Easily Hide Alternative Choice in the Bookkeeping Contract

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How to Hide Alternative Choice in the Bookkeeping Contract

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hey im morgan from finepoints.biz and my goal is to help you get organized today im doing one of my very most requested videos and that is how to make a contract of employment for your bookkeeping business make sure you subscribe to my channel down below for a new bookkeeping video each week um so on this channel i suggest that you create your own business you create an llc and then you work as an independent contractor for different clients and that is a way for you to really diversify and then also for you to be in control of your business and i do definitely recommend um having some kind of contract or some people call it an engagement letter something that outlines for both you and your client what is expected and this can be really intimidating i know i totally understand that you know its like a legal document and youre kind of worried about it im gonna tell you all my tips and tricks and thoughts in this video im not gonna give you my contract that i use um i just didnt k

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What is a contractual modification?

A contract modification (mod) is any written change by the contracting officer to the contract terms and conditions. A mod can be issued at any time after the contract is awarded.

Which of the following is not required to be disclosed related to contract balances?

Which of the following is not required to be disclosed related to contract balances? Explanation of how the contract price was calculated and the amount of profit expected on the contract.

Can a contract be modified without consideration?

Under common law, a party to a contract needs new consideration -- something of legal value -- to modify a contract. The party obtains new consideration by negotiating with the other party to change the consideration on both sides of the contract.

What is the rule for contract modification?

You can modify a contract at any time as long as all parties involved in the agreement consent to the changes. Minor modifications may be handwritten on the original document and then signed by all parties. Major changes, however, need to involve a contract renegotiation, reprinting, and resigning.

Can a contract for the sale of goods be modified without consideration?

Because modifications to contracts for the sale of goods may not require consideration,1 it is essential to understand when and how contracts can be modified. Generally, contracts can be modified in three ways: (1) by written agreement, (2) by verbal agreement, or (3) by the parties course of performance.

What happens if there is no consideration in a contract?

A contract without consideration is void because it is not legally enforceable. Consideration means that each party must provide something of value to the other party as designated by the contract terms.

How do you account for contract modifications?

A contract modification that only affects the transaction price is either accounted for prospectively or on a cumulative catch-up basis. It is accounted for prospectively if the remaining goods or services are distinct. There is a cumulative catch-up if the remaining goods or services are not distinct.

Is there must be new consideration to modify an existing contract under the UCC?

Under the UCC, additional consideration is not necessary to modify a written contract, as long as the modification is entered into in good faith. If the contract is not for the sale of goods to or by a merchant, then additional consideration is necessary to modify the terms of the contract.

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Hide Alternative Choice in the Bookkeeping Contract