journal entry into the financial statements. An example of a remote contingent liability would be a frivolous law lawsuit. A frivolous lawsuit would be ignored in this situation. The second type of contingent liability would be reasonably possible. When a contingent liability is reasonably possible it means that there is a reasonable possibility that a loss can occur. A significant lawsuit where the results are not known yet is a good example of a reasonable possible contingent liability.
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distinction between intentional and unintentional acts was made (Columbia Electronic Encyclopedia). In recent years‚ tort law has become the center of scrutiny through the increase in tort costs‚ insurance liability costs‚ and the number of frivolous lawsuits made. This scrutiny has lead to the creation of tort reform. Tort reform is a movement to reshape the way consumers can access the courts by restricting their right to sue and limiting the award that could be received (Crane). The upbringing
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Week 6 Assignment: “Case Study #C1: Bibliofind” ECOM544: Electronic Commerce Strategy Management 1. Explain how Bibliofind might have used firewalls to prevent the intruders from gaining access to its transaction servers. Firewalls need to be placed at a company’s Internet entry point as a first layer of protection in a company’s IT security system‚ so‚ however many entry points‚ Bibliofind may have had‚ they should have had a firewall installed on each one. A firewall could have helped Bibliofind
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Argument against a cap on reward of damages The tort system was created to summarize compensation methods and amounts for wrongs and harms committed by one party to another. Tort law‚ in essence‚ aims to offer the damaged party a chance to restore their state back to its point of origin; in other words‚ the point of tort law is to place a financial obligation on an individual who causes harm to another party. The decision to put a cap on damages is not just harmful‚ but also makes it very
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The debate has arisen due to what is seen as overvalued remuneration for damages. The tort reform movement seeks to limit the amount one may recover for damages done towards them. The goal of this tort reform is to avoid the frequent meaningless lawsuits that the United States courts have to hear each year. According to the Bureau of Justice Statistics (BJS)‚ in 1985 there were 166‚430 tort cases filled across 15 states. By 1996 this figure had risen 32% to an all time high of 243‚574 cases filled
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Liebeck v. McDonald’s‚ also known as the McDonald’s Coffee Case‚ is a 1994 product liability lawsuit. This lawsuit became one of the most famous in the US history because after the court’s awarded Stella Liebeck $2.9 million‚ after she was severely burned by the coffee she brought from McDonald‚ there were debates over tort reform in the US. Stella Liebeck‚ a 79-year-old woman was in the passenger seat of her grandson’s car‚ while she ordered a coffee from McDonald’s. Liebeck’s nephew parked
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The documentary Hot Coffee by Susan Saladoff was exceptionally inspiring to contemplate the commonly accepted ideas on the United States legal system. Hot Coffee begins by clarifying the truth behind the lawsuit of Liebeck v. McDonalds Restaurants. After presenting what really happened to Stella Liebeck‚ the documentary leads into the tort reform movement that has been confining civil rights since the beginning. Showing how dissembled the tort reform has been‚ Hot Coffee presents the spilled coffee
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The McDonalds Case – A Legal Icon The McDonalds case has spawned a good deal of literature‚ for an in depth study and analysis of the facts of the case look at A Bloom‚W. Halton‚ Mecam‚ Java Jive‚ Genealogy of a Juridical Icon‚ 56 U. Miami L. Review‚ 113 (2000); A similar situation in J&M Parsons v. McDonalds‚ 698 N.E.2d 516 (1998) Here is a somewhat fuller explanation of Stella Liebeck ’s suit against McDonalds. As you will see‚ the coffee temperature can cause third degree burns in
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Recruitment refers to the process of attracting‚ screening‚ selecting‚ and onboarding a qualified person for a job. It is also consider as finding the right person. New employees come from two basic sources the internal recruitment and the external recruitment: Internal Recruitment Involves transferring or promoting employees from other position within the company. This approach offers several advantages: Boosts employee morale by reinforcing the value of experience within the firm. Reduce
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filing a suit against Aries Music in Small Claims Court. In order to avoid adjudication‚ Aries Music moved the case to the Superior Court just five days before Small Claims Court trial. Furthermore‚ Aries Music in attempt to intimidate Vaca‚ filed frivolous claims against him for the sole purpose of intimidation and harassment‚ hoping the through those tactics Pisterman will be able to convert Vaca’s
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