...not be able to comply with my obligation to the University and the College of Commerce with this absence. The question is why do I have the obligation to the school to teach Law1, anyway? What is my relationship to the school such that it can impose consequences on my non-compliance? In other words, what is the source of my obligation to teach? In exchange, is the school obligated to do something for me in return or exchange for my duty? Your employment is an agreement that you and the University and the College of Commerce have; it imposed on you a positive personal obligation. You are an obligor, indebted to teach Law 1 to classes that the College, your obligee, assigns to you. Such obligations are sourced from your contract with the employer and the state laws on employment. In exchange for your duty, the University is obliged to pay you a salary considered fair by both you and the law. 2. “Family first,” we hear every now and then. In the case of one famous politician and cabinet member, it’s “famiLATE first,” because he has once said he does not take the train or the public commute even if the traffic will cause him to be late because he is the one bringing his kids to school every morning. Anyway, how about these familial obligations, the fact for example that I am driving my visiting eldest brother and his family today? The duty seems to come naturally, hence, a natural obligation. What is that? Is that even a legal obligation? Can you give other examples?...
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...LAW * any rule of action (state law, divine law, natural law, moral law) or any system of uniformity (physical law) * determines not only activities as rational beings but also the movements of all objects of creation, animate or inanimate GENERAL DIVISIONS 1.) Law which is promulgated and enforced by the state * State Law—also called positive law, municipal law, civil law, imperative law ; enforced by the state with the aid of its physical force ; does not concern itself w/ violations of the other rules of action unless they also constitute violations of its commands. 2.) Law which is not promulgated and enforced by the state * Divine Law—law of religion and faith ; concerns itself with the concept of sin and salvation ; promulgated by means of direct revelation ; sanction is through reward and punishment * Natural Law—the divine inspiration of sense of justice, fairness and righteousness by internal dictates of reason alone ; basic understanding of right and wrong dictated his moral nature ; reasonable basis of state law * Moral Law— is the totality of the norms of good and right conduct from the collective sense of every community ; no definite legal sanction but induces social reaction, either positive or negative ; not absolute, but varies from time to time ; influences or shapes state law * Physical Law—nothing more than an order or regularity in nature by which certain results follow certain causes CONCEPTS General— the mass of...
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...ARTICLE 1193 Case: Ernest Berg v. Magdalena Estate, Inc. (92 PHIL. 110), October 17, 1952 FACTS PETITIONER: Ernest Berg RESPONDENT: Magdalena Estate PONENTE: Bautista Angelo, J. Ever since September 22, 1943 plaintiff, Berg and defendants under Magdalena Estate, Inc. were co-owners of the Property, Crystal Arcade. One third of it belonged to the plaintiff-petitioner and two thirds, to the defendant-respondent. These parties executed a deed of sale that should either of them sell his share, the other party will have an irrevocable option to purchase it at the seller’s at the seller’s price. The two, eventually had a disagreement on what really happened with regard to the deal. On January. 1946, the petitioner offered his share for Php 200,000 and was accepted by the defendant, including the stipulation that Berg was giving the defendant a period of time which, including the extensions granted, would expire on May 31, 1947. The defendant claimed that, in spite of the acceptance of the offer, plaintiff refused to accept the payment of the price and that because of this, they suffered damages in the amount of Php 100,000 and asked for specific performance. The plaintiff argued that this transaction, referred to by the defendant, is not supported by any note or memorandum subscribed by the parties and that this transaction falls under the statue of frauds and cannot be the basis of the defendant’s special defense. In an application to sell or dispose their...
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...1. What are the requisites of Dacion en pago? a. partial or relative insolvency of the debtor; acceptance by the creditor of the cession and plurality of debts b. initiative for substitution must emanate from the old debtor; consent of the new debtor; acceptance by the creditor and old debtor must be released from his obligation c. must be intelligent, free, spontaneous and real; must be manifested by the concurrence of the offer and acceptance and parties must possess the necessary legal capacity d. creditor’s satisfaction; alienation of the debtor’s property to the creditor and pre-existing debt of money between the parties 2. It is a remedy where through written instrument, the parties can conform their real intention as when some error has been committed. a. prescription of instruments b. ratification of instruments c. reformation of instruments d. novation of instruments 3. These are contracts where in all the necessary elements for its legitimacy are present but the consent is rejected due to lack of legal capacity by one of the parties, violence, fraud, mistake or intimidation even though there may have been no damage to the contracting parties. a. Rescissible contracts b. Fraudulent contracts c. Voidable contracts d. Pending contracts 4. Which of the following scenarios exhibits Dolo Causante? a. A certain petroleum company allegedly mixed one quart of diesel for every four quarts of unleaded gasoline...
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...North South University LAW 200 (Business Law) Assignment 1 Submitted To: Barrister Arife Billah Lecturer, School of Business Date: 22 February, 2013 Submitted By: Arnab Paul ID: 1030818030 Section: 9 Title: The Law of Contract confines itself to the enforcement of voluntarily created civil obligations Abstract This assignment focuses to determine the relationship between the Law of Contract and voluntarily created civil obligations. It is intended to find out how contract law defines its scope within the enforcement of civil obligations. Civil obligations are raised from contracts, among several other sources of obligations. If the contracts are created voluntarily, the relevant obligations are thus voluntary. Since the contract law presumes that to create a contract there must be a common intention of the parties to enter into legal obligations, it is also assumed that the parties will enter into a contract voluntarily. When it comes to the discussion about civil obligations, contract law defines its boundary within the enforcement of civil obligations. This research paper was created with the motive to finding out how the contract law confines itself to the enforcement of civil obligations. Introduction We enter into contracts in our everyday general activities. Paying fare to the taxi driver amounts to entering into a contract. When you recharge your prepaid cell phone account, you have entered into a contract. You go to a restaurant and take snacks; you have entered...
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...‘The Law of Contract confines itself to the enforcement of voluntarily created civil obligations’-illustrate and explain. Rifatul Ahsan Yasdany ID: 102 0273 030 Law 200 Section-09 Date: 22-02-2013 Declaration i. The topic referred to in this assignment has not been submitted for another degree or qualification of this or any other University or other Educational Institution. And ii. The ownership of any Intellectual property rights, which may be described in this paper, is vested in the North South University, subject to any prior agreement to the contrary, and may not be made available for use by third parties without the written permissions of the University, which will prescribe the terms and conditions of any such agreement. Title: ‘The Law of Contract confines itself to the enforcement of voluntarily created civil obligations’-illustrate and explain. ABSTRACT This essay attempts to focus on the scope of the law of contract in relation to its enforcement capability of voluntarily created civil obligation. In an attempt to do so, the basic elements of the law of contract were discussed. Then attention was directed to civil obligation. Various interpretation of the civil law or obligation revealed its voluntary nature. Then in an attempt to create a link between the law of contract and civil obligation, both the concepts were related and it was found out that contract law did indeed enforce voluntary civil obligations. Finally, this view was countered...
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...The appropriate recognition/measurement of asset retirement obligations in regard to the following situations: 1. The ten warehouses that will likely be sold before being required to remove the asbestos. 2. The two warehouses in states without special asbestos handling and disposal laws. 3. The thirteen warehouses for which the settlement date is indeterminate. Literature Statement 143 Paragraph 35 of FASB Concepts Statement NO. 6, Elements of Financial Statements, Characteristics of a liability 1. It embodies a duty or responsibility 2. There is little or no discretion to avoid a future transfer or use of assets to satisfy the obligation, and 3. The obligating event has already occurred. In June 2001 the FASB issued a Statement No. 143, Accounting for Asset Retirement Obligations requiring entities to record liabilities for tangible, long-lived assets that must be retired or disposed of in a specified way by law or contract. Such liabilities are known as Asset Retirement Obligations (AROs) ASC 410-20-25-13 If a current law, regulation, or contract requires an entity to perform an asset retirement activity when an asset is dismantled or demolished, there is an unambiguous requirement to perform the retirement activity even if that activity can be indefinitely deferred. At some time deferral will no longer be possible, because no tangible asset will last forever (except land). Therefore, the obligation to perform the asset retirement activity is unconditional even...
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...agrees that business managers must understand finance and marketing. But is it necessary for them to study ethics? Managers who answer in the negative generally base their thinking on one of three rationales. They may simply say that they have no reason to be ethical. They see why they should make a profit, and most agree they should do so legally. But why should they be concerned about ethics, as long as they are making money and staying out of jail? Other managers recognize that they should be ethical but identify their ethical duty with making a legal profit for the firm. They see no need to be ethical in any further sense, and therefore no need for any background beyond business and law. A third group of managers grant that ethical duty goes further than what is required by law. But they still insist that there is no point in studying ethics. Character is formed in childhood, not while reading a college text or sitting in class. These arguments are confused and mistaken on several levels. To see why, it is best to start with the question raised by the first one: why should business people be ethical? Why Should One Be Ethical? There is already something odd about this question. It is like asking, “Why are bachelors unmarried?” They are unmarried by definition. If they were married, they would not be bachelors. It is the same with ethics. To say that one should do something is another way of saying it is ethical. If it is not ethical, then one should not do it...
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...presentation of the answers. Answer to question 1 1 Definition of liability: A present obligation arising from a past event, the settlement of which is expected to result in an outflow of resources embodying benefits (i.e. usually a cash payment) There are two types of event creating obligation a) Legal – arises from the conclusion of legal contract, legislation or other operation of law. Example: repair warranty in sales agreement Constructive – derives from the actions of the enterprise where: Past actions – by an established pattern of past practice, published policies or a sufficiently specific current statement, the enterprise has indicated to other parties that it will accept certain responsibilities; and Created valid expectations – as a result, the enterprise has created valid expectations on the part of those parties that it will discharge those responsibilities For example: manufacturer has repaired any faulty items free of charge though there is no warranty in the sales agreement 3. Provision is a liability of uncertain timing or amount. It is accrued on the statement of financial position as it is probable it will be settled and a reliable estimate can be made of the amount that will be settled. Application of the recognition and measurement rules Future operating losses Do not meet the definition of liability and no provision should be made. Onerous contracts Where certain rights and obligations make a contract onerous, a provision should be recognized for any unavoidable...
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...As professionals in the human service field it is important for us to know that now if a client expresses they have a plan to kill someone, it is our obligation to break confidentiality and inform the potential victim and or the police of the thoughts of your client. This may be a tough thing for some of us to do because of the ethical responsibilities we have with our clients but now this is a part of our legal responsibilities to protect the welfare of the society by having the duty to protect individuals who are bing threatened with bodily harm by a client naming it “duty to warn and duty to protect” (in the previous ruling it was only known as “duty to warn”. This is also known as a “Tarasoff warning” in place, meaning where a mental health professional is required to warn of a credible danger to a reasonably identifiable victim. Duty to protect includes clients that may be suicidal. Human services code of ethics entitles us as professionals to let the client know before our sessions began that we have a limits to our confidentiality. It also provides ethical standards to which the general public can hold the social work profession accountable due to the fact that the professionals in the case could have possibly prevented the sad incident from happening. Sometimes an issue may arise when social workers’ ethical obligations conflict with agency...
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...INDEPENDENT CONTRACTOR AGREEMENT This Independent Contractor Agreement (the “Agreement”) is entered into as of ___________________ (the “Effective Date”) by and between ____________________ (Independent Contractor), a INDIVIDUAL [individual/corporation/partnership/etc.] (the “Contractor”), and PORTERHOUSE FINE MEATS, a LLC [corporation/partnership/etc.] (the “Company,” and together with the Contractor, the “Parties”). RECITALS WHEREAS, the Company wishes to engage the Contractor as an independent contractor for the Company for the purpose of completing certain specified tasks on the terms and conditions set forth below; and WHEREAS, the Contractor wishes to provide the Services (as defined below) in accordance with the terms of this Agreement; and WHEREAS, each Party is duly authorized and capable of entering into this Agreement. NOW THEREFORE, in consideration of the above recitals and the mutual promises and benefits contained herein, the Parties hereby agree as follows: 1. RESPONSIBILITIES. a) Of the Contractor. The Contractor agrees to do each of the following: A. Perform the Services set forth in Exhibit A attached hereto and made a part hereof (collectively, the “Services”). B. Devote as much productive time, energy, and ability to the performance of its duties hereunder as may be necessary to provide the required Services in a timely and productive manner. C. Perform...
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...and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount. Scope 1 This Standard shall be applied by all entities in accounting for provisions, contingent liabilities and contingent assets, except: (a) those resulting from executory contracts, except where the contract is onerous; and (b) [deleted] (c) those covered by another Standard. 2 This Standard does not apply to financial instruments (including guarantees) that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement. 3 Executory contracts are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent. This Standard does not apply to executory contracts unless they are onerous. 4 [Deleted] 5 When another Standard deals with a specific type of provision, contingent liability or contingent asset, an entity applies that Standard instead of this Standard. For example, some types of provisions are addressed in Standards on: (a) construction contracts (see IAS 11 Construction Contracts); (b) income taxes (see IAS 12 Income Taxes); (c) leases (see IAS 17 Leases). However, as IAS 17 contains no specific requirements to deal with operating leases that have become onerous, this Standard applies to such cases; (d) employee benefits (see IAS 19 Employee Benefits);...
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...Responsibility Marshan Brown Leg-Bus 500 Law, Ethics, and Corporate Governance Professor Daniel Smith May 13, 2012 ETHICAL RESPOSIBILITY Determine at least three different internal and external stakeholders that Dr. Do Right might have to deal with on a daily basis at the hospital. Discuss the duty of loyalty owed to each internal and external stakeholder. Dr. Do Right has a duty of loyalty to employees, society, and board of directors. Each duty of loyalty has its’ own significant meaning. Dr. Do Right signed a contractual agreement with Universal Human Health Hospital and took an oath to run the daily operations of the hospital, implement procedures and decisions made by the board of directors, and give updates and reports to the board members and shareholders about the financial status and daily operations of the organization. First of all, Dr. Do Right must communicate procedures, policies, and business goals to his management team. He must educate them on business changes, developmental opportunities, and all other vital information to help them to administer and communicate the organizations’ policies, expectations, and needs to lower level employees. Dr. Do Right must also display leadership qualities that are positive, respectful, and effective. This is his obligation to show that he is capable and responsible...
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...level and may work its way down if sufficient information is unavailable. The highest and preferred FVM is quote prices from active markets with the lowest being assumptions developed by the entity 410-20-25-4 An entity shall recognize the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. If a reasonable estimate of fair value cannot be made in the period the asset retirement obligation is incurred, the liability shall be recognized when a reasonable estimate of fair value can be made. If a tangible long-lived asset with an existing asset retirement obligation is acquired, a liability for that obligation shall be recognized at the asset’s acquisition date as if that obligation were incurred on that date. 410-20-25-6 An entity shall identify all its asset retirement obligations. An entity has sufficient information to reasonably estimate the fair value of an asset retirement obligation if any of the following conditions exist: It is evident that the fair value of the obligation is embodied in the acquisition price of the asset. b. An active market exists for the transfer of the obligation. c. Sufficient information exists to apply an expected present value technique....
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...Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Silicon Valley, Bangalore, Singapore, New Delhi and Munich. We specialize in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner. We focus on niche areas in which we provide significant value and are invariably involved in select highly complex, innovative transactions. Our key clients include marquee repeat Fortune 500 clientele. Our experience with legal, regulatory and tax advice coupled with industry expertise in an integrated manner allows us to provide the complete strategy from the onset through to the full set up of the business and until the exits. We focus on niche areas in which we provide significant value add and are involved in select highly complex, innovative transactions. Core practice areas include Mergers & Acquisitions, International Tax, International Tax Litigation, Fund Formation, Fund Investments, Litigation & Dispute Resolution, Capital Markets, Employment and HR, Intellectual Property, Corporate & Securities Law, Competition Law, JVs & Restructuring, General Commercial Law and Succession and Estate Planning. Our specialized industry niches include financial services, IT and telecom, education, pharma and life sciences, media and entertainment, real estate and infrastructure. Nishith Desai Associates has been awarded the “Best Law Firm of the Year”...
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