contract with a customer‚ both the FASB and the IASB require approval and commitment of the parties‚ as well as the identification of rights and payment terms. Also required is that the contract has commercial substance. It must be probable that consideration will be received in exchange for the goods or services being given to the customer.
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possess the essential elements of a valid contract as contained in section 10 of the Indian Contract Act. According to Section 10‚ "All agreements are contract if they are made by the free consent of the parties‚ competent to contract‚ for a lawful consideration and with a lawful object and are not expressly declared to be void." As the details of these essentials form the subject-matter of our subsequent chapters‚ it is proposed to dismiss them in brief here. The following are the essential elements
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usually through majority ownership of its common stock • Because a subsidiary is a separate legal entity‚ the parent’s risk associated with the subsidiary’s activities is limited 1-3 Organizational Structure‚ Acquisitions‚ and Ethical Considerations • Manipulation of financial reporting – Usage of subsidiaries or other entities to borrow money without reporting the debt on their balance sheets – Using special entities to manipulate profits – Manipulation of accounting for mergers and
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Abstract In deciding if Bank of America should refuse to process payments and do business with Wikileaks‚ it is important to determine if there are any overarching utilitarian or deontological ethical factors. After consideration of the ethics involved from the standpoint of both organizations‚ I believe this decision comes down to a determination of the relative importance of competing rights. Bank of America’s decision will not solely affect the continuance of Wikileaks as an information outlet
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Dollars & Twenty Seven Cents . ($) per month. She is desirous of visiting the United States during the summer holidays which begin on July 1‚ 2011 and ends on August 31‚ 2011 Miss Kerr will resume duties on September 5‚ 2011. Your kind consideration in affording her request will be greatly appreciated. Yours sincerely‚ ……………………… .. Vilma Campbell (Mrs.) Principal CHETWOOD MEMORIAL PRIMARY SCHOOL Queen’s Drive‚ P.O. Box 1326 Montego Bay‚ Jamaica W.I
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as contracts. A contract is known as an acceptance or offer enforced by law between two or more people. When creating a contract all people or parties involved must intend to create a legal relations. Parties must give or promise something as consideration in return for the benefit they receive. Contracts can be defined as agreements or bargains which may give rise to legal enforceable obligations on the parties involved. A contract is an agreement based on the promise of two or more parties‚ contracts
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agreement enforceable by law”. Thus‚ CONTRACT = AGREEMENT (+) ENFORCEABILITY BY LAW “All contracts are agreements but all agreements are not contracts” AGREEMENT [SECTION 2(e)]: An agreement means‚ “Every promise or every set of promises‚ forming consideration for each other”. AGREEMENT = PROMISE(S) BY ONE PARTY (+) PROMISE(S) BY THE OTHER PARTY PROMISE [SECTION 2(b)]: “When the person to whom the proposal is made signifies his assent thereto‚ the proposal is said to be accepted. A proposal when accepted
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for denying moral consideration to animals. Can you think of a reason why our moral consideration should include all humans regardless of their level of cognitive ability‚ yet denied to non-human animals simply because they have lower levels of cognitive abilities (though still higher in some cases than those of human infants and some mentally disabled humans)? What response might he have to your way of drawing the line between the types of beings that should get moral consideration and those that should
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Business Combination Amendments November 29‚ 2008 Introduction There have recently been a number of significant accounting changes due to FASB and the International Accounting Standards Board (IASB) making modifications for the accounting treatment of business combinations in SFAS 141(R) and IFRS 3. Business combinations have implemented the newly created accounting treatment called the “acquisition method.” It will replace of the current “purchase method” strategy effective January
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com/contract-business-law-contracts-by-minors Clarke‚ J. (2010). Nash v Inman. Retrieved from Australian Law Contract: http://www.australiancontractlaw.com/cases/nash.html Law Teacher. (2012). Consideration in contract formation. Retrieved from Law Teacher: http://www.lawteacher.net/consideration-law/essays/consideration-in-contract-formation.php KrishnanL‚ RajooL‚ & VergisA.C. (2009). Principle of Business and Corporate Law Malaysia. Singapore: CCH Asia Pte Limited.
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