There Is No Guarantee That Things Will Go Well Merely

question 56

Essay

There is no guarantee that things will go well merely because you hire a lawyer.There are, however, certain conditions that are required of lawyers, which provide some assurance that (a) a lawyer is competent, (b) a lawyer will act ethically, and (c) compensation will be available if you suffer a loss as a result of a lawyer's careless or wrongful behaviour.Identify and briefly describe the relevant conditions for each of those three propositions.

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Definitions:

Return on Investment

A measure used to evaluate the efficiency or profitability of an investment, calculated as the net profit divided by the cost of investment.

Markup

The amount added to the cost of a product to cover expenses and generate profit, often expressed as a percentage of the cost.

Absorption Costing

An approach in accounting that involves adding all production-related costs, whether stable or variable, into the product’s final price.

Cost-plus Pricing

A pricing strategy where a fixed percentage or amount is added to the cost of producing a product to determine its selling price.