The Federal Acquisition Regulation (FAR)

ASC 42-10-25-8 states that entity should recognize obligation related to the termination of employees, the liability for termination benefits should be recognized at the communication date. According to ASC 42-10-30-4 through 30-6 this liability shall be measured at its fair value. In this case, Pharam Co. will not show the liability of $3 million for the termination benefits on its December 31, 2010 Balance Sheet.

The area of law to be discussed would be implied 'terms of a contract which are not agreed by the parties.' They are terms which are related to 'contingencies which might affect the contract of employment in this case.' This is what 'parties intended but left unwritten in the gap of a contract.' There are five conditions by which a contract would be satisfied before a term would be implied. They are 'reasonable and equitable, necessary to give business efficacy so no term will be implied if

Objective of this paper is to discuss where the following agencies lie in the administrative structure of the federal government:

The owner would have to make the final payment although it was a breach of the contact from what was requested from the beginning. When the owner and the builder entered into a contract with an accurate agreement and then it became untrue the contract was a minor breach. As the textbook states, “A minor breach is when the party has substantially performed but has not strictly performed” (Lau, 2012, p. 191). An example from the textbook was when a builder put red title in an owner’s foyer of his home instead of blue tile that he requested, “presumably the builder acted in good faith, he produced a house that is capable of being used for its intended purpose” (Lau, 2012, p.

In Austral Standard Cables Pty Ltd v Walker, the court found that if the purchaser had not stated that they would not complete due to financial difficultly prior to the settlement, the vendor would be ready, able and willing to complete. Therefore the vendor’s failure to

The Federal Trade Commission is an independent agency of the U.S. government that was established in 1915 and charged with keeping American business competition free and fair. The FTC has no jurisdiction over banks and common carriers, which are under the supervision of other governmental agencies. It has five members, not more than three of whom may be members of the same political party, appointed by the President, with the consent of the Senate, for seven-year terms. The act was part of the program of President Wilson to check the growth of monopoly and preserve competition as an effective regulator of business.

This fact is stated plainly and directly even in the FAR itself, where it is written, “Agencies are encouraged to promote early exchange of information about future acquisitions.” Exchanges are beneficial to all parties involved in the acquisition process, and there are a number of reasons why such exchanges are beneficial. As the regulations explain at FAR 15.201(b), some of these benefits include an improved understanding of the Government’s requirements for the potential suppliers, and also an improved understanding of a potential supplier’s capabilities by the Government. Additionally, exchanges between Government and potential suppliers can help the Government firm up or finalize their acquisition plan and source selection strategy for a particular procurement by enabling them to determine things such as, “proposed contract type, terms and conditions, and acquisition planning schedules,” as well as, “the feasibility of the requirement, including performance requirements, statements of work, and data requirements.”

Michigan has adopted the Antitrust Reform Act. Mich. Comp. Laws Ann. § 445.774a. The Act allows employers to obtain agreements , protecting their reasonable competitive business interests by prohibiting employment with competitors. Id. But the agreement must be reasonable “as to its duration, geographical area, and the type of employment or line of business.”Id. To be reasonable, a restrictive covenant must “‘protect against the employee’s gaining some unfair advantage in competition with the employer, but not prohibit the employee from using general knowledge or skill.’” Coates v. Bastian Brothers, Inc, 276 Mich. App. 498, 741 N.W.2d 539  (2007) If the agreement is found to be unreasonable, a court may “limit the agreement to

The Federal Acquisition Regulation organizes the mandatory terms and conditions to form a binding agreements and contracts between the federal government and

The owner accuses the contractor’s employee to have known the error prior to the tender opening.

According to the Federal Trade Commission (FTC), there are two red flags that to warn consumers of a pyramid scheme (inventory loading and lack of retail sales). It was determined in a federal appeal court by the FTC that BurnLounge was working an illegal pyramid scheme. The decision was based on the fact that contributors had to pay to join the scheme and were mainly encouraged by recruiting others into the scheme instead of selling products. The courts did not rule that Herbalife’s commission produced from goods vended to contractors were unlawful. Unlike BurnLounge, Herbalife focused on both the recruitment of contributors and sells to consumers. The cost to join BurnLounge is an annually fee up to $429.95 and Herbalife fee is a one-time

To regulate the financial industries, I would use the concept of “command and control” opposed to the “incentive system” because deregulation of the financial system is what caused it to fall and the only incentive these industries have is money, which they make more of by fraud. Command and control is regulation of businesses and punishment if they do not follow directions made by the government. Deregulation is the underlying cause for example, Iceland in 2000 deregulated the financial industries, privatizing three of the biggest banks, where they borrowed $120 billion which lead to the banks collapsing in 2008. After the US was hit with a period of deregulation, which was backed up by Reagan who was supported by financial industries, investment banks began

The rule that courts will imply a term that was overlooked when the contract was being made, as it was so obvious

Strict adherence to formal procedures characterizes sealed bidding which attempts to provide a “level playing field” or as a multitude of references point out equal footing to all bidders who compete for a contract. Competitive negotiation is a more flexible process that enables the agency to conduct discussions, evaluate offers, and award the contract using price and other factors. The Federal Acquisition Regulation (FAR), whose origins can be traced back to the ASPA of 1947 was codified at Title 48 of the Code of Federal Regulations and became effective 1 April 1984. The FAR contains the uniform policies and procedures for acquisitions by all federal agencies to date. It addresses nearly every procurement related statute or executive policy; and subsequently encompasses every stage of the acquisition process. In a nutshell, FAR appears to have modernized and thus enveloped the aforementioned three acts.

The Commodity Futures Modernization Act was a bill that was passed late in the Clinton presidential era. The act essentially allowed unregulated trading of risky derivatives and allowed credit default swaps to exist. Majority of individuals in the financial industry supported deregulation of the derivatives market as well as high-ranking government officials. Supporters included Alan Greenspan the Federal Reserve chairman, Robert Rubin Clinton’s Treasury Secretary, and Arthur Levitt the chairman of Securities and Exchange Commission. Brooksley Born, the chairman of the Commodity Futures Trade Commission, wanted the CFTC to oversee the financial derivatives but faced heavy opposition from Greenspan, Rubin, and Levitt. Born’s continuous attempts to warn the financial industry and government about the risks of an unregulated derivatives market were shut down. Ultimately, the Commodity Futures Modernization Act was passed by congress and it exempted both swaps and derivatives from regulation by the SEC or the CFTC.