It was said that a nations greatness was derived from a great navy that was ran well and had multiple strategies. Most of the US greatness in their navy was from the influence they received from the book The Influence of Sea Power upon History. Mahan believed in bringing together certain elements. His elements were trade, as well as a merchant to do the trading, a navy, navy base, and lastly, an empire. His elements allowed the US to establish a thriving navy that would grow to be successful.
Reasonableness itself is any clause which purports to either exclude or restrict liability for a breach of contract (s.3 of the Unfair Contract Terms Act 1977), this applies where the party subject to the term is either dealing as a consumer or on the other party’s written standard terms of business. Meaning that a non –consumer party will be subject to a test of reasonableness (s.3(2)(a)). In s.3(2)(b) it goes further into discussing the extension towards any contractual term by virtue which a party may claim to be entitled. Within these provisions we can infer that it’s this section is trying to exclude liability indirectly, by using the clauses that define a party’s obligations very restrictively. The requirement of reasonableness is set out in s 11 of the UCTA 1977, the main element of the test is that ….a fair and reasonable one to be included having regard of the circumstances which were or ought reasonably to have been, known to or in the contemplation of the parties when the contract was made.
If the paperwork wasn’t properly filed in the first place. a. As with any legal contract, the enforceability of a prenup can come down to the proverbial “crossed t’s and dotted i’s.” b.Careless errors could render a prenup less than airtight. If the initial agreement was poorly drafted, it may also be invalid. 4.
Some entities assess if a change to the terms of an award is substantive. When the entities finalize that an alteration substantive, they then use modification accounting in Topic 718. On the other hand, when they conclude that a change is not substantive, they do not use modification accounting. Topic 718 does not specify or accommodate guidance about what type of changes are substantive. Other entities also apply modification accounting for changes to an award, with the exception of changes they consider to be fully administrative in nature.
Many times companies break accounting procedures and falsify their financial statements in order to please both internal and external users. Even though this is a violation of the SOX act of 2002, corporations still chose to engage in these activities. The final thing we learned about is the ethical decisions made behind financial reporting. The AICPA Code of Professional Conduct was put in place to make sure companies have a standard to follow when creating financial statements. Legality Financial reporting activities and standards Earnings management has been used as the manipulation of the current standard of financial reporting established by G.A.A.P.
The law assumes that a seller gives certain warranties concerning goods that are sold and that he or she must stand behind these assertions. A warranty is less important than a condition and does not impact on the main purpose of the contract. A breach of a warranty entitles the injured party to claim for damages only. They may not repudiate the contract. A breach of condition is a major term that goes to the root of the contract.
Thus laws affecting business practices vary somewhat among these countries, creating potential problems for the uniformed international businessperson. For example, manufactures of defective products are more vulnerable to lawsuits in the United States than in the United Kingdom as a result of evolutionary differences in the two countries’ case law. In addition to evolutionary differences in case law, statutory law – those enacted by legislative action – also vary among the common law countries. For example, many business transactions between firms and the British government are shielded from public scrutiny – and the prying eyes of competitors – by that country’s Official Secrets Act. In contrast, more information about transactions between firms and the U.S. federal government is publicly available because of that country’s Freedom of Information Act.
The company may face tariffs, taxes on certain imported products designed to raise revenue or protect local firms. Government may set quotas, limits on the amount of foreign imports that they will accept in certain product categories. The firms may also face exchange controls, which limit the amount of foreign exchange and the exchange rate against other currencies. There are also nontariff trade bariers, that brings biases against it’s bids, restrictive product standards, or excessive regulations. The company must to consider this regulations carefully in each country that they want to expand its market in
Some of the key assumptions include slight government interference in the economy, consumers are able to make decisions because they are informed about the products they are looking to purchase and the price of the products and banks and laws exist for the sole purpose of easing commerce. The conclusions that can be drawn from the market capitalism model and how the business, government and society relationship are as follows; government regulation needs to be limited, corporate performance is measured in profits and the ethical duty of management is to make sure that the interests of the shareholders are met. In the market capitalism model, each individual has the power to own private property and freely risk these investments. The Dominance model can be described as the model where businesses and the government dominate (or control) the general populace. Within this model, the rich elite are the ones that control businesses at the expense of the average person.
They must decide whether it is ethical to adhere to the lower labor and environmental standards found in many less-developed nations. They also must decide which foreign markets to enter and which to avoid. Domestic business managers do not get affected by these factors directly, but they do however get affected by economic downturns due to international trade. • Firms have to find ways to work within the limits imposed by government intervention in the international trade and investment systems. Even though many governments are normally committed to free trade, they often intervene to regulate cross-border trade and investment.