Easily Remove Calculations in the Sales Contract

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How to Remove Calculations in the Sales Contract

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[Music] welcome to math with mr j [Music] in this video im going to cover how to calculate sales tax and then the final price with that tax included lets jump into our examples and see exactly how we do this starting with number one where we have a price of 75 dollars and then a sales tax rate of 8 percent now i do want to mention that sales tax rates vary by country and state and then there can be local taxes that are included as well this video does not cover a specific location sales tax these are general numbers being used to show how to calculate sales tax so the first thing that we want to do is to calculate how much sales tax we will be paying we do this by multiplying the price by the tax rate the tax rate is going to be in the form of a percent we want to get this percent to decimal form percent means per 100 so we divide the percent by 100 to convert it to a decimal we can do this by simply moving the decimal twice to the left so percent to decimal move the decimal twice to

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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.

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.

Can a contract be modified without new consideration?

Thus, under common law rules, parties who wish to modify a contract will need to provide new consideration (i.e., something of value).

What can replace consideration?

Synonyms of consideration deliberation. debate. study. thought. account. reflection. advisement. contemplation.

What are the four rules of consideration in contract law?

Consideration must be sufficient but need not be adequate. Consideration cannot be illusory. Consideration must not be past. Past consideration is not good consideration.

What are the 3 requirements of consideration?

In order to form a valid contract, consideration must meet the following conditions: It must be something worth bargaining for. It must benefit all the parties to the contract. It must be something of value.

What does it mean to remove all contingencies?

Removing the contingencies happen when everything agreed to comes to fruition. For example, if the seller agrees to everything on the Home Inspection Contingency, then the contingency is removed.

Can consideration be modified in a contract?

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.

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