Legal Value with Example

The duration of the legal value varies according to the subject. For example, the legal value of contracts and claims files decreases rapidly after final settlement and ends when the corresponding limitation periods expire. Due to the limitation period and fraud periods, other legal requirements and practical considerations such as lifespan, documents with legal value may be available, although they may require a long retention period. In addition to the general administrative value, some documents may have a tax value. Records with tax value document the Agency`s financial transactions and obligations. This includes budget records that show how expenditures were planned. supporting documents or proof of expenditures indicating the purposes for which the funds were spent; and accounting records that classify and summarize the Agency`s expenditures. Agencies such as the Office of Management and Budget, the Office of General Accounting, the Department of the Treasury and the General Services Administration prescribe the form and content of many tax records. In most cases, only the data on the forms differs from one agency to another. As a result, the Schedules to General Records (CGRs) provide disposition authorities for many temporary tax documents. Organizations should maintain records indicating that they have fully considered legal rights when proposing retention periods for draft records. NARA designates records as permanent if they have sufficient historical or other value to warrant continued government retention.

These records may be retained primarily because they document the origins, organization, functions, and essential transactions and activities of an agency. Or they may be retained primarily because they document people, places, things, or matters dealt with by an organization; That is, because they contain information with significant research or reference value. Legal value has long been associated with documents documenting issues such as benefits and ownership. More recently, however, it has also been identified with records documenting potential environmental and health issues, such as the handling or regulation of chemical and nuclear materials. The following is an example of a permanent planning item that contains an example. n.1) Payment or money. (2) As an essential element of contract law, consideration is an advantage that must be negotiated between the parties and is the essential reason for the conclusion of a contract by a party. The consideration must have value (at least for the parties) and is exchanged for performance or promise of performance by the other party (this performance itself is consideration). In a contract, a consideration (given thing) is exchanged for another consideration. Not doing an action (abstaining) can be a consideration, for example: „I`m going to pay you $1,000 not to build a road next to my fence.“ Sometimes the consideration is „nominal,“ meaning it is only indicated for the form, such as „$10 in exchange for transfer of ownership,“ which is used to hide the actual amount paid. Contracts may become unenforceable or cancelled (cancelled) for „non-compliance“ if it is determined that the intended consideration is worth less than expected, damaged or destroyed, or that the service is not properly performed (e.g., if the mechanic does not operate the car properly). Acts that are so unlawful or immoral as to be contrary to established public policy may not be used as a counterpart to enforceable contracts.

Examples: prostitution, gambling, where prohibited, hiring someone to break a skater`s knee or getting someone to break an agreement (getting someone to withdraw from a promise). Particular attention to legal value only applies to temporary documents, because if the documents are permanent, they are always available to protect legal rights. The GIS refers to many documents that have legal and temporary value, such as those relating to contracts, accounts receivable, disposal of assets, payroll and civilian personnel. Legally binding documents contain information that can be used to support rights based on laws or regulations. These provisions may be of a general nature, such as the limitation period for claims or fraud; Or they can be specific, such as providing benefits to people discharged from the military.