Oral Contract

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Accrual Method Accounting

An accounting method under which you report your income when you earn it, whether or not you have received it. You generally deduct your expenses when you incur a liability for them, rather than when you pay them. Read more »

Acquiring Person

Acquiring person means any person who, individually or in association with others, acquires or offers to acquire, directly or indirectly, a controlling interest in an issuing corporation. The term does not include any person who, in the ordinary course of business and without an intent to avoid the requirements of NRS 78.378 to 78.3793, inclusive, acquires voting shares for the benefit of others, in respect of which he is not specifically authorized to exercise or direct the exercise of voting rights. Source: Nevada Statutes Chapter 78.3782 (Private Corporations) Read more »

Acquisition

1. Except as otherwise provided in subsection 2, "acquisition" means the direct or indirect… Read more »

Adjusted Basis

Before you can figure any gain or loss on a sale, exchange, or other disposition of property or figure allowable depreciation, depletion, or amortization, you usually must make certain adjustments (increases and decreases) to the basis of the property. The … Read more »

Adjusted Gross Income

26 U.S.C. Section 62. Adjusted gross income defined (a) General rule For purposes of this subtitle, the term ”adjusted gross income” means, in the case of an individual, gross income minus the following deductions: (1) Trade and business deductions The … Read more »

At Wll Employment

This is name given to the method that most people are employed. At-Will means you can quit your employment without any reasons and the employer can terminate your employment without any reason.

At-Will employment is a contractual agreement between two parties, but it is different than term contracts. Term contracts specify a definite period of employment, i.e. two years. At-Will employment is by its nature indefinite. At-Will is the most basic contractual arrangement between an employee and employer.

Connected to every type of contract is the covenant of good faith and fair dealing. This simply means the parties must act reasonably so as not to disrupt the rights of the other party to receive the benefit of his or her bargain. For example, an employee has a right to earn his wage. If the employer restricts that right by denying overtime or bonus, then a claim for a breach of the covenant can be made.

Although not intended to confuse you, but you can also have an at-will term contract for a specified length of time. This a hybrid at-will/term contract. In this contract, the employer is only obligated to employ the employee for a specified number of years. BUT, at any time the employer can terminate the contract without any reasons. Employees should always avoid this type of contract because it does not provide any job security. The employee really should have a term contract with “for cause” and “for good reason” termination provisions. Such a contract will provide job security. Read more »