Contingent liabilities are possible future liabilities that will only become certain on the occurrence of some future events. A contingent liability is less certain than a provision‚ the latter is expected to recognize; however‚ a contingent liability might occur. An entity shall not recognize a contingent liability; nevertheless‚ the company should disclose it‚ as required by paragraph 86‚ unless the possibility of an outflow of resources embodying economic benefits is remote. Where an entity
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An exclusion clause is a term in a contract purporting to exclude or restrict the liability of one or more parties to the contract for breach of obligation . Exclusion clauses are controlled by common law and statute. The Unfair Contract Terms Act 1977 (UCTA 1977) and the Unfair Terms in Consumer Contracts Regulations 1999 (UTCCR 1999) confine the extent to which an individual can exclude or limit his business liability towards consumers. The Office of Fair Trading runs an unfair terms unit which
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The main blood vessels are the following: Aorta. The aorta is the largest and principal artery in the body. From the aorta branches lead to all the organs of the body‚ supplying them with oxygen and nutrients. Coronary Artery. The coronary artery is also a branch of the aorta. It supplies the heart tissue with oxygen and nutrients. Pulmonary Artery. The pulmonary artery arises from the right-hand upper corner of the roght ventricle. It branches into the left and right pulmonary arteries which lead
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Additionally‚ vicarious liability extends to individual partners as well‚ regardless of their individual culpability. The latter principle of spinoff liability is‚ naturally‚ highly detested among members of the partnership‚ in particular members of professional service firms. Intriguingly‚ the principle of vicarious liability has over time attracted different justifications‚ each with its own strengths and weaknesses. In the context of a partnership‚ two forms of vicarious liability are substantial: the
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Seminar 7 Vicarious Liability The problem question deals mainly with the issue of Vicarious Liability and Negligence. In order to advise Jerry one would have to explore the rules of vicarious liability‚ relevant statute law and case law which may apply. Vicarious liability has been defined as the person who commits a wrong must be an employee and not an independent contractor‚ the employee must have committed a tort and the tort must have been in the course of employment. The doctrine of ‘vicarious
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LIABILITIES OF THE DIRECTORS By: Course: Instructor: University‚ City‚ State: Date: LIABILITIES OF THE DIRECTORS A company is usually established by individuals or Directors (officers included) in this case so as to run it in appropriate manner in order to make maximum profits. For this to happen‚ it is for the company (Pandora Diamonds and Gems Pty Ltd in our case) to enter or make contracts with outsiders like Kaplan Bank Ltd and Space Solutions Pty
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Jacques Michael le Roux 56066481 LPL 4802 – Law of Damages Unique number: 555646 Content 1. Introduction 2. Losses Suffered by the Claimants 3. Quantification of Each Head of Damage 3.1 Medical and Other Expenses Incurred 3.2 Future Medical and Other Expenses Incurred 3.3 Loss of Past Income or Earnings 3.4 Loss of Earning Capacity 3.5 Loss of Profit 3.6 Damages for Medical and Funeral Expenses caused by Death 3.7 Damages for Loss of Support caused by Death 4. Conclusion 5. Bibliography
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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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On August 23‚ 2005‚ Katrina was formed merely as a tropical storm that the people of the United States thought wouldn’t do any damage. On August 28‚ 2005‚ cities in southern Louisiana and Mississippi started to demand a mandatory evacuation‚ but numerous people were stranded with no form of transportation or anywhere to go. Thousands were left waiting to see if Katrina would really strike as the weather stations had predicted. “That day‚ the National Weather Service predicted that after the storm
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Table of Contents Introduction Accountants’ Liability to the Client and Third-Party A) Breach of Contract B) Ordinary Negligence (Accountant Malpractice) C) Fraud a. Constructive Fraud (Gross Negligence) b. Actual Fraud Accountants’ Liability under Common Law for Third-Party A) The Near-Privity Doctrine B) The Restatement Doctrine C) The Foreseeability Doctrine D) The Balancing-Factors Doctrine Accountants’ Liability under Statutory Law Third-Party A) Securities Act of 1933 B) Securities
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