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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Contracts‚ Torts and Product Liability Name Institution Chapters 6 and 7 of John McAdams book are on contracts‚ business torts‚ and product liability respectively. In order to understand these chapters fully‚ I will provide an appropriate case and the court’s ruling due to the influence of factors discussed in these two chapters. Before I discuss this case‚ an introduction on the keywords in these chapters in relation to business law is necessary. A contract is a binding legal
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Limited Liability Partnership Limited Liability Partnership entities‚ the world wide recognized form of business organization has been introduced in India by way of Limited Liability Partnership Act‚ 2008. A There are no sources in the current document.Limited Liability Partnership‚ popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. In an LLP one partner is not responsible or liable for another partner ’s misconduct or negligence;
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Draft Limited Liability‚ Rights of Control and the Problem of Corporate Irresponsibility Paddy Ireland Abstract There is has long been a tendency to see the corporate legal form as presently constituted as economically determined‚ as the more or less inevitable product of the demands of advanced technology and economic efficiency. Through an examination of its historical emergence‚ focusing in particular on the introduction of general limited liability and the development of the modern
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Estimated liabilities are a known obligation that is of an uncertain amount but that can be reasonable estimated. Common examples are employee benefits such as pensions‚ heath care and vacation pay‚ and warranties offered by a seller (Fundamental Accounting Principles‚ Chapter 11‚ Pg 437). When a firm sells products or renders services with a warranty‚ the firms has an obligation towards the customer when the warranty is honored. The warranty liability is an estimate of the obligations. Hence‚ a
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Teacher Liability University of Phoenix AED/201‚ Week 5 Erin Witt February 5‚ 2012 Your Results for "Classroom Management " | Print this page | Book’s Title: | Introduction to Teaching: Becoming a Professional | Book’s Author: | Kauchak | Location on Site: | Home > School Law: Ethical and Legal Influences > Reflect on This > Classroom Management | Date/Time Submitted: | February 6‚ 2012 at 4:05 AM (UTC/GMT) | | Summary of Results | All 3 questions in this activity
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duty of care in negligence. The tort did exist and was applied in particular situations where the courts had decided that a duty should be owed‚ eg‚ road accidents‚ bailments or dangerous goods. In Donoghue v Stevenson [1932] AC 562‚ Lord Atkin attempted to lay down a general principle which would cover all the circumstances where the courts had already held that there could be liability for negligence. He said: "The rule that you are to love your neighbour becomes in law‚ you must not injure
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AUERBACH ENTERPRISES 1 Auerbach Enterprises Manufacturers Moses Parker BUS 630: Managerial Accounting Prof. Brian Shaw February 24‚ 2015 AUERBACH ENTERPRISES 2 Auerbch Enterprises Manufacturers In today’s very competitive business environment‚ it is imperative that organizations choose the most appropriate and effective
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Using the IDEA structure for Criminal Law application questions – example answer. In response to questions from the Jan’ ’10 exam. 1bi) “Discuss the criminal liability of Ashok for the incident at the traffic lights.” * Identify and Define Ashok could be criminally liable for the common law offence of assault; an assault takes place when the defendant intentionally or recklessly causes the victim to apprehend immediate unlawful violence. * Explain Actus Reus and Mens Rea The actus reus
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“Advertiser’s frequently use the testimony of a celebrity to support a claim”. Sue Jozui in her passage states that the use of celebrities to sell a product is unjust. The author supports her argument by first explaining how this form of marketing is misleading to the viewer. She continues by stating how unfair celebrity advertising is. The author’s purpose is to persuade the audience that celebrities should not be used in advertising so that public knows exactly how well the product is that they
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