Article 2 of the UCC allows a contract to be enforced based on a picture that consists of past commercial conduct, correspondence or verbal exchange between parties and industry standards and norms. Once in court, the verbal agreement might play its role but the possible issue of fraud could be present stating that Chou was misled. 5. Could BTT avoid this contract under the doctrine of mistake? Explain.
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.
In Problem 1-3A, you are asked to create financial statements. The financial statements should be created in a certain order. First is the Income Statement, second is the Statement of Owner’s Equity, third is the Balance Sheet and last is the Statement of Cash Flows. The order is very important because the statements are all interconnected and rely on the proceeding statement to be completed. The Income Statement presents the
The stock purchase agreement provides each of us the opportunity to familiarize ourselves with a stock purchase agreement and become part owners in the stock options that are made available through our employer. The learning concepts from week four allowed the team to identify the functions of the Uniform Commercial Code (UCC) and common law. Common law deals with how the law handles rendered services. Services that a person can receive such as cleaning contracts or insurance agreements are considered intangible. The courts can intervene when needed to make decisions when issues arise concerning rendered services.
Concealment takes more effort and time and leaves more evidence of the theft or misrepresentation. The perpetrator uses many ways to hide the theft or misrepresentation. Some of the ways are as followed: hiding the theft in a balance sheet; or a lapping scheme where the perpetrator steals the cash or checks from the customer then pays the customer accounts receivable (with this scheme the cover up must continue until the money is pay back; check kiting is cash that uses lag between the time a check is
There should be a surveillance camera system where cash is being received and processed. Accounts Payable This is a very important part of a company's financial structure. It is when the company pays its obligations to suppliers or vendor for products and services purchased on credit. They are a current liability that is to be paid within a short period of time. Accounts payable are recorded in the general ledger and reflected onto the balance sheet.
ACCT 451 Professor ......... Business Fraud By .................... Advancement in technology has given us a convenient and flexible way on how we conduct business nowadays. This flexibility does not come alone without any complications; complication that can put your identity or information at risk. For this reason it is important to have security systems in place in our information system technology, to protect our privacy and the privacy of others from any malicious actions or a breach. A security breach is the unlawful and unauthorized acquisition of data that materially compromises the security, confidentiality or integrity of personal information.
Or Financial statements (balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity) are the primary means accountants use to communicate financial information to investors, creditors, regulatory agencies, and others. Choose one of these financial statements and provide an example of the statement from your current organization, if possible. Provide a brief analysis of what is contained on the statement. The text identified three common legal forms of business organizations: sole proprietorships, partnerships, and corporations. IF you were to start or your business (or if you already have started your own business) what type of legal form would you use?
What are some practical considerations of taking legal action against a foreign business partner based in another country? Some practical considerations of taking legal action would be the negative publicity you would receive from it. The relationship between the two countries may be damaged and hinder future business transactions. Another consideration would be the legal expenses involved. Unless the contract is fully understood and you are sure of what you are doing, the legal expenses and negative publicity involved may make the legal action not worth it.
1. How does the exigent circumstances exception apply to pagers, other portable electronic devices, and computers? “The exigent circumstances doctrine frequently applies to computer or digital evidence because such evidence is easily perishable.” (Knetzger&Muraski, 2008) A criminal can easily destroy evidence stored in these devices therefore the basic test to determine whether exigent circumstances exist is an objective one: “Whether a police officer under the circumstances known to the officer at the time reasonably believes that delay in procuring a warrant would gravely endanger life or risk destruction of evidence or greatly enhance the likelihood of the suspect’s escape”. (Knetzger&Muraski, 2008) 2. How has the USA PATRIOT Act changed the way federal agents obtain search