a transaction cost is a cost incurred in making an economic exchange. A number of different kinds of transaction costs exist. Search and information costs are costs such as those incurred in determining that the required good is available on the market‚ who has the lowest price‚ etc. Bargaining costs are the costs required to come to an acceptable agreement with the other party to the transaction‚ drawing up an appropriate contract‚ etc.. Policing and enforcement costs are the costs of making sure
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this time‚ Wally has decided he does not want to purchase the fake Rolexes. He contacts Randy explain the situation wanting to return the watches and reimburse Randy for shipping costs. Randy in turn sues to enforce the original contract. Issue: The issue is whether the Illinois UCC Statute of Frauds deems contract unenforceable because it was never reduced to writing. Law: Under UCC §2-201 (3a)‚ “A contract that does not satisfy the requirements of subsection 1‚ but which is valid in other
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Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures‚ a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the other
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Contract Paper Danny Davidson sold a single family home to Paul and Priscilla Peterson. A long-term relationship between Danny and Paul is the basis for not including a written agreement. The simple contract was made orally and only included the legal object and the amount to be paid. Danny did not disclose a dispute with his neighbor over boundary lines or include information about a soil subsidence in the front yard he claims not to have known about. Contract Elements Four elements are necessary
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[pic] “CONTINGENT & QUASI CONTRACTS” [pic] Contents 1. Contract. 2. Types of contract. 3. Contingent contract. • Definition. • Illustration. 4. Essentials/characteristics of contingent contract. 5. Rules regarding contingent contract. 1. Uncertain event. 2. Impossible event. 3. Performance dependent on non-happening of
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18.0 19.0 20.0 21.0 22.0 23.0 24.0 Definitions Articles of Agreement General obligations of the Employer General obligations of the Contractor General obligations of the Architect General obligations of the Quantity Surveyor Contract documents Contract bills and contract price Contractor’s site agent and other staff Clerk of Works Liability against injury to person and property Insurance against injury to persons and property Insurance of the Works (Contractor’s liability) Insurance of the Works (Employer’s
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Scenario Jannah the buyer and Grace the seller of a clothing stall. Jannah wanted to buy 50 t-shirts of each 5 designs and colors she has chosen which are Blue‚ Red‚ Yellow‚ Green and White for an event that she has prepared‚ but since the stall didn’t have enough stock of the t-shirts Jannah ordered 250 t-shirts of different designs. Jannah and Grace made a contract wherein the t-shirts can be delivered in a later date. The contract was made on August 23’ 2016 and the date set for the t-shirts
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------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
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Accounting and Cost Case: Shelter Partnership a. My main learning outcomes from Topic 6 and the Case Study; 1) Firstly‚ I realize management accounting has much to offer. Somehow I can handle physics but not accounting. Now thanks to this course I can appreciate and make sense of it. The bit that really caught my attention was seeing how management accounting can be really useful for business planning‚ cost management‚ budgeting and performance measurement. It offers critical and more objective
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International Purchase Agreement Sales contract that held by a part the company DISTRIBUTOR OF GLASS AND CRYSTALS‚ S. A de C. V represented in this act by LIZETH NAVARRO GUTIERREZ and on the other hand the company WHILSHILD CAR CO. Represented by WILLIAMS SANDER THOMSON who henceforth they are referred as "seller" and "The Buyer" respectively‚ in accordance with the following statements and clauses. D E C L A R A C T I O N S Declared "The Seller" Which is a public limited company legally constituted
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