Relies on traditional economics literature assumptions of self-interest and wealth maximization without having contractual agreements between the agents and the principal the agent will receive a reduced income agents then motivated to enter contracts which appear to limit actions detrimental to agents agency costs: Monitoring costs, bonding costs and residual loss Hypothesis used in PAT literature to explain, and predict support or opposition to, an accounting method: * Bonus plan hypothesis:
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workflow coordination &new business model. A virtual enterprise is formed when various autonomous companies come together and act as a unit by tightly integrating their business processes by the means of IT & ICT. A contract is an agreement built on the fundamentals of mutual commitment for cooperation, between two or more parties that binds those parties. In a B2B, e-business contract is a formal agreement between a buyer and seller for managing negotiations and validate operations. It is signed to address
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Consumer Protection Act, which of the following is true? Penalties are imposed for obtaining any domain name that infringes on a valid trademark.Domain names are granted only after ensuring that they do not infringe on a valid existing trademark. A plaintiff must show that the defendant acted in bad faith in order to recover. Prior approval by the affected celebrity is needed to obtain a domain name that is similar to a celebrity’s name. 2 The Hart-Scott-Rodino Antitrust Improvement Act led to rules
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offeror to accept. In order to determine whether an offeror can be legally bound after offeree changes the terms of the original offer and then revert back to original offer, we need to consider the rule of acceptance. According to s.7(a) of Contracts Act 1950, “In order to convert a proposal into a promise the acceptance must be absolute and unqualified.” In other words, an offeree must agree with all terms introduced by the offeror. In the case if an offeree only accepts some but not all of the
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Contract Law – Question 3 Within law, a contract aims to provide a legally binding agreement between two or more parties, mutually agreeing to the formal requirements provided within the article. The theoretically underpinnings of the contract as stated in the question are regarded as ‘monumental in attaining the perspective that will allow for substantial understanding of the basis of contract law’. However, there may be at times situations where no agreement may be reached due to certain legal
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Pharmaceutical Society of Great Britain v Boots Cash Chemists (Southern) Ltd [1953] 2 WLR427 is a well-known English contract law judgment on the nature of an offer. The Court held that the exhibition of a product in a store with a price attached is not adequate to be considered an offer, although relatively is an invitation to treat. Boots Cash Chemists had presently employed a new technique for its customers to purchase certain medicines. They would let shoppers single out drugs off the shelves
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is by proposer and acceptance is by agreement or conract for example i would like this to sell you for RM10.00 it's become statement and agreement can be vorbal but contract can't be vorbal.Consideration is exchange of things. The definition of offer is, an offer is an exprication of willingness to be bound by the term of the contract and also it can be made to one person (bilateral) or two group of person all to whole world at large (unileteral). A bileteral offer can take form of a promise to do
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for the formation of a contract exist, the main legal issue is whether the element of agreement required for the formation of a contract can be established and whether Chickens Galore obliged to provide Christian and Brian each with a Mazda CX-9. Explain the rule(s) of law identified in step one with reference to relevant authority Both offer and acceptance should be included in the elements of an agreement in order to meet the requirements for the formation of a contract. An element of promissory
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There are two types of contracts namely- 2 There are five implied terms under the sales of goods act 1979, they are 2 Task 2: 5 EX: 5 RIGHTS OF AGENT or DUTIES OF A PRINCIPAL :- 5 DUTIES OF AN AGENT :- 6 Advising Rosy whether she will be bound by the contract with Yasmine: 7 References:- 8 TASK 1:- A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one
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Anesthesiologists of Middletown vs. Barrett. The plaintiff in this case was the Anesthesiologists of Middletown which were suing for payment of contract. The total that they were suing for, $465.00 was for the payment of the services they had provided which was $430.00, and for the $35.00 entry fee into court. They said that Mrs. Barrett had used their services and signed a contract of payment but had not paid after being billed. After not receiving payment after a few bills were sent, the plaintiff file a motion
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