consumers purchase your products and view your business. Planning Most purchases made by a business are planned in advance, where the same purchases might be impulse buys for a consumer. For example, a business will plan an employee lunch, choose the menu in advance and have the order in place to be catered on a particular day. A consumer's decision on where to go for lunch is often made just minutes before the lunch break. To be able to accommodate both business and consumer purchases, you need
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extended warranty and service contracts is most consistent with the actual substance of a sales transaction involving equipment and an extended warranty contract? Explain your selection and your reasoning fully. In our opinion, Partial Revenue Recognition approach is most consistent with the actual substance of a sales transaction involving an extended warranty contract. Using partial revenue recognition, the company can recognize partial revenue at the time of sale. We can distinguish between what
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of passing ownership whereby the mere intention of the parties to transfer and accept ownership is sufficient, independent of the existence or non-existence of a valid underlying causa. Ownership will pass even if an underlying causa (like a contract of sale) is lacking, putative or invalid. Among the essential requirements of ownership, in which we are specifically interested include the conditions that (i) the delivery must be made by the owner of the goods, or by an agent of his/her who is expressly
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Article II of the Uniform Commercial Code PA130- Contracts Unit 9 Carolyn Padilla Article II of the Uniform Commercial Code is for the sale of goods such as an automobile or a television. A house would be ok except it involves the sale of land which is not covered by article 2, and it also does not cover a contract between you and a fee for service contract, such as wanting an addition put on your house for example. Generally to use this code all parties must act in good faith or this
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SHERWOOD v. WALKER Hiram Walker a banker that lived in Plymouth, Wayne County sought to purchase a cow from Hiriam Walker & Sons, who were breeders and importers at the time. On May 5, 1886, Walker went to Greenfield Farm and he choose “Rose 2d of Aberlone”. He was told by Walker that the cow was probably barren and it would not be able to breed. Walker informed Sherwood that the price of the cow would be five and one-half cents per pound, live weight, with fifty pounds of shrinkage because
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TOPIC 4: INTRODUCTION TO CONTRACT LAW — ESSENTIAL ELEMENTS OF A CONTRACT — STEPS 3, 4 AND 5 Please remember to check your Bulletin Board. • Chapters 5 and 6 of Turner. • Chapters 5 and 6 of Gibson (optional). Learning objectives After you have completed the readings for this topic you should be able to: > define consideration and be able to identify when it is present; > explain and apply the legal principles relating to consideration; > explain the difference between past, executed
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46 Accounting Standard (AS) 2 (revised 1999) Valuation of Inventories Contents OBJECTIVE SCOPE DEFINITIONS MEASUREMENT OF INVENTORIES Cost of Inventories Costs of Purchase Costs of Conversion Other Costs Exclusions from the Cost of Inventories Cost Formulas Techniques for the Measurement of Cost Net Realisable Value DISCLOSURE Paragraphs 1-2 3-4 5-25 6-13 7 8-10 11-12 13 14-17 18-19 20-25 26-27 The following Accounting Standards Interpretation (ASI) relates to AS 2: ASI 2 - Accounting
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Merriam Webster Dictionary, lease can be defined as: “A contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent.” In layman terms however, leasing refers to a contract between two parties- the lessee to acquire the use of an asset with payment structured over time. The lessee chooses an asset and finds a lessor who will acquire it for him/her and enters into a non-cancellable, long term contract with the lessor to use and gain benefits from the
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Sale of Goods Act 1979 Summary The Sale of Goods Act 1979 provides four main protections for buyers: 1. The seller must have the right to sell the goods (S.12) 2. Goods sold by description must correspond to the description (S.13) 3. Goods must be of satisfactory quality (S.14) 4. Goods sold by sample, the goods must correspond to the sample in quality (S.15) The Sale of Goods Act applies to all contracts for the sale of goods, however, S.14 is more limited in its scope in
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funds in shariah compliance institutions. AAOIFI standards are the best in terms of Islamic shariah principles. Islamic finance is becoming more popular even with non-Muslim investors. Today, Islamic banks are operating in more than 50 countries for example Bahrain, France,
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