Basics of Contract Law - Free Essay Example

Sample details Pages: 4 Words: 1262 Downloads: 1 Date added: 2017/06/26 Category Law Essay Type Narrative essay Level High school Tags: Act Essay Contract Law Essay Did you like this example? Invitation to Treat Invitation to treat is a contract law term. However, it is not an offer. It is merely an invitation to others to make offers. Don’t waste time! Our writers will create an original "Basics of Contract Law" essay for you Create order It is a sort of preliminary negotiation to buy something and it follows that an invitation to treat cannot be accepted and there is no commitment to sell or offer which could be accepted. The court will always look at the language used or the inferred intention of the parties when deciding between an invitation to treat. Invitation to treat often appears in the shops display, tenders, advertisements, auctions, price list and catalogues, preliminary enquiries and supply of information. It is important that an offer must be distinguished from invitation to treat. Next, we will discuss about the cases which involves in invitation to treat. Auctions The display of goods at an auctioneerà ¢Ã¢â€š ¬Ã¢â€ž ¢s table and auctioneers calls for bids is an invitation to treat. The bids made by persons at the auction are offers, which the auctioneer can accept or reject as he chooses. The fall of hammer is the acceptance. Similarity, the bidder may retract his bid before the hammer falls and the bid is accepted. It becomes a contract when the hammer falls or the auctioneer bang the gable down. Case 1 from UK Auctioneerà ¢Ã¢â€š ¬Ã¢â€ž ¢s request for bids is an invitation to treat. The bid itself is an offer which the vendor can accept or reject. However, when the hammer falls, it became contract. Payne v Cave (1789) Fact: Mr.Cave made the highest bid for Mr.Payneà ¢Ã¢â€š ¬Ã¢â€ž ¢s goods at an auction. However, Mr.Cave changed his mind and he withdrew his bid before the auctioneer brought down his hammer. The auction was under standard conditions. Held: According to [Section 2 of the Contract Act], it was held that the defendant was not bound to purchase the goods. His bid amounted to an offer which he was entitled to withdraw at any time before the auctioneer signified acceptance by knocking down the hammer. In an auction, the auctioneerà ¢Ã¢â€š ¬Ã¢â€ž ¢s call for bids is an invitation to treat, a request for offers. The bidder may retract his bid up until the à ¢Ã¢â€š ¬Ã…“fall of the hammerà ¢Ã¢â€š ¬Ã‚ . Case 2 from UK Advertisement stating a sale by auction à ¢Ã¢â€š ¬Ã…“without reserveà ¢Ã¢â€š ¬Ã‚  is an offer. Warlow v Harrison (1859) Fact: In this case, a public auction of a horse, without reserve, was advertised by the defendant Harrison, an auctioneer. The Plaintiff, Warlow attended the sale and bid 60 guineas and the horseà ¢Ã¢â€š ¬Ã¢â€ž ¢s owner attended too and bid 61 guineas. The Plaintiff knew that it was the horse owner who bid 61 guineas, so he did not make any further bud. The auctioneer, Harrision, knocked down the hammer 3 times to the horse owner. The Plaintiff claimed that the horse was his since he was the highest bona fide purchaser at an unreserved sale. The issue of the case was whether there was a contract for sale. Held: According to [Section 2 of the Contract Act 1950], the court held that the sale should be without reserve, the auctioneer had made a definite order in his advertisement to this effect. The owner could not bid on its own property. The Plaintif f, by making his bid in reliance upon it had accepted the offer. So, the contract was formed. The court ruled that in a sale by auction à ¢Ã¢â€š ¬Ã…“without reserveà ¢Ã¢â€š ¬Ã‚ , the vendor cannot bid at auction. There was a breach of contract between auctioneer and highest bona fide bidder, therefore the plaintiff has the right of action against the auctioneer. Case 3 from Malaysia In Malaysia, the general rule that applied in an auction is when the sale is concluded at the fall of hammer. MJ Frozen Food Anor v Siland Sdn Bhd Anor (1994) Fact: This case involved a sale of land in a public auction. It revolves around whether a sale was concluded at the fall of the auctioneers hammer relating to a sale of land at a public auction. The right to be heard where the purchasers of a judicial sale apply for an extension of time to pay the balance of the purchase price. Held: According to [Section 2 of the Contract Act 1950], the court held that at the fall of the hammer, an agreement is concluded between vendor and the highest bidder. Therefore, the vendor cannot offer the goods to other buyers and bidder cannot retract his acceptance. The Supreme Court per Wan Yahya SCJ, held that: A purchaser of land may fail to obtain good title in two distinct ways. First will be the title of the vendor is bad. Next, still if the vendor has a good title, there might be s ome invalidating defects in conveyance or transactions in which purchaser attempted to obtain title. Where the vendors title is good but the instrument that was used by a purchaser for registration is void or voidable, the effect on such registration will only grant on the person in whose name the land is registered. The registration of the insufficient and void instrument can be set aside.à ¢Ã¢â€š ¬Ã‚  In addition, in the Federal Court stated that in s 340 of the NLC, the distinctive use of the words proprietor and purchaser did not consider. Summary: Based on the 3 cases above, there are different principles that apply in an auction. For the case of Payne v Cave (1789) and MJ Frozen Food Anor v Siland Sdn Bhd Anor (1994), the similarity for both of the cases is the sale is concluded at the fall of hammer. The auctioneer is the agent of the vendor and the assent of both parties is necessary to make the contract binding. Besides that, it is signified on the part of the se ller by knocking down the hammer. Every of the bidding did nothing more than an offer on one side which is not binding on either side until it is assented to. However, for the case of Warlow v Harrison (1859), the principle is different from the other two cases above. According to [Section 2 of the Contract Act], the case apply that an advertisement stating a sale by auction à ¢Ã¢â€š ¬Ã…“without reserveà ¢Ã¢â€š ¬Ã‚ , is an offer. Neither the vendor nor any person in his behalf shall bid at the auction, and that the property should be sold to the highest bidder, whether the bid is equivalent to the real value of property or not. Conclusion Contract law comes into play in almost every aspect of life. The study and the application of the contract law make up a core component of the learning and the practice of law. The significance of the role played by an individualist society in the development of modern English contract law can barely be left without. Nevertheless, con tract law provides essential infrastructure for a market economy. There are certain contracting parties need protection of the law against economic exploitation and depression. Contract law is changing to reflect these changes in economic reality. This allows business world by making sure that if a party breaks his promise and persists with his rejection to act as agreed, the other parties may well wish to enforce performance. By allowing people to make their agreements legally binding, contract law increases certainty and predictability about the future. Lastly, with some amendment, it will benefit the minor with some guardian or guarantor from their parents. References https://www.slideshare.net/Elainebang/law-of-contract https://www.psb1.uum.edu.my/lpBin21/emaj.dll/Infobase9/%40o%40/37?f=templatesfn=document-frame.htmct=application%2Fpdf2.0 Malaysia Law Journal https://jeraldgomez.com/pdf/73956b3ddf6b1ae046dae1c6c7bc9388.pdf

walden Current Trends in Accounting ACCT6140Standards Essay

Delineating Related Intel Pentium Accounting Research Questions Sami Mansour Walden University Current Trends in Accounting ACCT6140Standards May 17, 2015 Delineating Related Intel Pentium Accounting Research Questions Introduction The purpose of this paper is to define research questions (below) relating to Accounting for the Intel Pentium Chip Flaw (Hawkins, Miller Narayanan, 2009). The questions are as follows; (A3.1) If you were an accountant for Intel, what specifically would be the relevant accounting research question with respect to the Intel Pentium chip flaw? (A3.2) What constrains Intels decisions about how to account for the Pentium chip flaw? (A3.3) What do you need to know, estimate, and assume to answer the†¦show more content†¦They ignored to claim the default to avoid the financial effect The accounting constraint of materiality would indicate that this item could be recorded as an expense (more expedient) since it is not material enough to influence the decision of a reasonably prudent creditor or investor(Weygand, 2009). Intel is always constrained by agreements/ contracts with their lenders to pay from retained earnings. Dividend is usually distributed to the owners in term profits . Intel may be constrained by the requirements of other obligations of generally accepted accounting principles (GAAP). Estimations and Assumptions to the Research Question Accountants need to estimate the magnitude of the problem. Intel should use the management function such as planning, controlling and directing the solution toward the problem. It is a quantities analysis that needs measurement, facts, and common sense. The accountant always suggests mathematical models based on statistics such as confident level, mean, variance, and correlation ration R-square (Weygandt, 2009). Intel might consider contingent theory to estimate a certain event of error. It is probability of occurrence. The FAS 5; accounting for contingencies is defined as an existing event/situation or group/set of events involving some kind of uncertainty which may result in a gain or loss. This will be resolved when future circumstances/event fail to take place/occur. Resolution may result in loss of an asset (Financial

Human Resource Management Hewitt Associates

Question: Task 1: Written Report For this task, consider the following situations in order to complete the question below: Situation 1 Due to the volume of new staff required, the decision has been made to retain the services of an HR Consultancy Firm who will be seeking to assist in providing Inductions, WHS training, and HR advice and service training in line with BEST Pearls preferred methodology. This HR Consultancy Firm is known as Hewitt Associates and they are one of the world's leading HR consulting and outsourcing companies. Hewitt Associates (https://www.hewittassociates.com/), have appointed Mr Richard Mayall as the Client Manager looking after BEST Pearls, and he will be handling ongoing negotiations between BEST Pearls and Hewitt Associates. BEST Pearls will shortly be engaging in correspondence with Hewitt Associates to arrange any necessary Service Level Agreement(s). However, before this occurs, you will need to look over the current direction and strategy of BEST Pearls and identify any other weaknesses/threats that may be faced or need to be addressed. Situation 2 BEST Pearls is now in a position to go ahead and retain the services of Hewitt Associates. You have contacted Mr Mayall and he has indicated that Hewitt Associate will be well placed to assist BEST Pearls as soon as there is an agreement in place which is satisfactory to both parties. You have been appointed the task of arranging a Service Level Agreement (SLA) between the two parties for the provision of Employment Contract Advice, Inductions and initial OHS training for new starters. (A) Establish a service level agreement* (SLA) between BEST Pearls and their HR solutions provider, Hewitt Associates. Your SLA will need to include the service specifications, performance standards and timeframes required from the agreement.(B) (Linking from Assessment One) Develop the human resources strategies and services for BEST Pearls employees and its HR provider, Hewitt Associates.(C) Identify and design training support for BEST Pearls employees, considering the organisations goals and strategies.(D) Develop tools to monitor the quality of training provided by Hewitt Associates, including actions to rectify under-performance.(E) Outline the confidentiality requirements associated with this HR-related SLA.(F) Briefly outline and identify the advantages in using Hewitt Associates services. Task 2: Create a Feedback Survey (A) Acting as the HR Manager, you have been asked to design a client feedback survey that Hewitt Associates could use to determine the level of satisfaction that BEST Pearls feel towards the SLA.You will need to consider the purpose of this survey by Hewitt Associates (to analyse feedback and adopt possible changes recommended by BEST Pearls), including:1. Approvals to variations in service delivery between Hewitt Associates and BEST Pearls;2. Change of processes across the organisation;(B) Design an employees feedback form to determine the level of satisfaction of the training provided by the HR provider, considering any benefits for their improvement. Answers: Task 1 Written Report (A) Service Level Agreement Statement of Intent The aim of this agreement is to provide a basis of close cooperation between Best Pearls and Hewitt Associates for HR consultancy services to be provided by Hewitt Associates to Best Pearls to ensure services are delivered in a timely and efficient manner. This agreement is contingent on each party knowing and fulfilling their responsibilities and working in a manner that creates an environment conducive to the achievement and maintenance of targeted service levels. Service Specifications Hewitt Associated will provide the following services: Service Type Description of Service Response Time Performance Standards Employment Contact Advice Ensuring that the contract of employment and associated paperwork in relation to employees is completed accurate and in a timely manner (Snell Bohlander, 2012). Within 48 hours Services provided within specified timeframe and to expected quality. Employee Feedback about the quality of response provided Advice amendments as and when required. With 24 hours Handle employee queries related to employment contract Within 24 Hours Inductions Book induction events. Within 48 hours of the joining date of new employees Induction for new hires started on the third day of joining. Events were well informed to employees and trainers. All training materials were available. Feedback provided by employees after the induction session was completed Confirm Trainers availability Before 24 hours the induction is scheduled Ensure that schedule is effectively communicated to employees Before 24 hours the induction is scheduled Ensure all training materials and other necessities are available Before 24 hours the induction is scheduled Ensure adequate number of feedback forms are available Before the end of induction session Ensure that employee feedbacks is collected Within 48 hours of competition of induction Initial OHS Training Book Training events Within 5 days of completion of induction All activities are performed within defined time frame. Feedback received from the employees undergoing the training. Confirm trainers availability Before 24 hours the training is scheduled Effectively communicate Schedule to new hires Before 48 hours the training is scheduled Ensure all material related to policies and procedures for effective management of Health and Safety are referred in-details Before 24 hours the induction is scheduled Drills related to Health and Safety are properly organised and communicated Within 2 days the OHS training is completed Within 2 days the OHS drills are completed Feedback related to OHS training is collected Client Responsibility: The client undertakes to provide Hewitt Associates with necessary information and support as an when required and make them aware of related issues that come up as soon as reasonably practicable (Pattanayak, 2005). They must promptly respond to requests for training and development. (B) Human Resource Strategies and Services Human resource is considered the most precious asset for an organisation (Armstrong, 2011). An effective HR strategy is important to ensure high performance and overall productivity (Bhatia, 2007). BEST Pearls is looking forward to hire Hewitt Associates as an external HR consultant who will be responsible for provision of Employment Contract Advice, Initial OHS training and induction for new starters. BEST Pearls looks forward to develop an environment where all employees are encouraged to learn and develop. They want to ensure that right people are attracted, maintained and retained in order to achieve desired organisational goals. Hewitt Associate as an external HR consultancy will ensure that BEST pearls have updated information related to Employment Contracts and adequate changes are made as and when needed. They will be responsible for ensuring that all activities related to induction and initial OHS trainings of newly hired employees is conducted in a timely and effective manner. (C) Training Support for BEST Pearls employees A training support comprises of a schedule of activities ensuring that training goals are met, learning objectives, methods, subject areas, trainees, trainers, locations and methods of assessment (Deb, 2006). Training support for induction of BEST Perals employees is shown below: 1. Getting information on the numbers of new hires to be trained.2. Booking rooms and needed training materials.3. Booking timeslots from trainers (in case of induction trainers include companies top executives who will brief the new hires about company and its processes) (Lawler Boudreau, 2009).4. Ensuring needed training materials are ready ( hard and soft copies)5. Informing the schedules to new hires.6. Ensuring assessment materials and Feedback survey materials are ready.7. Ensuring that training are conducted effectively as scheduled. (D) Tools to monitor quality of training There are a number of tools that can help monitor quality of training delivered by Hewitt Associates (Wilson, 2005). Checklist for supervisory visits can be effectively used in the given case. Checklist will contain following questions: 1. Ratio of learners to facilitators; total number of new hirers attending the sessions (Holbeche, 2012)2. Time allocated for workshops 3. Frequency of questions asked and answers delivered as per expectations4. Frequency of assessments and timely delivery of results (E) Confidentiality requirements Hewitt Associates will ensure confidentiality of the employee information and important materials/documents furnished by BEST Pearls is preserved and protected (Cooper Burke, 2011). (F) Benefits of using Hewitt Associates services Hewitt Associates is one of the worlds leading HR consulting and outsourcing company. They provide their services globally in more than 120 countries (Aon Plc, 2015). They have years of experience in HR field and have around 66,000 talented employees serving customers of different types and sizes. Their customer-oriented approach makes them the best choice for BEST Pearls. Task 2 Create a Feedback Survey (A) Client Feedback Survey The below mentioned questions must be rated in scale range of 1-3; 1- Strongly disagree2- Neither Agree nor Disagree3- Strongly Agree Overall, the service level Agreement meets the expectation of BEST Pearls.1- 2- 3- Service level targets are effectively reflected and meet expectations. 1- 2- 3- The services offered in the agreement compare to your ideal service.1- 2- 3- Are there any recommendations that can help improve the response time, quality and processes mentioned in the agreement? ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ Based on your recommendations will changes of processes across the organisation be accepted as and when required? ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ (B) Employees Feedback Survey The below mentioned questions must be rated in scale range of 1-5; 1: All of the time 2- Most of the time3- Some of the time4- Hardly ever5- Never Services 1 2 3 4 5 Trainings schedules are well informed Trainers are knowledgeable, interactive and encouraging Materials and documents used are up to the mark Purpose behind the session is clear Trainers encourage you to ask questions Answers provided are satisfactory Training is conducted as scheduled Any changes are well-informed References Aon Plc. (2015). Aon. Retrieved 2015, from Aon: https://www.aon.com/about-aon/company-overview.jsp Armstrong, M. (2011). Armstrong's Handbook of Strategic Human Resource Management. London: Kogan Page Publishers. Bhatia, S. (2007). Strategic Human Resource Management : Winning Through People. New Delhi: Deep and Deep Publications. Cooper, C. L., Burke, R. J. (2011). Human Resource Management in Small Business: Achieving Peak Performance. Cheltenham: Edward Elgar Publishing. Deb, T. (2006). Strategic Approach to Human Resource Management. New Delhi: Atlantic Publishers Dist. Holbeche, L. (2012). Aligning Human Resources and Business Strategy. New Jersey: Routledge. Lawler, E., Boudreau, J. W. (2009). Achieving Excellence in Human Resources Management (Stanford University Press ed.). Stanford. Pattanayak, B. (2005). Human Resource Management. New Delhi: PHI Learning Pvt. Snell, S., Bohlander, G. (2012). Managing Human Resources. New York: Cengage Learning. Wilson, J. P. (2005). Human Resource Development: Learning Training for Individuals Organizations. London: Kogan Page Publishers.