Munich Agreement

This case study provides an overview of accounting for leases, specifically capital and operating leases. Some researchers have found that managers manipulate leasing data in order to report a large amount of debt on the off balance sheet, rather than on the financial statement (Biondi et al, 2011). When an entity leases property, they must pay installments on the property for the terms of the lease contract (Schroeder et al, 2011). While there are some benefits in leasing property, there are…

As the owner of a commercial enterprise, there are several aspects of operating a business organization that one ought to be mindful of. With the traditional routines of running a business, the owner should even be knowledgeable of laws that pertain to the business as well as the effects they may have. The incident that occurred at Springfield Arms Apartments brings about queries on where the accountability lies, with the owner or the trespasser. The responsibility is weighted legally as damages…

By negotiating with the Navy KSI could possibly come up with an agreement that benefits both parties. Suggestions of key terms could include; leasing, renting or even a reduced price contract for the use of the equipment. By convincing the Navy that the time and money will be saved by allowing use of the needed equipment KSI will be more likely to gain use of the items. It is important that if use is granted there is a written agreement that states how, when and where the use of the equipment…

Just a few years ago this great nation took a devastating hit to its economy that crippled many homeowners. These citizens had everything ripped out from underneath them and were forced to foreclose. Why were so many thousands of people forced to resort to this you ask? When the economy bottomed out, they lost everything and could no longer even afford to support their families or live in their homes. Today, many thousands of those victims of foreclosures have since turned into potential…

The economic downturn over the past few years has really been hard on people of all status, socio-economic background and race. It’s hard to envision an America without the beautiful home and pick-it fence, but the reality of it is that most American families do not have that vision right now. With the beginning of a new day came a way to overcome this sad reality though. The economy is on the rise I believe and with that more people, boomerang buyers, are able and eager to get back into owning…

6. ULTRA VIRES CONTRACTS A contract of company which is ultra vires, i.e., outside the objective clause as defined by memorandum of association is wholly void and is of no legal effect. The objection to an ultra vires contract is, not merely that the company ought not to have made it, but that it could not make it. The main issue is not as to the legality of the contract; but the issue is as to the competency and authority of the company to make it. An ultra vires contract which has the effect…

Moonbeam and Tang both have rights and obligations regarding the June instalment as one buyer’s right is a seller’s obligation and vice versa. Both parties are contracting states and thus the Contracts for International Sale of Goods (CISG) is applicable to this question. A contract is formed when acceptance of an offer is met according to the CISG. As per Art14 Moonbeam clearly accepts Tang’s offer to purchase the hairdryers as Moonbeam’s intent to be bound is evident through agreeing to sell…

A contract is an agreement that legally binds the parties involved. Alternatively, it can be defined as a promise or a set of the same that are enforceable by law. By getting into an agreement, parties acquire obligations and rights which are enforceable by the court of law. The main method through which such agreements may be enforced is by the award of damages although in many cases the court may order the defaulting party to perform a specific action to compensate the aggrieved party. In…

This is seen in the case of M v M, where a prenuptial agreement between the parties was existing; however this reduced the wife’s final award. The courts applied the principle used in K v K where the courts “set out pertinent factors which were necessary to determine whether the agreement was binding or influential”. Having considered the questions, the courts held the wife’s entitlement to a lump sum of £125,000. The agreement had been settled for a lump sum of “£100,000 within 5 years of…

Introduction There are two issues on which Stephanie requires advice - whether the barge is a chattel or a fixture and whether there is a valid contract in place between herself and Wangle. If the barge has become a fixture of the land and the contract meets all the necessary formalities, then Stephanie may have a legal right to the barge and may have a cause of action against Wangle if he refuses to go through with the transaction. Distinguishing between Chattels and Fixtures The Law of…