Business Law Questions Essay Example | Topics and Well Written Essays - 750 words - 1

Business Law Questions - Essay Example The third element of a contract is Contractual capacity. Those entering contracts must be legally competent and have the legal capacity to enter a contract. The fourth element of a contract is legality. The contract has to be legal and not against public policy (211). Thank you for contacting me regarding the unsolicited order and invoice that you received from Hot Air, Inc. I have reviewed the information you presented and can provide you assurance, based on the information given, that you are under no obligation to Hot Air, Inc. for the receipt of the mentioned merchandise. One of the four elements of a valid contract would be ‘agreement’, which would consist of an offer, and an acceptance of that offer. (Clarkson et al. 225) No authorized representative of your company accepted this unsolicited offer, which provides a solid defense. This would fall under the category of an implied-in-fact contract, if you had not returned the merchandise. With an implied-in-fact contract, the conduct of each party, rather than words, would define the terms of the agreement. (215). No words were used, so the remaining question would be is if your actions after receiving the unsolicited goods could constitute a binding contract. (215). This appears not to be the case. In contract law, an offer is â€Å"a promise to or commitment to do or refrain from doing some specified thing in the future.† (Clarkson et al. 225) One of the terms of an offer is â€Å"it must be communicated by the offeror to the offeree, resulting the the offeree’s knowledge of the offer† (225). The ‘reasonable person’ standard is important. Under the reasonable person standard, someone’s words or conduct are taken to mean what a reasonable person in the offeree’s position would think or do. (228). I understand that the blower was held in the mailroom for a couple of weeks and at least one or more people in the receiving department

What were the reason for, waht are the clained advantages of, the Essay

What were the reason for, waht are the clained advantages of, the adoption in Australia of international financial reporting standards(IFRSs) - Essay Example This will be a more adaptive way of comparing financial information not just within Australian companies but the Australian corporate sector with the international corporations. along with comparison, it will also make the allocation of capital across borders more efficient. Furthermore, different arrays of national standards which are a lot different in their functionality, on its own places a high cost on capital markets. a constant portion of these costs is directly put on the companies who have to meet the multiple standards to raise capital in different markets. the IRFS bears the answer to provide relief for both corporate governance and the stakeholders (Antill & Lee, 2005). In today’s global world, economic relations with other countries are increasing at a much faster rate than before and especially for Australia where foreign trade is much more than the GDP. This has resulted in a substantial increase in the number of different multinational corporations out of Australia, and many of these companies have their focus on Asian markets among others for their revenues. Furthermore, as these economies themselves develop this makes it even more relevant for IFRS to be adopted in Australia (Nobes, 2006). In these global markets, the IFRS gives investors a more clear view of the companies as barriers to international financial investment have fallen in markets around the world. These investors can now trade securities of these Australian multinational companies without any constraints. Moreover, these investors may be pretty much responsible for trading of almost half of all the shares of the companies which are floated in the Australian market (Nobes, 2006). As cross-border financial investment increases, capital markets become more dependent on each other. This means that shocks felt in one market reverberate around