Introduction to Commercial Law Jasper Goh Jia Qing We would need to establish if there was a valid contract formed. As per Lord Wilberforce in The Eurymedon‚ an enforceable contract would have to consist of a valid offer and agreement‚ consideration‚ an intention to create legal relations and there has to be no vitiating factors. The first issue would be as to whether there was an offer on the advertisement regarding
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expired under Florida law as well‚ which does not allow for the statute of limitations to be tolled during infancy. Lastly‚ Bell argues that the statute of limitations in this case were not postponed due to the discover rule nor the doctrine of fraudulent
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cycle continues. To keep this fraud activity going‚ it takes good record keeping; however this can be exposed quickly if proper customer records are kept and evaluated on a regular basis will be exposed quickly. Discounting can be another area for fraudulent activity within the accounts receivable process.
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performing business. The main purpose of this act is to prevent fraudulent business activity. Internal controls established so one employee‚ who receives a bill and enters the invoice‚ should not be the same employee creating the check‚ signing it and mailing it out. The Sarbanes-Oxley Act passed as a law due to the scandals at Enron and WorldCom. These companies both filed bankruptcy‚ as they revealed that their financial reports were fraudulent. The function of law in society is to protect the
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The Sarbanes-Oxley Act is a law that prevents fraudulent accounting by having senior management certify the accuracy of financial statements. The Sarbanes-Oxley Act requires the use of a tracking system and the possession of financial documents for a certain period of time. Although it sounds simple‚ the Sarbanes-Oxley Act is very strict and must be followed verbatim. Because of this‚ fraudulent accounting has drastically fallen. The Sarbanes-Oxley act has changed the
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scams: Use the internet or local newspapers and other print materials to advertise fraudulent job openings Request job applicants to send their application‚ resume‚ or CV to an illegitimate e-mail address or fax number Request that job applicants wire funds to a bank account to cover processing and/or immigration fees These scams usually involve the use of illegitimate e-mail addresses to communicate fraudulent employment opportunities with Marriott. These illegitimate e-mail addresses are created
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Although there are lot of reasons I should get this scholarship‚ I will present the ten most relevant reasons that qualify me to earn this scholarship. First‚ I need to reduce the cost associated with my study. One thing is certain: if I get only one scholarship‚ it can help me pay for the cost to learn at college. Second‚ It will help me get an education. This scholarship will help me get an education without worrying how I will repay it. Third‚ it will help me pay the expenses associated with
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Every minute‚ about nineteen people are victims of identity theft. In today’s society‚ identity theft is the fastest growing crime in America. Every year 9.9 million identities are stolen and it takes those victims an average of five hundred dollars and countless days to restore their good name and credit record. Victims could potentially lose out on job opportunities‚ or be denied loans for education‚ housing or cars because of negative information on their credit reports. In rare instances‚ victims
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mistake however shouldn’t have passed and was a scheme operated by the CFO who knew the materiality of the testing. Todd Katz [VP of Sales]: Creates phoney sales transactions that would soon be investigated by the SEC. Without these two fraudulent representations‚ The North Face would have reported a net loss for the first quarter of fiscal 1998. The cumulative overstatement found by auditors and the SEC was $1.3 million in gross profit for the first quarter of fiscal 1998. The SEC sanctioned
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filings‚ and other periodical resources‚ I believe that red flags existed prior to the fraudulent schemes being uncovered. The senior management of the Xerox Corporation misled investors about earnings to meet Wall Street expectations and to boost the company’s stock price which in turn resulted in higher compensation and higher prices for personal sales of stock for the parties involved. One of the main fraudulent schemes that the company used was manipulation of income. Xerox Corporation is publicly
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