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Contract Law
Law covering the establishment, administration of contracts (legally enforceable agreements), the rights and obligations of those entering into contracts, the validity of contracts and disputes over contracts.
2,211 Questions
Shell you get the contact email address for DreamWorks pictures?
The contact e-mail address for DreamWorks Pictures is dwawebcontact at dreamworksanimation.com. They can also be contacted by mail at DreamWorks Animation LLC, 1000 Flower Street, Glendale, California 91201.
I studied this in my 10th grade business law class. Ignorance is no excuse for not following the law. HOWEVER, if you end up in a case where you feel as though the law (ex. Speed Limit) was not properly displayed, then you could POSSIBLY fight that. But ignorance is NEVER an excuse.
How do you break an irrevocable contract?
There are several means to do this:
1. If you are approaching bankruptcy or financial turmoil, most will prefer to get a one-time payment than to hold the worthless papers of a contract with a bankrupt individual or business.
2. Tell them you want out, and see if you can make a deal in exchange for the opportunity to end the contract. This could include finding another who is willing to take on the contractual obligations (i.e. passing on a health club membership to a friend). Try Craigslist to find someone with such a need, and sweeten the deal with a little cash. Or, offer them some services/products that you can provide in exchange for cancellation.
3. If you are wanting to break because of their poor performance, broken promises, etc, don't be afraid of trying to work a deal with them to hush you up in online forums (review sites) and to not take matters to court. They have a reputation that they want to maintain. And, everyone wants to avoid court and the related costs.
Think strategically. It is hard to crack a coconut open, unless you find those softer spots were they were once attached to the tree.
What is the definition of material defect?
a defect in any item, whether tangible or intangible, or in the provision of a service, that substantially prevents the item or service from operating or functioning as designed or according to its specifications.
The first is the quantities that the bank has. The second is the amount that they will get in the future from fees and interest.
Bona fide competitive behavior can constitute wrongful interference with a contractual relationship?
No, because bona fide competitive behavior is a permissible interference, even if it results in breaking of a contract.
Difference between coercion and undue influence?
Coercion is forcing someone to something they don't want to do. Undue influence is when a more powerful person takes advantage of another person.
What does consideration must be sufficient but need not be adequate mean?
It means that although consideration must provide some benefit to the promisor or detriment to the promisee, these do not however have a great deal. Providing something is given in return for a promise, it does not matter that it is not much, or not what the promise would usually be considered worth.Courts would not inquire into the adequacy of consideration so long as there are some. The reason for this rule is due to the old idea of freedom of contract, which required that the parties themselves should be allowed to make bargains that suit them without interference from courts.
What does it mean to ratify a union contract?
When a contract is negotiated between an employer and union representatives, it is put to the members of the union to vote on the contract and decide to accept it or reject it.
If the members vote to accept the contract, they have ratified it and it will go into effect.
If they vote to reject the contract, then it does not go into effect and either:
- negotiations resume,
- the union goes on strike,
- the employer locks them out, or
- work continues without a contract until something else happens.
Yes, compressed natural gas (CNG) can contract in cold temperatures. As the temperature decreases, the gas molecules lose energy and move closer together, leading to a reduction in volume. However, the pressure in a CNG tank is typically maintained to account for such changes, ensuring that the gas remains usable even in colder conditions. It's important to monitor and adjust for temperature variations to maintain optimal performance.
Written contracts cannot be verbally changed. A contract can be enforced if only one person signs it, particularly against the ones that signed it.
Perfection or birth of the contract takes place when the parties agree upon the essential elements of the contract.
Differences between completed contract method and the percentage of completion method?
In the construction industry, two accounting approaches have developed over the years regarding the recognition of revenue. The first approach-the completed-contract method-does not recognize any profit until the construction project is complete. The second approach-the percentage-of-completion method-recognizes profit on a piecemeal basis.
The logic behind the percentage-of-completion method is that both the buyer and seller have obtained enforceable rights. The buyer has the right to require specific performance on the contract; the seller has the right to require progress payments. Thus the facts seem to indicate that a continuous "sale" is in progress.
According to Statement of Position 81-1, the percentage method should be used if estimates of progress toward completion, revenues, and costs are reasonably dependable, and all the following conditions exist:
- The contract clearly specifies the rights regarding goods or services to be provided, and the consideration to be exchanged.
- The buyer can be expected to satisfy all the contractual obligations.
- The contractor can be expected to perform the contractual obligations.
If these conditions have not been met, then the completed-contract method should be used. It should be emphasized that the total profit on the construction project is the same under both methods.
The difference between methods is simply a question of timing-the percentage method recognizes profit little by little over time, while the completed-contract method defers the entire profit until completion.
Let's go in detail with case examples, its formula, calculation and journal entries……
The Completed-Contract
This method defers all the profit on the construction project until the completion date. During the construction period, all costs incurred are debited to an inventory account called"Construction in Process". This is similar to the Work in Process account used in cost accounting. Billings are debited to Accounts Receivable and credited to an account called"Billings on Construction". This is not a revenue account since this method does not recognize any revenue or profit until completion. Rather, it is a contra asset to the Construction in Process Account. Finally, at completion, the construction and billings accounts are closed, and the difference between them is recognized as gross profit.
For easier understanding, let's construct some examples…..
Example-1
Construction Corporation enters into a contract on January 1, 19A, with the Department of City Development to build a small building for $100,000. The project is estimated to take 3 years. The following information presents the transactions that took place over this time:
Notice that the final profit is $30,000 ($100,000 ? $70,000). Also notice that the estimate of what the final profit would be changed between 19A and 19B. In 19A it was $35,000 (selling price of $100,000 ? $20,000 of costs incurred so far ? $45,000 of estimated completion costs). In 19B it changed to $30,000 ($100,000 ? $20,000 ? $25,000 ? $25,000). The journal entries for the three years would be as follows:
By the end of 19C, the "billings account" and the "Construction in Process account" appear as follows:
The journal entry in 19C (to close these accounts and recognize profit) would be:
[Debit]. Billings on Construction = $100,000
[Credit]. Construction in Process = $70,000
[Credit]. Income on Construction = $30,000
The information given regarding estimated completion costs was not needed in this problem. However, it is relevant if the percentage-of-completion method is used instead of the completed-contract method.
Notes: The account Billings on Construction is a contra to the construction account and is shown on the balance sheet as such. If its balance is less than the balance in the construction account, the net amount is shown as a current asset; if it is more, the net amount is shown as a current liability.
Example-2
In the previous example, the balance sheets for 19A and 19B would appear as follows:
Note: The income statements for 19A and 19B would not show any revenue or profit since these items are deferred until completion.
Example-3
If in 19X1 Corporation X has construction costs of $50,000 and billings of $38,000, its balance sheet would show:
The Percentage-Of-Completion Method
This method recognizes a portion of the gross profit each year based upon the following formula:
Recognized rofit:
The entries each year would be the same as under the completed-contract method, with one additional annual entry to recognize profit. This entry debits the construction account (the profit is placed "into" the inventory) and credits a profit account.
Example:
Let's use the same information as in Example-1. The journal entry in 19A for profit recognition is:
[Debit]. Construction in Process = $10,769
[Credit]. Income from Construction = $10,769
The calculation is:
At this point, the expected profit is $35,000 (selling price of $100,000 - past costs of $20,000 - future costs of $45,000).
The $10,769 would be shown on the 19A income statement. In 19B the profit recognized is:
Notice that the total expected profit has changed from $35,000 to $30,000 due to changes in anticipated costs. This happens often in the construction industry.
The $30,000 total expected profit is computed as follows:
The 19B income statement would show profit of $8,517 and the journal entry would be:
[Debit]. Construction in Process = $8,517
[Credit]. Income from Construction = $8,517
While in 19C:
A journal entry would be made for this amount. An examination of the accounts at the end of 19C reveals the following:
Notice that the balances of these two accounts are equal (at $100,000) under this method. This is because the construction account contains both cost and profit.
One final journal entry would be made at the end of 19C to close these two accounts:
[Debit]. Billings on Construction = $100,000
[Credit]. Construction in Process = $100,000
Note: If at any time during the construction period it is estimated that a loss will occur on the project (because the estimated total costs are expected to be higher than the selling price), it should be recognized by a debit to a loss account and a credit to the inventory account. Furthermore, if in previous years profit was recognized under the percentage-of completion method, it should now be nullified via a reversing entry.
Next Example:
A company used the completed-contract method for a 5-year construction project. Thus no profit would be recognized until the fifth year. During the third year the company realizes that the total project will result in a net loss of $50,000. The company should immediately make the following journal entry:
[Debit]. Loss on Construction = $50,000
[Credit]. Construction in Process = $50,000
One Final Example:
In the previous example, assume the company used the percentage-of-completion method and recognized profit of $10,000 and $20,000, respectively, in the first 2 years. In the third year, upon discovery of the $50,000 loss, an entry must be made to both recognize this loss, and to nullify the previous profit. The journal entry would be:
[Debit]. Loss on Construction = $80,000 *
[Credit]. Construction in Process = $80,000
Note: *10,000 + 20,000 + 50,000
Source: http://accounting-financial-tax.com/2008/09/revenue-recognition-completed-contract-and-percentage-of-completion-method/
How is consideration distinguished from the doctrine of past consideration?
Essentially past consideration in common law is by its nature not consideration. Consideration is defined as a bargain for exchange. Where one element of a deal has already occurred before the deal began, there was no bargain. If for example, you give me a shiny stone as a gift. A couple weeks later, we find out that the stone is a rare ruby worth millions. I decide that I'm going to sell it and promise to give you 1/2 of the earnings in consideration for you giving me the stone in the first place. The reason that this is not consideration is that there must be a bargain. You must do something to entice me to do something in return, and I must do something to entice you to do something in return. Promising to give you 1/2 of the earnings did not entice you to give me the stone in the first place, so therefore there was no bargain in place and my promise is merely a gift. However, most states authorize past consideration though statute in specific situations. For example New York authorizes past consideration under General Obligations Law § 5-1105.
Where can you find sample interrogatories for Defendant to a Plaintiff?
It's pretty simple to find examples of interrogatories from Defendant to Plaintiff. Because I am representing myself, I'm doing that myself right now.
Get to a search engine and simply type in "Examples Interrogatories Defendant to Plaintiff." I generally use "Google." You'll get more than you need.
Here are some problems an solutions I would have found helpful:
1. You will get interrogatories from all states in your search. Court rules and procedures for presenting your interrogatories differ from state.
Narrow your search to include your state only and pay attention to the format of the pages you find. Copy and paste the GOOD examples you find to your word processing program for later use.
2. The TYPE of case where individual sets of interragatories are found will vary from medical malpractice to car accidents to breach of contract, etc. Again, try to narrow your search to the type of case you have.
For example, if you rent and are fighting your landlord over some issue, put in your search "Landlord Tenant". Other examples might be Credit Debit, Insurance, Employer Employee (or hourly compensation, hiring firing, overtime, unemployment insurance, workman's compensation, benefits eligibility, etc.). You get the idea.
3. The types of files you will get when clicking on a link will vary. For example, here is a list of file types I have encountered: .pdf, .doc, .xls, .txt, .rtf, .htm, and .html.
I started a Word document. I look at the information on each link then select, copy and then past these "snippets" of information to my open document as I go along.
My "Examples Document" is just a mess . . . different formats in style, color, typeface, etc. I'll go back later, pick and choose what I want to use, reformat everything and organize the actual document I send the other side's attorney.
4. In general legal terms, the set of interrogatories you produce for the other side to answer is one method of "discovery", meaning the process of finding relevant evidence that gives your argument credibility.
Other discovery methods, for example, include Admissions, Request for Production of Documents, Deposition, List of Witnesses, and permission to visit (and take pictures of) the site, object or premises involved, and others.
As stated above, all states have their own rules regarding "discovery". Knowledge of the law, procedures and Court rules in your state is critical. If you mistakenly file a document that doesn't fit the "rules", it is possible that the other side (or the Court) could invalidate your interrogatories, even on a typographical or time related error.
I'm lucky in that I live in Michigan and have internet access to ALL the State Laws and the Michigan Court Rules. You can see what I mean through the following links:
http://www.legislature.mi.gov/(S(wgwyey45vapfhpyh5xkdas2a))/mileg.aspx?page=ChapterIndex
http://coa.courts.mi.gov/rules/documents/1chapter2civilprocedure.pdf
Good luck!
You and someone signed a contract for a car-
1) who is the Primary, cause that's the one who the company will demand and expect payment from.
2) To be considered "Common Law" the female and male must live together for a certain # of months (different in many states IF even recognized) and share bills and lifestyles as well as comingle finances.
If a named person was granted a "life estate" in a donated property then that named person, and that person alone, cannot be forced from the property prior to their death. HOWEVER - this privilege does not extend to ANY OTHER PERSON other than the named individual.
There is quite likely to be some law that addresses this very subject - however, common-sense would seem to dictate that the un-used portion of the stipend (due to the officeholder leaving office) need not be paid or, if paid in advance, would have to be returned.
What is evergreen status on a contract?
In the absence of a new contract, the previous remains in effect.
Yes, you can rework the contract under only one name. Ask the dealer to rework the deal as long as the cosigner can qualify by themselves.
