Weeks before Christmas 1993‚ retailer Merry-Go-Round Enterprises Inc. was in trouble. Its stores catering to teenagers were eerily empty‚ thanks to an ill-timed bet on bell-bottom trousers and oversized hip-hop clothes. As losses piled up and suppliers threatened to bolt‚ the company turned to a newly hired law firm to find turnaround experts who could save it. The lawyers’ recommendation: Bring in consultants from Ernst & Young. To worried creditors‚ the solution for Merry-Go-Round was obvious:
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Business Law–LEGT1710 The Role of Law In Business The Law is a systematic set of rules to control conduct within a society‚ created by parliament and is enforced by courts. Sources of Law Law is made up of two parts: 1. Enacted (Statute) Law: law that is made by parliament. It can be changed by parliament but is interpreted by judges. In the case of a conflict between statue and common law‚ statue law prevails under the Doctrine of Parliamentary Supremacy as it has the ultimate law making
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respondents‚ Hedley placed additional orders on behalf of Easipower which eventually resulted in a loss of £17‚000. Hedley then brought an action against the respondents for damages under the tort of negligence: Held: A negligent‚ although honest‚ misrepresentation‚ may give rise to an action for damages for financial loss even if there was no contract between the advisor and the advisee and no fiduciary relationship. The law will imply a duty of care when the advisee seeks information from an advisor who
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Issuing Audit Reports Simulation Stakeholders in companies rely on the auditors for confirmation that financial information is accurate. The auditor ’s opinions and observations are presented to interested parties in the form of the audit report. Any reservations the auditor may have to the fairness of the financial statements is stated in the audit report. Also included is a summary of any justified departures from generally accepted accounting principles (GAAP) and their effects. There are
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1. Lack of controls that prevent and/or detect fraudulent behavior 2. Inability to judge quality of performance 3. Ignorance‚ apathy and incapacity 4. Lack of an audit trail ” Sullivan directed subordinates to book certain fraudulent adjustments and entries in WorldCom’s general ledger to mask WorldCom’s true performance. The fraudulent adjustments and entries were designed to falsely increase WorldCom’s reported revenue and to falsely decrease WorldCom’s reported expenses Sullivan directed
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Medication errors are all too common‚ jeopardizing the safety of patients; it may be a misinterpretation of a prescription‚ not having a complete history of a patient and dispensing drugs that could interact with other drugs adversely‚ or a patient administering the medication incorrectly‚ which are all preventable. There are numerous ways of preventing medication errors; therefore‚ the Institute for Safe Medication Practices (ISMP) has recognized ten important factors that lead to errors. Anderson
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INTERNATIONAL UNIVERSITY – AFRICA EECUTIVE MASTER OF SCIENCE IN ORGANISATIONAL DEVELOPMENT SPRING‚ 2012 Q.1 If you were in George’s position what would you do and why? I would sue the company for misrepresentation of the job‚ his promotion and salary opportunities Why? This is because the director mismatched the job and employee (George) this placement led to manager and employees at opposite ends of a motivational tug of war. These mismatches just sap
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moment‚ are common place in business. It is not the unethical act itself‚ but it is the rationalization of the unethical behavior that is the focus of this paper. Some of these rationalizations are honest misunderstandings‚ some are intentional misrepresentations‚ some are self-serving excuses‚ and some‚ simply make no sense at all. This paper will discuss 5 reasons people rationalize their bad decisions. The Golden Rationalization “Everybody does it” is a rationalization that has been used to excuse
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Gary Porter Construction v. Fox Construction‚ Inc.‚ 2004 Ut.App. 354‚ 101 p.3d 371 (2004). Facts: The University of Utah was in need of a women’s Gymnastics training facility so they subcontracted Fox Construction‚ Inc. to complete the project. For the soil and ground work Fox Construction‚ Inc. subcontracted with Gary Porter Construction. Gary Porter Construction‚ Inc. performed their work based on specific plans as well as some work outside of the plans. The combined total from the planned
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WHEN DOES AN AGREEMENT BECOME A CONTRACT? (1) There must be some consideration for it According to Section-2(d) of the Indian Contract Act‚ 1872 “When‚ at the desire of the promisor‚ the promisee or any other person has done or abstained from doing‚ or does or abstains from doing‚ or promises to do or to abstain from doing‚ something‚ such act or abstinence or promise is called a consideration for the promise.” According to Section-25 “Agreement without consideration‚ void‚ unless it is in writing
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