Introduction: In this assignment first we are going to discuss about the how business-people come to have duties under the law of contract and the main legal requirements for the formation of a contract with practical examples and applied theory to support the arguments and then we are going to discuss about how business-people come to have duties for negligence under the law of tort and the main legal requirements for liability in negligence with practical examples and applied theory to support
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of revenue recognition with respect to contracts criteria such as long-term construction or contingency. According to US GAAP, revenue must be realized or realizable with certainty. The revenue recognition criteria may lead to deferrals in recognition. On the contrary, IFRS just defines the revenue recognition as “when it is possible that future economic benefits will flow into the enterprise and can be measured reliably”. Second, as for the long-term contracts revenue recognition, if reliable estimate
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| Natural Blends Inc. | IE5107 CASE STUDY II | | | 3/21/2013 | 6. Which set of contracts in Table A would you recommend that Natural Blends accept? (a) and (b) * Filtration step determines the cycle time in the system with 90 minutes operation time and 30 minutes set-up time. So, CT = 2 hours (1.5 hours running and 30 minutes idle time). * The bottleneck of the system, Extraction: 20,000 /1 hour + 10,000 /30 min = 30,000 pounds / 2 hours Filtration: 20,000 /1 hour + 10
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for this reason they are refusing to make the agreed-upon payments for our hardware and operating program. However, upon further analysis, I do not think this is the actual problem. If this was the problem, it would simply be a matter of using the contract as evidence of our agreement. The real problem for us is that because Rapid is experiencing extreme financial difficulty, a judgment against them in our favor will actually end up costing us money as we will pay significant costs for the trial and
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(SS) subject: Contract with Citizen-Schwarz AG (C-S AG AG) date: September 27, 2010 cc: Kevin Grant Project Director for Span Systems ------------------------------------------------- As you may be aware we are currently in a one year contract with Citizen-Schwarz, a German Bank. This contract is one of our largest and most prestigious banking software projects worth $6 million and upon completion it could potentially lead to obtaining the e-CRM order. Our contract with C-S AG meets
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Contracts Assignment 1 Facts Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three
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International Legal and Ethical Issues Simulation Summary What are that issues involved in resolving legal disputes in international transactions? “Whenever a U.S. firm enters into a contract situated in a different country, it should make sure the agreement is officially enforceable” (Melvin, 2011). The same thing is important with a international company. They have to make sure they are fully aware of any changes that are made to global rule and regulations in the agreement. What are some practical
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Lecture 1 Definition "A contract is an agreement giving rise to obligations which are enforced or recognised by law." An agreement is insufficient. Are the parties serious about it - intention? Is there consideration involved? It must be something that is recognized by the law. Otherwise it cannot get any compensation. Functions of Contract Law It defines the obligations of the contractual parties - price, when and where to deliver, conditions, etc. Contract law protects rights, and
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| ABC Wireless Communication BPO | | Case Study 2 | N/A | 2/10/2013 | | 1. Service contract for ABC Wireless Communication 2.1. Introduction: ABC Wireless Communication is a leader in the telecommunication industry. It provides wireless service to more than 1million customers in an around the US. ABC Wireless has been in business for 22 years. Our yearly revenue is about 100M. We have 5 thousand employees in the US. The company is very proud of its network and emphasizes the
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Provision 1 According to ASC 840-10-55-10, “amounts paid in consideration for a guarantee by an unrelated third party are executory costs and are not included in the lessee’s minimum lease payments.”2 The external legal counsel fee of $500,000 that Thurber paid to Stipe, Berry, Mills and Buck LLP in connection with negotiating the lease agreement are executory cost because they are all third parties that guarantee for the lease agreement. They are not involved in the lease term. Thurber will have
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