practicing under the corporate name Family Health Care. P.C., entered into a written employment contract to hire Dennis Winkel. The contract provided for an annual salary, insurance benefits and other employment benefits. Another doctor, Dr. Quan, also practiced with Dr. Vranich. About nine months later, when Dr. Quan left the practice, Vranich and Winkel entered into an oral modification of their written contract whereby Winkel was to receive a higher salary and a profit sharing bonus. During the next
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What is Takaful Takaful - Islamic insurance - is founded on the cooperative principle and on the principle of separation between the funds and operations of shareholders, thus passing the ownership of the Takaful (Insurance) fund and operations to the policyholders. The premiums collected from the policyholders are considered as donations and they constitute the Takaful fund from which all claims are reimbursed. At the end of each financial year, after deduction of expenses, any remaining cash surplus
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PART I - OBLIGATION - An obligation is a juridical necessity to give, to do or not to do ELEMENTS: 1. Active subject ( obligee/creditor ) – the one in whose favor the obligation is constituted 2. Passive subject ( obligor/debtor ) – the one who has the duty of giving, doing or not doing 3. Object – prestation; the conduct which has to be observed by the debtor/obligor 4. Vinculum Juris – juridical/legal tie 5. Causa (causa debendi/causa obligationes) - why obligation exists Requisites
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the terms of a contract can be classified according to their origin, and also according to the type of breach and evaluate the legal significance of the different type of terms and their impact upon the contract. Terms are the contents of the contract which determines the parties’ rights and obligations. The purpose of a contract is to establish the agreement that the parties have made and to fix their rights and duties in accordance with that agreement. The significance of a contract are known as
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Mailed on 23/12/13 BRIEF DISCUSSION ON CONTRACT ACT- 1872 According to Section 2 (h) of the Indian Contact Act, 1872, "A contract is an agreement enforceable by law”. A contract therefore, is an agreement the object of which is to create a legal obligation i.e., a duty enforceable by law. From the above definition, we find that a contract essentially consists of two elements: (1) An agreement and (2) Legal obligation i.e., a duty enforceable by law. As per section 2 (e) "Every promise
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competitiveness, openness and creating markets that are sound (Teall, 2012). There are four basic elements of a contract as Miller (2012) writes. The first important requirement in the formation of a contract is an agreement. In an agreement there should be a party that offers to enter into the legal agreement and another one that accepts the terms of the offer placed. The terms of the contract should contain wording that allows meeting of the minds of both parties that allows them to consciously
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the industry standard of accounting principles within the baseball field in essence the owners get to write off the declining market value of the player contracts as a loss while also counting the annual salaries paid the players as an expense. The financial statement account for bonuses, deferred compensation, and non-roster guaranteed contract expenses even though some of the expenses are not paid immediately .Money is being listed when it is actually not paid out. Two of the shareholders are the
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|FRAMEWORK | | |U.S. GAAP |IFRS |Similarities | |Purpose of Framework |The FASB framework resides lower in hierarchy. |Management is explicitly required to |Both the frameworks are similar in | | |Management
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FARSIGHTED PROJECT CONTRACT MANAGEMENT: INCOMPLETE IN ITS ENTIRETY PROFESSOR J RODNEY TURNER, (Department of Marketing and Organization, Rotterdam School of Economics Erasmus University Rotterdam) 1. PROJECT ORGANIZATION: COOPERATION VERSUS CONFLICT There are two ways of viewing a project organization, what I would consider to the correct way, and the normal way, respectively: • • a temporary organization, (Turner and Müller 2003), through which the owner assembles resources and motivates them
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Investment Firm – Legal Issues Question 4 Contract Law Major issues faced by the U.R.E Investment Firm LLC in relation with contract law are lack of proper terms and conditions, lack of importance of health and security of the employees, and one of the most important issue is companies sometime when entering into any contract do not make anything in writing these are some major issues faced by the country in relation with the contract act. A contract is an agreement enforceable by law. Every time
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