rejection by entering into a substitute transaction, he is excused from performance obligations B. Determined by Little condition is not completely within the promisor's control C. Sufficient cause An agreement that gives one party an unfettered right to terminate at any time will be interpreted to require “reasonable notice,” thus placing a limitation on that party's freedom sufficient to satisfy the consideration requirement 1. Certain terms (open) buyer is constrained to request amounts that are not unreasonably disproportional there is clearly consideration for the modification and it is enforceable the modern rule, an offer for a unilateral contract becomes an option for the offeree 2.
To be recognized, revenues must also be realized or realizable and A. Foreseeable B. Collected C. Earned D. Shipped Original AACSB: Analytic AICPA BB: Legal AICPA FN: Research Bloom's: Knowledge Difficulty: Easy 2. The SEC requires all of the following for revenue to be recognized except A. Cash is collected.
• A financial asset is considered to have value if it has the ability to generate positive cash flows. • A financial asset is considered to have value if it is acquired at its market value • A financial asset is considered to have value if it is acquired a its book price. When determing the value of a firm, which of the following statements is true? • The timing of cash flows a firm can generate is very important in determing the value of a firm. All else being equal, cash received sooner is better.
The courts ruled against Mack as by backdating his payment for the fertilizer, he was trying to reduce his tax liability. Tax evasion is breaking a civil statute and falls under statutory illegality. Hence, the courts deemed the agreements to be unenforceable (Weir, D. Jan, Pg 147). There are two impacts of this case on a certified general accountant (CGA). The first impact is skills development.
It is important to recognize the regulation impact statement that is not prepared in connection with the issuance of AASB 13 as the amendments made are minor in nature. What can make AASB is adoption of a wider scope of proposed issues. Some of these issues are write-downs of sound assets required under the current implementation of fair-value accounting which adversely affect market sentiment. The provision on AASB should accommodate well the write-downs margin that impacts in a downward spiral that may lead to large-scale fire-sales of assets, and destabilizing, pro-cyclical feedback effects. These damaging feedback effects worsen liquidity problems and contribute to the conversion of liquidity problems into solvency
Licensers sometimes feel the licensing company doesn't understand or that it disregards or misrepresents the product. Internal conditions in the second-party company can adversely affect the marketing campaign. Any company that contracts with a company overseas needs to be aware of local customs and laws. The last thing a business needs to happen is legal charges being brought against them. If a situation should occur then the company could be covered by t the Conflict of laws which has three branches , Jurisdiction whether the forum court has the power to resolve the dispute at hand, Choice of law the law which is being applied to resolve the dispute, and Foreign judgments the ability to recognize and enforce a judgment from an external forum within the jurisdiction of the adjudicating forum.
UNIT 4222-609 OUTCOME 1 1.1 Identify the legislation which relates to substance use and describe the difference between legal and illegal drugs The Misuse of Drugs Act 1971 This act is intended to prevent the non-medical use of certain drugs. For this reason it controls not just medicinal drugs (which will also be in the Medicines Act) but also drugs with no current medical uses. Offences under this Act overwhelmingly involve the general public, and even when the same drug and a similar offence are involved, penalties are far tougher. Drugs subject to this Act are known as 'controlled' drugs. The law defines a series of offences, including unlawful supply, intent to supply, import or export (all these are collectively known as 'trafficking' offences), and unlawful production.
An entity that is classified as disposed or held for sale, under ASC 360-10-45-9, should be reported as discontinued operations, under ASC 205-20-45-3, when the two conditions under ASC 205-20-45-1 are met. First, the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction. And second, the entity
The federal government can also control exchange in a situation when it has an effect on interstate progress of supplies and provisions and may strike down state proceedings which are obstacles to such movements (2012). Is The Confusion Statue Constitutional? Discuss Your Legal Reasoning Under the meaning of Article III, Section 2 of the U.S. Constitution, the lawsuit stresses a “case of controversy.” Although states have the authority to set their own statues, some of them can cause distress and have to be evaluated by advanced courts. The state of Confusion is using the undemanding fact that the trucks have to drive through their state and are advancing from them economically. They are not requiring the B-type hitch to guard the roadways and are exclusively requiring the hitch to generate additional profits.
You decide week 6 The stock should not be purchase by Mr. Jones. Mr. Jones acquiring the assets, liabilities and also would inherit the contractual obligations of the selling corporation, would, be the results of the purchase. In lay terms, he has bought the existing Smithon Corporation and he is responsible of ensuring daily operations run efficiently but the tax aspect of acquisition he is responsible for existing and any future tax liabilities that the selling corporation had. It would be my advice for Mr. Jones to not buy the stock because of the liability of current and future tax obligations which Mr. Jones would incur from the purchase of the stock. Since the tax identity of Smithon corporation would have not ceased, it is not