The simple answer to the question of when you should obtain a receipt is always. When you sell something or give something away which has any value, either monetary or personal, you should obtain a signed receipt from the person receiving it.
When you make a monetary loan, it is always a good idea to have a promissory note setting forth the terms of the loan. A promissory note is also used in real estate transactions.
A power of attorney is a document giving a trusted friend or lawyer the right to perform any legal act on your behalf. Anyone should be very cautious about utilizing these documents, as the person holding the power can literally perform any transaction in your absence. However, many times this grant of power is absolutely necessary to handle matters when you are not able to handle them yourself.
At times your child may have the opportunity to take a vacation or trip without you present. However, unexpected problems can always arise, which might require your consent. Let’s say, for example, that your child travels with a friend for school vacation to visit another state. While there, your child falls out of a tree on the family farm and breaks a leg. Naturally, the parents hosting your child will have to take him or her to the emergency room for proper treatment. But, what happens when the hospital finds out they are not the custodial parents?
Guidelines for letters of credit are set up in Article 5 of the Uniform Commercial Code. Letters of credit are important for business entities and individuals alike. When a business is attempting to purchase goods, services and technology to serve their clients, a letter of credit is essential. Most businesses do not pay cash or write a check for large purchases. When contacting new vendors, the letter of credit allows the vendor to see that the business is credit worthy and pays their bills in a timely manner. The vendor can then take on very little risk in forwarding the goods or services to the business organization without obtaining payment up front.
Throughout our lives, banks, lenders, landlords, insurance companies, stores, and often employers, gather information about our credit for one reason or another. Due to the abuses of reporting by various agencies (or simply human error), Congress, in 1970, passed the Fair Credit Reporting Act as part of the Consumer Credit Protection Act.
Along the same lines as covenants not to compete are confidentiality agreements. Many times an employee or partner will leave a business and the need for a complete “no competition” agreement is not necessary. A simple confidentiality agreement may be entirely suitable when attempting to protect a company’s secret food recipe, cooking technique, perfume formula, varnishing mixture, anything that only employees of the business would be privy to.
Many people think that a bill of sale is not necessary when selling an antique table or the old junk car in the backyard. However, a bill of sale should be used when any personal property is disposed of. It is a necessary contract to protect both parties. The bill of sale sets out the terms upon which the agreement was reached. It lists the full names and addresses of the seller and the buyer, the agreed upon sale price, the full identification of the item being sold, the date of the sale, and the condition of the property upon the transfer.
Businesses, individuals and organizations use indemnity forms to outline and record details involving financial responsibilities every day. Insurance policies are one example of indemnity agreements.
There are many reasons individuals choose to change their name. Marriage is one reason and divorce is another, but these are certainly not the only two life events that prompt people to change their names.