there are requirements to form a valid contract other than offer and acceptance‚ that are‚ intention to create legal relation and consideration. What is consideration? It can be describe as being something which represent either some benefit to the person making a promise or some detriment to the person to whom the promise is made. The term consideration is given to the subject that is exchanged in a contract.1 It is a fundamental prerequisite in English contract law. 2 The courts has explained the
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party or some forbearance‚ detriment‚ loss or responsibility‚ given‚ suffered or undertaken by the other”. In relation to Rent a Tents contract with Susie the terms of the contract are that in return for Rent a Tent providing a marquee for the birthday weekend Susie will pay £2‚000. This is a binding contract as the several requirements to make a binding contract are‚ offer and acceptance‚ intention to create legal relations and consideration. ‘. However Rent a Tent then approached Susie and
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Marketing management‚ summary chapter 1 (Marketing: creating and capturing customer value) What is marketing Marketing is managing profitable customer relationships. Marketing defined Marketing must be understood in the sense of satisfying customer needs. Marketing = the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Simple model of the marketing process: Create value for customers
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1. Lou Zar’s action regarding to sewing a replica of the U.S. flag to cover the backside/seat of his uniform pants was not unconstitutional. There needs to be compelling reason to restrict Lou from wearing that uniform that caused negative emotion. It would be unconstitutional if the government restricted Zar from wearing his uniform without a compelling reason. The government cannot prove that Zar’s intentions were to commit or threaten any act of violence through his speech. It is true that Zar’s
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I am a graduate student form Kelley Business School at Indiana University and setout working at your accounting department in Ling Clothing Company. During look through the financial statement‚ I find some of transactions and events have a few mistakes in your company‚ which conflict with accepted accounting theory and GAAP. There are some mistakes I will present: The company switched from FIFO to LIFO in accounting for inventory. The preceding year it had switched from the weighted-average method
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Date: 04/09/2013 To: Wendell Nekoranec From: Favio Suastegui Subject: Act on Facts‚ Not Faith Evidence-based management is important in making management decisions. The article emphasizes facts over “gut instinct” or opinion in making management decisions. Data and evidence provide a basis for which organizations can react to and assess situations. Evidence-based leadership is similar to a scorecard in which organizations can measure results. The purpose of gathering facts is to
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Laurent Bailey ACC 501 Module 1 Case May 9‚ 2015 Mr. Dixit To: Serious Reader Company From: Laurent Bailey‚ Sr. Accountant Date: May 4‚ 2015 Subject: Quarterly Review Serious Reader Company‚ I’ve attached our completed income statement to this email‚ but I also wanted to quickly discuss the outcome your results. Overall Result Over the past year you have sold 4300 books‚ which look great on the surface. However you have experienced a severe profit loss. From the
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Memo 1: eVade Pays Up 1. present obligation defer of liability 2. state law‚ so not a contingency 3. legal liability On March 31‚ 2012 Doing nothing: reason: yes there is a new tax rule of amnesty program‚ but it’s contingent on voluntarily resgister on prospective basis. If they didn’t file the paper work‚ they still may subject to $60 million. No legal reduction on the liability yet. Code: gain contingency‚ derecognition of liability extinguish405-40-1 On June 15‚ 2012 Memo 2: Talking
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MEMO To: Client From: Accounting Firm Re: Lawsuit Pending lawsuits against a company are both expensive and detrimental to a company’s image. The decision to understand the implications of a lawsuit to the company is the first step in minimizing risk and potential loss to the organization. Research was conducted based on the guidelines of the FASB to answer the client’s questions pertaining to the lawsuit. The memo provided to the client will answer the following questions: How are
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exceptions to the employment at will doctrine. The exceptions are as follows: 1. Bad faith‚ malicious termination in violation of public policy‚ 2. Termination in breach of the implied covenant of good faith and fair dealing. 3. Termination of an implied contract term 4. Violation of the promissory estoppel where the employee relied on the employers promise. There are other exceptions that are determined by the individual states concerning warnings issued by employers. If his reasons fall within the exceptions
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