"Contract" Essays and Research Papers

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CONVERGED STANDARD ON REVENUE RECOGNITION IFRS 15-REVENUE FROM CONTRACTS WITH CUSTOMERS By LE, DOAN YEN NHI 11809946 Word count: 1000 (excluding executive summary and reference) Due date: 18th May 2015, 5 pm Executive summary On May 2014, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) had jointly issue the converged standard, IFRS 15, on the Recognition of Revenue from Contracts with Customers. The new standard create a common revenue recognition...

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Legt 1710

liability’ clauses. It aims to exclude or limit the liability of the companies inserting them. It can be used to absolve companies of liability when they will otherwise be too risky to do business. Its effectiveness will depend on the construction of the contract as a whole, taking into account the bargaining position of the parties. On the one hand, according to Thompson v London, Midland & Scottish Railway Co, eBay International AG v Creative Festival Entertainment Pty Ltd, Olley v Marlborough Court...

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methods of resources allocation

the branch of private law of which regulates the business relations and related activities. Business may be defined as any legal activity involving buying and selling for the aim of profit making. Business law includes Company law, Sales law, Contracts law, Banking law, Insurance law, Law of agency, Law of partnership etc. Business law as other laws have their sources or places where they may be found, these are: Constitution It is a set of fundamental principles or established precedents...

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Exemption Clause Question

question concerning on exclusion clause. Exclusion clause is a clause in a contract or term which appears to exclude or restrict a liability or a legal duty which would otherwise arise. Court have generally treated exclusion clauses as a defence to a breach of an obligation. The issue that arises in the case is whether Jamal can sue Mr Lee and claim for damages. There are four ways which a clause can be incorporated into a contract by the way of; by giving notice, course of dealing, signature and trade...

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Kim V. Son Case Study

failed, and Kim lost his money. Son felt bad, he and Kim got together and became very intoxicated and signed a “contract” in blood, stating that Son promised to pay Kim the money he lost and Kim agreed not to sue him. As it turned out, when Son sobered up he refused to keep his promise to pay Kim, so Kim filed a lawsuit based on this bloody contract. The judge declared the contract void due to lack of consideration (Beatty, Samuelson, Bredeson, 2013). Was there valid consideration? First, let’s...

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Business Ethics Case Study: Orkin Extermination

Case Summary: Between 1966 and 1975, Orkin Exterminating Company contracted with their customers a “lifetime” termite protection control if the contracted customers continue to pay the annual renewal fee. But, this contract became too expensive for Orkin when US suffered price inflation. It decided to increase annual renewal fee by 40 Percent. Few persistent customers were able to escape the rate increase through an accommodation plan, while most customers were not informed about this possibility...

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Sampson Products Case

several smaller manufacturers. Approximately one-fourth of the company’s production of motors was used to fill contracts with manufacturers of air conditioners, vacuum cleaners, and other power equipment for the home. These motors carried the brand name of the retailer; hence, Sampson referred to these contracts as “special brand business.” In 1997, Sampson Products obtained a special brand contract with General Company to manufacture $20 million of “General” motors. General was a major U.S. electrical...

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Ice Develoment Objectives

MICE IEng MICE For example: Client/user needs. Feasibility. Constraints and opportunities. Links to codes, standards, specifications and contract conditions. Application of engineering principles. Specific solutions. CEng MICE For example: Client/user needs. Feasibility. Constraints and opportunities. Links to codes, standards, specifications and contract conditions. Application of engineering principles. Specific solutions. Departures from established practice, where appropriate. Claim of Achievement ...

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AITAB Advantages And Disadvantages

uncertainty. Besides that, AITAB have two separate contracts in financing, contract al-bai and contract al-ijarah, then customers has a choices to buy goods or not when the leasing periods is over (Nurul Azma and Rahman, 2013). Mostly, non-muslim more prefer to AITAB financing because it imposes as low as 1% of penalty in case of late payment while the conventional hire purchases imposes as high as 7%. The amount of late payment in Islamic contract will contribute to charity project while in conventional...

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Procurement Management Plan

Procurement Management Plan Date April 16, 2013 Project Name: Guidelines on Types of Contracts: All items purchased will be under firm-fixed price contracts. The project manager will work with a contracted purchasing firm to solicit bids from top choice vendors. After this occurs, a final vendor will be selected and only a firm-fixed cost contract will be used. Standard procurement documents or templates: Campus Burgers is a burger restaurant that services the public with products such...

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