firm is viewed as “a nexus of contracts” and accounting one tool to facilitate the formation and performance of contracts. Under this view, accounting practices evolve to mitigate contracting costs by establishing ex ante agreement among varying parties. For example, positive accounting postulates that conservatism in accounting –in this sense defined conditionally as requiring lower (higher) standards of verifiability to recognize losses (gains)– has origins in contract markets, including managerial
Words: 700 - Pages: 3
2(1) (g) of the Consumer protection Act, 1986 provides that, “deficiency” means any fault, imperfection, shortcoming or inadequacy in the quality, nature and manner of performance which is required to be maintained by or under any law for the time being in force or has been undertaken to be performed by a person in pursuance of a contract or otherwise in relation to any service.” Section 2(1)(o) of the Consumer protection Act, 1986 provides that “service” means service of any description which is
Words: 1206 - Pages: 5
promise, and or an assurance that appears to assure a person or an entity to do or execute an action or activity and form a contract which, when properly scrutinized, leaves to the speaker the choice of performance or nonperformance, meaning that the speaker is not legally bound to act upon his/her statement. It is a situation whereby the provisions of the promise make the performance of the promise optional or completely within the discretion, pleasure, and control, of the person that made the promise
Words: 909 - Pages: 4
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
CHAPTER 1 “LEGAL FOUNDATIONS” Administrative law is the body of law that governs the activities of administrative agencies of government. Clean hands doctrine a rule of law that a person coming to court with a lawsuit or petition for a court order must be free from unfair conduct (have "clean hands" or not have done anything wrong) in regard to the subject matter of his/her claim. Common law is based on precedent (legal principles developed in earlier case law) instead of statutory laws. It
Words: 6978 - Pages: 28
the part of the obligor in case of breach. PRINCIPAL PURPOSE 1. To ensure the performance of an obligation 2. To substitute for damages and the payment of interest in case of non-compliance. 3. To punish the debtor 4. Provide for liquidated damages. CLASSIFICATION OF PENAL CLAUSE 1. SUBSIDIARY( ACCESSORY) only penalty is demandable on case on non-compliance 2. JOINT- both the principal contract and the penal clause can be enforced. WHEN DAMAGES AND ONTEREST ALSO DEMANDABLE
Words: 1051 - Pages: 5
The case “Aren’t We Done Yet” was about a contract between two companies, LabCo and Halibut who entered into a fixed price contract and as trouble arose we were asked to determine several things. First of all we were asked based on the facts of the case was LabCo’s accounting policy for revenue treatment reasonable. Secondly was it appropriate for LabCo to change its accounting policy as complications started cause the price of the project to rise. And lastly if LabCo is contemplating adopting
Words: 495 - Pages: 2
in possession of the relevant procedures and or certificates to operate the contract. A review of all elements with a view to obtain updated information will be required. Element 2: Supplier Segmentation Aspects of the contract are typically segmented, however this element complements and involves many aspect points towards the end of the contract period. Element 3: Supplier Performance Measurement Key Performance Indicators (KPIs) or described as the Evaluation Criteria stipulated within Section
Words: 279 - Pages: 2
E.G contract law (offer, acceptance, etc) * Doctrine of law which is when the court would revise a past case that relates to the issue to determine the verdict of the current case * Common law Week 2/3 State Court System * Supreme court * County court * Magistrate court * tribunal court Contract defined * Agreement that the law will enforced * offer+ acceptance + intention + consideration = contract * contract law is a case law Types of Contract *
Words: 3033 - Pages: 13
