hsha 434 chap 678
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Alexander, Taraneisha
HSHA-434-OP1
September 30, 2023
October 1, 2023
Chapter 6,7,8 Questions
1. What is a contract?
A special agreement, written or oral, that involves legally binding obligations between two or more parties.
2. Describe differences between express &implied contract.
Expressed contracts are oral and written.
3. What are the elements of a contract?
Offer
Consideration– Adequacy
Acceptance - Meeting of the Minds, Definite & Complete, Duration,Complete and Conforming
4. Discuss remedies available for nonperformance of a contract.
Fraud - A victim of fraud will not have to perform under a contract.
Mistakes–
Mistake of Fact– an incorrect belief regarding a fact. Both parties must have made the mistake.
Mistake of Law - an incorrect judgment of the legal consequences of known facts. If the parties to a suit make a mistake as to the law involved, they usually must accept their plight without any remedy.
Duress - the use of unlawful threats or pressure to force an individual to act against his or her will. An act performed under duress is not legally binding.
Illegal Contract - contract whose formation, object, or performance is against the law or contrary to public policy that no court would uphold or enforce. No individual can recover damages when a contract is formed for illegal purposes.
Impossibility - Contracts can become impossible to perform because (1) certain facts might have existed at the time the contract was executed or (2) they might have arisen subsequent to the formation of the contract. Contracts that are impossible to perform do not have to be carried out by the parties to a contract.
Statute of Limitations - A party to a contract who does not, within a period of time known
as the statute of limitations, take action to enforce contract rights by suing for damages caused by a breach of the contract or taking other action can be barred from doing so.
5. Discuss importance of disclaimers in employee handbooks.
The purpose is to protect the employer from claims that an employee's job was considered permanent.
6. Discuss why courts often consider medical staff bylaws a contract.
It thus contained the essential elements of a binding contract: the promise of employment on stated terms and conditions by the employer and the promise by the employee to continue employment under those conditions. The court noted that a promise for a promise, or the exchange of promises, constitutes consideration to support any contract of this bilateral nature.
7. Explain why exclusive contracts are so controversial.
Exclusive contracts in healthcare, particularly in departments like radiology, anesthesiology, pathology, and emergency services, have been a subject of controversy due to their potential implications for competition and access to care. These contracts grant specific physicians or medical groups exclusive rights to provide certain services within an organization.
8. What is an insurance contract?
Form of risk management used primarily to hedge against risk of potential loss.
1.Describe trial process, including pretrial motions& the functions of the judge, jury, & attorneys.
Pre-Trial Motions
Motion to Dismiss a case– Defendant alleges plaintiff‘s complaint does notset forth a claim or cause of action recognized by law
Motion for Summary Judgment– Either party to a suit may believe that there areno triable issues of fact & only issues of law tobe decided.– In such event, either party may make a motion for summary judgment.
Pre-Trial Conference
Notice of Trial
Memorandum of Law
Judge - Handles conduct of trial• Decides questions of law• Determines issues of procedure• Decides if evidence admissible• Charges the jury• May direct a verdict
Jury - Selected from jury list• Determines issues of fact• Determines damages
2. Describe the kinds of evidence that a plaintiff can present in order to establish a negligent act.
Violation of a statute can constitute direct evidence of negligence, or it simply can voice a duty that is owed to a 99 particular class of persons who are protected by the statute or regulation.
3. What defenses can a defendant present in order to refute a plaintiff's evidence?
Assumption of a Risk
Comparative Negligence
4. How does statute of limitations favor defendants?
The statute of limitations favors defendants primarily by imposing time constraints on when a legal action, such as a malpractice suit or a personal injury claim, can be initiated
5. Describe the differences between nominal, compensatory, hedonic, & punitive damages
Nominal damages are awarded as a mere token in recognition that wrong has been committed when the actual amount of compensation is insignificant.
Compensatory damages are estimated reparation in money for detriment or injury sustained (including loss of earnings, medical costs, and loss of financial support).
Hedonic damages are those damages awarded to compensate an individual for the loss of enjoyment of life. Such damages are awarded because of the failure of compensatory damages to compensate an individual adequately for the pain and suffering that he or she has endured as a result of a negligent wrong.
Punitive damages are additional money awards authorized when an injury is caused by gross carelessness or disregard for the safety of others.
1. Describe the organization, responsibilities, duties, and legal risks of a governing body.
Organization:
The governing body is typically composed of individuals who represent both the community and the organization's medical staff. This diversity ensures a comprehensive perspective on healthcare management and decision-making. The governing body often conducts its business through various committees, each with specific roles and responsibilities.
Responsibilities and Duties:
Executive Committee: This committee functions as a working group of the governing body and has delegated authority to act on behalf of the full board when it's not in session. Its responsibilities include serving as a liaison between management and the full board, reviewing and making recommendations on management proposals, and handling special assignments delegated by the board.
Bylaws Committee: Responsible for reviewing and recommending changes to the organization's bylaws to the governing body. Bylaws changes are typically subject to approval by a majority vote of the governing body.
Finance Committee: Tasked with overseeing the financial affairs of the organization, preparing financial statements, operating budgets, and major capital requests. This committee makes financial recommendations to the governing body, and actions taken by the finance committee require approval by the governing body.
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Related Questions
There are 4 essential parts to a contract. All 4 components (Agreement, Consideration, Capacity and Legality) are necessary to have a viable contract. Contracts can be created by words, in writing, by behavior and via court order (estoppel). Explain and define the 4 components of a contract. Chapter 11 speaks to the first component.. "Agreement" (which consists of an offer and acceptance). Explain what an offer is and how one can show acceptance. There are many ways that Agreement (meeting of the minds) can be met whether in a written, oral and implied contract. Find an interesting case that talks to the issue of when or how important Agreement is in contract formation. They say "Timing is everything" in contract law. Why is time so important when making an offer or receiving an acceptance? Remember to use a minimum of 350 words
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7
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Which of the following is not a condition in identifying the contract with the customer as per IFRS 15?
The entity and the customer have approved the contract and are committed to perform their contractual obligations
It is certain that the entity will collect the consideration to which it is entitled
Each party's rights with regard to the goods or services concerned can be identified
The payment terms can be identified
EN
2时 6 l
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True or False
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For PFRS 15 to apply, a contract with a customer should meet which of the following conditions?
I. The contract has been approved by the parties to the contract.
II. Each party's rights in relation to the goods or services to be transferred can be identified.
III. The payment terms for the goods or services to be transferred can be identified.
IV. The contract has commercial substance.
V. It is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected.
A.I, III, IV and V
B.I, II, III and IV
C.I, II, III, IV and V
D.I. II. III and V
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Step 1 of the "five-step model" states that certain conditions must be satisfied before an entity can account for a contract with a customer. Which of
the following is not one of these conditions?
Oa The entity and the customer have approved the contract and are committed to perform their contractual obligations.
O b. The payment terms can be identified.
O citis certain that the entity will collect the consideration to which it is entitled.
Od. Each party's rights about the goods or services concerned can be identified.
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It’s a contract whereby a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter.
a. Contract of agency
b. Contract of barter or exchange
c. Contract for a piece of work
d. None of the above
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The following certain attributes present into a contract to determine whether the arrangements with customer are contracts within the scope of IFRS 15:I. The parties have approved the contract and are committed to perform their respective obligations.II. Each party’s rights regarding the goods or services to be transferred can be identified.III. Payment terms can be identified.IV. The contract has commercial substance.V. It is probable that the entity will collect the consideration to which it will be entitled in exchange for goods or services that will be transferred to the customer.
I only
I, II, and IV only
All of the above
I, II, IV, and V only
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F 1.
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_____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium.
a.Spot contract
b.Insurance
c.Hedging
d. Forward contract
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1. An agreement enforceable by law is known as:
a) Promise
b) Contract
c) Obligation
d) Lawful Promise
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1. An intoxicated individual will enter in a void/voidable/valid contract
A. Void
B. Voidable
C. Valid
2. Minors will enter into a void/voidable/valid contract.
A. Void
B. Viodable
C. Valid
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A(n) __________ warranty is a warranty in which the seller promises the customer that the good or service will function as specified in the contract amounts.
a.promise-type
b.assurance-type
c.service-type
d.functional-type
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Give 3 takeaways on the importance of the Law in Obligation and Contract
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T/F
1.Sale is a mode that gives rise to a title
2. Nominate which means that it has been given a particular name by law. A certain set of provisions will be applicable In trying to construe issues related to the contract.
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Required A
1. Record the sales agreement. 10.01.2020
2.Record entry for forward contract entered into by Mertag Company. 10.01.2020
3. Record the forward contract and recognize the change in fair value. 12.31.2020
4. Record the firm commitment and recognize the change in fair value. 12.31.2020
5. Record the entry to adjust the fair value of the forward contract. 01.31.2021
6. Record the entry to adjust the fair value of the firm commitment. 01.31.2021
7. Record the sale and receipt of PLN. 01.31.2021
8. Record settlement of forward contract. 01.31.2021
9.Record entry to close the firm commitment. 01.31.2021
Required B Determine the net benefit, if any, realized by Mertag from entering into the forward contract. (Do not round intermediate calculations. Negative amount should be entered with a minus sign.)
Net benefit:
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12
Which type of contract contingency is most likely to only be accepted by the seller if they have had very few offers on the property?
Financing contingency.
B
Partner approval contingency.
Appraisal contingency.
DO
Inspection contingency.
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on the advan criticisms of the two theories.
according the economic theory of contract enforcement. Comment
explain (again in your own words) how this question is answered
bargain of contract law. State in your own words and then
in you own words) how this question is answered according to the
should be enforced?" State in your own words and then explain (again
The first fundamental question of contract law is "What promises
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Which of the following is not a condition in the determination of when a valid contract exists:
O The payment terms are identified.
O The contract has to be in writing.
O The parties have approved the contract.
O It is probable that the consideration will be collected.
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(a) Which of the following is a "financial instrument' as defined by MFRS 9? Glve reasons for your answer.
(1) Leases
(i) Trade receivables
(il) An investment in an associate
(iv) A non-controlling interest in a partnership
(v) Provision for employee benefits
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O D. Voluntary contribution to participate in protecting each other against defined loss
30. Which of the following is TRUE under the pillars of a Takaful contract? *
O A. Sighah al-'aqd
O B. Contracting parties
C. Subject matter of the contract
O D. All of the above
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Create an example of a contract that has the credit to be legal, the contract must be in writing specifying the amount, time of payment, interest and other terms agreed upon by both parties.
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10.Ijarah is explained by which of the following
(A)Contract for usufruct
(B)Contract of partnership
(C)Contract to sell upon manufacture
(D)Contract of agency
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Which of the following is NOT the correct statements regarding forward contracts? I. contain a commitment to the owner, and are standardized. II. contain a commitment to the owner, and can be tailored to the desire of the owner. III. contain a right but not a commitment to the owner, and can be tailored to the desire of the owner. IV. contain a right but not a commitment to the owner, and are standardized.
A.
I, III, IV
B.
II, IV
C.
I, II, III
D.
I, II
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(b) Describe the types of Musharakah contracts and give ONE (1) example for each type.
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11
The following item indicates that the promise good and service are not distinct, except
Group of answer choices
The good or service is highly interrelated with other goods or services promised in the contract.
A license that the customer can benefit from only in conjunction with related service.
The good or service significantly modifies another good or service promised in the contract.
A license that forms a component of a tangible good and that is integral to the functional of the good
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Answer to following multiple choice questions?
6. Murabaha is a ___________ based contract.
a.
Agency
b.
Partnership
c.
Rental
d. Sale
7. Which of the following is not a correct statement about the lease rentals?
a.
It should be fixed for the entire lease period
b.
Fixing is not allowed in any case ()
c.
It can be tied up to a known benchmark acceptable to both the parties
d.
It can be fixed on periodic basis but periodic increment should be agreed upon
8.
Two or more persons are the joint owners of an asset and they have no intention of the business based on this partnership. This type of shirkat is called
a.
Shirkat-ul-Mufawada
b.
Shirkat-ul-Amwal
c.
Shirkat-ul-Aamal
d.
Shirkat-ul-Inan
e.
Shirkat-ul-Wujooh
f.
Shirkat-ul-Milk
9.
When is the title of the asset transferred in Ijarah (Al-Muntahiyah Bit Tamleek) to the client?
a.
At the end of lease if client…
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First Statement: If the words of the contract are clear and leave no doubt on the intention of the parties, interpretation of contracts may be proper.
Second Statement: In case of gratuitous contracts, doubts shall be resolved in favor of greatest reciprocity of interest.
a.The first statement is true; the second is false
b.Both are false
c.Both are true
d.The first statement is false; second is true
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21 - Which of the following forms of payment provides a high level of assurance to both the seller and the buyer?A) Advance paymentB) Consignment saleC) Payment by letter of creditD) Payment with acceptance creditE) Payment against documents
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Left circle = TRUE
Right circle = FALSE
No need to explain just choose the correct answer.
Thank you!!
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Formalities in a contract can be self-imposed by the parties to a contract.
Select one:
True
False
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