Business and Accounting Questions

Business And Accounting Questions

Question1

In a bilateral contract, the two parties have corresponding rights and duties. One party has a right to require the other to perform some task, and the other has a duty to perform it. The transfer of contractual rights to a third party is known as an assignment. The transfer of contractual duties to a third party is known as a delegation. An assignment or a delegation occurs after the original contract was made. Just as a party can transfer rights through an assignment, a party can also transfer duties.

Question 2

A separation agreement means that your marriage or civil union still legally exists, but you have both agreed to live apart. If this is what you want to do, you can make a separation agreement or apply to the Family Court for a separation order. It is basically to record the fact that you have separated, and can be useful later on if problems occur and you need to go to court, or if you later decide to apply for a divorce.[2]

If the agreement deals with how to divide your property, it has to be in writing and a lawyer has to certify that you have both received individual legal advice. It is not necessary to have a separation agreement to dissolve your marriage/union, or qualify for the Domestic Purposes Benefit (DPB).[1]

Question 3

Duties are not assigned, however; they are delegated. Normally, a delegation of duties does not relieve the party making the delegation (the delegator) of the obligation to perform in the event that the party to whom the duty has been delegated (the delegatee) fails to perform. No special form is required to create a valid delegation of duties. As long as the delegator expresses an intention to make the delegation, it is effective. The delegator need not even use the word delegate.

Question 4

Suppose that Loretta contracts with Chavez to tutor Chavez in the various aspects of financial underwriting and investment banking. Loretta, an experienced businessperson known for her expertise in finance, wants to delegate her duties to a third party, Gross. This delegation is ineffective because Loretta has contracted to render a service that is founded on her expertise. The delegation would change Chavez's expectations under the contract. Therefore, Gross cannot perform Loretta's duties.

Question 5

Ultimately, the leaders of any enterprise need to sit back and ask, and answer, "What are ...