Abstract Blum (2011) provide a relatively simple explanation of the complexities of a contract by describing it as an exchange relationship that is established orally or in written form that is made between two or more individuals, contains at least one promise, and is recognized as a legally binding agreement (Blum, 2011). The focus of this written assignment examines the elements that must exist for a contract agreement to be considered enforceable by law. The assignment will examine the following
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by the owners or CFO of the company. This statement will display the revenue recognition in order for the owner to accurately keep track of their finances. Since, this business has costs throughout the contract, they have issues dealing with the recognition of the revenue. Some costs cannot be allotted for at the sale of the contract because they have to recognize at the moment when the client has had the funeral service. Dodge Ltd. has to follow at least one of GAAP principle, which will be discussed
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several types of firm, each with a distinct legal status. Some examples are shared below: 3.1. Sole proprietor: (Business owned by just one person with only a few employees; they are easy to setup and requires less investment. The disadvantages are limited scope of expansion and unlimited liability which means; the owner is personally liable for any losses that the business might make.
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CAPACITY TO MAKE CONTRACTS The capacity of certain persons to conclude contracts is restricted by law. The law recognizes that certain people are either wholly or partly incapable to make a contract. The aim of this assignment is to explain and consider the critical legal matters the individuals and organisations have to consider when entering into a contract with these people. Contracts are part of everyday life and every business will need to make a contract and most businesses will have to
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Harrison Nguyen December 1, 2011 Business Law 320 2-3:15 Cardinale NBA Lockout Every major sports league in the United States of America is a billion dollar revenue business. In a poll by Gallup, they surveyed that around roughly 65% of American citizens are sport fans. Basketball is a very complicated business with many different entities involved in its establishment. There are over 360 athletes playing in the NBA and each and every one of them must have a contract to be able to play. Owners
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| STUDENT NAME : Nayomi EkanayakeSTUDENT NUMBER : CT/HNDBM/39/32MODULE NAME : Aspect of Contract and NegligenceASSESSOR : Mr. Seevali Amithirigala DATE OF SUBMISSON : 10.01.2013 | | | Aspect of contract and negligence | | Aspect of contract and negligence | Acknowledgement I would like to express my gratitude to Mr.Frank Gunasekara who gave me the possibility to complete this assignment and for the guidance and
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partners which particularly based on partner expulsion and liability to third parties or outsiders. Step 2: Discuss the Principles of Law Under Section 7(1) of Partnership Act 1895 WA, partnership refers to a structure where two or more persons in a business are acting in common with a view of profit. Partnerships can be formed formally by written agreement which contains the rights and obligations of the partners and facilitates the resolution of disputes within a partnership. However, if the agreement
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agreement includes issues such as employee safety, disputes that relate to working conditions, and other matters that are not included in the main contentious clauses. Disagreements over contract interpretation, the number of hours that the business should be open, and matters relating to operational or business judgment are not to be arbitrated. The four cases presented by the employees union for arbitration lack direct or partial connection to the matters that can stand arbitration. None of the
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agreement of $600 p/item, we can possibly get the contract and make a profit. On the other hand, I assume Excalibur is interested in doing business with us to make a profit and get their brand noticed. 4. What is my resistance point—what is my walkway. My resistance point is cost of delay. The cost of delivering the product late is not specified in the exercise, but it is assumed that If the products do not get delivered on time our repeat business with the client could be damaged substantially
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Recognize Contract Risk and Opportunity Erica D. Thomas LAW/531 June 7, 2010 Craige Harrison Recognize Contract Risk and Opportunity Contracts, no matter how large or complex, are promises negotiated between parties and should be written to ensure business agreements are fulfilled by both parties. Clarity of purpose is the hallmark of successful contracts because contracts are never free of interpretation (University of Phoenix, 2010) and poorly written contracts can ultimately result
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