about a home purchase by Robert Brigss and his wife. After six years, they fell behind on their mortgage payment and entered into an oral agreement to sell the house to Winfield and Emma Sackett if the Sacketts would pay the three months’ that they were behind and the future payments. After 15 years Robert Brigss filed an action to void the oral contract as in violation of the Statute of Frauds and evict the Sacketts from the house. The applicable issue in this case is contracts involving interests
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Service which is the (lessor) and Letisha is the (lessee), entered into a contract together for a five-year period which according to Sudons is a Standard lease. Letisha is a young woman with her own apartment unit and I am sure she is very excited about doing an upgrade to keep her tenants satisfied with the updated washers and dryers. This contract is presented to Letisha on one page only. The front page of this contract was signed by both noting Letisha as the lessee and the salesman for Sudson
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Chapter 10Homework 1. This would indeed be a contract called an implied-in-fact contract. This is a contract that is implied from the conduct of the parties. Unlike other contracts, the contract was created through the conduct of the parties, not through words. This is what Miller and McCleskey have done. The parties both agreed through their conduct that it was alright for Miller to take the candy bar, which he will pay at a later date. 2. Nursing Services will probably be able to recover
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FOUR (4) ways on how a contract can be discharged. First way on how a contract can be discharged is discharge by performance.For discharge by performance to occur, the contract must be exactly or substantially performed, to allow for recovery of the contract price. Partial performance does not allow for recovery of the contract price but payment may be recovered in restitution for the work. Failure to perform a contract according to its terms will be a breach of the contract This can be illustrated
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percentage-of-completion method. T 7. Input measure for contract progress. T 8. Reporting Construction in Process and Billings on Construction in Process. F 9. Construction in Process account balance. F 10. Recognition of revenue under completed-contract method. T 11. Principal advantage of completed-contract method. F 12. Recognizing loss on an unprofitable contract. F 13. Recognizing current period loss on a profitable contract. T 14. Recognizing revenue under completion-of-production
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FROM FINACC, VALIX Definition/ Essential characteristics 1. Present obligation of a particular entity Entity liable (Payor) must be identified Payee does not have to be identified 2. Arises from past transaction or event Not recognized until incurred 3. Settlement expected to result in outflow of resources embodying economic benefits. Obligation must be to pay cash, transfer noncash asset or provide service at some future time Measurement of financial liability Initial: fair value
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existing debtholders’ claims can be diluted by the issue of additional debt of the same or higher priority. Asset substitution – If a firm sells debt for the stated purpose of investing in a low risk project, for example like a building, and subsequently invests in a high risk project, for example mineral exploration, the value of the debt falls while that of the equity rises. Accounting Standards Harmonisation Benefit – For users, consistency in interpretation of financials * For preparers, reduced
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LESSON : 1 MEANING, CHARACTERISTICS AND TYPES OF A COMPANY STRUCTURE 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.0 Objective Introduction Meaning of Company Characteristics of a Company Distinction between Company and Partnership Types of Company Summary Keywords Self Assessment Questions Suggested Readings OBJECTIVE After reading this lesson, you should be able to: (a) (b) (c) 1.1 Define a company and explain its features. Make a distribution between company and partnership firm. Explain the various
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Section 14-17 of Sales of Goods Act 1957 List and explain 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
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institute was in complete contrast to that of any organisation we had studied previously in that it was operating in the Public sector, was primarily focussed on the provision of services and not on profit maximisation and had no tangible end-product for sale. We couldn’t agree on a number of areas such as; * Suppliers – are they parents, schools, areas, staff, students themselves. Other suppliers were too numerous to analyse, utilities, equipment, etc. * Customers – who are they? Public or private
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