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A ratifying official may ratify only when: (1) The Government has received the goods or services; (2) The ratifying official has authority to obligate the United States, and had that authority at the time of the unauthorized commitment; (3) The resulting contract would otherwise be proper, i.e., adequate funds are available, the contract is not ...
A secured creditor has a security or charge over some or all of the debtor's assets, to provide reassurance (thus to secure him) of ultimate repayment of the debt owed to him. This could be by way of, for example, a mortgage, where the property represents the security. An unsecured creditor does not have a charge over the debtor's assets. [2]
Government contracts are governed by federal common law, a body of law which is separate and distinct from the bodies of law applying to most businesses—the Uniform Commercial Code (UCC) and the general law of contracts. The UCC applies to contracts for the purchase and sale of goods, and to contracts granting a security interest in property ...
The most important law about government procurement which contains basic rules of public procurements and administrative contracts was the Law nº 8.666, 21 June 1993, which contained rules for public tenders and for restricted tenders. This law was succeeded by the law Lei 14.133/21, 1st , April, 2021. There are different rules regulating ...
The case held that standard clauses established by regulations may be considered as being in every Federal contract. Because the FAR is the law, and government contractors are presumed to be familiar with the FAR, a mandatory clause that expresses a significant or deeply ingrained strand of public procurement policy will be incorporated into a ...
Assets and expenses are two accounting terms that new business owners often confuse. Here’s what each term means and how to use them in accounting. Assets vs. Expenses: Understanding the Difference
Contracts implied in law differ from contracts implied in fact in that contracts implied in law are not true contracts. Contracts implied in fact are ones that the parties involved presumably intended. In contracts implied in law, one party may have been completely unwilling to participate, as shown below, especially for an action in restitution.
Conversely, fixed assets like buildings and machinery are designed for long-term use in a business’s operations and are not easily converted into cash. An individual may hold fixed assets such ...