...Chapter 12: Capacity and Legality (Only pages 221-228 On Legality) Legality (221) • One requirement to have an enforceable contract is that the object of the contract must be lawful. Most contracts that individuals and businesses enter into are lawful contracts that are enforceable. • These include contracts for the sale of leases; licenses; and other contracts. • Some contracts have illegal objects. That such contract is VOID and therefor unenforceable. These are called Illegal contracts. Contracts Contrary to statutes • Federal and State legislatures have enacted statutes that prohibit certain types of conduct. Contracts to perform activities that are prohibited by statute are illegal contracts. • Ex. An agreement between two companies to engage in price fixing in violation of federal antitrust statutes is illegal and therefore void. Thus, neither company to this illegal contract can enforce the contract against the other company. Usury Laws • State usury laws – set an upper limit on the annual interest rate that can be charged on certain types of loans. • Vary from state to state, Lenders who charge a higher rate that the state limit is guilty of usury. • Laws intended to protect unsophisticated borrowers from loan sharks and others who charge exorbitant rates of interest. • Most states have criminal and civil penalties for making usurious loans. o Some states make lenders remit the difference between the interest rate charged on the loan and the usury...
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...Legality and Ethicality in Financial Reporting In week3, we are looking into the case of Excello Telecommunications, and study their behavior base on the knowledge of legality and ethicality in financial reporting. Excello Telecommunications has been successful in the past. However, in recent years, the company is facing more and more competitors. For the first in the company’s history, the earnings estimate won’t be met. This means nervous investors and drop in value of Excello stocks. And the top management worries about the effect on bonus and stock options. Someone needs to find a solution to steer the situation around. This is when CFO Terry Reed notices a sale on December 20, 2010. Data Equipment Systems made a purchase of $1.2 million, but requested that no delivery should be made until January 11, 2011. By previous procedures, all sales are recorded when the deliveries are made. Only this time the recording of the transaction, if made by the end of 2010, would solve the problems. Reed consulted with the controller Marty Fuller, and called the accounting department for a solution. Reed’s bottom line is very straight forward: find a creative way to record the sales to Data Equipment Systems before December 31, 2010. Legal Issues and Applicable Laws The accounting team must consider the actions that will take place under the restrictions of laws and regulations. In the accounting profession, the regulations included GAAP (Generally Accepted Accounting Principles), SOX...
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...Wordup Labor and Legality Essay August 9, 2011 In her book, Labor and Legality: An Ethnography of a Mexican Immigrant Network, Ruth Gomberg-Muñoz describes the lives of ten busboys, she referrs to as the Lions, living and working in the Chicago area. Gomberg-Muñoz provides an insight into the lives of these undocumented Mexican workers. They share their stories of crossing the border, the affects of their absence on family back in Mexico, and the daily struggles of living in a country without the benefits of citizenship. The Lions, as well as other undocumented Mexicans, have to face Americans stereotypes every day. Probably the biggest stereotype the Lions contend with is the belief that all Mexicans are hard workers. The word “easy” cannot be used to describe the Lions’ busboy jobs. Gomberg-Muñoz describes their daily duties some of which include: cleaning, stocking, setting and clearing tables, and generally assisting the waiters and managers. The managers tell Gomberg-Muñoz that the busboys are “the best workers we have at Il Vino” (Gomberg-Muñoz 2011:18). This may be why on top of the Lions’ standard workload they regularly “unclog toilets, clean martini-induced vomit, change customers’ flat tires, trap mice, organize storage rooms, move furniture, paint, salt the parking lot when it snows, water the plants, and scrape gum from the bottom of tables” (Gomberg-Muñoz 2011:17). The Lion’s may have a stereotype to live up to, but they do try to make it work in their...
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...Response – Labor and Legality The book Labor and Legality: An Ethnography of a Mexican Immigrant Network, by Ruth Gomberg-Munoz, seeks to explain the condition of the Mexican immigrants, and their difficulties. The author presents a situation that has been growing through the years and has developed a view about the Mexican, as the ‘illegal’ or ‘undocumented workers’ that come from Mexico to work in America. In the book, Gomberg-Munoz tries to organize a complete understanding of the undocumented life, rather than arguing over the status of illegal workers, which is already big issue. Therefore, Gomberg-Munoz’s main thesis revolves around the idea that undocumented workers try hard to improve their quality of life by finding employment in the United States even though the illegal status affects their daily life, which limits opportunities. Gomberg-Muñoz presents an insight into the lives of these undocumented Mexican workers. They share their stories of crossing the border, the affects of their absence on family back in Mexico, and the daily struggles of living in a country without the benefits of citizenship. Most of these problems are actually exist in any kind of undocumented immigrants, and in my opinion, being an undocumented immigrant is a choice. I think that if a person chooses or needs to move to a different country with the conscious of being illegal and lonely he or she should take the responsibility for that because...
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...Campbell decided to manufacture and ship the orders prior to the end of the year to have the sales revenue for the third quarter of the year exceed the budgeted amount by an additional $80,000. The action that Campbell has taken increased his revenue for sales by 18.6% above the actual sales for the third quarter. With this sudden increase in revenue the auditing staff started to question the recorded revenue of $150,000 on the two shipments made by the Southern division in the fourth quarter. The investigation continued uncovering the fact that some customers did not want the delivery of any product until February 2011 with one customer not wanting partial deliveries, which is what they ended up receiving. This paper will address the legality of the activities based on federal, state, and local laws. I will also discuss the criteria that the Sarbanes-Oxley act would apply to the case. I will also be determining whether the activities were equitable to the internal and external stakeholder and what would be the next step in decision making. Financial statements are designed to define the health and well-being of a company. It is necessary that the information that is...
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...is that the Nazis used their laws to achieve ends that are odious to an Englishman.” Though Hart and Fuller completely agreed about the odiousness of the ends that the Nazis pursued and the disgusting means through which they pursued them: racial discrimination, war crimes, genocide and torture. However, Fuller thought that there were important aspects of misrule by the Nazis that needed special attention by jurists and legal philosophers. He said that continuous violations of principles of legality...
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...At present, there are 268 Trans boundary river basins worldwide. These basins cover almost two-thirds of the global landmass. Forty percent (40%) of the world's population depends on these shared river basins for the water they need. (International Network, 2002; Sea River, 2002) Of the 71 rivers in the continental United States (excluding Alaska and Hawaii) that are more than 350 miles in length, only 6 are not shared by one or more states and/or countries. Of over 56,000 river miles, less than 7% are not shared. (Pearson Education, 2002) Over 90% of the population in the continental U.S. depends on waters shared with other states. (Draper, 2003) Clearly, guidelines and procedures for efficient and effective water sharing are necessary. Water is central to survival of life itself, and without it plant and animal life would be impossible. Water is a central component of the Earth system, providing important controls on the world's weather and climate. Water is also central to our economic well-being, by supporting rain fed and irrigated agriculture, forestry, navigation, waste processing, and hydroelectricity. (Vorosmarty, 2002) Recreation and tourism are other primary uses supported by water, especially in developed countries. (Bourget, 2005) The water in rivers and some aquifers is different from commodities like oil and gold. Flowing water, like any ambient resource, does not stay within the four corners of any boundaries in the manner of land. (Dellapenna, 2000) Because...
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...Tylor Richardson Aging Optimally The people in the video that I though where aging the most optimally where all of the people at the nursing home, that did not have Alzheimer's. These people are good examples of people who are aging optimally. They are participating in activities and social interactions that help them maintain a good outlook on their remaining years. The people engage in activates and perform tasks to help them deal with the life in the nursing home. The nursing home provides help for whatever they need such as mobility, eating, and help with problem-centered and emotional-centered coping. These are all examples of what is needed for optimal aging; they help maximize the gains of old age and try to minimize their losses. They maintain social relationships with each other and their care giver’s which is an important characteristic of aging optimally it keeps their self-efficacy feelings high. People that are in the later stages of life don’t have a lot to look forward to so maintaining a good outlook on live is essential, this includes coping well with negative changes. People in nursing homes are more capable of this due to the support that the nursing home provides them. Rose Marry Hake is a prime example of someone that is not aging optimally. She has been diagnosed with Alzheimer's. This is caused by plack build up in the nurofibers of the brain, causing her to forget things and making aging optimally just not possible. Mrs. Hake cannot carry out a...
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...1 Legality and Ethicality of Financial Reporting Paula E. Noble University of Phoenix January 19, 2015 Mrs. Juanita Davis 2 Introduction Excello Telecommunications has been a profitable company for several years, but for the first time they have encountered an increase in competition for its products by overseas manufactures. It seems that their earnings will not be met for the year ending 2010. Therefore, management is worried of how the company’s future with investors will be impacted (Legality and Ethicality of Financial Reporting Anti Essays, 2013). A large sale has been made right at the end of the year and this sale could make the company better or not. At the end of the year is when buyers can purchase the items. This is not entered in the accounting period and that’s a problem. The CFO wants to draw attention of the investors, so he is asking if there is a way to report the sales for this year, in this year’s books Legal Issues and Laws In a business, there a federal and state laws that must be followed when financial transaction are being reported. These three important components of accounting go hand and hand when to come down to enforcing laws are the Sarbanes-Oxley act, the AICPA Code of Conduct and the Generally Accepted Accounting Principles. Sarbanes- Oxley was created to protect investors from Corporations that may try to do fraudulent accounting activities. AICPA Code of Conduct sets standards for the professionalism and auditing...
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...Unit 1 – Ethics, Morality and Legalities Abstract This paper will attempt to dissect the fine line between lobbying and bribery and give some direction as to where one ends and the other begins with relationship to ethics, morality and legalities. Unit 1 - Ethics, Morality and Legalities 1. What is the difference between lobbying and bribery? Meriam-Websters online dictionary. (2011). Defines bribe(ry) as money or favor given to influence the judgment or conduct of a person in a position of trust. Meriam-Websters online dictionary. (2011). Defines lobbying as conducting activities aimed at influencing public officials and especially members of a legislative body on legislation. Based upon the previous definitions of bribery and lobbying it is hard to tell the difference between the two. However, upon closer inspection bribery clearly defines what cannot be done and lobbying is simply conducting activities to influence public official or legislative bodies. Jrank.org. (2011) states that lobbying is considered so essential to the proper functioning of the U.S Government that is specifically protected by the First Amendment of the U.S Constitution. 2. What argument cold the SLOC members make that the payments made do not fit the definition of an illegal bribe (under the FCPA)? SLOC members could argue that the payments made to IOC members were not to influence them to secure their business interests. According to justice.gov. (nd) was...
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...Your book review assignment is to 1) read Ruth Gomberg-Muñoz’s ethnography, Labor and Legality, and 2) write a book review by 11am, November 3rd. 1. The point of a review is to take a position with respect to the book and to present a cogent, all-argued paper. Depth, originality and critical thinking in your arguments will be important part of grading. You should use concepts we have been discussing in class (structural violence, colonialism, etc.) to guide your argument. However, the concept of the paper is open-ended. Please develop your thoughts based on the book Labor and Legality. 1. A quality paper will have a strong analysis that draws from concepts learned from the book and also from class. Your arguments should be supported by proper evidence from the book. In other words, your thoughts must be fully engaged with the reading. Thus, proper citations, a clear structure, and also format requirements listed below would be important. 1. Format requirement. 1) Your review should be 3-5 pages (with a separate references cited page), which is a small adjustment from the syllabus. You will still need to use 1-inch margins, double-spaced, 12-point font. 2) Please review the section of the syllabus labeled “2” under “expectations” for information on academic integrity. Plagiarism will not be tolerated. Use in-text citations per the Chicago Style Manual when directly quoting or paraphrasing an author and make sure to include a “works cited” section. If there is any...
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...| Ethics, Morality, and Legalities | Unit 1 Individual Project | | | 11/13/2011 | | We see and hear about it all the time. Government officials being “paid” to vote a certain way or a company is given a monetary “donation” to show that global warming is bad, but they can continue to release toxins into the air. There was a scandal behind monies being paid to certain members of the International Olympic Committee (IOC) by the Salt Lake Olympic Committee (SLOC) in order to ensure that the Olympic Games would indeed be hosted by Salt Lake City. There were forced resignations of the leaders of the SLOC, including the mayor. In this paper, we will discuss the difference between bribery and lobbying, possible arguments against the idea of bribery, and consequences that should have been implemented other than just resigning from a position of power. In order to understand the difference between lobbying and bribery, we must first know what each is respectively. Lobbying is a general term that refers to the act of attempting to impact or influence members of a legislative group to vote in favor of a particular proposition or law. In most cases, lobbying just involves political support offered in return for positive influence or actions. Lobbying is legal in most governments, and does not include any type monetary or financial trade off. Bribery, on the other hand, is a horse of a different color. Bribery involves the offering of money, usually...
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...Legality and Ethicality of Financial Reporting Petra Clark ETH / 376 June 3, 2013 Ding Hardin Abstract Excello Telecommunications is a successful organization, but because of a growing rivalry, the organization has begun to notice their earnings estimations might not be achieved. Excello’s top administrators are worried how this will impact the organization. We will look at possible options as well as their moral ramifications as well as the federal laws which can be applied to the situation. Legality and Ethicality of Financial Reporting There are a number of rules that Excello must follow to comply with if it is to fall in line with accounting actions, especially when it comes to posting dealing as well as financial statements. Some of the regulations include the SOX act of 2002, the GAAP as well as the AICPA Code of Conduct. Excello’s accounting team must take into account the laws and regulations to make the best decision that will be legal, ethical and honest for the organization as well as its clients and vendors. The Sarbanes-Oxley (SOX) act of 2002 was created in reaction to the accounting scams of WorldCom and Enron. The act is a body of provisions that provide guidelines on the responsibilities of the higher management as well as penalties for unethical activities. The CFO of Excello, Terry Reed, wanted to post the sale of $1.2 million of equipment before the end of 2010. This type of transaction would typically be recorded as a sale on the...
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...Legality of Essay Writing Companies The internet opened the doors of communication throughout the world. One of the doors that opened for many people especially students is websites that can help them to write an essay. Writing essays, term papers, or any form of scholastic writings can be very hard for some people to write. The service of writing essays for people or giving them the option to purchase a paper that has already been written suddenly made it very easy to get the papers written. For a fee the student gets their paper puts their name on the paper and is able to submit the paper as theirs. The question comes up is this legal or is there a law against having a person do the assignment that was designated for another person. Presently it is not against the law for these websites to exist and offer the service they do in writing the papers. A website that is created by a person to offer a service for those who are interested in using the service is not against the law. This service is no different from any other service that is listed either on the internet or when a person walks into a store or office. When a person has a problem that is legal they go and find a person that is trained in that field. They go to a lawyer, and they hire his/her service by paying them a fee for their advice or services that the person needs. There are many different kinds of services available to the public and all that needs to be done is to pay for the service and they receive...
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...Running head: ETHICS LEGALITY CLASSROOM Ethics and Legality in Classroom Management Jordan Hollern GCU EDU 536 03/04/2012 Ethics and Legality in Classroom Management A teacher must deal with disruptive classroom behavior throughout their career. To do so, they must not only develop their skills in handling these situations but also develop ethical standards for their classroom. These standards set forth by the teacher will help them deal with their students, those students’ parents, the school administrators and their community. There are numerous articles written that could help a teacher when researching any legal or ethical issues that may arise during their teaching career. This paper summarizes four peer-reviewed articles that address the legal and ethical implications for classroom management related to the rights and responsibilities of students, parents and teachers. The first article under review is Public School Law-Teachers and Student’s Rights in which the legal rights of both the teacher and the students are defined. The article also includes the legal liabilities of the teacher in the classroom. The Negligent Tort Law states that a teacher may be held accountable by a court of law if he or she could have foreseen and prevented the injury by exercising proper care (McCarthy & Cambron-McCabe, 1992). The duty of the teacher in the classroom is to protect the students (McCarthy, et.al, 1992). The teacher must take all precautions...
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