...Home Work – Oil & Gas Accounting Page 33 & 34 Question 5 • Economic interest in oil and gas: After an E&P company has identified an area with potential, the company will seek to acquire the right to explore, develop, and produce any minerals that might exist beneath the property, unless it already holds this right. This right, along with the right to simply share in proceeds from the sale of any minerals produced, is referred to as mineral interest or an economic interest. • Mineral rights U.S law assumes that for ownership purposes, the surface of a piece of property can be separated from minerals existing underneath the surface. When a piece of land is purchased, one may acquire ownership of the surface rights only, the mineral rights only, or both rights. • Mineral interest Is an economic interest or ownership of minerals-in-place, giving the owner the right to share of the minerals produced either in-kind or in the proceeds from the sale of the minerals. • Royalty interest This type of mineral interest is created by leasing. The royalty interest is retained by the owner of the mineral rights when that owner enters into lease agreement with another party. • Working interest This interest is created via leasing and is responsible for the exploration, development, and operation of a property. The working interest is responsible of paying all 100% of the cost. • Overriding royalty interest Is a nonworking interest...
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...Personal Property Case Study The case study “Parking Lot’s Liability” is an actual court case, Allright, Inc. v. Strauder. Plaintiff brought suit alleging that as a result of defendant's negligence, his automobile was stolen from a parking lot operated by defendant. Signs were located throughout the parking lot which stated that the lot closed at 6 o'clock p.m. and that anyone returning after that time could pick up their keys at another parking lot operated by the defendant at a another location. He was aware of the time when he left the car at the station and that the signs and the claim ticket said the lot closed at 6 o'clock. So indeed a bailment was created. The definition of bailment is a transaction in which an owner transfers his or her personal property (in this case his car) to another to be held, stored, delivered, or for some other purpose. Title to the property does not transfer. (Cheeseman, 2010) The plaintiff gave his keys to the defendant’s employee expecting the defendant’s company to park and store the car until the plaintiff returned for it, at which time the plaintiff would pay for the services obtained. This is considered a mutual benefit bailment. A bailment for the mutual benefit of the parties is created when there is an exchange of performances between the parties. A bailment for the repair of an item is a bailment for mutual benefit when the bailee receives a fee in exchange for his or her work. (legal-dictionary.com, 2013) Three elements...
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...1. Should Trans-Share account for the sale of the fractional interest in the airplane according to ARC 840 (Accounting for Leases) or ARC 606 (Revenue Recognition for Customer Contracts)? Provide citation and explain in your own words. Based off the Codification, Trans-Share should account for the sale according to ARC 606. Citing 840-10-1, a criteria for lease classification is derive from the transfer of all substantial benefits and risks incidental to the ownership of that property. What this means is that unless the buyer (lessee) assume all significant risks and rewards, the criteria for a leash has not been met. In addition to that 840-15-6, state arrangements that qualify as leases. Under these arrangements, it is hard to consider (but not impossible) the sale of the fractional interest as a lease. 15-6 revolve around the concept of the “right to control”. What can the lessee do to the aforementioned property, do they have to follow guidelines, and is there anyone else who might have more than a minor output on the property? In the Trans-Share case, Trans-Share control and maintain virtually all aspects of the plane, with the buyer only dictating flight hours when available. In addition to that the purchaser lack any significant input on Trans-Share’s policy and cannot in any way deviate from them. The last part of 15-6 deal with whether or not other parties excluding the purchaser (the 7 other buyers as well as Trans-Share customer) will take more than a minor output...
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...Business Law: Lecture 10 Bailment: Temporary transfer that allows you to transfer the possession for usage. Example: Lease a Car Types of Bailment: 1. Bailment for Value: when there is a payment for the usage of property. Example: Leasing a rental car for a vacation/crossing the boarders. 2. Gratuitous Payment: when dealing with a payment that requires no transfer of funds. When there is a risk of money there is a higher standard because you’re making an economic performance. Example: Borrowing the snow blower of your neighbor. Obligations that comes with the contract: 1) Determine the service provided Example: Rent a storage place, now you have a facility. Example: Storage Wars, Homeland Security. 2) Deals with the notion of Payment terms: how much you’re paying for a month, if you don’t pay inside the terms they are entitled to seize it. Example: How in storage wars they are bidding and auctioning storage units. 3) The extent for damage or loss. Example: When there is a delivery of a good by a company, whoever is under the control is responsible for the delivery. Unless they waive any liability in the agreement, they are responsible for reasonable care and diligence. Under the law in our society, normally the delivery company is liable for a value of $40; if we don’t specify a higher value they only pay the first $40. Example: Canada post, on the letter it’s protected if they lose the letter they’re done. Postal System is national...
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...Exclusive Bloodline Kennel Stud Service Contract This is to certify that the Female named: __________________________, Breed: ____________________, Registration: _________________, Color: _______________ Owned by: (Insert owner’s name, address, phone number) Has entered into a contract with Exclusive Bloodline Kennel of Pearland Texas on ____________ 20 ____ to be bred to, Name: Heartless, Breed: American Pitt Bull Terrier, Registration: UKC # A388,061 Color: Blue Fawn for a Fee of $__________________/ or the following in lieu of a stud fee: (Insert wording for any other type of agreement, such as 1st pick pup, 2nd pick pup, etc.) Stud owner shall have the right to inspection of the female for the purpose of confirming pregnancy no later than 45 days of the first mating with female. Unless otherwise stated herein, owner of stud dog shall have the right in person of 1st pick puppy of the litter when the puppies reach the age of 8 weeks. One or more puppies living up to 4 weeks of age will be considered a litter. Int.______ Int. ______ The following terms and conditions are understood and agreed to by both parties: 1. Prior to breeding, the owner of the female must provide a completed JRTCA veterinarian form or JRTCA Registration Certificate, a copy of the female’s pedigree, a record of current vaccinations, proof of worming within six months of the breeding date, and a negative Brucellosis...
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...SATYAM SINGH SECTION C 20141343 BA. LLB. 2014 TO: Faiz Tajuddin FROM: Satyam Singh DATE: September 16, 2015 RE: Robert Langdon v. Springfield College of Law (Lost/Mislaid Wallet) MEMORANDUM Question Presented This memorandum analyses whether Robert Langdon, a construction worker, working at the Springfield College of Law in Cleveland, Ohio, be entitled to the possession of the wallet found on top of a duct behind a wall as the finder of “lost” property or will Springfield be entitled to hold on to the money as being “mislaid”, and keep the recuperated amount once the applicable statutory time has passed? Brief Answer The Court is most likely to rule that the wallet was mislaid property and not lost property. The classification between lost property and mislaid property was established in Benjamin v. Lindner Aviation, Inc. and State Central Bank. “Property is lost when the owner unintentionally and involuntarily parts with its possession and does not know where it is,” whereas “Mislaid property is voluntarily put in a certain place by the owner who then overlooks or forgets where the property is.” There is substantial evidence for the wallet to be classified as mislaid property. The wallet was found on a duct behind a wall, which gives us an indication that that that the owner voluntarily put it there, and it is unlikely that the owner parted with it without the intention of doing so. Furthermore, the location and the manner in which the wallet was hidden,...
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...PLEDGE A pledge is a special type of bailment in which a person temporarily transfers the possession or ownership of his/her property in order to secure a loan from the other person. It is defined as in the Indian Contract Act, 1872, as “The bailment of goods as a security for the payment of a debt or performance of a promise is called pledge. The bailor in this case is called a Pawner and the bailee is called a Pawnee.” Essentially, when the purpose of the bailment is to secure a loan, it is called a pledge. This article is concerned specifically with Section 176 of the Indian Contract Act, which deals with the pawnee’s right to sue or right of sale in case of the pawner’s default. The essential ingredients that are required to constitute a pledge are as follows: 1. Delivery of possession – As in bailment, the delivery of possession is essential in a pledge. Thus, in the case of Revenue Authority vs Sudarsanam Pictures, a film producer borrowed a sum of money from a financier and agreed to deliver the final prints of the film when they were ready. This was held not to be a pledge because there was no delivery of possession at the time of the agreement. It is also possible to let the pawner keep the physical goods even though the legal possession is transferred to the pawner. Thus, in Bank of Chittor vs Narsimbulu, a cinema hall equipment was pledged to the bank but the bank allowed the hall owner to keep the equipment to show the movies. The hall owner then sold the...
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...correct sentence. Correct Answer: B Her husband's wallet was full of curious, little items. Explanation: Place the apostrophe before the "s" to show singular possession. Your Answer: C Her husbands' wallet was full of curious, little items. 2. Choose the correct sentence. Correct Answer: B I went to my mother-in-law's house for dinner last night. Explanation: With a singular compound noun, show possession with 's at the end of the word. Your Answer: B I went to my mother-in-law's house for dinner last night. 3. Choose the correct sentence. Correct Answer: A You may not enter Mr. Harris's office without his permission. Explanation: Although names ending in “s” or an “s” sound are not required to have the second “s” added in possessive form, it is preferred. Your Answer: A You may not enter Mr. Harris's office without his permission. 4. Choose the correct sentence. Correct Answer: B The girl's vitality and humor were infectious. [one girl] Explanation: Place the apostrophe before the “s” to show singular possession. Your Answer: A The girls vitality and humor were infectious. [one girl] 5. Choose the correct sentence. Correct Answer: A The women's dresses are on the second floor. Explanation: To show plural possession, make the noun plural first. Then immediately use the apostrophe. Your Answer: A The women's dresses are on the second floor. 6. Choose the correct...
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...THIS LEASE is made the fifteenth day of January Two thousand and eight B E T W E E N BROWN & JACKSON DEVELOPMENTS LIMITED whose registered office is situate at 186 Pall Mall in the City of Westminster (hereinafter called “the lessor” which expression where the context so admits includes the estate owner or estate owners for the time being of the reversion of the premises hereby demised and expectant upon the term hereby granted) of the first part GREENWORTH RESIDENTS ASSOCIATED LIMITED whose registered office is also situate at 186 Pall Mall aforesaid (hereinafter called “the Association”) of the second part and EDWARD GEORGE WALTERS of 28 Mayfair Avenue East Girnstead in the Country of Sussex (hereinafter called “the Lessee” which expression where the context so admits includes the Lessee’s successor’s in title) of the third part--------------------------------------------------------------------------------- WHERE AS - -----------------------------------------------------------------------------------------------------------(1) The Lessor is the registered proprietor under the Land Registration Acts1925 to 1966 of the land edged red on the plan annexed hereto together with other land comprised in title Number EG 31203 subject to the Lease similar to these presents and already granted or agreed to be granted or intended to be granted in respect of certain flats and garages upon terms similar to those herein contained ---------------------------------------------------...
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...member of this Court). and concurred in by Associate Justices Jose c~. Reyes. Jr. and Stephen C. Cruz; id. at .339-343. Decision 2 G.R. No. 190071 THE FACTS Union Bank is the owner of a commercial complex located in Malolos, Bulacan, known as the Maunlad Shopping Mall. Sometime in August 2002, Union Bank, as seller, and respondent Maunlad Homes, Inc. (Maunlad Homes), as buyer, entered into a contract to sell3 involving the Maunlad Shopping Mall. The contract set the purchase price at P151 million, P2.4 million of which was to be paid by Maunlad Homes as down payment payable on or before July 5, 2002, with the balance to be amortized over the succeeding 180-month period.4 Under the contract, Union Bank authorized Maunlad Homes to take possession of the property and to build or introduce improvements thereon. The parties also agreed that if Maunlad Homes violates any of the provisions of the contract, all payments made will be applied as rentals for the use and...
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...placement of control over, or possession of Personal Property by one person, the bailor, into the hands of another, the bailee, for a designated purpose upon which the parties have agreed. The term bailment is derived from the French bailor , "to deliver." It is generally considered to be a contractual relationship since the bailor and bailee, either expressly or impliedly, bind themselves to act according to particular terms. The bailee receives only control or possession of the property while the bailor retains the ownership interests in it. During the specific period a bailment exists, the bailee's interest in the property is superior to that of all others, including the bailor, unless the bailee violates some term of the agreement. Once the purpose for which the property has been delivered has been accomplished, the property will be returned to the bailor or otherwise disposed of pursuant to the bailor's directions. A bailment is not the same as a sale, which is an intentional transfer of ownership of personal property in exchange for something of value. A bailment involves only a transfer of possession or custody, not of ownership. A rental or lease of personal property might be a bailment, depending upon the agreement of the parties. A bailment is created when a parking garage attendant, the bailee, is given the keys to a motor vehicle by its owner, the bailor. The owner, in addition to renting the space, has transferred possession and control of the vehicle...
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...is always placed at the spot where the letter(s) has been removed. Examples: don't, isn't You're right. She's a great teacher. Rule 2 Use the apostrophe to show possession. Place the apostrophe before the s to show singular possession. Examples: one boy's hat one woman's hat one actress's hat one child's hat Ms. Chang's house NOTE: Although names ending in s or an s sound are not required to have the second s added in possessive form, it is preferred. Examples: Mr. Jones's golf clubs Texas's weather Ms. Straus's daughter Jose Sanchez's artwork Dr. Hastings's appointment (name is Hastings) Mrs. Lees's books (name is Lees) Rule 3 Use the apostrophe where the noun that should follow is implied. Example: This was his father's, not his, jacket. Rule 4 To show plural possession, make the noun plural first. Then immediately use the apostrophe. Examples: two boys' hats two women's hats two actresses' hats two children's hats the Changs' house the Joneses' golf clubs the Strauses' daughter the Sanchezes' artwork the Hastingses' appointment the Leeses' books Rule 5 Do not use an apostrophe for the plural of a name. Examples: We visited the Sanchezes in Los Angeles. The Changs have two cats and a dog. Rule 6 With a singular compound noun, show possession with 's at the end of the word. Example: my mother-in-law's hat Rule 7 If the compound noun is plural, form the plural first and then use the apostrophe. Example: ...
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...QUESTION PRESENTED Whether a construction worker has a cause of action to declare a found wallet lost property in a situation where the wallet was found sitting on a top of a duct behind a wall where the wallet appears to have been located since 1972 and has not been claimed by its original owner? BRIEF ANSWER No, it not likely that Robert Langdon will succeed in his claim to the money found by him on the top of the duct because of the location where the money was found as well as the manner in which it was concealed. Here, since the wallet was found sitting on a duct, it was likely that the original owner intentionally placed the property in this location for safekeeping, with the intent to later return for it. STATEMENT OF FACTS Plaintiff, Robert Langdon, is a construction worker and an employee for Mason and Mason Construction Company. Currently, Mr. Langdon is working with fifteen other men on the renovation of the second floor at Cleveland-Marshall College of Law. His primary duty consists of plastering the walls of the law school with his fellow co-workers. In August of 2009, Mr. Langdon was working on the walls located in a far back corner of the second floor when he discovered a dusty item sitting on top of a duct that was behind the wall. Upon further inspection, Langdon found that the item was a faded brown leather wallet, which contained $324 but no other forms of identification. The dated currency caused Langdon to believe the wallet had been...
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...Porter v Wertz (Powers) Citation. 22 Ill.53 N.Y.2d 696, 439 N.Y.S.2d 105, 421 N.E.2d 500 (1981) Brief Fact Summary. Plaintiff- Appellant allowed Von Maker (who posed as Wertz) borrow a painting to decide if Von Maker wished to buy the painting. Von Maker eventually sold the painting to a third party who resold the painting to a person in Venezuela, and Plaintiff- Appellant seeks to recover the painting. Synopsis of Rule of Law. Equitable estoppel as a defense against the rightful owner is not available to Defendants unless each element of the defense is proven, specifically, that the rightful owner gave indicia of ownership to another who had the apparent right to sell and that the buyer exercised good faith in the purchase. Facts. Plaintiff- Appellant (Porter) owned a painting by Utrillo named “Chateau de Lion-sur-Mer,” which he loaned to one who was actually named Von Maker but was posing as Wertz. The loan of the painting was made along with a purchase of another painting, which Wertz agreed to pay for in a deposit and a series of notes. When the first note was not honored, Plaintiff- Appellant sought to retrieve the Utrillo from Von Maker (posing as Wertz). Plaintiff- Appellant could not get in touch with Von Maker, but hired an investigator and discovered that he had not been dealing with Wertz, but had been dealing with Von Maker, who had a long history of fraudulent dealings. Thereafter, Plaintiff- Appellant made a contract with Von Maker (represented by counsel)...
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...What does the doctrine of adverse possession provide? In its most basic sense, “adverse possession” is a legal doctrine that allows a person to acquire legal ownership of property that he treats as his own, if he does so for a long enough period of time, even though the property is not his own. In other words, a person who uses another person’s property, without permission, for a long enough period of time, can acquire legal ownership of that property. What elements need to be proven? 1. The statutory period of time of possession. In most states, this period is between 10 and 20 years. 2. Open, visible, and notorious. The adverse processor must physically occupy the property so as to put the owner on notice of the possession. 3. Actual and exclusive - the property must be occupied by the adverse possessor. The planting of crops, grazing of animals, or building of a structure on the land constitutes physical occupancy. 4. Continuous and peaceful. The property cannot be taken by force from the owner and the statutory period of time of possession must be continuous. 5. Hostile and adverse. The property must be occupied by the possessor without expressed or implied permission of the owner. Did the Witts act ethically in claiming title to someone else’s land? Team C had differing opinions regarding whether the Witts actions were ethical or not. The group agreed that the Witts proved adverse possession under the state law and should be allowed to retain the property...
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