are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent; (c) those arising in insurance entities from contracts with policyholders; or (d) those covered by another Standard. Provisions A provision is a liability of uncertain timing or amount. Recognition A provision should be recognised when: (a) an entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable
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Homework in Law‚ ob and contracts 1.) What are the essential requisites of an obligation? Give an explanation to illustrate them. Contract law - a contract is an agreement having a lawful object entered into voluntarily by two or more parties‚ each of whom intends to create one or more legal obligations between them. Delict law - Delict (from lat. to fail‚ commit a fault) in civil law jurisdictions is a term for some kind of legal wrong‚ but its meaning is very different from one jurisdiction
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In The Marriage of Figaro‚ Beaumarchais brings to the stage issues of obligation and passion in the form of a theatrical bedroom farce. He calls to light both the reason and passion which is responsible for tying man to physical things through obligation and the complications that arise from these actions. These are obligations which man finds himself incapable to attend to due to the unreliable‚ fluctuating worth of the objects that drive the fleeting passions of man. The cast of characters and
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Reviewer in LawObli DIFFERENT KINDS OF OBLIGATIONS Pure obligation- is one which is not subject any condition and no specific date is mentioned for its fulfillment and is‚ therefore‚ immediately demandable. Conditional obligation- is one whose consequences are subject In one way or another to the fulfillment of a condition. Condition- is a future and uncertain event‚ upon the happening of which‚ the effectivity or extinguishment of an obligation subject to it depends. Future and uncertain-
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Classification of Taxes Classification of taxes 1. As to subject matter or object A. personal‚ poll or capitation- tax of a fixed amount on individuals residing within a specified territory‚ without regard to their property‚ occupation or business. Ex. Community tax (basic) B. property- imposed on property‚ real or personal‚ in proportion to its value‚ or in accordance with some reasonable method or apportionment. Ex. Real estate Tax C. Excise- imposed upon the performance of an act‚ the
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is to gain knowledge. For others‚ it is to increase chances of having a stable career and future. Some attend college simply because it seems like the natural thing to do. However‚ Michelle Obama proclaims that a college degree comes with the obligation to spread newfound knowledge to future generations and to improve the state of our country. While this is a noble statement‚ it does not change the fact that college attendance and the acquisition of a degree never oblige one to do anything. Rather
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any solidary debtor * Not applicable to a joint obligation. It reiterates the rule hat in a solidary obligation (passive solidarity)‚ any one or some or all of the solidary debtors may simultaneously‚ may be made to pay the debt so long as it has not been fully collected. Article 1217 Effects of payment by a solidary debtor 1. Between the solidary debtors and creditor(s) –payment made by one of the solidary debtor extinguishes the obligation. However‚ the creditor for his protection is given
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cleanup costs in its 20x1. IAS 37-14 states a provision shall be recognized if “(a) an entity has a present obligation‚ (b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made.” When it is not clear if there is a present obligation‚ IAS 37-15 also defines a present obligation as obligation that “more or likely than not is risen by a past event after taking accounting of all available evidence”. Moreover
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type (Stoller 2008‚ 364). However‚ in his article “Procreative Beneficence: Why we should select the best children” Savulescu widened the scope of this debate‚ arguing that the use of PGD in this manner is not only morally acceptable but a moral obligation for prospective parents. He contends that all genetic information‚ both disease and non-disease‚ should be utilised to ensure prospective parents have the best child that it is possible for them to have. This essay argues that Savulescu is incorrect
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contract theory? • How are these principle inculcated in the U.S. Bill of Rights? • How do the principles play out in the criminal justice system and security settings? • Describe freedom in relationship to personal rights and ethical standards and obligations. Write a 1‚400- to 1‚750-word paper in which you analyze the social contract theory of John Locke and how the values identified are consistent with the criminal justice system and private security settings. Do these values and principles apply
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