AFM 333 Midterm Review Module 1: - Fall of Berlin Wall 1989 - Two Trends altering global market: globalization of markets and technological advances - Globalization: interconnectedness of national economies‚ growing interdependence of buyers‚ producers and suppliers in different countries G6 economies: US‚ UK‚ Japan‚ Germany‚ France‚ Italy - Account for half of global consumption with only 1/10 of population - B6 economies: China‚ India‚ Russia‚ Brazil‚ Mexico
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a commercial building‚ damages of $1000 are payable. The completion is delayed by 20 days due to the fault of the contractor. How much can the innocent party claim if the actual loss suffered is $22‚000? Do you think generally‚ it is wise for a business to always have a liquidated damages clause? 2. At Your Service Pte Ltd is a big company which provides various travel related services‚ including overseas tour packages which are designed in-house. Tom‚ a customer‚ had booked a special in-house
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Insurance is a means for persons and businesses to protect themselves against the risk of loss. An individual who purchases automobile insurance may be reimbursed by the insurer if his or her car is stolen. Insurance is crucial to personal‚ business‚ and estate planning. Insurance is defined as a contract whereby one party undertakes to identify another against loss‚ damage or liability arising from an unknown event. It is a means of transferring and distributing risk of loss. The risk of loss
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Charlie’s friends as their willingness to make the entry fee payment of $5 for the party. Therefore‚ I consider an offer was established. Another issue to consider is whether the offer been accepted. In Masters v Cameron shows that acceptance must be final and unqualified assent to terms proposed by Offeror. Charlie has accepted the offer of providing a “ride” and BBQ to his friends. Therefore‚ I think the offer has been accepted. A contract was formed with offer and acceptance fulfilled. However
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org/uk/cases/UKHL/1884/1.htmlAtlas Express v Kafco (Importers & Distributors ) Ltd (1989) QB 833 http://en.wikipedia.org/wiki/Atlas_Express_Ltd_v_KafcoAmalgamated Investment Co v Texas Bank (1982) Q.B http://www.bailii.org/ew/cases/EWCA/Civ/1965/3.htmlBusiness Law‚ by Robert W. EmersonPublished by Barron ’s Educational Series (2004)
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unless Jerome transfers a tract of land he owns to Philip for a price 30 percent below market value‚ Philip will no longer support and take care of him. Jerome enters into the contract. Discuss fully whether Jerome can set aside this contract. Yes‚ I believe Jerome can set aside the contract because it was formed under undue influence and duress. Since Jerome is totally dependent on Philip for his support and the contract benefits the guardian by being able to purchase the land for below market price
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Q. 1. A insured his house against fire. Later while insure‚ A killed his wife‚ severely injured his only son‚ set fire to the house and died in the fire. The son survived and sued the insurer for the fire loss‚ advice the insurer. Explain briefly? (5 Marks) Q.2 a) Satrang Singh admitted his only infant son in a private nursing home. As a result of strong dose of medicine administered by the nursing attendant‚ the child
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Business 121 Midterm Review 80 Marks 25 Marks Multiple Choice- from readings on the base concepts 40 Marks Short Answer- questions from lectures more in depth explanation and application 15 Marks Problems- 3 questions Business Planning- 7 marks- Unit 1/ Chapter 8- Writing and effective business plan -3 M/C Benefits of writing a business plan A business plan is a formal written document that explains the entrepreneur’s vision and how it will be converted into a profitable viable business Often
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careless. a) When carrying out the first annual service‚ Crankit fits a new fuel pump. This malfunctions 24 hours later‚ causing an explosion. Injuries result to Jeremy‚ who lives next door to the factory and the explosion also causes business interruption for 3 weeks. Contract of works and materials - service and goods being provided - SUPPLY OF GOODS AND SERVICES ACT 1982 The fuel pump is defective (not clear if its defective)- s4(2) and (3) - it seems that C supplied this. Discuss
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2. A legal detriment can be any of the following: 1) doing something that one has a legal right not to do; 2) giving up something that one has a legal right to keep; and 3) regaining from doing something that one has a legal right to do. 3. The law will not enforce an agreement that has not been bargained for. An agreement involves a bargained-for exchange when 1) a promise is made in exchange for another promise‚ 2) a promise is made in exchange for an act‚ or 3) a promise is made for forbearance
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