Robins Robins Case note - Free Essay Example

Sample details Pages: 4 Words: 1208 Downloads: 6 Date added: 2017/06/26 Category Law Essay Type Case study Did you like this example? Robins Robins Indemnity can be described as an obligation of making good any liability, damage or loss incurred by another party. In indemnity, one party to the contract holds the other party to the contract harmless for some damage or loss. In this case, the first defense Casings, Inc. will have is that there was a clause in the contract indemnifying it from defects beyond the cost of the supplied parts. Therefore, Casings, Inc. can argue that they are only liable to the extent of the supply they made to Robins Robins and not to the extent of the consumers of the products. The second defense will be that Robins Robins entered into a contract with Casings, Inc. willingly without being coerced and they read all the clauses in the contract and were in agreement with them before signing the contract. This means that they were aware of this clause and they were comfortable with it hence going against it will amount to breach of contract. A contract is an agre ement that is legally enforceable between two parties or more with mutual obligations. Damages is the remedy that exists at law for breaching a contract. The other remedy is monetary compensation. In equity, an injunction or specific performance of the contract, are the remedies. Both the law and equitable remedies award the party that is damaged the benefit of the contract bargain or expectation damages. These damages are greater than simple reliance damages, like in promissory estoppels. The facts of this case are that when Casings, Inc. and Robins Robins contracted, they ensured that the stated in Section 14B that à ¢Ã¢â€š ¬Ã…“the remedy for defects in supplies shall be limited to the cost of the parts suppliedà ¢Ã¢â€š ¬Ã‚ . Vitiating factors, which constitute defenses to the purported formation of the contract include, duress and unconscionability. The fact that the products of Casings, Inc. are damaged makes the contract unconscionable. Robins Robins company has a rig ht of mitigating the damages caused to the company. The company can also sue for undue influence due to the clause 14B.2.a that was inserted in the contract, frustration of purpose or misrepresentation. Any ruleà ¢Ã¢â€š ¬Ã¢â€ž ¢s validity can be determined upon petitioning for a declaratory judgment directed to the Court upon being alleged that the particular rule, either interferes with, impairs, immediately threatens to impair or interfere with, the privileges or the legal rights of the petitioner. Robins Robins can argue on this ground because the rule applies to it retroactively hence interfering with its privileges and legal rights. They can also argue that the FDA acted unconstitutionally because they imposed a retroactive rule that was only applicable to Robins Robins hence it was discriminatory. Another ground for challenging a regulation of an agency involves a requirement that a regulation can cease to apply if there was no application of the APAà ¢Ã¢â€š ¬Ã¢â€ž ¢ s public input or comment, publication and notice, requirements by the agency. The procedures for making rules should be adhered to in order for the process of regulation and the rules resulting to be valid. An agency seeking public comment for drafting of legislation purpose cannot then change the legislation into a rule subsequent to the comment period. In this case, Robins Robins can argue that the agency did not follow due process in making the à ¢Ã¢â€š ¬Ã…“tracking barà ¢Ã¢â€š ¬Ã‚  requirement applicable to them. There was no public input or comment, there was no publication and there was no notice before the implementation of the order by the FDA. Two major theories that would be applicable to this case are the negligence theory and the tort liability theory. A case against Robins Robins, the strict tort liability in 402A would be applicable because Robins Robins Company, the seller, sold a product that caused harm to customers. This liability will still stand regar dless of the existence of contractual limitations indemnifying the seller and regardless of the seller taking the necessary precautions and measures. In supporting this case, it would be essential to present the children and all the people affected by the products and those who perished as a result of the inadequate tests of the drugs by Robins Robins and defective manufacturing. Due to the very strong nature of the case against Robins Robins, they might not be able to have a defense for the suit against them. However, Robins Robins can argue that there was contributory negligence by Casings, Inc. because they were involved in supplying the products to Robins Robins. Therefore, Robins Robins can make a claim of contributory negligence against Casings, Inc. A case of negligence can be filed against the FDA. This is because their actions led to people being exposed to harm. They owe the public a duty to protect them from harmful products from various companies. They had a d uty to subject Robins Robins to the tracking bar rule in order for the safety of the consumers and the general public. The FDA can also be held liable for the acts of their employee who was bribed. However, the FDA can argue that the employee was acting on his own behalf and not on behalf of the FDA. This defense might not succeed because the employee is liable criminally but professionally, the FDA is liable for his actions because it has control over its employees. For Casings, Inc., a case of contributory negligence can be instituted against them. This is because they were the producers of the products that caused harm to the consumers. Despite the fact that they were not the direct suppliers of the products, they contributed in the negligence which led to many people becoming sick and others dying, Casings, Inc. will not have a defense against this suit. After taking the civic comments, the FDA will propagate the absolute regulation. Then, whichever interested party has t he ability to dispute the regulation legitimacy within court. The party has an extremely intricate burden to meet, and the party would probably fail. A party can dispute a regulation given that it is subjective and capricious. This needs the bureau to provide substantiation that supports the anticipated regulation. The second way to dispute a regulation is by claiming that the rule is outside the bureau authority. It is difficult to substantiate since the majority of bureaus stay inside authority set for them within their facilitating acts. If Robins did not take part within the comments, then the situation would be different. The exhaustion of solutions to a predicament needs that every existing step be pursued within the bureauà ¢Ã¢â€š ¬Ã¢â€ž ¢s procedures prior to taking legal action. These regulations are important to prevent court overloading with queries that may not even be arguments by when the bureaus conclude what their closing orders or verdicts will be. Works Cited FDA+UPC tracking bars lobbying against UPC tracking bars Contributory negligence+indemnification from suits+for attorneys fees, and for punitive damages. Widener Law Review. Wilmington, Del: Widener University School of Law, 2003. Print. Top of Form Bruner, Philip L.Managing and Litigating the Complex Surety Case. Chicago, Ill.: Tort and Insurance Practice Section, American Bar Association, 2007. Print. Bottom of Form Sanbar, Shafeek S.Legal Medicine. Philadelphia, Pa: Mosby, 2004. Print. Don’t waste time! Our writers will create an original "Robins Robins Case note" essay for you Create order

How Stress Is Like A Sickness It Comes And Goes - 1837 Words

Stress is like a sickness it comes and goes and when it comes upon you it will hit you hard at the times that is least expected. It is natural to feel stressed whether you are a parent trying to work and provide for your children, or even being a college student with difficult classes and even a job that may lead to one having stress. We all get stressed, it is normal for that to happen because we are human. You cannot let stress get a hold of you, find away to overcome your stress. You have to find a way to get out of it whether it is going out with friends or watching a movie on your own. This past summer was like a roller-coaster for me, my emotions went from extremely happy one moment to feeling down the next. In the beginning of the†¦show more content†¦So I applied online to Washington Adventist University, and once I finished applying online I had to go my high school and get my transcript and bring it to Washington Adventist University basically I had to go through a whole application process. I get to the University with my transcript and my report card I take it up to the Admissions office and Ms. Desiree Dixon went over it and because my grades were so low I was close to being not being accepted. But because she saw how my GPA would change each year she saw that there was potential and offered me to join the summer bridge program. My first reaction was I don t want to go to summer school and end up taking summer classes, but then shortly after I came to the realization that if I hadn t messed up in High School I wouldn’t end up by having to take summer courses. So she had my mother and I sign forms saying that I will be attending summer courses. But unfortunately it was not that easy, because I had to be approved to join by the head of the summer program so Ms. Dixon tried contacting him but did not receive much luck, but she told us to go home and that she will keep trying to contact Mr. Ralph Johnson who was the head of the program. We went home hoping to recei ve the call that I was accepted into the program but

Advanced Corporate Accounting

Question: Discuss about the Advanced Corporate Accounting. Answer: Introduction: Impairment loss is acknowledged only when the carrying value of an asset surpasses its recoverable sum that is more than the fair value of the asset less the expenses to sell and worth that in use. According to the AASB 136, Para 59, only if an assets recoverable amount is lesser than its carrying amount, the assets carrying amount should be deducted to its recoverable amount and this particular deduction is known as impairment loss (Charteredaccountants.com.au 2016). On the other hand, as per the AASB 136, Para 60, an impairment loss is generally identified instantaneously in the loss or gain, unless the particular asset is approved at a revalued amount as per the Standard (Charteredaccountants.com.au 2016). The impairment loss of a revalued property should be considered as a revaluation fall according to the other Standard. Therefore, technically, the terminology impairment loss can be defined as the reduction in the net carrying value, the acquirement expense less depreciation, of a property which is more than the undisclosed flow of cash of the similar asset in the future. It can also be said that an impairment loss generally takes place when the assets are abandoned or sold as the organization does not expects any longer regarding the advantages of the operations for long-term. This is the particular fact, for which it varies from a written-down, although the impairment losses frequently resulted into a taxation delay for the property. On the basis of the kinds of assets that are impaired, the shareholders of a publicly held organization might also lose its equity in their stocks that might also resulted into a lower value of debt to equity ratio. The objective of the accounting standard AASB 136 is to suggest the methodologies that a unit can incorporate in order to make sure regarding its assets that will be carried at no more than the recoverable amount (Aasb.gov.au 2016). The particular asset is carried at greater than its recoverable amount only if the carrying sum surpluses the total sum to be recovered by selling the assets. This particular standard can be applied to every unit which is needed to construct the fiscal reports according to the Part 2M.3 of the Corporations Act and this is a coverage unit (Aasb.gov.au 2016). This standard can also be implemented for common rationale of the monetary reports of every other coverage. Additionally, the AASB 136 Standard of Accounting is also implemented within the fiscal news, which is, or is considered for common principle of fiscal reports. This standard of accounting (AASB 136) has various scopes and thus it can be implemented within the accounting for all assets impairment other than the inventories (AASB 102), properties that arises from the contracts of construction (AASB 111), deferred tax assets (AASB 112 Income Taxes) (Aasb.gov.au 2016). The other properties that arises from the benefits of the employees (AASB 119) and the fiscal assets that are present in the scope of Financial Instruments: Recognition and Measurement (AASB 139) are also considered as the exceptional impairment of assets for the scope of the AASB 136 (Aasb.gov.au 2016). Moreover, the Investment Property (AASB 140), Agricultural activities that are determined through fair value (AASB 141), Insurance contracts (AASB 4) and Non-current assets that are held for discontinuation and sale of operations (AASB 5) are also enlisted under exceptional cases (Aasb.gov.au 2016). Therefore, it can be said that the particular standard of accounting AASB 136 is only applied to those monetary assets that are classified under AASB 127, AASB 128 and AASB 131 (Aasb.gov.au 2016). The accounting stan dard AASB 127 is related to the subsidiaries under Consolidated and Separate Financial Statements, on the other hand, AASB 128 is related to the associates under Investments in Associates and AASB 131 implies the joint ventures under Interests in Joint Ventures (Bragg 2013). However, the impairment loss can be measured and recognized as per some requirements that are mentioned in the Paragraphs 59-64 (Aasb.gov.au 2016). According to the mentioned paragraphs, the impairment losses can be measured and recognized for an individual property other than the goodwill and cash-generating units that are dealt with the paragraphs 65-108 (Picker 2012). When the estimated amount for the impairment loss is more than the assets carrying amount to which this is related, a unit should determine a liability only if that is needed by another Standard. In addition to this, with the identification of the impairment loss, the amortization and the depreciation charge for the particular property should be accustomed. The reason behind this is that it helps in assigning the amended carrying amount of the assets in the future by subtracting the outstanding value on the methodical order over its rest of the functional life. It has been found that when an impairment loss is identified, the associated deferred tax liabilities or assets are identified as per the accounting standard AASB 112 (Dagwell et al. 2012). This is done by evaluating the amended carrying amount of the property with its taxation base. According to the Paragraphs 66-108, the requirements for determining the cash-generating units are set out to which the property is belonged and is identified for carrying amount. From this, the impairment losses are recognized in order to generate cash units and the goodwill. Therefore, it can be said that the identification of the impairment losses is very simple and can be done systematically. Thus, the calculation of the impairment loss is also simple. At first, the factors responsible for leading the impairment of the assets should be identified. Some of the factors include regulatory enforcement or new legislation, change in market situations, workforce turnover and decrease in functionality of the assets for aging (Jersey 2013). It has been found that implementation of new technologies or techniques might lead to drop in the fair market value. In other words, it can be said that the fair market value calculation is the essential part as without its proper calculation, the impairment of asset cannot be determined. Thus, the fair market value plays an important role in the calculation of the impairment loss and as it is assigned, its value can be easily compared with the assets carrying value that is present in the fiscal declarations. The impairment losses are generally identified either by the revaluation model or the cost model, based on the criteria that the debited amount has changed by new or adjusted fair market valuation. (i) Calculation of Impairment Loss:- Particulars Amount Carrying Amount of Assets (A) $1,680,000 Recoverable Amount of Assets (B) $1,420,000 Fair Value of Assets ( C) $171,000 Real Value of Assets (D = Higher of B C) $1,420,000 Impairment Loss (A-D) $260,000 Less : Goodwill on Acquisition $40,000 Impairment Loss Less Goodwill $220,000 Impairment Loss Allocation:- Particulars Amount Percentage Impairment Land 200000 12% 26829 Inventory Products 180000 11% 24146 Brand "Crossbow Shoe" 160000 10% 21463 Shoe Factory 700000 43% 93902 Machinery for Manufacturing Shoes 400000 24% 53659 TOTAL 1640000 100% $220,000 In the Books of Crossbow Ltd. Journal Entry Dr. Cr. Date Particulars Amount Amount ($) ($) 30/06/2015 Impairment Loss A/c. Dr. 260,000 To, Goodwill A/c. 40000 To, Land A/c. 26829 To, Inventory Products A/c. 24146 To, Brand "Crossbow Shoes" A/c. 21463 To, Shoe Factory A/c. 93902 To, Machinery A/c. 53659 (Being the net identfiable assets liabilities and goodwill impaired based on the recoverable amount) Income Statement A/c. Dr. 260,000 To, Impairment Loss A/c. 260000 (Being the amount of impairment loss on machinery transferred to Income Statement ) References Aasb.gov.au. 2016.Aasb.gov.au. [online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPapr07_07-07.pdf [Accessed 24 Sep. 2016]. Bragg, S. 2013.Accounting best practices. Hoboken, N.J.: John Wiley Sons. Charteredaccountants.com.au. 2016.AASB 136 Impairment of assets. [online] Available at: https://www.charteredaccountants.com.au/Industry-Topics/Reporting/Australian-accounting-standards/Analysis-of-AASB-standards/AASB-136--Impairment-of-assets?standard= [Accessed 24 Sep. 2016]. Dagwell, R., Wines, G., Lambert, C. and Psaros, J. 2012.Corporate accounting in Australia. Frenchs Forest, N.S.W.: Pearson. Jersey, C. 2013.Introduction to corporate accounting. New Delhi: Random Exports. Picker, R. 2012.Advanced corporate accounting. Milton, Qld: John Wiley Sons.