Division 2 Earnest Money 156. Definition of earnest money (1) Earnest money is a sum of money given by one party to a contract to the other party to certify that the contract has been entered into and to secure ...

Chapter 8 ACCESSORY OBLIGATIONS  141. Accessory obligations Accessory obligations are, primarily: 1) obligations arising from a suretyship or from granting a guarantee; 2) obligations arising from payment of earnest money; 3) obligations arising from an agreement on a contractual penalty. ...

Chapter 7 COMPENSATION FOR DAMAGE  127. Purpose and extent of compensation for damage (1) The purpose of compensation for damage is to place the aggrieved person in a situation as near as possible to that in which the person would ...

Chapter 6 IMPEDIMENTS TO PERFORMANCE OF OBLIGATION  119. Definition and consequences of delay in acceptance (1) Acceptance by an obligee is delayed if the obligor cannot perform the obligation thereof due to circumstances dependent on the obligee, in particular if ...

Division 2 Legal Remedies 108. Requiring performance of obligation (1) In the case of non-performance by an obligor of an obligation to pay money, the obligee may require performance of the obligation. (2) In the case of non-performance by an ...

Chapter 5 NON-PERFORMANCE  Division 1 General Provisions 100. Definition of non-performance Non-performance is failure to perform or improper performance of an obligation, including a delay in performance. 101. Legal remedies in case of non-performance (1) In the case of non-performance ...

The motivation for committing fraud can be varying from financial to non-financial. For preventing fraud, companies must implement strong internal controls. As an organization with strong internal control experience lower frauds and quickly identify frauds. Strong Fraud deterrence policies also ...

The three factors that make up the fraud triangle are: Pressure. Most individuals require some form of pressure to commit a criminal act. This pressure does not need to necessarily make sense to outside observers, but it does need to be ...

Opportunity refers to circumstances that allow fraud to occur. In the fraud triangle, it is the only component that a company exercises complete control over. Examples that provide opportunities for committing fraud include: 1. Weak internal controls Internal controls are ...

A misrepresentation is a false statement of a material fact made by one party which affects the other party's decision in agreeing to a contract. If the misrepresentation is discovered, the contract can be declared void and, depending on the ...