Brief Legal Encounter 1 What liabilities and rights do NewCorp and Pat have in this situation? What legal principles, such as statutory or case law, support those liabilities and rights? Liabilities include: wrongful termination, a breach of contract, and freedom of speech violation. Issue: NewCorp fired Pat without notice of unsatisfactory performance after being vocal at the local school board meeting. Explanation: Vermont is an at-will state; therefore Pat is an at-will employee giving
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Contracts Assignment 1 Facts Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three
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International Legal and Ethical Issues Simulation Summary What are that issues involved in resolving legal disputes in international transactions? “Whenever a U.S. firm enters into a contract situated in a different country, it should make sure the agreement is officially enforceable” (Melvin, 2011). The same thing is important with a international company. They have to make sure they are fully aware of any changes that are made to global rule and regulations in the agreement. What are some practical
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Lecture 1 Definition "A contract is an agreement giving rise to obligations which are enforced or recognised by law." An agreement is insufficient. Are the parties serious about it - intention? Is there consideration involved? It must be something that is recognized by the law. Otherwise it cannot get any compensation. Functions of Contract Law It defines the obligations of the contractual parties - price, when and where to deliver, conditions, etc. Contract law protects rights, and
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| ABC Wireless Communication BPO | | Case Study 2 | N/A | 2/10/2013 | | 1. Service contract for ABC Wireless Communication 2.1. Introduction: ABC Wireless Communication is a leader in the telecommunication industry. It provides wireless service to more than 1million customers in an around the US. ABC Wireless has been in business for 22 years. Our yearly revenue is about 100M. We have 5 thousand employees in the US. The company is very proud of its network and emphasizes the
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Provision 1 According to ASC 840-10-55-10, “amounts paid in consideration for a guarantee by an unrelated third party are executory costs and are not included in the lessee’s minimum lease payments.”2 The external legal counsel fee of $500,000 that Thurber paid to Stipe, Berry, Mills and Buck LLP in connection with negotiating the lease agreement are executory cost because they are all third parties that guarantee for the lease agreement. They are not involved in the lease term. Thurber will have
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Elements of a Contract Sandee Jones Ashford University Business Law BUS670 Mr. Michael Huang December 16, 2013 Elements of a Contract Our entire economy is based on the freedom of individuals and businesses alike to form contracts, and a legal system of laws that enforces each to freely enter into. Most folk are used to seeing a contract in written form, and so most assume it must be lengthy, and in writing to be enforceable. This is not 100 percent true. However, there are five elements
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Acquisition Planning Kirby Washington Professor Phil Campos July 31, 2011 Government Contract Law LEG 505 Abstract Acquisition planning is very important in providing the government with the best supplies and services. There are six phases in the government acquisition process. Those six steps are requirements determination, acquisition planning, negotiation, contract award, and performance after contract award, and contract close out (Engelbeck, 2002, pg. 77). Acquisition planning involves determining
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EXCALIBUR ENGINE PARTS – NEGOTIATION PLAN 1. What is your BATNA (Best Alternative to a Negotiated Agreement)? Sell the pistons to Hanks Super Monster Tractor for $300 / piston 2. Why it is the “best” alternative? * No other viable alternative available if we decided to go without major losses. * Better than not selling at all considering the poor demand for specialized pistons in the market 3. How acceptable your BATNA is to you? This is a very poor BATNA to sell the pistons at
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transactions may differ. Discussion 5-step revenue recognition proposed model 1. Identify the contract 2. Identify the separate performance obligations 3. Determine the transaction price 4. Allocate the transaction price to separate performance obligations 5. Recognize revenue as performance obligations are satisfied Basic elements of the proposal * It would apply to all contracts with customers except leases, insurance, financial instruments and certain nonmonetary exchanges
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