Management and Business in Accounting Services | |Unit No |5 | |Unit Title |Aspects of Contract and Negligence for Business | |Name of Tutor |Zhang Hongsheng | |Name of Internal Verifier |
Words: 310 - Pages: 2
Difference between contract law, tort law, and common law. * Contract law refers to written agreements and oral promises * General principles of contract law determine whether an employer-employee relationship exists and what remedies apply to breach of the employment agreement. * A contract has three elements, offer, acceptance and consideration. * Tort law refers to any wrongdoing * A tort is a wrong for which there is legal remedy. * Tort law is a branch of civil law
Words: 1840 - Pages: 8
CHAPTER 5 Revenue Recognition after Delivery * Assumes we are able to make reasonable estimates of amounts due from customers that potentially might be uncollectible. * For product sales this also includes amounts not collectible due to customers returning the products they purchased. Installment Sales * Increasing the length of time allowed for payment usually increases the uncertainty about whether the store actually will collect a receivable * The increased uncertainty concerning
Words: 5638 - Pages: 23
Essential Elements of Contracts Contracts are made every day between people and companies. These contracts are made online, in person, on paper, etc. There are contracts that are even legal that are verbal contracts. Most people feel that a contract has to be annotated on paper for it to be legal and binding. This is not always true. Oral contracts, meaning spoken contracts are just as binding and also just as legal. Let’s take a look at what makes a contract. Common law contacts usually
Words: 855 - Pages: 4
Week 1- Law 122 : Why study law 1. Business decisions have legal consequences which affect profits and losses: * Some decisions impose liability, others create opportunities * Negative: dumping pollutants into environment * Positive: binding contractual party to promise 2. Risk mgmt. tool: Law sets the framework for risk, it gives you tools to manage the risk * Ex. Insurance, exclusion and limitation clauses, incorporation Dimensions of course 1.
Words: 5644 - Pages: 23
Chapter6(Formation of a Contract: Consideration and Intention ) before an agreement is binding in law it must also have 2 primary elements:1. Consideration, and 2. Mutual intention to create legal relations Bargain: Each party pays a price for the promise of the other Consideration: the price or value for which the promise of the other is bought. Promisor: promise to pay money, deliver goods or provide servicesValid consideration must be: Specific but not
Words: 718 - Pages: 3
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
Words: 8753 - Pages: 36
often be found by changing the game, rather than maintaining the status quo. The creators of game theory distinguished two types of games: rule-based, and freewheeling. In rule-based games, players must act according to certain rules, such as contracts. In these games you should play out every player’s reactions as far ahead as possible before making a decision in order to get a better idea of the ultimate outcome. In freewheeling games, there are no rules to constrain players, and the focus
Words: 569 - Pages: 3
Answers Professional Level – Essentials Module, Paper P2 (INT) Corporate Reporting (International) 1 (a) Bravado plc Consolidated Statement of Financial Position at 31 May 2009 $m Assets: Non-current assets: Property, plant and equipment W9 Goodwill W2 Investment in associate W3 Available for sale financial assets W10 June 2009 Answers 708 25 22·5 44·6 ––––––––– 800·1 ––––––––– 245 168 1 209 ––––––––– 623 ––––––––– 1,423·1 ––––––––– Current assets: Inventories W10 Trade receivables W11
Words: 5835 - Pages: 24
make sure that you follow the four rules of a contract. There are many customers that can also imply an advertisement a certain way, make sure to be very clear on your advertising as well as what your company is offering. A contract is an agreement between parties, with terms and conditions that describe the agreement that constitutes a legal obligation. A valid contract typically requires the following four elements; a meeting of the minds between the parties demonstrating
Words: 645 - Pages: 3
