Contracts Are Part of Private Law

question 1

Essay

Contracts are part of private law.A key concept of private law is that parties are at liberty to create and define the legal obligations they owe to one another.Discuss whether you agree that judges should be able to step in and set aside certain transactions on the basis that they think an agreement is unjust.Does this interfere with the core concept of private law? Explain your answer.

Comprehend the use and effects of different types of inventory systems on accounting and reporting.

Distinguish between debit and credit balances in the adjusted trial balance and their implications for financial statements.

Understand and identify whether an account balance will have a debit or credit balance in the adjusted trial balance.

Identify the financial statement(s) where an account balance will be reported.

---

Definitions:

Say's Law

A principle that asserts that supply creates its own demand, meaning production of goods will naturally lead to their consumption.

Income

Funds acquired frequently, either from performing work or via investment profits.

Production

The method of producing goods and services by mixing labor, materials, and technology.

Savings

Money set aside from current income for future use, often to accumulate wealth or for specific future expenditures.