businesses to continue development and improvement of the product and the services that they offer‚ this doesn’t only benefit the company but also the customers. The key elements of a contract are offer‚ followed by an acceptance‚ together with consideration and capacity. Offer- is an expression of willingness to contract on specified terms‚ made with the intention that is to become binding as soon as it is accepted by the person to whom it is addressed. The party who makes an offer is known as the
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materiality are made in light of surrounding circumstances‚ and are affected by the size or nature of a misstatement‚ or a combination of both; and judgments about matters that are material to users of the financial statements are based on a consideration of the common financial information needs of users as a group.??? Materiality is modified by segment in response to differences in anticipated errors and risks by segment. Consider the following unrecorded liabilities: An understated provision
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Understanding Contracts and Privacy Issues A lawful understanding concerning two or more individuals exchanging goods or services is known as a contract. A contract is enforced by a contract law. There are several types of contracts. They differ depending on the industry and the kind of provided good or the services being implemented. Usually the contracts are categorized with what form of payment‚ although it can be custom-made to include mutual elements from the numerous contract types. The
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concerning laws. The English contract Offer and Acceptance General principles There are three basic essentials to the creation of contract which will be recognised and enforced by the courts. These are: contractual intention‚ agreement and consideration. The Definition of Offer. This is an expression of willingness to contract made with the intention (actual or apparent) that it shall become binding on the offeror as soon as the person to whom it is addressed accepts it. An offer can be made
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198 Accounting Standard (AS) 14 (issued 1994) Accounting for Amalgamations Contents INTRODUCTION Definitions EXPLANATION Types of Amalgamations Methods of Accounting for Amalgamations The Pooling of Interests Method The Purchase Method Consideration Treatment of Reserves on Amalgamation Treatment of Goodwill Arising on Amalgamation Balance of Profit and Loss Account Treatment of Reserves Specified in A Scheme of Amalgamation Disclosure Amalgamation after the Balance Sheet Date ACCOUNTING STANDARD
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What are the primary internal organization considerations for the development of a strategic plan? Which consideration is the most important? Why? Strategic planning is the process followed by an organization in which it defines its strategies and makes plans for proper allocation of its available resources to achieve its objectives. While developing a strategic plan‚ it is essential to consider the various internal organizational factors in order to help the plan succeed. The internal organizational
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integrated management system consist of four external and six internal considerations. The six Internal considerations are “organizational purpose‚ organizational planning‚ organizational operations‚ human resources‚ technological resources and financial resources” (Kettner‚ Allyn‚ & Bacon‚ 2002)‚ are within the management system to comprehend all planning‚ organizing‚ and directing functions‚ not only are the internal considerations there to comprehend all of the above‚ but they are also in place to
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Analysis of the Addition of Wireless Technology at Riordan The management of Riordan Manufacturing has requested an analysis of adding wireless technology to the existing wide area network (WAN). The organization’s goal in considering wireless technology is to keep the network current while controlling costs. The purpose of this document is to provide a basic understanding of wireless technology and outline what the organization must consider in determining the viability of wireless within the
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to the world at large. It must be differentiated from invitation to treat. When the offeree accepted the offer in total acceptance‚ an acceptance ensues. The acceptance must be communicated and therefore‚ a silence cannot represent acceptance. Consideration represents an exchange of the promise in return for something of value‚ which is also an important element in contracts law. An act that is carried out by one party in exchange
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Rees Case Brief. Donnelly V. Rees Case Name: Donnelly V. Rees‚ 141 Cal. 56 (1903) Court: California Supreme Court FACTS: An action may be maintained by the sole heir of a deceased person to set aside a deed procured from the deceased without consideration by the fraudulent practices of the defendants and their undue influence over the deceased‚ who was known to be a habitual drunkard for more than five years before the execution of the deed. ISSUE: The plaintiff was not required to make any payments
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