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Summary THE KEY COMMERCIAL LAW PRINCIPLES

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Contractsnotesfundamental part of commercial world. Sale and Purchase Agreement (SPA)notesa legal contract describing he outcome of key commercial and pricing negotiations and when signed, obligates a buyer to buy and a seller to sell a product/service. share purchase agreementnotescontractual agreement to buy shares in a company how is a contract formed?notes1. offer 2. acceptance 3. consideration 4. intention implied termsnotesa missing term that is not expressly stated in an offer or a contract that can reasonably be implied by the law. e.g., 'the contract is to be treated as including...'. express termsnotesterms in a contract that are specifically stated allocation of risknotescan be allocated/mitigated by including warranties (statement of fact), undertakings (promise to take certain action in future) and indemnities (promise to reimburse the other party if certain costs arise). or via 'retention of title clauses' - clause in the agreement to supply the products which could enable the supplier to retrieve those products if there is non-payment. or a 'force majeure' clause can protect the parties if something unexpected were to prevent either party from fulfilling their obligations under the contract. retention of title clausenotesA clause in a contract for the sale of goods that states that the property in the goods remains with the seller as long as the buyer has not fufilled certain obligations e.g., payment. thus taking priority in liquidation scenario as the ownership of the goods is conditional on payment being made by the buyer. Force Majeure Clausenotespredetermines the allocation of risk and frees each party from liability if specified circumstances beyond the control of the parties arise that prevent either party from fulfilling their obligations. breach of contractnotesthe nonperformance of a contractual duty. placing injured party in the position they would have been if the contract hadn't been breached. but it is not all about contracts...notescommercial factors may influence how parties transact with eachother or how parties may choose to act in the event of a breach. e.g., looking to maintain good c

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Stats & mechanics edexcel a level maths
Census -correct answer*Every member of the population Sample -correct answer*A
selection of observations taken from a subset of the population which is used to find out
information about the population as a whole Simple random sampling -correct
answer*Random sampling- everyone the sample has a equal chance of being selected.
E.g. each person given a number and then the numbers are chosen from random
Systematic sampling -correct answer*Random sampling- the required elements are
chosen at regular intervals from an ordered list. E.g. choose a number between 1-10
randomly and if you got 5, choose every 5th person after that Stratified sampling
-correct answer*Random sampling- Population is in groups, and a proportional random
sample is taken for each group. The formula for choosing how many people to take from
each group (number in group)/(number in population) x overall sample size Quota
sampling -correct answer*Non-random- an interviewer selects a sample that reflects the
characteristics of the whole population, and keep going until they have done as much as
needed. Opportunity sampling -correct answer*Non-random- taking the sample from
people who are available at the time the study is carried out and who fit the criteria
Locations in the large data set -correct answer*Leuchars-UK Leeming- UK Heathrow-UK
Hurn-UK Camborne-UK Jacksonville-USA Beijing-China Perth-Australia What is
measured in the large data set -correct answer*Daily mean temperature Daily total
rainfall Daily total sunshine Daily mean wind direction&speed Daily maximum gust
Daily maximum relative humidity Daily mean cloud cover Daily mean visibility Daily
mean pressure Mode/modal class -correct answer*the value that comes up most often
Median -correct answer*The middle value when they are in order Mean -correct
answer*Sum of all the values divided by the number of values Lower quartile -correct
answer*25% of the way through the data Upper quartile -correct answer*75% of the
way through the data Range -correct answer*Largest value-smallest value Interquartile
range -correct answer*Upper quartile-lower quartile Coding -correct answer*Used to
simplify statistical calculations. Formula y=(x-a)/b Outlier -correct answer*Anything
above Q3+k(IQR) or below Q1-k(IQR) Frequency density -correct answer*Frequency
density = frequency/class width Mutually exclusive events -correct answer*P(AnB) =
P(A)+P(B) Independent events -correct answer*P(AUB) = P(A) x P(B) Probability
distribution -correct answer*A table which fully describes the probability of any
outcome in the sample space Discrete uniform distribution -correct answer*When all
the outcomes have the same probability Binomial distribution -correct answer*X~B(n, p)
where n is a fixed no. of trials, p is the probability of success and there are only 2
outcomes, success and failure, the trials are independent H0 -correct answer*The null
hypothesis- the hypothesis you assume to be true H1 -correct answer*The alternative
hypothesis- the hypothesis you are trying to prove/disprove H1:p<0 H1:p>0 -correct
answer*One-tailed test H1:p=/0 -correct answer*Two-tailed test Average velocity
-correct answer*=total displacement/time taken Average speed -correct answer*=total
distance travelled/time taken Gradient in a velocity-time graph -correct
answer*Acceleration Area in a velocity-time graph -correct answer*Distance travelled
s-v-a -correct answer*>dy/dt <fdt y=ax^n -correct answer*logy = loga + nlogx y=kb^x
-correct answer*logy = logk + xlogb Hypothesis testing for 0 correlation -correct
answer*H0 is always that p=0. Find the critical value in the formula booklet Normal
distribution -correct answer*X~N(mean, variance) mean=median=mode are under
curve=1 Standard normal distribution -correct answer*Z~N(0,1^2) Approximating a
binomial distribution -correct answer*If n is large and p is close to 0.5 the binomial can
be approximated as a normal dist where the mean=(numberxprobability) standard
dev=root(numberxprob)x(1-p) you need to apply a continuity correction Moment
-correct answer*=force x perpendicular distance Ncm Equilibrium -correct answer*The

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