Sheldon College Contract Law Term 1‚ Legal Studies‚ 2013 Mitchell Bognar Legal Speech: In Australia’s ever growing business economy‚ contracts are becoming more evident in enforcing promises between parties. From contracts involving informal agreements (buying food from your local supermarket) to written documents concerning a legally binding agreement (buying and selling a block of land)‚ contracts are in practically every concordat. The legal restrictions in relation to contract
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Contract-Based Approach Contract-Based Approach Contract is recognized when all of the following conditions are met: 1. The entity is party to the contract‚ 2. The contractual rights are collectible/measurable‚ and 3. The performance obligation is measurable Net contract position represents the balance of contractual rights less contractual obligations Initial balance of net contract position is generally nil due to reciprocity and assumed arm’s length transaction Revenues are recognized when Control
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Positive Accounting Theory • Sometimes abbreviated as PAT • Explains and predicts accounting practice • Does not seek to prescribe particular actions • Grounded in economic theory • Focuses on the relationships between various individuals involved in providing resources to an organisation (agency relationship) • Owners and managers • Managers and debt providers Positive Accounting Theory • Assumptions of PAT • All individual action is driven
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facility will also host a significant parking facility‚ concourse‚ catering facilities and a variety of similar commercial interests that will fill the seven story structure. The facility will also feature a helipad that poses its own unique problems in terms of special infrastructural needs and requirements. C) Accessibility and environmental compatibility: One of the main issues facing the institution prior to the redevelopment of the institution was one of accessibility i.e. the acute and non-acute
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COMMERCIAL LAW (REVISED - 2005) THE STATE PRESIDENT ORDER No. 10/2005/L-CTN OF JUNE 27‚ 2005‚ ON PROMULGATION OF LAW THE PRESIDENT OF THE SOCIALIST REPUBLIC OF VIETNAM Pursuant to Article 103 and Article 106 of the 1992 Constitution of the Socialist Republic of Vietnam‚ which was amended and supplemented under Resolution No. 51/2001/QH10 of 25 December‚ 2001‚ of the Xth National Assembly‚ the 10th session; Pursuant to Article 91 of the Law on Organization of the National Assembly; Pursuant to Article
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AGENCY 1. Agency Relationship Cases Definition Principal authorizes Agent to enter into legal transactions (contract) with Third Party on Principal’s behalf Agency relationship between P and A A’s obligations to P: 1. Act according to terms of appointment and within scope of authority 2. Not liable to P or TP 3. Carries out duties with care and skill‚ keep true and proper accounts 4. Cannot conflict P’s interest / act for personal gains 5. Cannot delegate whole duty to others P’s
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I. Problem Statement A. Fe’nix del Sur must decide if they want to work with the mass-merchandise department store by tripling its replica production in order to potentially add $4 million in additional sales. II. Industry Analysis A. B. Fe’nix del Sur mainly competes in the Authentic-Collector category; however‚ the Replica- Ordinary category is beginning to grow in the artifact market. III. Organizational Analysis A. Fe’nix del Sur is a limited liability company that sources
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CONSEQUENCES OF INCORPORATION 1. What is meant by separate legal entity & the corporate veil? 2. When will the corporate veil be lifted (ie. shareholders held to BE the corporation)? a. Fraud b. Agency c. Groups d. Tort How does a comp become separate legal entity? • Comp become SLE on date of certificate of registration and approval with ASIC: s119 CA • Effect: become SLE or “legal person” with legal capacity/powers of corporation: s124 Corporate Veil & Separate
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action. Additionally‚ if termination for default appears appropriate‚ the contracting officer should‚ if practicable‚ notify the contractor in writing of the possibility of the termination. This notice shall call the contractor’s attention to the contractual liabilities‚ if the contract is terminated for default‚ and request the contractor to “show cause” why the contract should not be terminated for default. The “show cause” notice may further state that failure of the contractor to present an explanation
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for sign off. How……issues • No objection in principle • Concerns re workload; no relative measures‚ absolutes preferred • Absolute clarity around what is contractual and what isn’t sought; some debate about banding A‚B‚ C • Full LMC involvement sought – joint working group to manage implementation now agreed So….What’s in it……… • Contractual requirements • HealthCare Commission standards and therefore contribution towards PCT targets • Access – doctor numbers – controversial • Patient survey measure
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