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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Tort Liabilities Nursing homes have the potential to have tort liabilities if the problems are not corrected if harm should occur. A nursing home is a busy place and with different people coming and going throughout the day. A nursing home is a high demand for care of residents. Nursing home staff should be knowledgeable about the resident’s quality of care and should be licensed to perform the care that is given. Possible Tort Liability: Resident that wanders. These residents are
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Get the facts Step 1: The facts of a case suggest an Issue. What facts and circumstances brought these parties to court? Are there buzzwords in the facts that suggest an issue? Is the court deciding a question of fact - i.e. the parties are in dispute over what happened - or is it a question of law - i.e. the court is unsure which rule to apply to these facts? What are the non-issues? Identify the rule The legal issue would not exist unless some event occurred. The issue mechanically determines
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Topics in Criminal Law May 25‚ 2010 Abstract Strict liability crimes require no culpable mental state and present a significant exception to the principle that all crimes require a conjunction of action and mens rea. Strict liability offenses make it a crime simply to do something‚ even if the offender has no intention of violating the law or causing the resulting harm. Strict liability is based philosophically on the presumption that causing harm is in itself blameworthy regardless of the
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Strict Liability “The law presumes that mens rea is always required in criminal offences‚ unless it is clear that Parliament intended an offence to be one of strict liability”. Discuss. (25marks) The general principle of criminal law is that the prosecution must establish the presence of both actus reus and mens rea. As the majority of criminal offences are created by statute‚ Parliament will usually indicate the kind of mens rea required
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As a result of Lydia’s actions‚ Danielle and Gemma have died. Therefore‚ the extent of Lydia’s criminal liability for their deaths must be explored. Lydia’s culpability for their Murders must be explored before lesser offences of manslaughter can be considered. The majority of law pertaining to Murder is found in the Common Law‚ rather than being defined in statutes like a great deal of criminal offences. Murder‚ as defined by Lord Coke‚ is when a man of “sound memory” at the age of “discretion”
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Journal of International Management 8 (2002) 223 – 240 Liability of foreignness to competitive advantage: How multinational enterprises cope with the international business environment Deepak Sethi*‚ Stephen Guisinger 1 University of Texas at Dallas‚ P.O. Box 830688‚ Richardson‚ TX 75083-0688‚ USA Abstract An expanded and holistic conceptualization of the liability of foreignness (LOF) is presented that goes beyond the traditional foreign subsidiary – local firm dyad in the host country.
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Principles of Liability – Coursework Assessment Two For a contractual agreement to withstand‚ it is crucial that the contract contains the four main components‚ which are; offer‚ acceptance‚ consideration and the intention to create legal relations. A contract is seen as a legally binding agreement between two parties‚ so It is very important for the court to establish a ‘consensus ad idem’; the meeting of minds in order to judge whether a contract exists. Britney’s first meeting with
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in the business of receiving deposits (liabilities) and to issue debt securities on one hand and create or invest in assets on the other hand during these transactions banks incur costs for their liabilities and earn income from their assets. Asset – liability management is therefore very critical for the sound management of the finances of any organisation that invests to meet its future cash flow needs and capital requirements. An efficient asset-liability management requires maximising the bank’s
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him on the facts of the case‚ and your opinion of their potential liability. He wants to settle the case. Write a memo to him which states your view of whether the company is exposed to liability on all issues you feel are in play. Include in your memo any laws which apply and any precedential cases either for or against Teddy’s case which impact liability. Include in the memo your suggested "offer of settlement" to Virginia. Back up your offer using your analysis of the case against Teddy’s
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