Essays on Contract

Ethical and cultural relativism have been defined as differences in opinion among people from different cultures as a result of their belonging to such cultures. Put differently, as a result of growing up in different cultural environments, people acquire certain sets of beliefs which are distinct from those of persons who grew up in other cultures. The end result is that both groups of persons have different beliefs about what is right or wrong as a result of the cultural conditioning that they have undergone. Proponents of the cultural relativism school of thought have argued that as a result ...

The contract is between a farmer and the processing company. The two parties came to a solemn agreement on the terms and condition that builds the contract. The contract states that the after the farmer makes his or her harvest, he should supply the factory with the produce for processing. The terms of payment for the supplies are; the farmer would supply half of the farm produces and in turn the factory would promptly pay for the supply. The company would evaluate the quality of the products by processing the entire supply. If the products are up to the ...

- Contract Terms and Conditions

Our organization may opt to use the RFP as the ideal document for binding the contract between us and the contractor or possibly draw up separate document that will serve as the contract. Either way, contract condition and ...

Part 1

The procurement process of all the departments from different managers across the organization is what is referred to as coordinated procurement. Procurement is obtaining products and services from outside. In a project procurement process is very important because delivery of goods and other resources for the project should be within time and budget. The administrative cost incurred by each manager in the process of procurement is minimized if the process is less than one office. The older project managers have concerns and views that should be addressed. As the person in charge it is important to clarify issues with ...

The competitive proposal method which is better known as negotiated procurement is the main substitute to sealed bidding for contract requirements. Distinct to the sealed bidding method, the competitive proposal method authorizes consideration of technical issues other than price. Negotiation of contract price or estimated cost and other contract terms and conditions are also permissible. In the competitive proposal approach revision of proposals is done prior to the final contractor selection and the drawing out of an offer at any time is a possibility. Contractors normally choose the method of procurement that is reasonable and is based on the ...

1. Employment at will is a law that stipulates that a contract of employment of undetermined duration could be ended at any time, without incurring any liabilities, by party, the employer or the employee at any time chosen for any chosen reason except an illegal one. It is only maintained in the U.S except the state of Montana. Other industrial powers like France, Germany, Canada, Italy, Japan, Sweden and Great Britain have statutory provisions that state that employers are required to show good cause before firing their employees. There are three exceptions to this rule, the first is breach ...

In reference to Case of Gibson versus Manchester City Council there is an agreement to the terms of contract between the council and Mr. Gibson and the application had been received successfully and this meant that it was a valid contract. However, the legal argument before the court is that the contract according Mr. Gibson was is that there was an agreement from the city council replay to his application. In the council advocate claimed that plaintiff replay cannot be considered a contract agreement. According to the plaintiff, the deal may be considered changes of terms that were in ...

Question A

Introduction

Currency risk arises due to fluctuations of the currency as a result of supply and demand of the currency. Any business or companies that carry out operations in another country is subject to currency risk. Currency risk management helps to cushion the business against any adverse effects of currency fluctuations. Exchange rate movements may result to a gain to the business or a loss. Due to the uncertainty involved in predicting the effects of currency fluctuations, businesses tend to engage in currency management options.

There are various methods that can be used in managing currency risk. Forward foreign ...

Sales and contracts

In the business world, some companies to lease goods from the businesses that have already purchased the goods rather than purchasing themselves. Leasing basically involves the transfer of possession from one owner to the lessee. The rights of a person are different from the rights of a person who have purchased the goods. The lesser of good have the right for the consideration and the good have to be returned at the end of the lessee period.

A merchant is an important person under the uniform commercial code. In article two of the UCC; it is clear that merchants ...

Criminal Law

1. Parol evidence rule refers to the evidence of previous or simultaneous oral rule that written contracts may not be varied, contradicted, or changed by any previous or contemporaneous oral declarations. Parol evidence is admitted when a written contract does not include or contradicts the oral understanding reached by the parties. Under the parole evidence rule, when the court finds that that written contract has represented the final and complete statement of the parties to an agreement, it will no longer allow either party to submit parole evidence (Miller, 2011, p.187).

2. The statute of frauds refers to the ...

The contract entered by the 17-year-old son, who is a minor with Don is voidable. The contract can be invalidated on the ground that the contract of sale that was entered between him and Don can be annulled since the son is only a minor and he was not the designated representative of the company. Hence, once the contract is nullified, the effect is that it is as if there is no agreement at all. This is due to the fact that the minor cannot represent the company since there is no board resolution to empower ...

Question 1

Jurisdiction is a term used to define the powers of a court. Personal jurisdiction refers to the power of a given court to give judgments against a particular defendant while subject-matter jurisdiction refers to the power of a court to hear and make judgments on a particular type of case (Chao and Christine, 9). Parties to a contract have considerable freedom in formulating terms of a contract. This includes resolution of disputes arising from the contract. Minimum contract law can be used to determine if a court in one state has personal jurisdiction over a defendant from ...

Let me start by briefly stating what the case is all about. In the case, Hussein, an owner of an apparently very attractive car, has been offered 4000 USD by Interjeet in exchange of his car. In other words, Interjeet wanted to buy Hussein’s car. Considering the average prices of automotive vehicles today, it would seem that 4000 USD is a steeply low price. As expected, Hussein did not give any word about Interjeet’s offer and has kept himself mum. He thought and felt that his car is worth more than what Interjeet has offered. Hussein did ...

1. Explain the types of mistakes and the types of misrepresentation which can give rise to a court being required to interpret a contract. What remedies are appropriate to each type?

In the law of contracts, mistake refers to the belief in a set of facts or fact that is erroneous and, therefore, not available. Mistake often arises in relation to the conditions and terms of the contract. One or both of the parties to the contract may rely on a fact or set of facts as forming the conditions or terms of the contract. In circumstances where it ...

Question One: Types of Mistakes and the Types of Misrepresentation

A mistake in contract law forms the basis of invalidating and rescinding a contract. It can be defined as a faulty action, belief or term in agreement when the contracting parties are drafting or engaging in the contract. There are two different types of mistake that have been identified in common law, which form the basis of argument requiring interpretation of the contract from the court. These mistakes include the unilateral mistake and the mutual mistake, which is also referred to as common mistake. Establishing that there was a mistake in the contract makes the court render the contact ...

Tim advertised that he was selling his Porch Short Boxer car in the newspaper to which the rogue later responded by visiting him. The advertisement by Tim is merely an invitation to treat which essentially paves the way for submission of offers to which Tim is free to accept or reject. This was the case in Partridge v Crittenden where Lord Parker CJ made a comment to the effect that if an advertisement were to be regarded as an offer, advertisers would be faced with a situation where they are under an obligation to sell the advertised goods to ...

Business Law Questions

Business Law Questions

This is the most suitable theory for the partners and the breach of contract. The breach of warranty highlights the damages which are available to the disappointed buyer when the specific seller has breached the article which explicitly stipulates the qualitative warranties. This implies that any buyer who unconditionally allows products that are nonconforming and who also follow the other conditions before he/she recovers the goods has the right to claim warranty.

Consequently, a breach of contract claim exists when the seller fails even to deliver the products when the need arise. This implies that in ...

Question 1

A contract can simply be defined as a legally enforceable agreement between two or more parties or entities. It is an agreement which places different obligations on the various parties to the contract. The breach of the obligations created by the contract would amount to a violation of the contract and the aggrieved party would be entitled to the various remedies that as per the terms contained in the contract . For an agreement to be considered as a contract and thus enforceable in law, it must have some certain characteristics. These are referred to as the elements of a ...

Introduction

There are many contracts between different people regarding different contexts, which range from implied to express contracts. These are agreements between two parties regarding a specific action which are based on legal obligations thus enforceable by law. Contacts are based on several principles which should be satisfied by all the parties to ensure it passes as a legal contract. The absence of any of these elements can lead to the disqualification of the credibility of the contract thus making it illegal.

The benefit of a contract is to ensure all the parties are willing and aware of the basics ...

The primary difference between a motion for summary judgment and a motion for judgment as a matter of law at the close of the evidence is:

In considering the summary judgment record, what attitude should the court adopt in evaluating the materials offered?

Smith sues Jones for negligence and assault resulting from a car accident, where Jones hit Smith with his car as Smith was crossing the street. The case goes to trial and both issues are fully litigated. The court finds for Smith on the negligence issue, but does not rule in the assault issue. Collateral estoppel will bar Smith from relitigating the assault issue in a second lawsuit because both issues arose from the ...

1.A.1. A newspaper columnist signs a contract with a newspaper chain. Several months later, she is offered a position with another newspaper chain at a higher salary. Because she would prefer making more money, she notifies the first chain that she is breaking her contract. The courts will decide the legality of her action. But what of the morality? Did the columnist behave ethically?

When a newspaper columnist signed a contract with a newspaper chain, she is bound by the terms and conditions of the agreement. Whatever is stated in the contract binds legally the columnist and the newspaper ...

Contract refers to the agreement of having a lawful element entered through voluntary actions between two or more parties. These parties may be individuals, groups, states among other groups. The parties have an intention of creating one or more legal obligations among or between them. There are elements in every contract that must be respected by all parties involved in the formulation of the contract. The law of contract stipulates respect for all principles in an agreement. Since the contract is not embedded to one party, honoring the stipulations for the contract is a core requirement. This means that ...

It has recently been brought to my attention that the purchaser of the Glebe Cottage, is concerned with the purchase arrangements made through Cooper Taylor Solicitors. I have reviewed this issues and have surmised that further review of this arrangement is needed by the company.

There appear to be many conflicting interests in this case. The previous owner Ms. Smith had in place several contracts premising neighbors to use her property over an extended period. Now that the property in the process of transferal, these previous contract issues have been cause for concern from the neighbors. The contracted are ...

Introduction

A contract can be defined as a relation between two parties, who enter into an agreement that will be bidding to them and enforceable by law. The consent of the parties should be a voluntary affair. There are various categories of contracts. The following cases studied below fall under the category of a sale of goods contract. For a sale of goods contract to be legally binding to the two parties, it must fulfill all the legal requirements of a valid contract. This means that there should be adherence to the requisite elements which include an offer, an unequivocal ...

There are two main categories of contracts. These are written and oral contracts. Jones and Nussbaum had a valid contract that is enforceable. It is vital to note that all contracts whether made orally or written are enforceable if they are valid. Therefore, the agreement between Jones and Nussbaum was enforced breach which entitles the innocent party to redress. The facts in issue in this case are whether Nussbaum is entitled to be compensated for doing work that involved costs and the same was not evidenced in writing. This is despite an express provision within the contract that all ...

Business Law Short Essay

A contract is said to be valid if it meets all the requirements of law relating to contracts. Such a contract is recognized and protected by the law. This means that a valid contract is enforceable in law. Enforceability means that the law can be used to make good the obligations, rights and duties of the parties to the contract. As such, should a party go back on their promise, they may be compelled by law to make good the promise. A valid contract may be written or oral depending on the parties to it. It is however not ...

Assignment 1:

The main learning objective for this past week was to study the process involved in planning the procurement of materials that are meant to be used for the completion of a certain project. During the study, a detailed analysis was carried out on each individual process that comprises the the procurement process of a certain project. Before delving into discussions on what factors are considered when coming up with plan for procuring the materials required for a project, we began by understanding the meaning of a project’s procurement process. The discussion on the broad meaning of what is ...

The Reasons Schools Contract Out their Services to Private Companies

The use of contracting services out to specialized service providers is increasing in school districts nationwide. Two of the most frequent areas where this practice occurs are in the custodial and transportation areas. The primary reason that this subcontracting of services is initialed is to save money. Many districts are struggling financially and service providers tout a huge savings while saving the school district’s administrative and other headaches in the process. Relieving some of the headaches from administrators might sound well and good, but in truth, however, that in some cases, the subcontracting of services does save school ...

Introduction

A negotiable instrument is a document that guarantees payment to a specific person. The instrument must name the payee or otherwise indicate his identity. A negotiable instrument is transferable and in essence, it is a signed document with a promise to pay the holder of the document a given fixed amount of money at a specified date or on demand. Upon the transfer of the instrument, the legal title of the instrument is passed to the owner.

Promise and negotiable instruments

A negotiable instrument is a document used in contracts, and which guarantees the payment of a given sum of money unconditionally on ...

The growing popularity of the online business has brought up a significant impact on the contract law. In the past days, people used meet so that they can discuss on the term of the contract under subject. In this case, the parties involved had to agree on the same terms when they met. However, due to the emergency of internet, people do not necessarily need to meet in order to develop a contract. As a result, the internet had positively affected the contracts. In the recent years, people simply engage in agreements by a click of a mouse to ...

BUSINESS LAW

PART A 1. A contract refers to an agreement or a promise that is legally enforceable (Carter, 2006). In most cases, two parties are involved in making the agreement. For an agreement to be considered to be a contract, it must have some basic elements. The first basic element of a simple contract is offer (Allan and Hiscok). In general, terms, offer is the willingness that a party to the contract may express to certain terms of the contract. The offer is mostly made with the intention that the agreement immediately becomes binding after the offer has been accepted ...

Timmy Aldrich is a high school student who has been hired to sweep up the backrooms of Smedley Bottled Gas Company’s warehouse for two hours every Friday. Therefore, Timmy works two hours a week for the company. Under the law, Timmy may be classified as an independent contractor instead of an employee. To determine whether Timmy is an employee or an independent contractor, you will want to examine such things as whether or not Timmy offers his cleaning services to other businesses. As Timmy only works for that company for two hours on Friday, he could go to ...

- For Locke:John Locke, Second Treatise on Government, 1689 In the “second treatise of government”, Locke advocates that governments are formed through mutual agreement. He is of the view that those who are given the mandate to govern must do so without violating the fundamental rights and freedoms of the people. He opines that people acquire the rights to property, life, and liberty upon birth. Locke’s contention is that governments are supposed to protect the foregoing rights for the benefit of the citizens. Accordingly, he observes that the power to make laws is a preserve of the people. ...

Introduction

The case dwells upon a decision, which is to be taken by the Global Positioning System Navigator (GPSN) Manager Wally Wizard at the largest automobile manufacturer in the United States, Behemoth Motors Corp (BMC). The scope of the decision looks at two alternatives: 1) in-house production of 8,000 units of GPSN per months to be installed on the Sports Utility Vehicles (SUV), and 2) outsourcing of this production volume to reasonably new Far East Enterprises (FEE) Company under the terms of two-year contract. There are three critical aspects that should be considered as part of the decision-making process: ...

When a breach of contract occurs, there must be a remedy of damages. This is the payment in one form or the other for a breach of contract by the breaching party, to the non-breaching party. There are various kinds of remedies, which include; Compensatory damages, Punitive damages, and Liquidated damages. In the law of contract, when a breach of contract occurs, the non-breaching party has to do all he/she can in order to minimize, the damages caused by the breach (Calamari and Perillo 45). However, some contracts contain provisions that specify a certain sum of money that is ...

The Oltz v. St. Peter’s Community Hospital The Oltz v. St. Peter’s Community Hospital Anti-trust laws or statutes are of fundamental importance to the health sector, as they influence existing health care entities in several ways. Influence is significant in factors such as how the health care entities grow and expand, especially regarding their relations with medical providers and suppliers and in their own individual or group interaction. Anti-trust statutes, as found under the United States anti-trust law, pertain to a collection of both state and federal government laws that are crucial in regulating the overall organization ...

1. Introduction The supreme construction Pvt Ltd is one of the leading companies in the field of construction. Our company has a lot of clients; we are in this business since 25 years. The government has assigned the construction projects to the CE enterprises. CE enterprises have to build an IT park near the capital city. Initially, we need to choose the geological area for construction work: we need to choose the soil type and water: We need to choose the resources and the depth of the water table and the building area. The size of the building is ...

The critical behavior in the tender negotiation process

In discussing this contract with industry members, it is advisable while to possess characters that should send a signal of one who can be trusted and win the GPS Navigation System tender. This is a critical area that shows the capability of the fulfillment of the required conditions if our organization is to be awarded the tender. There are several behaviors that are most important. Professionalism and efficiency will convey information concerning our company in this tender application process . These qualities will show full knowledge in this field. In addition, being efficient will give the government agent, who is ...

Introduction

Disputes in the construction industry or in the process of honoring roles in a construction contract are not uncommon in many countries, a good of example which would be the United Arab Emirates (UAE) wherein the construction industry has been in a stage of boom for the past several years . Some of the world’s Mega structures and other fascinating architectural works are located in this Middle Eastern country. It is one of the largest exporters of oil and petroleum products and this country’s largest city, Dubai, is home to a range of spectacular and grand architectural works. ...

Domestic Sale of Goods

The selling of goods in the United Kingdom (UK) and the binding contract between both (seller and buyer) are regulated by The Sales of Goods Act (1979) together with its later Amendments. A contract for the sale of goods provides that the transfer of goods for the seller to the buyer will only be complete through money or consideration transaction also known as the price. In some instances, the contracts for the sale of goods will have additional terms and conditions that are super-imposed to the general rules that are applicable to specific contracts. These contracts include sale of ...

Purpose

Procurement outsourcing is usually utilized to reduce costs for goods and services. Acquisition of goods and services can be outsourced with the help of a third party, for example, a procurement outsourcing company. Outsourcing of business operations will result in cost reduction, efficiency of business processes, enhanced compliance, increased competitiveness, increased revenues, and offer an opportunity for the Company to focus on its core competencies. According to Above the Standard Procurement Group Inc. (2012), many companies do not have enough internal staff or the level of expertise of internal staff engaged in procurement is low. Therefore, internal staff cannot ...

There are two major types of contracts; written and unwritten. Unwritten contracts are also known as oral contracts. Written contracts are usually a signed agreement between the parties. Written contracts prevail in courts of law over oral contracts when there is a dispute. Some contracts are partly written and partly oral. I have come to appreciate the purpose of the contract in my personal life. Contracts allow parties to enter into business deals within the scope of the law. Contract formation acts as the evidence for the formation of the contract. Contract formation helps the parties to the contracts ...

Brian Epstein brought into the Beatles band some essential skills of management which were significant in improving the band’s image in the public and the media. This was quite beneficial in enhancing the popularity of the rock band. However, Brian had no prior experience with the players in the music business which includes; the media and the entertainment industry. This would, therefore, give room for the media and individuals in the entertainment industry to take advantage of Brian’s situation and exploit the entire music band. As a result, it would be prudent for the band manager to ...

Real Life Application Observations

The basic law of Supply and Demand: If the demand increases and the supply remain unchanged a shortage occurs, leading to higher prices. This is one of the most relevant laws of economics that can be applied to real life. Let us take an example of today’s real estate market. The real estate prices have increased almost five to six times over past twenty years. This is mostly due to the influx of more and more people into our cities. Who thought that there would be a day where we would actually buy water! Thanks to the ever-increasing ...

Answer 1)

Securities Exchange Commission and Commodity Futures Trading Commission have an important role to play in the US Economy. While the function and objetcivbe of SEC is to protect theinvestors by ensuring that all the public listed companies provide fair and accurate financial information through their mandatory SEC Filings every year. It also ensures order and efficiency in capital markets which facilitate capital formation in US economy. Thus, the approach of SEC, assure that the securities market in US Capital Market are fairly traded, which helps the investor to take high- risk gambles and allows them to make sound financial ...

Quality performance in a global supply chain

A supply chain is required to be one of the most effective departments in any organisation if the organisation is to meet its objectives. However, from time to time, there are issues that emerge which hinder the smooth and the effective performance of the supply chain. These problems are quite detrimental in that they reduce the quality of the supply chain (Adobor and McMullen, 2007). The rationale of this paper is to fully examine some of these weak leaks in the supply chain and identify their causes. In addition, focus will be put on the ways in which the ...

1. What are the advantage and disadvantages of using currency futures and options to hedge? 1. Using Currency futures and options to hedge certainly have their pros and cons. The first and perhaps the greatest advantage is that hedging acts as a tool that can be used to diversify, which in turn leads to higher returns on investments. Secondly, hedging helps cut down the uncertainty levels by curbing down on the risk factor. This can lead to an increased sense of surety for a particular business, thereby ensuring that the business operates in a smooth manner. Lastly, hedging provides ...

The first instance represents a conflict of interest. This is because the printing firm owned by the spouse of the board member got the contract in a noncompetitive process. Contrary to good corporate governance which dictates that only the best and most efficient option be taken, this firm got the contract under terms that are suspect and thus vague. The cost of the contract is also suspect because it costs 25000 dollars instead of 1000 dollars. The second example does not constitute a conflict of interest. This is because all board members had the choice on whether or not ...

A couple of years ago, I worked for Regal Contractors – a middle sized construction and renovation business organization. I was working under an employment contract which comprehensively spelt out the dos and don’ts that defined my job. Among these provisions was a requirement that I should dedicate my effort and skills solely to the best interest of my employer. To this end, I was only supposed to direct potential clients to the business organization, where they could be served accordingly. A time came when I got too many clients for my employer to handle. I shared this information ...

Advantages of a partnership between Alpha Corporation and Omega private limited company in production and selling of calendars with African paintings The main advantage of this partnership is pooling of both companies resources bringing about availability of sufficient capital. Thus, ensuring access to improved resources like experienced staff, experienced technicians, greater capacity plus financial resources Second, the both companies have different skills and experiences and therefore the benefit of their common knowledge will be available to the business venture common to them. Partnership also means sharing of profits and losses in an established ratio implying that risks are borne ...

Intricacies of the Time of Acceptance in Contract Law

Program [Year] [Topic] Paper Intricacies of the Time of Acceptance in Contract Law

Section Leader: [First Last Name

[Acknowledgement]

Introduction 04

The Rejection of David’s Offer .. 05

Andrew’s Acceptance . 06

Conclusion .. 10

References 11

Introduction Beatty, Samuelson and Bredeson (2013: 252-235) identified seven elements for the creation of a valid contract between two principals: offer, acceptance, consideration, legality, capacity, consent, and writing. The offer must be of serious intent, reasonably definite, and communicated to the offeree (Ashcroft and Ashcroft, 1999: 57-58). The acceptance must unconditionally agree to the terms and communicated (Beatty, Samuelson and Bredeson, 2013: 252, 231). A consideration must be received by both parties (Ashcroft and ...

Business Law

Business Law The subject of the essay is the rescission of the contract due to misrepresentation of Elvis Eggplant to induce Mr. Manfredi to buy the café from Happy Hippie Pty Ltd. The fraudulent scheme employed by Elvis led Mr. Manfredi to believe that the café was a profitable business to induce him to buy it.

Issue in the case:

The issue in this particular case is whether or not Mr. Manfredi can rescind the contract that was obtained by material false representation by Mr. Elvis Eggplant. Elvis misrepresented the past and future profitability of the vegetarian café by inflated at least 60 ...

Labor Environment for Unions

Labor unions impact the performance of an organizations as well as also impact on the role of human resource management therefore when a HR manager is hired it is also seen that whether the manager is able to deal with the labor management issues. Labor union means that according to act of national labor relations all employees have right to form a union in which they can use their bargaining power with the organizations. In organizations where unions are formed have to pay higher wage rate to their employees for their productivity .these unions safeguard the rights of all ...

International Finance Management

Reference list . Introduction Increasing participation in international trade exposes companies to the exchange rate risk. That owes to the possible loss of value in the amounts that are to be received for exports or the increase in the amount that has to e paid for imports. In that respect, companies need to apply strategies to manage the risk through various available techniques. In that view, this report presents a demonstration of those techniques’ application with reference to a company involved in payments and receipts of foreign currency. The report presents an analysis of the forward, swap arrangements and futures ...

The Situation

Regarding the chance hypothetically that you enter into a contract agreement with a job it is important to be aware of what this contract is legally binding you to. In this situation the contract in question will be regarding the fabulous hotel that hired a person as a head chef with a two year employment contract. When those two years were complete another job offer at a different hotel is presented to this person but there is one problem, and that is the employment contract at Fabulous hotel that was signed stated in it that, “The below-signed agrees not ...

Mayfair Ltd. would be obligated to pay Speedymove the increased price of £8,000 because the modification made to the contract was valid. A binding contract is created through the process of mutual assent (offer and acceptance) and consideration, definiteness, and when no valid defenses or excuses to contract exist. In this case, both parties appear to agree that a valid contract was formed and existed to deliver 150 frames for an exhibition at the price of 6,000, 25 frames at a time over a period of six weeks, although the fact pattern does not specify whether the ...

The following analysis and recommendation was prepares in response to a request for add more personnel to our security force. There are four options available for consideration, namely proprietary, contract, hybrid and virtual.

Analysis

The oldest security system is the proprietary, or in-house, security force. A proprietary system works in and for the “parent business” (Ortmeier, 2004). Indeed, a proprietary system is an integral part of the staff and similar to any other company department such as administration, engineering and sales. The only difference is the focus; which for the proprietary system is to ensure that safety and security of ...

- Compare and contrast fixed-price contracts and cost-reimbursement contracts Fixed price and cost reimbursement is two methodologies for making contracts for administration work. With the fixed price system, the agreement and contracting gathering consent to a fixed cost toward the begin on the project that does not change.

Benefits and drawbacks of fixed price contracts

With government occupations, organizations are normally needed to submit offers in specific ways, which regularly command an altered cost for the whole project. Organizations giving administrations to private organizations and shoppers would take a gander at the qualities and shortcomings of fixed price contracts in respect to different alternatives. Buyers progressively ...

- Methods used by Enron to manipulate accounting figures The fall of Enron was one of the highly publicised corporate failures. The directors of the company manipulated the financial statements of the company to mislead users of accounting information. The methods used by the firm included mark-to-market and off-balance sheet financing as well as interference with auditor independence.

Mark-to-market accounting

Enron changed its revenue recognition policy from the traditional revenue recognition principle to mark-to-market accounting. As an energy company, Enron’s incomes were derived from mainly the sale of natural gas. As a practice, Enron entered into several long-term contracts with ...

Office floor cleaning is held as a service offered by the UCC. Since the UCC article 2 & article 9 covers only sales and/or cleaning as a franchise service or as an added complementary action to a sale, Serviceco’s contract will not be enforceable under the Uniform Commercial Code. Therefore, we need to subject it to the common law.

For our analysis, let us first do the following

Step I: The conditions of a contract which make it legally enforceable. A contract is an agreement between two parties under which there is a - An expression of interest from one party - An offer from the second party. ...