collectability is probable. Coconut has contract signed, delivery has occurred, Coconut’s price for the Volcano system is fixed, and cash has already been collected. Coconut will recognize revenue of $12,000 as of February 1st, 2012. 3) Under ASC 985-605-25-47 “additional software products are included in a post contract customer support arrangement, the revenue allocable to the additional software products be accounted for separately from the post contract customer support arrangement as an element
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INTRODUCTION Within this short paper several aspects of rescinding a sales contract in a situation where both parties were unaware of an associated fact in a transaction will be addressed. The scenario that was presented to the class, the prospective car buyer Josh Hartly, was interested in purchasing a new car from a local car dealer. While in the negotiating phase of the car buying process, Mr. Hartly informed the salesperson that he was looking to purchase a certain vehicle with a 3.2 liter
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UNIT 05 ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS ASPECTSA Table of Contents P1.1 THE ESSENTIAL ELEMENTS REQUIRED FOR THE FORMATION OF A VALID CONTRACT 2 Offer 3 Acceptance 4 Consideration 4 Capacity- Concept of Minor& Privity 5 Intent to create legal relation 6 P 1.2 DIFFERENT TYPES OF CONTRACT 7 P 1.3 DIFFERENCE BETWEEN CONDITIONS AND WARRANTIES 8 P 2.1ELEMENTS OF CONTRACT APPLIED FOR THE BELOW SCENARIOS 8 P 2.2 TERMS IN DIFFERENT CONTRACTS 9 P 2.3 THE EFFECTS
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Issue: The Issue is whether there is any legal contract between Mr. Power and Ms. Square and if so, what is the legal remedies for Ms. Square. Law: Contract is an agreement between two or more parties including promises by each other which they intend to be legally enforceable. A legal contract must contain the three main parts that is, agreement and legal intention, consideration. Firstly, whether it is an agreement only if there is a valid offer followed by a valid acceptance and communicated
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incorporates everybody from companions to chiefs to clients. While not all representatives will constantly like one another, they have to set aside their own or even business related contrasts to achieve a bigger objective. Responsibility Ethics and behavioral rules in the work environment regularly put a high measure of significance on commitment. In spite of the fact that
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pm Page 264 chapter 15 Contract accounts Learning objectives After you have studied this chapter, you should be able to: l describe the factors that are involved in accounting for contracts l describe how accounting records of contracts are maintained l explain the need to apply prudence when assessing profit or loss on a contract that is still in progress l describe some of the requirements of SSAP 9 relating to long-term contracts Introduction In this chapter
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was no binding contract due to a lack of consideration. As a result, Hamer sued the estate's executor, Franklin Sidway. Judgment for the Defendant, and the Plaintiff appealed. Issues: Was the contract without consideration to support it, invalid? Rules: The court stated that consideration may consist in either a some right, interest, profit, or benefit to one party. Refraining from something that one is entitled to do is a sufficient detriment to create an enforceable contract. Holdings: Judgment
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in the farm we are to first explore whether a contract is formed, and if promissory estoppel would apply in this situation and the relevant terms attached to this contract. Using the common law of contract we can answer these questions, and Billy’s entitlements. a) Is there a contract? Before Billy can be sure he is entitled to anything we first must establish that Billy and Choy have entered into a legally binding contract. For a legal contract to be held, all essential elements of an offer
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disadvantages of such agreements. Furthermore, we will discuss the question of how the contracts might affect Bharti’s core competencies. Third, we want to elaborate on the major concerns about entering in an outsourcing agreement with Ericsson, Nokia, Siemens and IBM respectively. Additionally, we propose some solutions to the problems identified previously in the form of governance mechanisms for the contract. Finally, we assume the role of IBM and Nokia to talk about the issues they might have
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Marian Malone International Legal and Ethical Issues in Business October 25, 2015 Abstract What kind of statements are companies allowed to make in their advertising campaigns to get noticed by the general public? How much of this advertising is taken seriously by the general public? Will a company be held responsible to follow through for their statements made in an ad campaign? We will examine these questions in this paper.
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