service must be delivered or rendered. b) Payment should be complete. Incomplete compliance or partial performance considered payment a) Substantial performance in good faith‚ minus or less the damages suffered by the obligee. b) Acceptance by the creditor of an incomplete or irregular performance‚ without any protest or objection. *There is no right to rescind under this article because there is only slight breach in the obligation. The court may even grant a term or a period for the performance
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acceptance must agree with the offer. Other features relating to the pledged property are as follows: 1. One pledge may be exchanged for another 2. It is lawful to increase the debt that is secured by the pledge 3. One pledge can be taken as security for two different debts from two different creditor 4. A borrowed property can be used as a pledge 5. The pledge (i.e Bank
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company has granted a floating charge to the creditor prior to the creation of a fixed security. Another reason is that under the provisions of Insolvency Act 1986 holders of a floating charge are placed in a less favourable position than the holders of a fixed charge particularly due to sec. 176 of the Act which prevents the distribution of a certain portion of the company’s net property to the holder of a floating charge unless the claims of unsecured creditors are satisfied in full. Furthermore‚ general
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capital gains (Via trading of shares/securities) or by earning dividends Lender/Creditors often referred to as the loan creditor group are people who supply funds to the company either on a Short term basis Medium term OR Long term Basis. On short term basis the loan can be overdraft facility for a company but long term basis include heavy loans secured for future expansion or capital expenditures. The loan creditor group normally includes banks & discount houses which usually provides overdraft
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accounting information should be decision useful’? As stated in the AASB Framework‚ financial statements play an utmost important role to a variety of users‚ which mainly consist of the investors‚ employees‚ lenders‚ suppliers and other trade creditors‚ customers‚ governments and their agencies‚ as well as the public‚ in making vital financial decisions. For accounting information to be decision useful’ to this groups of people‚ the financial information selected has to fulfill the qualitative
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consent - he takes the place of the debtor. There is subrogation except if the 3rd person intended it to be a donation 3rd person pays/performs with consent of creditor but not with debtor’s consent‚ the repayment is only to the extent that the payment has been beneficial to debtor Requisites for Valid Payment PAYEE Payee - creditor or obligee or successor in interest of transferee‚ or agent 3rd person - if any of the ff. concur: It must have redounded to the obligee’s benefit and only to the
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March 22‚ 2013 Instructor Hicks BUL 2131-28 Team A March 22‚ 2013 BUL 2131-28 Instructor Hicks Garnishments & Exemptions According to Miller & Hollowell (2013) “Garnishments occur when a creditor is permitted to collect a debt by seeing property of the debtor (such as wages or funds in a bank account) that is being held by a third party (such as an employer or a bank). As a result of a garnishment proceeding‚ the debtor’s employer may be
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Article 1216 Right of the creditor to proceed against 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
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The circumstance given depicts how important cash discounts are when looked into in real life. The latter compels debtors to pay on time their liabilities and when they do so‚ gaining deductions on their payables to one or several persons (their creditors). Accordingly‚ it also showcases some alternation of standards as businesspersons become more aware on how to manage or manipulate the said deductions. Like in the given situation wherein the cash discounts were still recorded though paid after
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Cash Budgets These are used by management as a guide to planning‚ control and decision-making. • So we can see when commitments are due so the business can make payments on time‚ maintaining a good reputation and being able to obtain credit • To show when the business has excess funds which should be invested to earn interest in either the short-term money market‚ in a fixed term deposit‚ in government stock or in an investment account (rather than a cheque account) • To control by
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