Chapter 7: Case 7-25 – New Client Acceptance‚ Comprehensive Case: Mt. Hood Furniture‚ Inc. Company Background Information: Your employer‚ Reddy & Abel‚ LLP‚ Certified Public Accountants (who is registered with the PCAOB and audits public companies)‚ has been approached by a prospective client‚ Mt. Hood Furniture‚ Inc.‚ about your firm taking on their account. The firm has adopted procedures for the acceptance and retention of clients following the AICPA guidelines for quality control in an accounting
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Acceptance is a vital part of human interaction throughout history. This concept of acceptance is interpreted in a quote from Barbara Jordan‚ was a politician‚ lawyer‚ educator‚ and a leader of the Civil Rights Movement. She believed that “We‚ as human beings‚ must be willing to accept people who are different from ourselves.” This belief is one that she lived by in all the aspects of her daily life. In analysis‚ it can be found that there are several similar themes present in the Collection One
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them to identify opportunities in the marketplace and make changes to their products to better match their customer needs for example there is a huge market for clothing for petite and plus sizes which they should explore finally it will also help J. C Penney evaluate where they are successful in terms of what their current merchandise and what areas they are failing in thus helping them remain
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SECTION 2: THE AGREEMENT An agreement is the essence of every contract. The parties to a contract are the offeror (who makes an offer) and the offeree (to whom the offer is made). If‚ through the process of offer and acceptance‚ an agreement is reached‚ and the other elements are present (consideration‚ capacity‚ legality)‚ a valid contract is formed. KEY VOCABULARY Material: Subject (matter): Offeror: Offeree: Firm offer: Party (parties): Revoke: Entitled: Disclaim: WARM-UP QUESTIONS:
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Acceptance An acceptance is “a manifestation of assent to the terms [of the offer] made by the offeree in the manner invited or required by the offer.” In determining if an offeree accepted an offer and created a contract‚ a court will look for evidence of three factors: (1) the offeree intended to enter the contract‚ (2) the offeree accepted on the terms proposed by the offeror‚ and (3) the offeree communicated his acceptance to the offeror. Common Law: Traditional “Mirror Image” Rule
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What are the modes of acceptance recognised under the Contracts Act 1950 (Revised 1974) and common law. Support your answers with reference to decided cases. An acceptance must be communicated for it to be effective and valid. The mental assent of both parties is not required but the external manifestation should exist. The acceptor must dos something in order to notify his acceptance. For example‚ he should communicate his acceptance of the offeror. This can be illustrated
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Dr. C.V. Raman was born on November 7‚ 1888 in an orthodox South Indian Brahmin family in tirchurappalli‚ Tamilnadu. His father’s name was Chandra Shekhar Aiyer who had special interest in science and mathematics. His mother Parvati was a pious lady. Raman was a very brilliant student since his early childhood He passed his matriculation at the age of 11 and at 15 graduated from the Presidency College‚ Chennai. He was the only student to get a first class. He completed his Master’s degree in Physics
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Introduction Offer and Acceptance Introduction: For a contract to be legally binding there needs to be 4 ingredients: 1. Offer 2. Acceptance 3. Intention to create legal relations 4. Consideration Building on this‚ in order to prove that a contract is legally binding 5 things need to be proven: 1. That an agreement has been reached. This is usually done by demonstrating that one of the parties has made an offer which the other accepted. 2. The agreement has been expressed
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The Poem “Memo to J.C” from 1988‚ was written by Maureen Watson who was an aboriginal herself. She was popular and highly-respected by non-natives as well as Aboriginal Australians. She was at the forefront of Aboriginal rights. In 1996 she was awarded the Australia Council Red Ochre award because of her national and international work with Aboriginal art. Also she received the United Nations Association Global Leadership Prize for her outstanding work towards building cross-cultural understanding
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asic v adler hih insurance HIH Insurance was founded in 1968 by Ray Williams and Michael Payne‚ which was known as "M W Payne Underwriting Agency Pty Ltd". However‚ their company was acquired in 1971 by a British company called CE Heath PLC and appointed Ray Williams to be the board of CE Heath PLC in 1980. In 1989‚ the business operations of CE Heath PLC were transferred to CE Heath International Holdings Ltd. And the company floated on the Australian Stock Exchange in 1992. After 3 years
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