Business Law Essay Example for Free (#18)

Business Law Essay Consideration is an essential element of a valid contract. The four main ingredient of a contract is the offer, the acceptance, the consideration and the intention to create legal relation. Consideration refers to what one party to an agreement is giving or promising in exchange for what is being given or promised by the other contracting party. There are certain rules that govern a valid contract.The issue in the case is whether the agreement was legally binding upon Dream Design or whether it failed for want of consideration. If the promise merely fulfils an existing contractual duty to the promisor, he does not provide consideration to buy the buy promisor’s promise. The baskets were to be delivered by A and a rate was agreed upon between the party. After the first delivery A demanded more money from K before making any further deliveries to W. K unwillingly agreed to pay the extra money and A continued with the delivery. Later on K refused to pay the extra money to A and A sued K. It was held that A had not given consideration to K to buy K’s promise of extra money. A could not say that making the delivery was the consideration, as A was contractually bound to make these deliveries under the original contract. With the case of Dream Design the consideration will not be sufficient where a contractually duty already exist. The fact is that Parma Steel and Dream Design agreed on a written contract dated October 22, 2009 for the supply of fabricated steel at a cost of $165 per ton for â€Å"Grade60,000 and $156 per ton for â€Å"Hard Grade. † In this case Parma Steel could not say that making the deliveries was the consideration, as Parma Steel was already contractually bound to make these deliveries under t he original contract. According to Tucker J. there was no consideration for the new agreement. The plaintiff was already obliged to deliver the defendant goods at the rates agreed under the terms of the original agreement. The facts constituted economic duress but the court has to refuse to enforce the new agreement for the increase in the prices or the higher charges as it lacked any fresh consideration from the purchaser, Dream Design. The supplier, Parma Steel claim for the outstanding balance has to be dismissed. Business Law. (2018, Oct 18).

Module 3 Case Assignment Example | Topics and Well Written Essays - 750 words

Module 3 Case - Assignment Example al Production Cost 3,100,000 Total Production Units 50,000 Production Cost Per Unit 62 Performance for the 2nd Quarter As far as the improvements are considered for the 2nd quarter, the assessment for Mr. Rosen is not under right direction. The information that they had provided, gives the same amount of net income under both approaches. Sales are same for both these approaches. However, the costing side is affected by these two approaches such that the costs are broken up on different methods under the two approaches. For instance, under absorption costing, costs are divided into two main categories which are 1) costs directly attributable to units sold, and 2) costs which are not directly related to the manufacturing process (Jordan and Harris, 2008). Conversely, if contribution margin costing approach is taken into consideration, the overall costs of the company are divided into 1) variable cost, and 2) fixed cost. Variable costs are the ones which increases of decreases with the number of units sold but remain constant on per unit basis. However, fixed costs are the ones that remain same regardless of the number of units sold, but for a certain capacity (Kinney and Raiborn, 2009). Cumulatively, the net effect of these two approaches has found to be the same under the given information. However, the breakup of the costs under both approaches can be observed in a distinct manner. The second quarter performance for the division is same because number of units sold is same as the last year. Although, the overall production cost has been increased because of increasing the number of units, but since the sales units are the same, therefore production cost pertaining to units that are actually sold, has been taken into account which has caused the same result for both approaches under both quarters. Suggestion on Appropriate Reporting System From the given information, there are few suggestions to be made. The clear difference between absorption and marginal costi ng approach can only be observed clearly if there is comprehensive information provided especially regarding the level of inventory. In that case, it would be a rather better approach to make a clear point regarding which costing approach provides the better results. For better results, Mr. Roses is advised to not only increase the production units but also increase the sales volume as well. This will substantiate better performance rather than focusing on the reporting approach to demonstrate better results which is not more than a complacent view. Shortcomings of Absorption Costing Approach There are various shortcomings of absorption costing as a method of internal

Soap Opera by David Ives Essay Example | Topics and Well Written Essays - 1000 words

Soap Opera by David Ives - Essay Example According to the research findings, it can, therefore, be said that production of soap opera ensures a major hit. If one is creative enough, slight tweaking in the presentation can even produce a sequel, giving the production company a lucrative material to invest on. It also requires a small budget, which will lessen the risk of low returns on investment. The cast is minimal, the setting inexpensive, and the costume is almost down to none. What needs to be played up here is the novelty of having a washing machine as one of the major characters. The plot will even allow a general patronage showing. The short screening time will also allow several runs within a day, maximizing the potential of bigger profit. Any actor and actress can play the parts. It does not require a big name of a star on the credits. What will be sold is the concept of presentation, not the actors and actresses, and definitely not the over-rated budget for modern effects. This play can be called a mixture of paro dy and romantic comedy. Parody employs sarcasm, stereotyping, and even mockery. There are several scenes in this play that utilizes parody. For example, when the Repairman tells the Maitre d’ of the start of his relationship with the washing machine, he mentioned â€Å"I tried to watch cartoons on it till I was five --- unsuccessfully, of course. But by then, I was hooked†. Similarly, when Repairman’s mother â€Å"great gleaming mother Flora† who is â€Å"a perfect 50s housewife carrying a basket of dirty laundry† enters the scene. Why is it that a perfect 50s housewife, all gleaming and with â€Å"fluoroscopic eyes† and who sees every filth and dirt in her son’s clothes, unable to inform his son that the washing machine is not a television? And definitely, the absurd idea of what is a perfect housewife in this play is humorous, making the mocking undertone realistic and hitting its mark. These are just a few samples, but the play is packed with these puns from start to finish.

Psychological Experience of Colonialism Essay Example | Topics and Well Written Essays - 1750 words

Psychological Experience of Colonialism - Essay Example On the other hand, those who resist the new order are often isolated into lonely lives from the rest in desolate lives. Colonialism had serious psychological effects not only on the colonized, but also on colonizers who did not share the same ideologies with their fellow Europeans. In Burmese Days, Orwell presents an important aspect in Flory’s predicament as an inner struggle between joining the exploitative fellow Europeans and siding with natives. Flory’s inner conflict results from his guilt of being a ‘colonizer’ enjoying many privileges at the expense of the exploitation and victimization of the natives. This eventually leads to torturous inner conflict after which Flory commits suicide. This suggests when an individual is overwhelmed by their inner conflict and is helpless in solving them, they lose their essence and the only resolution to such a predicament is death. Flory is much awake to the economic motives of colonialism and is strongly opposed to it, denying it in his mental level, but unfortunately the conflict is just trapped in his mind and; he sometimes acts like the same colonizers. Importantly, fighting and rejecting the status quo seldom leads to redemption, but leads him to be more caged, as Flory is observed lonely with only a few friends. This is the painful but conscious choice taken by an individual due to their awareness of the exploitative nature of colonialism Ironically, Flory lastly portrays his exploitative nature through sexual abuse of Burmese women as he dumps and sacks his mistress, Ma Hla May, for interfering in his relationship with Elizabeth, and for being a financial burden to him, after exploiting her for sexual favors. Flory’s give and take relationship with his Ma Hla May signifies how colonizers treat the colonized, characteristic of how the whites exploited Burma for economic benefit but left after becoming a financial burden after the Second World War Similar to how Burma is of no im portance in the colonizer’s eyes, Ma Hla May is devoid of value and identity in Flory’s eyes as she is discarded easily like an object. Therefore, Flory does not fit well in the colonizer’s framework as brought out by Memmi as he neither fully condemns nor supports the exploitative nature of the colonizers. The painful inner conflicts are not a preserve of the colonizers as the colonized similarly face such strong internal struggles, leading to negative perception of self. In Not out of Hate, Way Way best exemplifies serious inner struggles resulting from exploitation by the colonizer. Way Way is submissive and passive, conforming to the expected colonizer- colonized system where the colonizer has the right to make all decisions, though she suffers serious inner conflicts as her desires are not in tandem with the system. Way Way finds U Saw Han to be over controlling, which leads her to feel depersonalized, in which her life has to revolve around performing role s and responsibilities around and according to him. Way Way increasingly feels caged as she lives her life different from her desires and will. This crushes her so much that he loses touch with herself and in fact she is so depersonalized such that her identity is not different from U Saw Han. Way is not just passive in the whole predicament, but struggles greatly with her internal conflict. She even had sought solace at the monastery after her

The Impact of the China New Labour Law on Industries and Labour Income Dissertation

The Impact of the China New Labour Law on Industries and Labour Income - Dissertation Example Some of the famous labour scholars such as Professor Chang Kai, Professor Wong Liu, lawyer Jiang Jun Lu publicly argued that the fixed term contract regulations contained in the Labour Law are necessary for protecting workers from indiscriminate termination of employment. Economists such as; the world famous economist Professor Steven N.S. Cheung and Professor Wong Yijiang, as well as labour expert Professor Dong Baohua and Law Professor Ho Bing, argued that welfare protection compromises enterprise protection and the ability of employees to be mobile (Blanpain and Nakakubo 2010, 66). The financial crisis did not help matters. Faced with struggling to keep businesses afloat and the prospect of liability for increased employee security under China’s New Labour Law, a number of businesses reportedly closed their doors. Other companies reportedly liquidated their assets to avoid compensatory damages against employee claims under the new law (Canaves 2009, A6). This research study conducts a critical analysis of China’s New Labour Law 2008 and its consequences for industries and labour income. In order to set the framework for this critical analysis, a descriptive research is conducted which reflects the economic developments in China over the past thirty years. This period is important because it covers the economic policies of Dang Xiao Ping who opened China’s markets to the rest of the world ending a long history of isolation. In the course of conducting this descriptive research, changes in the income of urban dwellers and rural farmers will be revealed. This will help to set a conceptual framework for analysing the necessity and aims of the New Labour Law and its actual and likely consequences for industries and workers’ income. This research takes a mixed methods approach in that both qualitative and quantitative research analyses are conducted. The qualitative research methods involves a review of the literature relative to Chinaà ¢â‚¬â„¢s economic development, the labour market and the implementation of China’s Labour Law 2008. The quantitative research methods consist of an empirical research study conducted. The empirical research study consist of a series of personal interviews of 100 workers and five owners of divergent sized factories. Evidence obtained from these interviews are compared to the evidence relative to empirical evidence reported in the literature on the experience of labourers who work outside of China under different jurisdictions and their labour laws. The purpose of the interviews with workers and factory owners was to identify the influence of China’s New Labour Law on the income of workers and the adjustment that businesses were compelled to make as a result of the New Labour Law. Research findings indicate that China’s New Labour Contract Law has had a substantial negative impact on the cost of manufacturing and has negative impact on the benefits intended for wo rkers. Acknowledgements. I would like to thank my tutor, Mr. Abel Khoo for his assistance. Mr. Khoo identified my errors and provided valuable advice for correcting them. He also provided valuable advice as to properly identifying the issues and the organizing the relevant material. Mr. Khoo also helped me to organize the design of this research thesis. I am also grateful to the five owners of the factories who willingly

Research Topic Literature Exploration Essay Example | Topics and Well Written Essays - 750 words

Research Topic Literature Exploration - Essay Example Other than that working outside in long hour jobs, pursuing other interests, sibling rivalry and lack of interest on the parts of parents to take keen interest in children’s school work results in dropouts (Ash, Katie). What should be: There is need to mark future dropouts. Building an early warning data system and a two-fold agenda of high standards and high graduation rates can help in decreasing high school dropouts. Schools should provide a pleasant experience to students through their operational activities to obstruct the speed of dropouts. Data collection on high school dropouts is very important and should not be skipped. Checklist approach to know the students at risk of dropping out of school should not be the only alterative method to know future dropouts, as it has its own drawbacks. An alternative checklist should be prepared to analyze the data on comparison between two groups -- dropouts and graduates, called â€Å"regression analysis† to develop a â€Å"statistically generated prediction formula.† Longitudinal data helps in assessing risk factors; On track indicators used by preventive programs should be used to bring down dropout rates (Craig D. Jerald). What should be? Research on instructional and structural strategies to inculcate reading and writing skills among students suggests that motivational and self-directed learning can be an easy and effective way by allowing them freedom of reading time and providing range in reading besides giving them freedom to select research and writing topics (Biancarosa, Gina). Strategic tutoring -- It also helps students not only in completing particular tasks but helps them in writing independently. Strategic tutoring provides customized help to students – identifying and focusing their weak areas such as poor writing skills (Biancarosa, Gina). Intensive writing – It requires integration of writing with reading comprehension for which reading instructions should be clear and specific

Microeconomics article review Term Paper Example | Topics and Well Written Essays - 750 words

Microeconomics article review - Term Paper Example It is important to understand that in the general economy there is a job destruction rate and a job creation rate. Unemployment occurs when these two factors are out of balance. A recession does not impact the job destruction rate, but it does affect the job creation rate by lowering it. During the recession as the job creation rate falls the period of unemployment lengthens. â€Å"The percentage of the labor force unemployed for 27 weeks or more is finally decreasing, after peaking at about 4.3 percent in April 2010 and hanging around 4 percent until September 2011† (Worstall, 2013). It is unknown how much of that decline is associated with people finding jobs or leaving the job marketplace. Typically when people leave the job marketplace it becomes hard for them to come back. People that leave the workplace do not enjoy the pleasures associated with having income. Adults that leave the workforce negatively impact the economy because it loses the goods and services they could be producing. The stimulus package through programs such as the TANF Emergency Fund helped job creation in the United States. Some of the ill effects of long term unemployment include erosion of skills and dissociation from the job market. An economic concept called hysteris could have occurred in the United States. ... In Europe another 4% continues to be out of the workforce for over a year, while almost none in the U.S. One of the reasons for the discrepancy in long term unemployment behavior is that unemployment benefits in the U.S run out after six months, while in Europe they continue for years or indefinitely. The increase in unemployment insurance was an effective incentive to keep money flowing in the economy, but its effect on reducing the unemployment rate is questionable. â€Å"There was undoubtedly some increase in long-term unemployment as a result of the UI extension: people do respond to incentives after all† (Worstall, 2013). Stimulating the economy by running a fiscal deficit does not positively impact the nation’s unemployment rate. The article provided great insight into the unemployment problem in the United States of America. Unemployment was a topic discussed in class during the semester. It is a very important economic topic because it affects the lives of every one in a society. People need to work to earn income to spend in consumer goods and services. When a person loses his job he becomes unemployed. The chances of this person finding a job quickly increases when the nation’s unemployment rate is low. I learned from the article that short term unemployment is referred too as frictional unemployment. A second economic concept learned in class that was discussed in the article was recession. A recession can be defined as a decline in gross domestic product (GDP) for two or more consecutive quarters (Investorwords, 2013). During a recession people lower spending often in fear that they might lose their jobs. The author of the article indicated that people that are unemployed during a recession often have a hard time