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A Legal Value

By September 27, 2022Uncategorized

In addition to administrative and fiscal value, documents can also have legal value. Some legal values refer to the documents that the law requires and maintains from the government in the course of its activities. Others, however, are quite broad and do not necessarily involve the activity of an agency. Instead, they aim to protect the rights of individuals and organizations. These documents are useful for documenting legally enforceable rights or obligations, both those of the government and those of those directly affected by an organization`s activities. Value consideration usually refers to a sufficient price that a party pays in exchange for something in a contract or sale. The “valid” description of the consideration may also mean that, unlike other payments such as services or the agreement to waive remedies, the consideration is monetary. The duration of the legal value varies according to the facts. 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 limitation and fraud periods, other legal requirements and practical considerations such as shelf life, documents with legal value may be available, although they may require a long retention period. A particular concern about legal value applies only to temporary registrations, because if the registrations are permanent, they will always be available to protect legal rights. The GRS refers to many documents with legal value as temporary, for example: with regard to contracts, claims, alienation of property, payroll and civilian personnel. In addition to the general administrative value, some documents may have 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 records of expenditures indicating the purposes for which the funds were spent; and accounting documents that classify and summarize the Agency`s expenditures. Agencies such as the Office of Management and Budget, the Office of General Accounts, 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, General Register Lists (SRS) provide scheduling powers for many temporary tax files.

All records have value to the organization that creates or receives them, or to oversight or other organizations. Some also have lasting value and justify preservation by the National Archives once the agency no longer needs it to carry out regular ongoing activities. The following sections describe the Agency`s and NARA`s views on the value of records. LVN connects legal professionals who design, create and implement documents that fall into three categories: those that are easy to evaluate because they are obviously durable, those that are easy to evaluate because they are clearly temporary, and those that fall in between are difficult to evaluate. Some documents, such as contracts, laws, decrees and Supreme Court decisions, obviously have lasting value. Similarly, documents of an administrative or domestic nature clearly have only temporary value and are available after a reasonable retention period. Legal value registers contain information that can be used to support rights based on legal requirements or regulations. These provisions may be general, such as the limitation period for claims or fraud; or they may be specific, such as those that provide benefits to people released from the military. 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 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 (such a service itself is consideration).

In a contract, a counterparty (item) is exchanged for another counterparty. Not doing an action (abstention) can be a consideration, such as: “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 given for the form, such as “$10 in exchange for the transfer of the security,” which is used to hide the actual amount paid. Contracts may become unenforceable or voidable due to “non-consideration” (voided by withdrawal) if it is determined that the intended consideration is worth less than expected, damaged or destroyed, or if the service is not properly performed (for example, if the mechanic does not drive the car properly). Illegal or immoral acts to the point of violating established public order may not be used in exchange for enforceable contracts. Examples: prostitution, gambling where it has been banned, hiring someone who breaks a skater`s knee or causes someone to break a deal (persuading someone to withdraw from a promise). Before recommending retention periods for records that may have legal value, organizations should seek the advice of their General Counsel.