What is Contract? Contract is an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as contract. Since the law of contracts is at the heart of most business dealings. There are two important elements in Agreeement of Contracts‚ i.e. 1) A proposal or an offer 2) An acceptance of that proposal or offer Essential Elements of a Valid Contract:- a) Agreement: - A negotiated and usually
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Florida A&M University School of Business and Industry The Ethical and Legal Issues of Product Liability Courtney Jordan April 18‚ 2015 BUL 5323: Legal Issues and Environment Introduction Product liability refers to a manufacturer or seller being held liable for placing a defective product into the hands of a consumer. Responsibility for a product defect that causes injury lies with all sellers of the product who are in the distribution chain. This includes the manufacturer of component parts
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TO: Isotola‚ Sui & Alberto FROM: Tom Caulton RE: Possible Action for Damages Isotola‚ Sui and Alberto (the plaintiffs) are interested to see what damages they can recover if they succeeded in negligence against the Dunedin City Council (DCC). Does the defendant (Dunedin City Council) owe a duty of care to the particular plaintiffs in the circumstances? Prior cases really only dealt with the ‘builders’ being responsible for the defect in the construction of a particular structure. In recent
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PRIVATE SECTOR VS PUBLIC SECTOR ACCOUNTING STANDARD 1. INTRODUCTION The global financial crisis has demonstrated that the public sector as well as the private sector needs the highest quality accounting standards. Around the world‚ accounting in the public sector is practiced in diverse ways and struggles to achieve comparable standard in accountability and transparency. The Securities Act of 1933 gave the commission the authority to prescribe accounting standards to be followed by the companies
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the Framework The Australian Accounting Standards Board (AASB) is implementing the Financial Reporting Council’s policy of adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. The AASB is replacing relevant existing AASB Standards with Australian Standards equivalent to those of the IASB. Consequently‚ the parts of the existing Australian conceptual framework (SAC 3 Qualitative Characteristics
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Assault‚ battery‚ trespass‚ conversion‚ false imprisonment‚ intentional infliction of mental suffering‚ intentional interference with a contract‚ deceit. Reasonable person test Foreseeability of a reasonable person Proximate cause Thin Skull Rule Res Ipsa Loquitor- “ the thing speaks for itself”. Was in the defendants control‚ plaintiff did nothing to provoke the accident and had no prior knowledge of the danger. Negligence Per Se Strict Liability- the defendant will be found liable if injury occurs
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PROPERTY‚ LIABILITY AND PECUNIARY LOSS INSURANCE(PLPLI) PU‚ BBA-BI 6th Semester By Baikuntha Raj Timasina MBA‚ BEd TU Fire Insurance 2 Fire is a magnificent servant but a terrible master Insurance that is used to cover damage caused by fire is fire insurance Specified form of property insurance‚ designed to cover the cost of replacement‚ reconstruction or repair Policy cover damage to the building itself and may also cover the damage to nearby structure‚ personal property and expenses
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SAMPLE EXAM 3 2010 1. Which of the following statements about the payment of defense costs by the PAP is (are) true? I. They are paid in addition to the policy limits. II. They are payable even after the limit of liability is exhausted. A) I only B) II only C) both I and II D) neither I nor II Answer: A 2. Defects of financial responsibility laws include which of the following? I. Accident victims may not be fully compensated for their injuries. II. They apply only to property
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Law of Tort What is Tort? - The French word of ‘wrong’ - That set of rules specifying certain actions and omissions as wrongs which give rise to civil liability - Almost entirely based on case law Tort of Negligence - The “neighbour principle” o “The rule that you are to love your neighbour becomes in law‚ you must not injure your neighbour” Lord Atkin‚ Donoghue v Stevenson Who is neighbour? Persons who are so closely and directly affected by action that one ought reasonably to have
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Lec 4 Chap 29 United domains Corp v Brian Pty Ltd(p200): Was the agreement a joint venture or partnership? Decision: High court held that the parties were in a partnership; hence United Domain was entitled to share in profit. Canny Gabrial Castle v Volume Sales(p200): Canny Gabrial argued that the 2 companies were joint ventures Decision: Agreement was partnership Polkinghorne v Holland(p205): Was the giving of financial advice outside the ordinary business of the law firm‚ such that
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