Problem regarding the terms of a contract

Assignment Help Accounting Basics
Reference no: EM13969572

1. To what extent, if at all, is it possible to bind or benefit a person under the terms of a contract to which he or she is not a party?

2. Limited Horizons Holiday plc engaged Mandy, a modern languages undergraduate, to act as its repres- entative for its Majorcan Culture holidays for a summer season for a lump sum of £3,000 and all accom- modation, food and travelling expenses. A term of the contract requires Mandy to attend a total of five training days before commencing the job. Some of the training days are held during Mandy's examina- tions and, as a result, she only attends on three days. On 5 June, only 10 days before she was due to fly out to Majorca, Limited Horizons informs her that her services will not be required. Mandy is furious and, although she has been offered alternative employment in the local corner shop working part-time for £7 per hour, she decides to go to Majorca anyway. She spends the entire summer holiday in Majorca, living in the same three-star hotel she would have been based at under the terms of her contract with Limited Horizons. Her total expenses are £4,000. On her return to the UK she writes to Limited Horizons demand- ing payment of the £3,000 lump sum and reimbursement of her expenses of £4,000.

Advise Limited Horizons.

Reference no: EM13969572

Questions Cloud

What are the long-term effects of rent ceilings : Why do you think organized labor groups, such as unions, are supporters of a higher minimum wage, even though all of their members earn much more than the minimum wage?
Standard form contracts in business : Explain what is meant by the term 'standard form contract'. What are the advantages and disadvantages of using standard form contracts in business? 1. (a) Explain what is meant by the following saying:
Summarize the important points of the case for the class : Summarize the important points of the case for the class. You should assume that the class is not familiar with the case.
Different kinds of contracts : For each of the examples given below identify: (a) the different kinds of contracts described; and
Problem regarding the terms of a contract : 1. To what extent, if at all, is it possible to bind or benefit a person under the terms of a contract to which he or she is not a party?
Draw a graph, label the axes and identify the market : Draw a graph, label the axes and identify the market that the graph is depicting and explain in words how either the demand or supply curve moves given the discussion in the article.
Substantial profit on the sale : David has now discovered that Caroline has made a substantial profit on the sale of her house and is about to depart on a round-the-world holiday.
Discuss the concept of perceived value and its importance : Discuss the concept of perceived value and its importance to consumer behaviour and marketing. Discuss the theory and then give practical examples of how customers perceive various brands and how this impacts on their behaviour.
Lack of intention to create a legal relationship : 1. Explain the circumstances in which the courts will refuse to enforce agreements as contracts because of a lack of intention to create a legal relationship.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd