Contingent liabilities are possible future liabilities that will only become certain on the occurrence of some future events. A contingent liability is less certain than a provision‚ the latter is expected to recognize; however‚ a contingent liability might occur. An entity shall not recognize a contingent liability; nevertheless‚ the company should disclose it‚ as required by paragraph 86‚ unless the possibility of an outflow of resources embodying economic benefits is remote. Where an entity
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to the same word‚ “Responsibility.” Will we let our children forego the consequences of their actions? Even if we try the Parent Liability Childs Act will prevent parents from doing so. The Parent Liability Childs Act of 2000 in California states‚ “Parents jointly and severally liable for willful misconduct causing injury‚ death or property damage.” The Parent Liability Childs Act should be appealed because if the child isn’t punished they will commit more severe crimes‚ it is extremely unfair to
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attaining the majority or knowledge of admission to the benefits of partnership firm. When the minor fails to give such notice within a period of six months‚ automatically he becomes a partner at the end of six months. The minors are having some liabilities after becoming a partner on attaining majority and he becomes personally liable for all the acts of the firm done since the date of his admission. Moreover‚ he can impliedly ratify the acts of the firm done during his minority. When it comes to
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Tutorial 2 Business Structures Question 1 Advise Violet and Sonny regarding their liability to Friendly Bank in relation to the Busy Bee Florist Shop. Your answer must make reference to relevant provisions of the Partnership Act and precedents. Introduction In order to advise Violet and Sonny regarding their liability to Friendly Bank in relation to the Busy Bee Florist Shop‚ firstly it is necessary to examine whether a partnership relationship exists between (a) Violet and Busy Bee Florist
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BYLAWS OF THE TRADING COMPANY OSI HEALTH XXI‚ S.L. Title 1.- NAME‚ PURPOSE‚ REGISTERED OFFICE AND DURATION Article 1.- Corporate name. The corporate name is OSI HEALTH XXI‚ S.L.‚ which shall be governed by these Bylaws and‚ in matters not provided for therein‚ by the Capital Company Act and other applicable provisions. Article 2.- Corporate purpose. The corporate purpose is: 1. - The performance of activities and investments related to (i) the promoting or securing goods and services related to
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Bruce and/or X-Pest Pty Ltd for sexual harassment? Laws: * S118: Sexual Harassment * S119: Meaning of sexual harassment (a‚ c‚ d) * S133: Vicarious liability(替代责任) and defense of reasonable steps. * Bennett v. Everitt (1988): sexual harassment * Howard v. Geradin Pty Ltd (2004): sexual harassment vicarious liability. Applications: * In regard to s118 states that a person must not sexually harasses another person. In this case‚ Burce’s action was kind of a sexual harassment
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of which each partner must undertake to contribute the common business‚ with the objective of making and sharing of profits between each of them.[3] A partnership is not a corporate entity. It does not have a separate legal persona and this has several important legal consequences: in the relationship between the parties all rights and duties only exist between the partners inter se‚ the rights and duties of the partnership are the rights and duties of the partners and the continued existence of
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partners etc. 4. Registration: The registration of a partnership is voluntary and it may or may not be registered. 5. Joint-ownership: The partners are joint owners of the property of the firm and its property must be used only for the business purpose for which the partnership was formed. The firm cannot be utilized for the personal benefit of any partner in the firm. 6. Joint management: All the partners of the firm have equal rights when it comes to management of the firm and as such every partner
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1. We can assume that by reference to Bentley Physiotherapy’s partnership agreement that Tim‚ Kathy and Martin are partners and that Bentley Physiotherapy is operating as a partnership so no further analysis into the essential elements of a partnership is necessary. It is stated that Adam made it clear that he didn’t want to be a partner. This does not give us any reason to believe that Adam is not a partner of the business. Whether a partnership exists is a mixed question of fact and law. WA
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distribution business. The plaintiff is requesting that the defendant is responsible for a portion of the cleanup cost because the defendant was a Potential Responsible Party (PRP) under the Comprehensive Environmental Response‚ Compensation‚ and Liability Act (CERCLA). B & B was an agricultural chemical distribution business until 1998 when the company went bankrupt. During this time‚ B & B expanded its operation to an adjacent 0.9 acre of land that was jointly owned by Atchison‚
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