A New Construction Company Owner Comes to You for Advice

question 32

Essay

A new construction company owner comes to you for advice on how to account for the first long-term construction project his company has been awarded.He is under the impression that he can use either the completed-contract or the percentage-of-completion methods in all circumstances.
Required:
Explain to your client when each method is required.

Identify which contracts require written evidence under the Statute of Frauds.

Analyze contract case scenarios to determine legal outcomes and the existence of contractual obligations.

Understand the concept of executory contracts and their status within contract law.

Understand the concepts and defenses related to tort law.

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Definitions:

Left Justified

Text alignment where the text is aligned to the left margin, creating a straight line of the beginning of each line on the left.

Horticulturist

A specialist in the art or practice of garden cultivation and management.

Chronological Résumé

A type of resume that lists work experience and education in reverse chronological order, starting with the most recent.

Skills Résumé

A type of résumé format that emphasizes an individual's skills and abilities over chronological work history.