take note dear :)

Analyzing Transactions

The first step in the accounting process is to analyze every transaction (economic event) that affects the business. The accounting equation (Assets = Liabilities + Owner's Equity) must remain in balance after every transaction is recorded, so accountants must analyze each transaction to determine how it affects owner's equity and the different types of assets and liabilities before recording the transaction.

Proposal and Acceptance (law 416)

Proposal and Acceptance (law 416)

PROPOSAL AND ACCEPTANCE


The first requisite of a contract is that the parties should have reached agreement. Generally speaking, an agreement is made when one party accepts an offer made by the other party.


Store v Manchester CC [1974] W.L.R 1403

A proposal is an expression of willingness to do contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the other person to whom it is addressed.

An agreement between two or more parties is constituted by a proposal and an acceptance of it

Section 2(a) Contracts Act 1950 –

A proposal is made
… When one person signifies to another his willingness to do or abstain from doing, with the view to obtaining the assent of that to the act or abstinence, he is said to make a proposal’

Although the word proposal is used in the act, it carry’s the same meaning as “offer” in the English law.

It can be inferred that the proposal has become a promise and then he is called the promisor and the person accepting the promise is called the promisee.

eg Azizul offers to buy Samdan’s car for RM10,000/-. Azizul is making a proposal, hoping that Samdan will accept. When Samdan accepts the offer, an agreement or promise between them is created.

In the above situation Azizul is the offeror and Samdan is the offeree.

An offer must be clear, complete, final and specific to avoid any vagueness.


Guthing v Lynn (1831) 2B & AD 232

Lynn offered to buy a horse from Guthing. He was to pay 5 pounds extra if the horse brought him good luck. The condition laid was held by the court to be too vague to constitute a binding contract.

Tan Geok Khoon & Gerald Francis Robless v Pava Terubong Estate Sdn Bhd [1988] 2 MLJ 672

Plaintiff were executors and trustees of deceased’s estate. They claimed various correspondence between the deceased and the defendant constituted a contract. The court agreed because the deceased had agreed to and accepted a counter offer from the defendant and paid the balance of the price. Defendant had accepted payment by issuing a receipt signed by a director.

TO WHOM CAN A PROPOSAL BE MADE

A proposal may be addressed either to an individual, or to a group of persons, or to the world at large, and may be made expressly or by conduct.

See Carlill v Carbolic Smoke Ball Co.

a) a particular person

X went to Y’s shop and offered to buy a pair of shoes. X’s offer cannot be accepted by Z who owns a shoe shop nearby because he overheard X’s offer.


Section 2(b) Contracts Act provides that

… when a person to whom the proposal is made” which appears to say that only the addressee may accept the proposal.

Boulton v Jones (1857) 2H & N 564

Defendant had business dealing with a shopkeeper named Brocklehurst. The defendant had ordered some stocks from B but on the day of the order B had sold his business to the Plaintiff. The Plaintiff delivered the goods without informing the Defendant of the change of ownership.; The Defendant then refused to make any payments. It was held that the plaintiff had no rights to accept an offer not made to him.

b) To the General Public

Here anyone who meets all the terms of the proposal may accept the proposal.

Eg. Azizul offered RM 100/- for the safe return of his cat at an address advertised. Azizul’s offer is to the general public and those who read or knew of the offer may accept the offer and claim for the reward

Carlil v Carbolic Smoke Ball Co

The defendant’s advertised that they would offer a sum of 100 pounds to anyone who would still succumb to influenza after using a certain product according to the instructions for a fixed period. The plaintiff read the advertisement and used the product accordingly but still contracted with influenza. He claimed the 100 pounds from the defendants. The court held that the advertisement was an offer to the world at large and those who were willing to use the product as instructed had then accepted the offer. Acceptance need not be communicated to the Defendants. The defendants had in fact deposited 100 pounds into a bank account for any claims.

The face value of a note is called the principal, which equals the initial amount of credit provided. The maker of a note is the party who receives the credit and promises to pay the note's holder. The maker classifies the note as a note payable. The payee is the party that holds the note and receives payment from the maker when the note is due. The payee classifies the note as a note receivable.

Unemployment

Main article: Unemployment

The amount of unemployment in an economy is measured by the unemployment rate, the percentage of workers without jobs in thelabor force. The labor force only includes workers actively looking for jobs. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded from the labor force.

Chart using US data showing the relationship between economic growth and unemployment expressed by Okun's law. The relationship demonstrates cyclical unemployment. Economic growth leads to a lower unemployment rate.

Unemployment can be generally broken down into several types that are related to different causes. Classical unemployment occurs when wages are too high for employers to be willing to hire more workers. Wages may be too high because of minimum wage laws or union activity. Consistent with classical unemployment, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job leads to a period of unemployment.^[5] Structural unemployment covers a variety of possible causes of unemployment including a mismatch between workers' skills and the skills required for open jobs.^[6] Large amounts of structural unemployment can occur when an economy is transitioning industries and workers find their previous set of skills are no longer in demand. Structural unemployment is similar to frictional unemployment since both reflect the problem of matching workers with job vacancies, but structural unemployment covers the time needed to acquire new skills not just the short term search process.^[7] While some types of unemployment may occur regardless of the condition of the economy, cyclical unemployment occurs when growth stagnates. Okun's law represents the empirical relationship between unemployment and economic growth.^[8] The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment.^[9]

hi :)

Output and income

National output is the total value of everything a country produces in a given time period. Everything that is produced and sold generates income. Therefore, output and income are usually considered equivalent and the two terms are often used interchangeably. Output can be measured as total income, or, it can be viewed from the production side and measured as the total value of final goods and services or the sum of all value added in the economy.^[4] Macroeconomic output is usually measured by Gross Domestic Product (GDP) or one of the other national accounts. Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other capital, and better education and human capital all lead to increased economic output over time. However, output does not always increase consistently. Business cycles can cause short-term drops in output called recessions. Economists look for macroeconomic policies that prevent economies from slipping into recessions and that lead to faster long-term growth.

   

      assalammualaikum :)

Lirik Just The Way You Are – Bruno Mars

by KHAIRILZ on NOVEMBER 13, 2010

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Oh her eyes, her eyes
Make the stars look like they’re not shining
Her hair, her hair
Falls perfectly without her trying

She’s so beautiful
And I tell her every day

Yeah I know, I know
When I compliment her
She wont believe me
And its so, its so
Sad to think she don’t see what I see

But every time she asks me do I look okay
I say

When I see your face
There’s not a thing that I would change
Cause you’re amazing
Just the way you are
And when you smile,
The whole world stops and stares for awhile
Cause girl you’re amazing
Just the way you are

Her nails, her nails
I could kiss them all day if she’d let me
Her laugh, her laugh
She hates but I think its so sexy

She’s so beautiful

And I tell her every day

Oh you know, you know, you know
Id never ask you to change
If perfect is what you’re searching for
Then just stay the same

So don’t even bother asking
If you look okay
You know I say

When I see your face
There’s not a thing that I would change
Cause you’re amazing
Just the way you are
And when you smile,
The whole world stops and stares for awhile
Cause girl you’re amazing
Just the way you are

The way you are
The way you are
Girl you’re amazing
Just the way you are

When I see your face
There’s not a thing that I would change
Cause you’re amazing
Just the way you are
And when you smile,
The whole world stops and stares for awhile
Cause girl you’re amazing
Just the way you are

assalammualaikum, hello everyone :), i have class law today , emm so sleepy , but madam Fazlin very sporting person :) because her just take 30 minutes to lecture, uwaaaa :) i love her :)

ohhh mannnnn :( , today i must go back to hostel :( , emmm , actually i don't want , because i'm homesick :(, so i scared i'm stress again :( 

                                                   this is my parents :) , i love them very much !!!!

yehiii, i'm go back todayyyy :) , but todayy , i'm very tired , so i need to rest , hehe , k bye , assalammualaikum :)

to :??