Corporate law Essay Example | Topics and Well Written Essays - 2250 words

Corporate law - Essay Example(d) To what extent, if any, could Peter or Amanda or both incur personal liability for the companys debts if the business fails? (e) Assume that there is one additional member of the board of directors, John, to whom the factual day-to-day running of the business has been left and who simply reports back to the board on the business he had transacted. John refers to himself as the managing director of Kent Cars Ltd, although he has never been officially appointed as such. A month ago John entered into a contract on Kent Cars Ltd behalf with James to create a company website, however, Kent Cars Ltd did not wish to order the actual website produced by James. The board of directors had refused to pay James, claiming that John did not have the necessary authority to enter into the contract with him. Analyse the circumstance with regard to the authority of John to make contracts on behalf of Kent Cars Ltd and in particular advise whether or not Kent Cars Ltd is liable to James. Answers a. In accordance with the section 18 of Companies stand for 2006, in order for a company to exist, as a legal entity, it needs to have articles of association, which will prescribe regulations for the company, (18.1 Companies Act 2006). Peter and Amanda argon free to regulate the terms under which their partnership will be developed with the restrictions set by the specific Act this means that Amanda and Peter shtup add any term in the articles of association but this term should not be in clear opposition with the rules of Companies Act 2006. If either of the partners carrys the business, thus the partnership would be eliminated the business would have to be terminated, unless an arrangement has been made in advance, with relevant terms included in the articles of association, that in such slickness the company will continue to exist being transformed to a single member company in the context of the article 123 (part 2 of Companies Act 2006). How ever, the shareholding of the leaving partner should be secured this target can be achieved through specific terms in the articles of association, as for example the following ones (part 2, part 9) a) a term defining that the leaving member would have the right to exit the firm anytime after a relevant notice, without his right to ask for his share on the companys property to be influenced, b) a term defining that the leaving member would ask for his share from the firms profits within the particular financial year referring to the period beginning in the first day of the current year and ending the day when the particular member decides to leave the company, c) a term defining that the share of the particular member would not be affected (reduced) by potential limitations in the companys riches because of the decisions of the other member referring to the period beginning the day that the leaving member leaves the firm up to the day that his share is given to him, d) a term sho uld be also included stated that any right of the members/ shareholders on the companys assets would be kept in case that the assets will be not sold or, in other way, distributed between the

Risk in a New Era of Catastrophes Essay Example | Topics and Well Written Essays - 1250 words

Risk in a New Era of Catastrophes - Essay ExampleFlorida is among the avers that depict high hazard of facing natural calamities. Insurers, in finding out the states that mostly fall victims of natural disasters, unveiled that Florida is leading in the category. This was via applying exceedance probability (EP) curves besides incorporating prediction models, which utilize Florida as an illustrative example (Wharton University of Pennsylvania 7). Additional states encompass New York, Texas and S. Carolina who constitute the similar category. Studies revealed a loss of at least $10billion incurred in the state where future predications showed an increase due to the augmented occurrence of the disasters. Furthermore, due to the current climate alterations, there is an increasing and evident trend of natural calamities, which sometimes their intensities are unpredictable. Global warming has greatly yielded to frequent climate anomalies threatening nations presently (Wharton Universit y of Pennsylvania 4). These encompass hurricanes and tornados that lead to immeasurable property obliteration besides clement deaths. Predictions by some assorted studies indicate that the trend of natural calamities may continue to augment, where the occurrence will be unpredictable, hence finding people unaware. net stage anticipation regards the number of insured people. Studies indicate that citizens cast off diverse reasons that may compel them either to buy insurance or refuse to have any coverage. Peoples arguments are diverse where some state that the insurance according to their income it is high-priced whereas others do not see the essence, since that is the mandate of a state, which it has to fulfill actively. Besides, those insured their coverage is insufficient especially when catastrophes occur. Since after the catastrophe, victims require numerous things besides medicine and food, in which agencies have to provide (Wharton University of Pennsylvania

Appraising Legal Concerns Research Paper Example | Topics and Well Written Essays - 1000 words

Appraising Legal Concerns - Research Paper ExampleContract fairness Contract law is the most fundamental governing law of any procurement project. It is because procurement projects commence after signing the legal centralize. Managers must be completely aware of all legal obligations of a arrest so they may not step out of line. A comprehensive definition of contract law is An agreement surrounded by two or more(prenominal) persons which creates anobligation to do or not to do a particular thing. Its essentials are workmanlikeparties, subject matter, a legal consideration, mutuality of agreement, and mutuality of obligation. (Fleming, 2003) But more suitable definition of contract law (regarding procurement management) is A contract is a mutually binding agreement that obligates the sellerto provide the specified product and obligates the buyer to pay forit (Institute, 2000) However, most of procurement projects involve more than just unsullied buying and selling of goods and services. Procurement includes partnerships and joint ventures and they legally bind the participants to perform an action. That is why it is better to use the definition for contract law which has a broader perspective. pickings a deeper look into the broader definition, following ten points can be concluded a. A contract is a promise between two or more people or two or more parties b. ... The other party that needs to accept the offer has to accept it unconditionally f. If the accepting party wants to suffice adjustments (modification) to the original offer, the original offer go forth become void and a new offer will be formed. This process can continue until on that point is an offer from one party and an unconditional acceptance of it by the other. g. Concurrency is obligatory all parties to the contract must agree to the same(p) exact terms. h. A contract becomes only legal when there is consideration involved. Consideration is anything that has value and is offered in ex change of something (goods or service). Consideration doesnt necessarily have to be of the same value. i. The purpose of a contract should be legal as illegal contracts have negligible value in the eyes of law. j. All contracts need to be in the proper legally acceptable format. This usually requires the contract to be in black and white form (on paper) and signed. Mostly real estate contracts and contracts of undecomposable buying/selling are classic examples (Fleming, 2003). Agency law By the standards of this law, any agent that will be appointed by the company (principal) will hold the same position in the deciding about procuring goods as the CEO. In other words, the agent will be acting on behalf of the company. some(prenominal) contract he will enter the company into, the company will be liable to abide by the rules and promises of that contract. In the Latin phrase, the relationship between agent and principal is described by thephrase,qui facit per alium, facit per se, i. e.the one who acts through another, acts in his or her own interests (Wikipedia contributors, 2011). Regarding the matter at hand which

Pleasant and Unpleasant Description of a Lunch Meal Essay - 2

Pleasant and Unpleasant Description of a Lunch Meal - Essay exercisingNegative paragraph - Truly disappointed with the atmosphere and service of the restaurant I could not imagine how the food was to taste. The service was slow, non-courteous and interruptive. Sitting on an Algonquin round table with white covers with stains on it. I was looking for a great experience and found this place lacking. The atmosphere is non-conducive no privacy and noisy. not really worth the trouble services below average, prices much above average than the usual. Had a cheese omelet for lunch overcooked too much buckram cheese on it? I could not act it. A glass of wine here cost more than the lunch itself. I am not looking forward to a return visit (Catford, par 4). I used a great deal of word choice in each of my two descriptions. For example in my positive paragraph, I described the cheese omelet to be tasty and delicious to a point that I hardly had enough. In the negative paragraph, I described cheese omelet to be overcooked with too much cheese on them. This means that I could not bear them anymore as they lacked taste. In my positive paragraph, I described the atmosphere to be quiet and relaxing with good privacy. This implies the place to be coolheaded and conducive. In the negative paragraph, I described the atmosphere to be noisy and with no privacy. This portrays the place to be unbearable and non-conducive. In my positive paragraph, I described the service to be excellent. This is further explained by the politeness, courteousness and non-interruptive nature of the service. In the negative paragraph, I describe the service to be slow, non-courteous and interruptive. This brings out the humiliation nature of the client.

Case Study -Rehabilitation Example | Topics and Well Written Essays - 250 words

-Rehabilitation - Case Study ExampleFurther, the committee may recommend that the hospital starts home-based care for these patients before admission for rehabilitation.In addition, since the hospital may have a problem getting into these partnerships or even establishing an own institution, the committee may recommend that the hospital adopts a indemnity that bar patients with conditions requiring treatment from admission. This will ensure that the patients are first treated before admission.bloody shame, being an authority in health information can match several roles in this process. First, she can be an advisor to the committee providing statistical information on the viability of each of the proposed recommendations. This will not only help in making decisions but also assist the committee to assess the feasibility of procedures and the economic implication of each. Mary can, therefore, help with research and environmental analysis. In addition, Mary as part of the management should help in the implementation of the proposed course of action and communicating this to the rest of the stakeholders in the

The buccaneer journal of Dampier Essay Example | Topics and Well Written Essays - 500 words

The buccaneer journal of Dampier - Essay ExampleThe text was published in the name of A New Voyage Round the world. William Dampier has a unique regard as well he circumnavigated the earth thrice in his life (Dampier).In the underlying text which was published in 1700, William Dampier expressed about nature and romance in the context of deep sea and oceans. He titled his go bad as a composition of mixed relations among places and actions (Pirates & Privateers). It was a strange phenomenon of the time which was unbelievable to be curtained that it could be published even existence a very scholastic and romantic piece of writing describing nature of piracy or buccaneering.The former buccaneers were the hunters who resided at Hispaniola and Caribbean. At the time of William Dampier, he encountered with the buccaneers who were erstwhile log wood cutters. He found them when he got a job to bring logwood to London via boat (Dampier). During his travel for working, he was used to fleet his time in search and exploration of several aspects of natural, plants and animals. As he used to surround around the deep blue sea, so his most fright was water related nature. He wrote a number of valuable daily records in his journal which afterwards came in to being as a parole named A new voyage round the world.Dampier was so happy that he could form his fortune with the work through which he could earn as well as he could spend a plenty of time in non work activities like nature exploration. and meanwhile a push came around all the way and caused huge damages. It forced Dampier to take accompany with some privateers. Throughout his text of new voyage, William Dampier has referred to a term named as privateers. But in fact these privateers were the real buccaneers or pirates. Dampier spent over a year with those privateers (in real pirates). He wrote details of only one attack of those buccaneers. They were caught on that raid but they however managed the escape from

American Accounting Scandals Essay Example | Topics and Well Written Essays - 2500 words

American Accounting Scandals - Essay Example55, 2009). Interestingly, this is not the first time in the history of United States that its invoice practices, approaches and system has received criticism and strict scrutiny from its stakeholders. After the bankruptcy of Enron and WorldCom in 2001 and 2003, respectively that was also the biggest score scandals of their time, the US accounting practices made the headlines tout ensemble oer the world (Ketz, pp. 234, 2003). This paper is an attempt to explore the accounting standards whether they are too flexible or too rigid. The discussion would include looking over the causes of Enrons bankruptcy rooted in its accounting problem, debate between rules based accounting and principles based accounting and the problems with the possible convergence of accounting standards each(prenominal) over the world. ... 144, 2006). Non-transparent and unethical accounting was the most important cause attributed to the failure and downfall of Enron. In the year 2004, McLean wrote Enron scandal that, The Enron scandal grew out of a knockout accumulation of habits and values and actions that began years before and finally spiraled out of control (Silverstone & Sheetz, pp. 22, 2007). Furthermore, another writer in an attempt to explain these habits and values wrote that, the primary motivations for Enrons accounting and financial transactions seem to have been to keep reported income and reported cash flow up, asset values inflated, and liabilities off the books. (Duska, Duska, & Ragatz, pp. 74-75, 2011) Without any doubts, Enron had some of the smartest minds in the company, as its executives and accountants, who were spot on in tweaking and twisting, the accounting laws to their advantages (Rapoport & Dharan, pp. 106, 2004). They used off balance sheet vehicles, complex financial structures and others to hide their debts and inflate their incomes. Furthermore, the mark to food market accounting further allowed the company to manipulate its financial figures for deceiving the shareholders, creditors and other stakeholders. More importantly, Enron used the ambiguities and gaps in the mark to market accounting to inflate its income (Rezaee, pp. 175, 176, 2002 Mulford & Comiskey, pp. 44-46, 2005). Mark to market place accounting method requires showing the net present value of the cash flows from any long-term project and adjust the values of market assets according to the original market value. However, the problem with this method is that under certain situations and for certain projects, correct, accurate, and timely predictions about their future