Encumbrance Accounting Financial Accounting II Vocab, Definition, Explanations Fiveable

(3) The organiser is obliged to encumbrance accounting take the measures necessitated by the cancellation of the contract, in particular, if the contract included the carriage of the traveller, to procure the traveller’s repatriation; the means of transport used for this purpose must be equivalent to that agreed in the contract. 2.��if, taking account of the degree to which the package lacks conformity and of the value of the travel service concerned, the remedy would entail disproportionate costs. 7.��demand compensation of damages in accordance with section 651n or reimbursement of futile expenses as defined in section 284. (3) Section 308 no. 4 and section 309 no. 1 are not to be applied to the reservations of the right to modify defined in subsections (1) and (2) that are agreed by pre-worded terms of contract. 3.��the trader advertises the travel services under the term “package” or under a similar term or promises to procure them in such manner.

  • (2) The lender notifies the borrower at the latest three months prior to termination of a consumer credit agreement whether they are willing to continue the loan relationship.
  • A legal transaction that violates a statutory prohibition is void, unless the statute leads to a different conclusion.
  • Sentence 1 does not apply in the case of considerable danger to the person incapable of contracting or their assets.
  • (2) The person selected may be appointed a custodian only upon their having stated that they are prepared to assume the custodianship.
  • The prerequisites under which a petition for annulment may be made are set out in the following provisions.
  • The parties contracting the marriage must make the declarations under section 1310 (1) in person with both of them being present at the same time.
  • The contractor may not rely on an agreement by which the rights of the customer with regard to a defect are excluded or restricted, insofar as the contractor fraudulently concealed the defect or gave a guarantee for the nature of the work.

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(1) Where the package is significantly impaired by its lack of conformity, the traveller may terminate the contract. Termination is permissible only upon the organiser having failed to provide remedy within a reasonable period specified to them by the traveller; section 651k (2) sentence 2 applies accordingly. The claims of the traveller designated in section 651i (3) become statute-barred after two years.

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(1) If a person who is declared dead or the time of whose death is established under the provisions of the Missing Persons Act (Verschollenheitsgesetz) survives the date that is deemed to be the date of their death, the person may require the surrender of their assets under the provisions governing the claim to inheritance. As long as the person is still alive, their claim does not become statute-barred before the expiry of a one-year period after the date on which they obtained knowledge of the declaration of death or of the determination of the time of death. (1) The guardian may dispose over a claim or another right by which the ward may demand performance, and a security of the ward, only with the ratification of the supervisory guardian, except to the extent that ratification by the family court is required under sections 1819 to 1822. (1) Where a child has lived in foster care for a long period of time, the foster carer is entitled to decide in matters of everyday life and to represent the person with parental custody in such matters. The foster carer is authorised to manage the child’s earnings from work and to assert and manage maintenance, insurance, pension and other social security benefits for the child.

Key Elements of Encumbrance Accounting

(1) The effects of the adoption of a person of full age do not extend to the relatives of the adoptive parent. The spouse or life partner of the adoptive parent does not become a relative by marriage of the person adopted, and the spouse or life partner of the person adopted does not become a relative by marriage of the adoptive parent. (1) A person of full age may be adopted if the adoption is morally justified; this is to be assumed in particular if a parent-child relationship has already developed between the adoptive parent and the person to be adopted. (1) During the minority of the child, the family court may cancel the adoption relationship of its own motion if this is necessary for grave reasons in the best interests of the child.

Importance of encumbrance accounting

If the extension of a farm lease is limited to a portion of the leased property, then the Agricultural Court may determine the rent for this portion. (1) Immediate termination of the lease for cause is permissible, applying sections 543, and 569 subsections (1) and (2) accordingly. (2) In those cases in which the lease may be terminated for cause observing the statutory notice period, termination is only allowed with effect for the end of a lease year; it is to be declared no later than the third working day of the half-year at the end of which the lease is to terminate.

  • (1) A person under custodianship may enter into a marriage contract only with the approval of their custodian to the extent that a reservation of consent has been ordered for this matter.
  • (1) The lessor may ward off exercise of the right of removal (section 539 (2)) by payment of appropriate compensation unless the lessee has a legitimate interest in removal.
  • (1) The surviving spouse is personally liable for the obligations of the common matrimonial property of the continued community of property.
  • (3) For payments not effected in euros, the payment service user and their payment service provider may agree that section 675t (1) sentence 3 and subsection (2) is not to be applied as a whole or in part.
  • If the possessor later discovers that they are not entitled to possession, they are liable in the same way from that date onwards on which they obtained the knowledge.
  • (2) If a spouse conducts a legal dispute against a third party, the costs of the legal dispute, as between the spouses, are borne by the spouse who conducts the legal dispute.

Key Elements of Encumbrance Accounting

If the time at which the invoice or payment statement is received by the obligor is uncertain, then an obligor who is not a consumer will be in default at the latest 30 days after the due date and receipt of the consideration. (3) In addition, the obligor may refuse performance if they are to render the performance in person and, having weighed the impediment preventing performance by them against the obligee’s interest in performance, performance cannot reasonably be required of the obligor. (1) In comparison to a legal action brought by the obligee, the assertion of the right of retention only has the effect that the obligor is to be ordered by the court to render performance in return for receiving the performance owed to them (fulfilment in return for, and concurrently with, performance).

(3) The lender obtains the information required under subsection (2) from relevant internal or external sources, including the borrower. The lender is under obligation appropriately to confirm the information, to the extent necessary also by inspecting independently verifiable documentation. (2) The conversion to an alternative currency is to be carried out at the exchange rate corresponding to the market exchange rate valid on the day of the application for conversion. 2.��the information contained in the contract on the term of the contract, the right of termination of the borrower or the calculation of the compensation for early repayment of the loan is inadequate. (1) In the case of a consumer credit agreement, the borrower has a right of withdrawal under section 355.

In the case of a violation of section 1303 sentence 1, a minor spouse may file the petition only without a representative; they do not need the approval of their legal representative for this. (2) The president of the higher regional court in the district of which the registry of births, deaths and marriages to whom the marriage has been notified has its seat may grant exemption from the requirement under subsection (1) sentence 1. As a rule, the exemption is to be granted only to stateless persons with their habitual residence abroad and nationals of states whose public authorities do not issue certificates of no impediment within the meaning of subsection (1). (1) Where the due date of the pledged claim depends on a notice of termination, the creditor requires the approval of the pledgee for this notice only if the latter is entitled to receive the emoluments. (1) A pledged right may be cancelled by legal transaction only with the approval of the pledgee.

When the testator makes a legacy the purpose of which they have specified, the testator may leave the determination of the performance of the legacy to the reasonable discretion of the person charged or of a third party. (2) After the occurrence of the reversionary succession, the provisional heir may refuse the discharge of the obligations of the estate, unless they have unlimited liability, to the extent that what they are owed from the inheritance is not sufficient. (1) The provisions on the restriction of the liability of the heir for the obligations of the estate also apply to the reversionary heir; the place of the estate is taken by what the reversionary heir receives of the inheritance, including the claims they have against the provisional heir as such. Where a provisional heir has let a plot of land or registered ship on a lease or a usufructuary lease that is part of the inheritance, then, if the lease or usufructuary lease still exists at the date when reversionary succession occurs, the provision of section 1056 applies accordingly.

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