1.0 Contracts and its Elements 1.1 Essentials of a Contract Contracts form part of our daily life e.g. lease of house‚ sale/purchase of cars‚ etc. However‚ there are elements essential to form a contract. These are: 1.1.1 Offer/Invitation MacMillan & Stone (2004) described offer as “an expression of willingness to contract on certain terms. It must be made with the intention that it will become binding upon acceptance. There must be no further negotiations or discussions required.” This can be
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SUMMARY OF IAS 21 Objective of IAS 21 The objective of IAS 21 is to prescribe how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency. [IAS 21.1] The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. [IAS 21.2] Key Definitions [IAS 21.8] Functional currency: the currency of the primary
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SALES CONTRACT No.57/2014 Ho Chi Minh City‚ May 19th‚ 2014 The Seller: Dalat Agriculture and Forestry JSC‚ Vietnam Address: 39 Phu Dong Thien Vuong Street‚ Ward 8‚ Da Lat City‚ Lam Dong‚ Vietnam Telephone: +84-63-656565 Fax: +84-63-665442 Email: info@dalatgap.com Represented by: Mr. Tran Thanh Sang Position: Director The Buyer: Shoei Foods Corporation Address: Shoei Bldg‚ 5-7‚ Akihabara‚ Taito-ku‚Tokyo‚ Japan Telephone: +81-33-2342345 Fax: +81-33-2672634 Email: shoeifoods@Shoeifoods
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John Petersen’s article‚ “Accounting 101 For The 21 ST Century: A Liberal Arts Education in Carbon‚” brought out some prevalent points in regards to the way society has forgotten to properly educate young adults in the area of finance. I agree‚ “Recent graduates have a lot to learn about budgeting when they leave college” (Petersen 475). College students have to be responsible and learn to only purchase the things that they need instead of buying the things they want. Most students are just
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Classification of Contracts (7 – 1.30) Simple and formal contracts A formal contract is a written contract (such as a deed). A simple contract can be entirely orally or a combination of oral and written. Bilateral Contract: exchange of promise – one promise for another (a promisee’s promise in return for the promisor’s promise or vice versa) o Union Dominions Trust (Commercial) Ltd v Eagle Aircraft Services Ltd [1968] 1 All ER 104 at 108‚ Lord Diplock Unilateral Contract: A one way
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Contract Law Notes Contracts ‘A’ Offer Bilateral contracts Unilateral contracts Offers to the public at large What is an offer? Mere puff Supply of information Invitation to treat Categorizing transactions Advertisements a) Advertisements in a catalogue or a curricular b) Advertisements in newspapers or magazines c) Advertisements appearing on the internet d) Display of goods Auctions a) Advertisement of auction b) Auctions with reserves c) Auctions without a reserve Tendering
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AP World History Chapter 21- Things to Know People to Know: Nicholas Copernicus- (1473-15430) A Polish astronomer and Aristotelian Scholar‚ who investigated the old geocentric theory that assumed that the sun‚ the planets‚ and the stars all circled the earth. Tycho Brahe- (1546-1601) A Danish astronomer‚ aided by his sister‚ Sophia‚ had recorded hundreds of observations that pointed to difficulties in the Ptolemaic explanation. He also attempted to find a compromise between the Ptolemaic
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A contract -is a legal agreement that occurs between two or more parties. It can be a written or spoken agreement that can concern employment‚ sales‚ or tenancy. Parties or members involved‚ enter voluntarily into this agreement. Every contracts involve two persons they are the: Offeror and Offeree. The offeror is the one who offers to enter into a contract and the Offeree is the one to whom the contract is being offered Elements of a contract: Agreement‚ Lawful object‚ consideration and contractual
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CONTRACTS CONTRACT a meeting of minds between 2 persons whereby one binds himself‚ with respect to the other‚ to give something or to render some service (ARTICLE 1305) GENERAL PROVISIONS (Arts. 1305-1317) Distinguish an ordinary Contract: a.) from a Contract of marriage b.) from an obligation c.) from an imperfect promise d.) from a pact e.) from a stipulation a.) from a Contract of marriage ORDINARY CONTRACT 1. The parties may be 2 or more persons of same or different genders
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CONTRACT LAW- EXAM NOTES What is a contract? An oral or written agreement between two or more parties which is enforceable by law. This agreement ‘will be legally binding if certain criteria are met – briefly‚ they require that there be an agreement (comprising an offer and acceptance)‚ consideration‚ intention to create legal relations‚ compliance with any formalities required by law and that the parties have the legal capacity to contract’1 What is the purpose of contract law
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