certain rate of interest (Mudida 2003).The act of borrowing and lending and there by the creation of credit is a special type of exchange transaction which involves future payments of the principle sum borrowed as well as rate of interest on it. The lending and borrowing of money and institution of money lending came into practice since money was invited by man (ibid). 1.1.2 Commercial Bank is a business organization which deals in money‚ it borrow and lend money in with purpose of generating
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The Babylonian creation story and Israel’s creation story are quite different‚ but they do share some common elements. One of these ways is in how the stories handle the issue of chaos and order. The Babylonian story discusses in great detail the chaos portion in their account. The account is written in epic form and describes how Tiamat and Apsu‚ who are both bodies of water and their children‚ Lahmu and Lahamu are engaged in a very bloody battle (along with other gods) that ends in death of both
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ESSEX INTERNATIONAL COLLEGE Programme: Unit Number: Unit Title: Unit Code: Credit Value: QCF Level: BTEC Higher National Diploma (HND) in Business 05 Aspects of Contract and Negligence for Business Y/601/0563 15 4 Writer of the brief: Internal Verifier name: Mr Alfred Dr. Keith Learning outcomes and criteria covered by this assignment: All pass criteria All merit descriptors All distinction descriptors Key dates: Assignment distribution date to learners: Assignment/Portfolio
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Topic 3: Breach in contract 1) Breach of contract: Spanish Contract Law provides a broad notion of breach of contract for any behavior that departs from the specified behavior in the contract in any way (time‚ quality‚ substance‚ etc.) or is not specially justified on legal grounds (actions forbidden by the government are not breaches since they are justified on a legal ground). The general benchmark to determine breach is the contract agreed by the parties themselves‚ and not external notions
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CHAPTER –6 Credit creation by commercial Bank Demand deposits as money Bank deposits are two types. 1. Demand Deposit 2. Time deposit The demand deposits on which cheques are issued are also called as cash deposits or current deposits. D.D are therefore‚ almost as good as cash money the depositor can convert a part or the whole of the current account in currency notes at any time. According to T.T Sethi “A demand deposit is the obligation of a bank to pay a certain sum of money to a specified
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Regarding Henry The stipulations regarding one’s natural state and their reactions in the face of adversity resonates throughout the famous film Regarding Henry. In this classic‚ the main protagonist‚ Henry‚ is faced with the trauma of a gunshot wound to the head that rewinds him to his pre-learned experiences‚ like a child just starting to figure out the world once again. Because of this gunshot wound‚ Henry is transformed from his egocentric‚ cruel‚ business-man self revolving around his Id‚ which
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The Creation of the Universe In my short life on this planet I have come to question things that many take upon blind faith. We all know that we must some day die; yet we continuously deny the forces at work inside ourselves‚ which want to search out the answers of what may or may not come after. It is far easier for humanity to accept that they will go to a safe haven and be rewarded for their lives with pleasures and fantasies of an unfathomable scale than to question the existence
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of a Contract “A contract is an agreement that can be enforced in court. It is formed by two or more parties who agree to perform or to refrain from performing some act now or in the future.” (pg 208) Recently I was faced with a situation regarding a contract that was not in writing and I had to explain that as long as a verbal contract contains the four essential elements of a contract it is binding. We are so accustomed to seeing contracts in writing that many people assume that a contract must
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international contract is a contract that has a foreign element‚ that is to say that the contract is in contact with one or more order (s) legal (s) abroad (s). Specifically‚ the foreign element may be resident abroad‚ a party to the contract‚ nationality‚ place of contract conclusion‚ and many other possibilities. The commercial contract is a contract for a commercial transaction or a contract made by a trader for the purposes of his trade. Therefore an international commercial contract is the addition
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What is internal control and why is it important The American Institute of Accountants first defined the term internal control in 1949‚ followed by further clarifications in 1958 and 1972. In 1977 publicly held companies came under legislation to adequately implement controls to protect their financial information. A report by the Committee of Sponsoring Organizations in 1992 and the Sarbanes-Oxley Act of 2002 are more recent documents defining internal controls.( Bishop‚ 1991‚p.117-123; Colbert
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