Table of Contents: Page Number Outcome-1………………………………………………………………….3 Outcome-2………………………………………………………………….5 Outcome-3………………………………………………………………….6 Outcome-4………………………………………………………………….8 Bibliography………………………………………………………………...10 Outcome 1: Before describing Bill and James legal position according to their activities‚ the formation of a contract has given below in Figure 1: [pic] By the formation of contract‚ the legal position of Bill
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Classification of Assets: 1) Fixed Assets : A long term tangible assets held for business use and not expected to be converted to cash in the current or upcoming fiscal year such as manufacturing equipments also called plants. 2) Current Assets : Current assets are those assets which are held for sale or to be converted into cash after some time. 3) Contingent Assets: A contingent asset is one which comes into existence upon the happening of a certain event. If that event happens the asset becomes
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When a business is conducted between a buyer and a seller via a representative‚ the legal relationship between the seller / the principal and the representative / the agent is governed by the Law of Agency. A fiduciary relationship created under the law of agency in which one person has a legal authority to act for another‚ can arise from1. 1. An oral or written expressed agreement‚ whereas agent is appointed by the principal for a particular task‚ 2. Ratification of an agent’s conduct
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privileges of employment‚ because of such individual’s race‚ color‚ religion‚ sex‚ or national origin; or” (Title VII of the Civil Rights Act of 1964 SEC. 2000e-2. [Section 703]) Provide the legal definition of "quid pro quo" (also known as "vicarious liability") sexual harassment. Provide one example of a behavior which could be found to be quid pro quo sexual harassment. According to The U.S. Equal Employment Opportunity Commission‚ “EEOC ’s Guidelines define two kinds of sexual harassment: "quid
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the information doesn’t get erased from the hard drive all Mr Johnson personal information can get stolen and used on illegal activities and this is very unethical and unmoral from Larry. Computer World will be liable for Larry’s actions by Vicarious Liability – LAW (When a person is held responsible for the tort of another even though the person being held responsible may not have done anything wrong. This is often the case with employers who are held vicariously liable for the damages caused by
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control at all times. More important‚ the principal is liable for the consequences of the actions that the agent performed‚ and the actions and words exchanged between an agent and a third party are binding to the principal. This is known as vicarious liability and it is the reason business owners must be extremely careful of who they hire to represent his/her company. Agency theory is the idea that the agent does not always have the principal’s best interests in mind. A voluntary‚ good faith
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Swimmingpool Co Pty Ltd employs Martin as the manager of their Tasmanian sales division. Martin is to quote to potential customers the cost of installing the various pools that the company offers‚ to draw up any new contracts on behalf of the company and further to ensure that a deposit is paid by potential customers‚ monies which are then deposited in the company’s bank account. Martin is on a fixed salary but his contract of employment allows for the payment of a bonus if he exceeds his annual
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Current Liabilities and Contingencies Current assets are cash or other assets that can reasonably be expected to be converted into cash‚ sold‚ or consumed in operations within a single operation cycle or within a year if more than one cycle is completed each year. Current liabilities are obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets‚ or the creation of other liabilities. Accounts Payable or trade accounts payable
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September 16‚ 2006 Worksheet 1 EMPLOYMENT TORTS Employer’s Liability 1. Introduction The basis of the liability of an employer for negligence in respect of injury suffered by his employee during the course of the employee’s work is twofold: 1. He may be liable for breach of the personal duty of care which he owes to each employee; 2. He may be vicariously liable for breach by one employee of the duty of care which that employee owes to his fellow employees. The action against
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ASSETS & LIABILITIES Asset is an item of value owned by the company. Assets can be tangible i.e. those which have some physical existence or can be intangible i.e. which do not exist in physical form but can be held in the form of contracts or rights. Assets are usually grouped in order of liquidity (ease of conversion to cash) on the balance sheet. Cash is therefore the most liquid of all assets. Assets can be classified as: 1.) Current Assets – Those assets that are expected to be converted to
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