CHAPTER Franchises and Buyouts What comes to mind when you see the word franchise? For many, it’s a fast-food restaurant. For some, it’s the standardization of America—the same product or service wherever you go. For still others, it is a business model with franchisor rules that must be followed. For Dina Dwyer-Owens, however, it’s a way of teaching “principles and systems of personal and business success so that all people we touch live happier and more successful lives.” Dwyer-Owens
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company does not maintain a certain level of profitability, it could lose investors. What types of legal barriers to market entry exist? In the case of exclusive dealings contracts, if a pharmaceutical manufacturer has enough marketing power they can stop smaller generic competitors in a couple of ways. If an exclusive contract with CVS for instance made, competing generic suppliers would not have access to
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involved in taking the goods from the agreed point, if any, at the named place of delivery. Seller’s responsibilities: 1) Produces the goods and commercial documents as required by the sales contract. 2) Makes the goods available to the buyer – unloaded – at the named place in the sales contract. For example, EXW-3plwire.com Factory, Los Angeles, CA. 3) Assumes all risk to the goods (loss or damage) only up to the point they have been made available to the buyer, which is usually the seller’s
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What are the remedies available under the Law of Contract? Remedy is where the inured party enforce their rights or get a reward for a loss. It also means to achieve justice where legal rights are involved. There are many types of remedies and some of them may be ordered by court, granted by judgement, by agreement between two parties and operation of law. The remedies depend on the nature of the breach. The remedies available under the Law Of Contract are Rescission, Restitution, Damages, Specific
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switch is an illegal tactic in which a seller advertises a product with the intention of persuading customers to purchase a more expensive product ("Bait and switch," 2011). When a seller uses this tactic, they frequently tell the customer that the original product is sold out or no longer available (even if the product is indeed still available), and push hard for the customer to purchase the costlier product. This tactic can be considered false advertising if the seller is not actually providing the
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five(5) implied terms as laid down in Section 14 to Section 17 of Sales of Goods Act 1957. Implied terms are terms normally not stated or not known by the parties, and may be derived from Custom or Usage, Court, or Statute. Custom terms are referenced to conventions or usages in a particular industry or trade. Next, Court terms are adopted when an oversight of the parties occur, in order to give ‘business efficacy’ to the contract based on prior or past dealings. Then, Statute terms are referred
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covers contracts for the sale of goods. 2. What are goods covered under Article 2? Goods are, tangible, movable property that have a physical existence and that can be moved from place to place. Services, real property, intangible property, intellectual property, and stocks and bonds are examples of things that are not covered. 3. What if a contract is for both goods and services, then does the UCC cover? A court would use the predominant-factor test to decide. If the contract is predominantly
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................................................................................ 8 The freight market .................................................................................................................................... 8 The sale and purchase market .................................................................................................................. 9 The New Building market..............................................................................................
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March 2002 and subsequently amended). © IASCF 961 IAS 2 CONTENTS paragraphs INTRODUCTION IN1–IN17 INTERNATIONAL ACCOUNTING STANDARD 2 INVENTORIES OBJECTIVE SCOPE DEFINITIONS MEASUREMENT OF INVENTORIES Cost of inventories Costs of purchase Costs of conversion Other costs Cost of inventories of a service provider Cost of agricultural produce harvested from biological assets Techniques for the measurement of cost Cost formulas Net realisable value RECOGNITION AS AN EXPENSE DISCLOSURE
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on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Oct. 1 - Issued a $50,000, 12-month, 8% note to Encino in payment of account. Oct. 1 - Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. CURRENT LIABILITIES Sept. 1 - Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Sept. 1 Purchases Accounts payable 50,000 50,000 CURRENT
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