It Is Presumed That People Who Create Agreements in Commercial

question 20

Essay

It is presumed that people who create agreements in commercial contexts do intend to create legal relations, while people who create agreement in social or family contexts do not intend to create legal relations.Provide an explanation for each of those presumptions.

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Definitions:

Hybrid Costing System

A costing methodology that combines elements of both job costing and process costing, used in manufacturing of goods with some common and some unique characteristics.

Professional Service Firms

Businesses that offer specialized services requiring professional skills, such as law, consulting, and accounting firms.

Mass Services Entities

Companies or organizations that deliver standardized services to a large number of customers, focusing on efficiency and high volume.

Merchandising Entities

Companies that purchase goods at wholesale prices and sell them at retail prices, making a profit from the markup.