITED PO Box 82400, Highland Park, 2143 email: grant@thepropertyinspectors.co.nz 0800 NSPEXU (677398) mobile: 027 293 9808 Presenting THE PROPERTY INSPECTORS Pre-purchase Property Report 7 Oak Manor Drive Albany Provided for Jay YIN 04/08/2014 Dear Jay YIN, RE: Pre Purchase Inspection: 7 Oak Manor Drive, Albany, Auckland. Thank you for the opportunity to inspect your proposed purchase which was undertaken in fine conditions on 04/08/2014. Please find following my completed report which I encourage you to read in its entirety. The property report is not a guarantee that all defects (and/or future defects) have been identified. The inspection is carried out solely on a visual basis. All efforts have been made to identify possible defects (and/or future defects). The property report is not a guarantee that the house meets all the requirements under the Building Act at the time of construction and/or under the Building Act at the time of inspection. The purpose of the report is to identify areas of interest/concern, NOT to provide independent expert advice on specific elements and NOT to recommend solutions to faults identified. The purpose of the inspection is to provide an impartial, technically knowledgeable and visually thorough account of the properties general state being the next best step toward assisting a purchaser in determining the appropriateness of the purchase to their individual threshold for maintenance and repair. The...
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...FUNDAMENTALS OF BUSINESS LAW & ETHICS INTRODUCTION TO CONTRACTS What is the definition of a contract? a promise that the law will enforce 4 Parts of a Contract Agreement: one party must make a valid offer, and the other party must accept it. Consideration: there has to be bargaining that leads to an exchange between the parties. Legality: the contract must be for a lawful purpose. Capacity: the parties must be adults of sound mind. Describe the various types of contracts. bilateral: BOTH parties make a promise. This is the most common and is used for services, sale of goods and almost anything else. A promise for a promise... unilateral: ONE party makes a promise the the other party can accept only by doing something. This is a less common contract. express: In an express contract the two parties explicitly state all important terms of their agreement. This is the majority of contracts. implied: In an implied contract, the words and conduct of the parties indicate the intended agreement. This is less common. executory: one or more parties has not fulfilled obligations executed: all parties have fulfilled their obligations valid: satisfies all of the law's requirements unenforceable agreement: the parties intend to form a valid bargain but a court declares that some rule of law prevents enforcing it voidable: the law permits one party to terminate the agreement void agreement: neither party can enforce, usually because the purpose of the deal is illegal or...
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...2007 Microsoft Corporation. All rights reserved. Summary This white paper is intended to help readers better understand the issues involved in making Web sites accessible to people with disabilities, a legal obligation that also benefits all users of the Web. We will deal with the current issues in accessibility, as well as the various initiatives, norms, and standards implemented with respect to Web-enabled applications. In this regard, we will examine using Microsoft products and technologies to design and develop Web sites that comply with accessibility guidelines. More specifically, this document describes a set of guidelines that enable you to produce accessible Web sites by using the new Microsoft Office SharePoint Server (MOSS) 2007 technologies as part of Microsoft Office system 2007 or previous solutions such as Content Management Server 2002 and SharePoint 2003 technologies. It defines the extent to which these technologies offer the best possible compliance with, as a minimum, the priority 1 checkpoints of Web Content Accessibility Guidelines (WCAG) 1.0. Status This document is the second release of the technical white paper on the accessibility of Web sites that are based on Microsoft solutions; it references the standards that were available at the date of publication and the features available in current versions of the above-mentioned products and technologies at the date of publication. This document will be updated as required based on product modifications...
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...| Marketing Mix Analysis | Apple Computers vs. Dell Computers | | Jeremy Milliorn - ProductWill Moss - Price Peggy Harris - PlaceNader Khader - Promotion | | This paper describes the elements of the Marketing Mix of Dell Computers and Apple Computers. We will provide details found during research of these elements including Product, Price, Place and Promotion as they relate to manufacturing, marketing, sales and distribution of the products available at each company. | Table of Contents Introduction 3 Target Market 3 Competitors 4 Product 6 Price 10 Place 14 Promotion 17 Table of Figures 21 Works Cited 22 Introduction This paper will introduce the Marketing Mix for Dell and Apple Computers. We have researched the two companies and will describe both similarities and differences in the way they approach the marketing of their products. Both companies offer computers and laptops. Dell offers computers that are designed handle day to day operations of a business or home user while Apple is more attractive to the world of graphic design. There is some overlap due to the fact that Apple is found in educational environments covering classroom activities while the offices of the same campuses might employ Dell. Target Market Dell Computers marketing efforts are aimed at work oriented and business friendly users. Prior to a re-structuring, it focused on individuals and families. Television commercials and promotional literature often displayed...
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...Chapter 8 1 2 3 Strategy and the Master Budget 1 Teaching Notes for Cases 8-1: Emerson Electric Company Background • Emerson is an $8 billion company. • Its successful strategy is efficient, quality, and low cost production. R&D does not get a great deal of attention from top management. Planning Process • Top management sets sales growth and return on total capital targets for the divisions. • Each fiscal year, from November to July, the CEO and several corporate officers meet with the management of each division at a one or two day division planning conference: ▪ Prior to its division planning conference, the division president submits four standard exhibits to top management: 1. Value measurement chart 2. Sales gap chart 3. Sales gap line chart 4. 5-back-by-5-forward P&L • The division president and appropriate division staff then meet with top management to present a detailed forecast for the coming year based on the result from the division planning conference and conduct a financial review of the current year’s actual performance versus forecast: ▪ Contingency plans for several lower levels of activity also developed to protect profitability at lower sales levels. ▪ However, changes to the division’s forecast are not likely unless significant changes occurred in the environment or in the underlying assumptions. Changes in the forecast must...
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...Engineering and Technology Management Tools and Applications For a listing of recent titles in the Artech House Technology Management and Professional Development Library, turn to the back of this book. Engineering and Technology Management Tools and Applications B. S. Dhillon Artech House Boston • London www.artechhouse.com Library of Congress Cataloging-in-Publication Data Dhillon, B. S. Engineering and technology management tools and applications/B.S. Dhillon. p. cm. — (Artech House technology management and professional development library) Includes bibliographical references and index. ISBN 1-58053-265-9 (alk. paper) 1. Engineering—Management. 2. Technology—Management. I. Title. II. Series. TA190 .D47 2002 620’.0068—dc21 2002074491 British Library Cataloguing in Publication Data Dhillon, B. S. Engineering and technology management tools and applications. (Artech House technology management and professional development library) 1. Engineering—Management 2. Technology—Management I. Title 620’ . 0068 ISBN 1-58053-265-9 Cover design by Igor Valdman © 2002 ARTECH HOUSE, INC. 685 Canton Street Norwood, MA 02062 All rights reserved. Printed and bound in the United States of America. No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the publisher. All terms mentioned in this book that...
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...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.7, No.28, 2015 www.iiste.org Impact of Firm Size on Earnings Management; A Study of Textile Sector of Pakistan Usman Ali MS Business Administration National University of Modern Languages (NUML) Islamabad, Faisalabad Campus Muhammad Afzal Noor Lecturer Department of Management Sciences National University of Modern Languages (NUML) Faisalabad Campus Muhammad Kashif Khurshid Lecturer Department of Management Sciences National University of Modern Languages (NUML) Faisalabad Campus Akhtar Mahmood MS Business Administration National University of Modern Languages (NUML) Islamabad, Faisalabad Campus Abstract The study was conducted to evaluate the impact of firm size on earnings management for the textile sector of Pakistan. For this purpose annual ten years data was obtained from 2004 to 2013 for fifty selected firms from the textile sector of Pakistan. Natural logarithm of total assets was used as the proxy of firm size. On the other hand earning management was the dependent variable of this study. Earnings management was measured through discretionary accruals by using modified Jones model. Descriptive statistics, correlation and panel data analysis was used for capturing the impact of firm size on earnings management. The statistical results of this study revealed that there is positive and significant impact of firm size on earnings management. Keywords:...
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...Tesla Motors Strategic Analysis Report Industry, Company Analysis and Recommendations on Accelerating Transition to a Solar-Electric Economy By Candela Díaz, Michelle Ikoma, Benton Moss, John Son, David Valenstein Introduction The United States automobile industry is one characterized by incumbent behemoth corporations whose distribution channels span the world. Companies like Toyota, General Motors, and Volkswagen form entire segments of their respective countries’ economies and have dominated the auto industry for generations. Yet Tesla Motors, a company started in 2003, represents a disruptive threat characteristic of the information age in which industries are constantly challenged to innovate by smaller, more nimble firms. Led by Elon Musk–a serial entrepreneur who co-founded PayPal, serves at the helm of SpaceX and chairs the board of SolarCity–Tesla Motors evokes memories of Apple in the 1980s and Napster in the new millenium, companies that shook their respective industries. Industry Analysis The United States automobile industry can be divided into three categories: fully internal combustion engine (ICE), hybrid (a mixture of ICE and electric) and plug-in electric (fully electric vehicles). Within these categories, there are two subcategories based solely on price point: luxury and mass market. For this analysis, we define luxury as vehicles priced at $30,000 and more. Tesla Motors operates within the fully electric luxury segment of the market, but has...
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...BUSI 520 Group Marketing Analysis Project INDEX Introduction 1. Fitbit, Inc Background 2. Market Analysis 3. Positioning, Competition and Branding 4. Services and Pricing 5. Promotions and Marketing Conclusions Introduction This project will cover research done on the Fitbit Ultra, a fitness aid device design to help ambulatory people track their wellness and fitness. The report will open with a brief background and history of Fitbit, Inc and introduce the device features. The second section will cover a Market Analysis of the Fitbit Ultra. Research done on the demographic trends and economic trends that currently impact marketability of the Fitbit Ultra will be discussed. Additionally, consumer’s tastes and preferences, along with cultural factors that influence consumer purchasing of the device will also be covered in this report. Aspects of product positioning, to include social factors, personal factors, psychological factors, and other behavior that would influence a consumer to purchase the Fitbit Ultra will help identify more specific marketing strategies. The next section is devoted to research of the competition. This will include a SWOT analysis and a synopsis of the most competitive brands vying for market share with Fitbit Ultra. Analyzing the target markets and their potential for best customer impact is explored as well. The report will explore branding and services regarding the Fitbit Ultra and the website Fitbit.com...
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...This week's graded topics relate to the following Terminal Course Objectives (TCOs): A | Given an organizational requirement to conform business practices to both the law and best ethical practices, apply appropriate ethical theories to shape a business decision. | I | Given specified circumstances of a business decision to expand to international markets, determine what international legal requirements or regulatory controls apply. | Topics for This Week's Discussion * Introduce yourself to your professor and the rest of the class. (not graded) * Thread over TCO A/I (graded) * Ethics and Patent Rights Post 9/11 (graded) * Q & A Forum for your questions and comments (not graded) | | There is a drop down arrow next to the "Select a Topic" box. Click on this arrow to select topics for discussion. | ------------------------------------------------- Top of Form Select a Topic: Bottom of Form The World Bank Situation (graded) | Class, please read Chapter 2, problem 5 from the Jennings text, p. 72. This week, we will discuss the Wolfowitz situation at the World Bank. Consider the questions at the end of the problem as you make comments in the threads this week. What are the ethics here? Was Wolfowitz trying to do the right thing? Does that make a difference ethically? Throughout the week, I will bring in further questions. Be sure to read the lecture and the international ethics article stated in your reading for the week as well. | ...
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...Principles of Measurement Mosso member of the FASB FASB’s Conceptual Framework project over the period 1973-1985 Define measurement Measurement is the assignment of numerals and other symbols to represent the magnitude of an attribute of a phenomenon Phenomenon A thing or event of interest E.g. a table, a performance, an exam Attribute A characteristic or quality of the phenomenon to be measured Magnitude The extent to which the phenomenon has the attribute Often we can’t directly observe a phenomenon of interest We need to find a substitute Direct observation- the only time we can accurately observe the attribute and phenomenon How happy is the baby? Phenomenon-baby Attribute-happiness Can you measure this attribute directly? NO Smiles per hour Laughter per day Financial Statements: When investors focus on a company’s net income, is net income necessarily the investors’ attribute of interest Firm performance Firm future performance What two things do accounting measures often represent Performance- what have we done? Position- what do we have? Business Strategy and Accounting USSBA Too many teams to manage What is strategy according to Porter? Strategy is creating a fit among an organization’s activities (to enable it to realize its goal or mission). The success of a strategy depends on doing many things well and integrating among them Operational Effectiveness versus Strategic Positioning Operational effectiveness Performing similar activities...
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...Software Revenue Recognition A Roadmap to Applying ASC 985-605 Third Edition December 2011 Subtopic 985-605, Software—Revenue Recognition, from the FASB Accounting Standards Codification®, is copyrighted by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, and is reproduced with permission. SOP 97-2: Copyright 1997–2009 by American Institute of Certified Public Accountants, Inc. Used with permission. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. As used in this document, “Deloitte” means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, and Deloitte Financial Advisory Services LLP, which are subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting...
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