Legal Rules of Consideration Essay

Legal rules as to consideration: 1) Consideration must move at the desire of the promisor:the act done or losssuffered by the promise must have been done or suffered at the desire or requestof the promisor. The act done at the desire of a third party or without the desire ofthe promisor cannot be a good consideration. It is not necessary that the promisorhimself should be benefited by the acts of the promise. The benefit may beintended for a third party. But the desire or request of the promisor is essential. Example: A sees B’s house on fire and helps in extinguishing it. B did not ask forA’s help. A cannot demand payment for his service. 2) Consideration may more from the promisee or any other person:consideration can be given or supplied by the promise or any other person who isnot a party to the contract. As long as there is a consideration it is not importantwho has given it. Therefore, a stranger to consideration can sue on a contractprovided he is not a stranger to contract. This is known as the â€Å"doctrine ofconstructive consideration†. 3) Consideration may be past, present or future: consideration may be past,present or future. But according to English law, consideration may be present orfuture but never past. 4) Consideration need not be adequate: consideration need not be adequate to thepromise, but it must be of some value in the eye of law. So long as considerationexists, the courts are not concerned as to its adequacy. Provided it is of somevalue. The adequacy of the consideration is of the parties to consider at the timeof making the agreement. However, the inadequacy of the consideration may betaken into account by the court in determining the question whether the consent ofthe promisor was freely given. This is because inadequacy may suggest fraud,mistake or coercion etc. Example: Ali agrees to sell a car worth $2,000 for $200. Ali’s consent to theagreement was freely given. The agreement is a contract not withstanding theinadequacy of consideration. 5) Consideration must be real and not illusory: Although consideration need notbe adequate, it must be real, competent and of some value in the eyes of the law. Real consideration is one which is not physically or legally impossible. If theconsideration is physically impossible, vague or legally impossible, the contractcannot be enforced. ) Consideration must be lawful. The consideration for an agreement must belawful. An agreement is valid if it is based on unlawful consideration. Consideration is unlawful: a) if it s forbidden by law or b) if of such a natural that if permitted it would defeat the provisions of nay law,or c) is fraudulent, or d) involves injury to the person or property of another, e) court regards it as immora l or opposed to public policy Example: I ) A promises to maintain B’s child and B promises to A $ 2000 yearly for thepurpose. Here, the promise of each party is the consideration for the promise ofthe other party. These are lawful considerations. II ) A promises to obtain for B, an employment in the public services, and Bpromises to pay $ 800 to A. the agreement is void as the consideration for it isunlawful. 7) Consideration may be an act or abstinence or promise: Consideration may bea promise to do something or not to do something. So it may be either positive orSubject: BUSINESS LAW LECTURER: YUSUF O. GARASADMAS UNIVERSITY COLLEGEHARGEISA-MAIN CAMPUS negative. Consideration need not always be doing some act. It can be not doing anact also. ) Consideration must be something which the promisor is not already bound todo: a promise to do what one is already bound to do, either by general law orunder an existing contract, is not a good consideration for a new promise. Therewill be no detriment to the promise or benefit to the promisor over and above theirexisting rights or obligations. Similarly, a promise to perform a public duty by apublic servant is not a good consideration. Example: A promis es to pay $ 200 to police officer for investigation into a crime. This promise is without consideration because the police officer is already boundto do so by law. Exceptions: There are, however, certain exceptions to the rule that past consideration is noconsideration. Under the exceptions, past consideration is as good as present or futureconsideration. The exceptions are as follows: 1) Services rendered at the request of the promisor. When the considerationconsists of services rendered at the request of the promisor, it is a goodconsideration. The request may be either express or implied. 2) Promise to pay a time-barred debt: where a debt is bound by limitation, thedebtor can waive the benefit of that plea and promise to discharge the debt. Such apromise is enforceable. A time-barred debt can be taken as valid consideration fora subsequent promise. 3) Negotiable instrument: where a negotiable instruments is given in considerationof some past act, that past act will form as a good consideration for the issue ofthe negotiable instrument and the party who gets the instrument can validlyenforce it. Unreal Considerations: in the following cases, the consideration is not legal because ofphysical or legal impossibility or uncertainty. The following are not real considerations. ) Physical impossibility: if a person agrees to perform an impossible act for aconsideration, the promise is not enforceable. The promise is unreal. Discoveringtreasure by magic or making two parallel straight lines meet or putting life backinto a dead body cannot be enforced as promises because of impossibility. 2) Legal impossibility: whenever the performance of a promise is legallyimpossible, consideration is not real. 3) Uncertain consideration: cons ideration is not real and is not enforceable if it isuncertain or ambiguous. Examples: A engages B for doing a certain work and promises to pay aâ€Å"reasonable sum†. There is no recognized method of ascertaining theâ€Å"reasonable† remuneration. The promise is not enforceable as it is uncertain. 4) Illusory consideration: an illusory consideration is not real and is unenforceable. Example: A promises to give B one ton of gold brought from the sun. theconsideration is sham and illusory. 5) Pre-existing legal obligations: A promise to do what one is already bound to do,either by general law or under an existing contract, is not a good consideration fora new promise. Similarly, a promise to perform a public duty by a public servantis not a consideration. Real or Good Consideration: The following are good real or considerations: 1) Forbearance to sue: forbearance to sue is a kin of abstinence. It means a personwho has a right of action against another person refrains from bringing the action. Forbearance to sue may be forever or for a short or limited time. Forbearance tosue at the desire of the debtor is a good consideration. Example: A has a right to sue his debtor B for $5000. But he postpones suing as Bagreed to pay $ 2000 more. Such forbearance is a valuable consideration for thepromise of B. 2) Compromise of a disputed claim: Compromise is a kind of forbearance. Thecompromise of a disputed claim is a good consideration for the fresh agreement ofcompromise. Example: A sues to recover a debt of $2000 from B. B denies the whole debt andpromises to pay $500 to A as a sort of compromise. This compromise of B issupported by consideration and is valid. 3) Composition with Creditors: A person who is not in a position to pay his debtsfully may call a meeting of his creditors and request them to accept a lesseramount. If the creditors and request them to accept a lesser amount. If thecreditors agree to it, the agreement is binding upon the debtor and creditors.

Janmar Coatings Case Analysis

Janmar Coatings, Inc. | To:| Ronald Burns| Subject:| Janmar Coatings, Inc. Suggestions| Comments:| The problem facing Janmar Coatings, Inc. is deciding where and how to execute corporate marketing efforts in the southwestern United States. Janmar Coatings is currently marketing to 50 counties, their main focus area so far has been the 11 counties in the Dallas-Fort Worth area. The main issue Ronald Burns, the president of Janmar Coatings, is having is trying to come up with a solution to market his company in the most cost effective way during 2005.After 2 long meetings with his executive team he still has no clear direction. He has gathered an approach from each of his team members, including: VP of Advertising, VP of Sales, VP of Operations, and VP of Finance, and now has four solutions to consider. The VP of Advertising has proposed to increase corporate advertising with an large emphasis on television. The VP of Sales proposed hiring a new field representative to help generate ne w accounts. The VP of Operations has proposed a 20% price cut on all Janmar product sales.The VP of Finance proposed that nothing be done; that the company continue with their current efforts and keep a 35% contribution margin. After looking at the company’s overall goals and finances, I would agree with the VP of Sales. Based on his suggestion, I believe it would be a smart time to hire a new sales representative for Janmar. The cost attributed to company for hiring a new sales representative would be $60,000 per year. And the amount of sales revenue needed to cover this expense is $170,000.However, if this sales representative position is correctly used, they will be able to make this margin back rapidly. Because by concentrating on only developing new retail accounts in the non-DFW area, the company could generate lots of sales to a brand new buyer market. Janmar has realized that they need to focus more energy on the ‘Do-it-yourselfers’ as they say, or DIY po pulation, and the non-DFW area seems to be where most of these consumers are located. It was mentioned that product prices would need to be lowered 40% in order to attract contractors, but that is not an immediate worry.Janmar needs to focus all their current energies on the DIY consumers and professional painters. Hiring a new sales representative would be the smartest decision right now because they will know every detail of the products and have the ability to market that properly to each of those consumer segments. However, I have also considered the Vice President of Advertising’s suggestion that they should increase advertising expense by $350,000. While initially, increasing advertising expenses sounds like a good thing to do, this decision would almost double the current advertising expenditure.Janmar is spending around 3% of revene on advertising and sales promotions efforts; which comes out to nearly $360,000. And while it may By increasing advertising expenses by $ 350,000, an additional $1,000,000 in sales will need to be recovered to make up for this expenditure. Mr. Burns makes a valid point by saying that 75% of the audience advertised too is not buying paint. With 25% of your audience only looking to buy paint, it would not be worth the risk of not increasing sales by $1,000,000, to implement the extra advertising expense.Also, I considered the Vice President of Operations proposal for a 20% price cut on all Janmar Coatings, Inc products. Price cuts are always something that needs to be entered into with extreme caution. Even the slightest 1-2% drop in price can lead to a huge drop in margin. In Janmar’s situation, if they choose to implement a 20% price cut, they decrease their overall sales dollars by $2. 4 mm. And their variable cost will not be effected by this price cut to their cost of goods sold will be held constant.In the end reducing their gross profit by 50%, which is extremely high. By implementing this price cut too, t hey would be lowering their contribution margin by almost 60%. While initially, a price cut may seem very appealing to the consumers, the overall toll it will take on the contribution margin and sales dollars generated by Janmar, it would not be a smart decision to move forward in making that a reality. Now, the Vice President of Finance suggested pursuing the current approach. His idea is that Janmar Coatings has always, and will continue, to be successful.The contribution is high, just because an increase in costs doesn’t mean there will be an increase in sales, so why do anything different? Although the VP of Finance has valid points, there is obviously something that needs to be done, or else 22 meetings would not have been necessary. Yes there is a great contribution now, but if things stayed the same, other companies may become more popular and generate more sales than we do and push us out. Based on information from 2004, Janmar currently has a 15% market share in the 50-county service area. If Janmar just stays where they are, they could ose market share as well. It is true that with any expenditure, sales have to increase to compensate for those expenditures, but a company cannot merely stay â€Å"neutral† when something absolutely has to be done. There is a way to introduce a plan that will generate sales to compensate for the expenditure. In this case, simply adding a new sales representative seems to be the best, lowest risk, most probable solution in this case. Lastly, to do a more in depth review the Vice President of Sales suggestion to bring on a new field representative to the sales force.The focus for this new representative would be to focus on developing retail account leads and calling on professional painters to gain new business through dealers. In the overall non-Dallas Fort Worth area, the penetration of Janmar is only 16%, so this representative would only concentrate in this area. Over the last 5 years, Janmar has focus ed most all of the actions toward the DFW area, while the non-DFW area has started to grow. The non-DFW area sales have grown 23% over those 5 years. DIY customers represent a higher percentage of sales than professionals in both areas.However, DIY customers represent 90% of sales in non-DFW areas. Because our contribution margin is 35%, with the addition of a new representative costing $60,000, about $171,429 additional in sales would be needed to recover the expense. With the addition of a sales representative, though, this sales rep could be focused on the non-DFW area and create account leads with more professional painters. The company would need a price cut of about 40% to attract contractors, but if the company could also just create awareness among more professionals in the non-DFW area, more sales could be generated there.Let’s not focus on contractors right now, and get the professional sales in the non-DFW area up, and create more accounts with them. Sales in the D FW area and non-DFW area in the last 5 years:Increase Advertising Spending (emphasis on television): Current advertising spending| 3% of sales=. 03*12mm=$360,000| Sales needed to recover advertising expenditure| $350,000/. 35(CM)=$1,000,000| 20% Price Cut on all Janmar products: Current: Sales Gross Profit CM| Sales: $12mmGross Profit: $4. mmCM: 40%| Sales, Gross Profit, and CM changes after 20% price cut| Sales: $9. 6mm ($2. 4mm change)Gross Profit: $2. 4 mm ($2. 4mm/50% change)CM: 25% (60% decrease)| | | | Adding another Sales Representative to the work force: Current Sales Reps| 8 field reps that cast about $480,000 +commission (assuming they receive the $60,000 salary the new rep would receive)| Sales needed to recover new rep expenditure| $60,000/. 35 (CM) = $171,428. 57| Janmar Market Share of architectural paint and allied products| 15% |

Overseas Students Participate in Cultural Activities Essay

Cultural activities are activities where people spend their leisure time attending cultural venues and events. For example, cultural activities include going to art galleries, museums, libraries, operas, concerts and the cinema. People want to get feelings of well-being and gain more knowledge by participating in cultural activities. Participation in cultural activities influences the development of students in many aspects, such as for entertainment and knowledge. The involvement of students in cultural activities can help them develop a well-rounded education. For overseas students in Australia, participating in native cultural activities can also help them reduce culture shock and provide a better way for students to understand more information concerning the history, customs and beliefs in Australia. In a survey concerned with participation in cultural activities among Australian people, it was found that about 85% of the Australian people who aged over 15 years old participated in at least one of cultural activity during the 12 months in 2005-06 (Australian Bureau of Statistics) (ABS) (2007). Going to the cinema was the most popular activity which had the highest percentages at 65% of people. Going to zoological parks and aquariums were the two second most common activities, at 36%; libraries and botanic gardens were at 34% (ABS, 2007). In addition, the same study found that people with higher educational background had considerably higher attendance rates than people with lower educational attainment at art galleries, museums, zoological parks and aquariums, libraries, popular music concerts, other performing arts and the cinema. Moreover, in previous research, it was found that about 25% of respondents went to the library over 20 times during the year. (ABS, 2007). However, little research has been done to compare differences in participation in cultural activities between overseas students in Australia and Australian people. The aim of this research is to find out whether overseas students’ cultural activity behaviors were similar to Australians. Methodology This research was carried out in Navitas English language school on 10th December 2010, and was concerned about the participation in cultural activities of overseas students. Data were collected through questionnaires in the school. The participants consisted of 50 overseas students (25 males and 25 females), who were aged between 18-24 and 25-34, just one person was over 35. The majority of the sample were Chinese; other subjects were from Thailand, Vietnam, Korea, Indonesia, and Japan. The questionnaire, which was administered informally and contained 8 questions, was made up of three sections: demographic information, the type and the frequency of cultural activities. Specifically, 4 questions were developed to record general information; one question was about which cultural activities students participated in; the other 3 items asked about how often students participated in cultural activities per year, involving all cultural activities, going to the library and cinema. The survey was conducted by several groups; each group consisted of 2-3 students. These groups respectively entered different classes to collect data using questionnaires. After collecting this, the data was shared by all groups. Data from questionnaires were then collated and converted to percentages. The results were compared according to gender, education and frequency in graphs.

Vrio of Adidas

Company Wildberries – it is a large online store of fashion apparel, shoes and accessories, which has existed for more than 7 years. I chose this site because I had previously used the services of this website. Products in this online store are divided into categories. To view products by brands (brands), go to the tab â€Å"brand†. All products are sorted by price, color, size, popularity rating (rated buyers) and the date of receipt to the store. When viewing products by categories is also sorted by brands, but when viewing a product brand can be sorted by category.To view a product that you like, click the mouse on the image or name of the product. Select your desired color and size and click â€Å"Add to cart†. For convenience, the size and color of goods available for express delivery, handed back to the top. To return to a page with a showcase, click â€Å"return to the store† or â€Å"Close† button, if the card product opened in a separate wi ndow. If you want to move to another section, use the top or left-hand menu. To quickly find specific things you use the search form at the top of the page.To make a purchase, click on â€Å"Shopping Cart† in the upper right corner. There's always shows the number and value of items in your shopping cart. On the page with a basket, you can edit your order – change the number of products to remove unwanted or move the selected item to your list of pending items. Defer goods can only registered users. If you view the basket, not registered, you will be offered to login to register or place your order without registration. Order is shipped, If you are reading the inscription: Thank you for your purchase!Your order is accepted. In the near future you will contact our operator to refine the order and conditions of delivery. Methods of payment:Bank transfer Bank transfer from any bank operating in Russia, you can pay: The handling fee is required for the activation order Pre payment required for the activation order Debt The remainder value of the order, the service of EMS or other express company, has no collection services The cost of the entire order is partially or completely Approximate date of transfer of money between banks is no more than 2-3 working days.When paying by bank transfer will be charged the fee for bank transfer of funds, which is an average of 3% of the order value. Crediting funds occurs within one working day after they are received in our bank account. Receipt suitable for payment at any bank operating in Russia, the manager sends to the specified customer e-mail or by fax, after discussing all the options and confirm the order or after approval of the method of delivery. A receipt will be sent duly filled, indicating the amount of the payment, your data and details of the company. You can also print a receipt from your personal account.WARNING! When filling out receipts by hand, be sure to check the spelling of the name of our company and contact details, otherwise the money will be credited to the bank to â€Å"unclarified Accounts† and in case you do not have time to send in proof of payment, the funds will be credited back. Allowed to write in the payment â€Å"for the order number †¦ â€Å". Payments from businesses will not be accepted and will be credited back. Bank card You can pay by credit card: The handling fee is required for the activation order Prepayment required for the activation order DebtThe remainder value of the order, the service of EMS or other express company, has no collection services The cost of the entire order is partially or completely Also, you can pay by credit card in Moscow paragraphs ex works. Credit cards can only be through the Internet, through e-payment system ASSIST. Login to the payment terminal is in your personal account. Pay only orders made with registration. The minimum payment is 150 rubles. The maximum payment amount is 10 000 rubles. I like thi s site because the orders are delivered on time and the quality of things rather high.

Sainsbury Assignment Example | Topics and Well Written Essays - 4500 words

Sainsbury - Assignment Example J Sainsbury is not expected to distribute cash, pay dividend to shareholders or share repurchases over the next five years as it expects to expand its activities and invest in all positive net present value (NPV) projects by opening more shops in Moscow and its environs. One of the priorities will be, creating an online database for customer's interaction, queries, purchases and free-draw. Consequently, all profits will be re-invested into its expansion program (Opening of new stores, extending its product line) as well as any profitable venture that the company may come across supported by the shareholders. Based on feasibility studies, the partners, I have targeted the heart of Moscow, to be used as the country head office; hosting the first shop and serving as a warehousing, and dispatch unit for online purchases. This area is unique because of its accessibility to other cities, and European countries. The partners intend to use the London Olympic to promote some of their brand such as insurance and banking options, and to benefit from ancillary auxiliary activities and industry. Rent for the building stands at $100000 per annum for the first two years. Initial funding for the project is expected to be $1000,000. ... Initial funding for the project is expected to be $1000,000. Of this amount, the parent company will contribute40%, that is, $400,000 while local shareholding will contribute 30percent; a bank loan of $300,000 has been secured to cover the remaining 30% of the funding requirements. Sales for the first year are expected to amount to about $2000,000 and are expected to grow at an annual rate of 30%. Gross profit is expected to be $475,102 against which expenses for rents, depreciation of factory equipment, wages and salaries, overhead expenses and miscellaneous expenses will be charged. Expenses during the second, third, fourth and fifth year are expected to witness increases as the company plans to increase expenditure on advertising, research and development, staff, and office and factory equipment. More stores will be created within this period, to facilitate dispatch of goods and services. About 80% of sales will be generated online. To minimize theft, customer loyalty card will be provided, to facilitate online purchases. 1.0 Introduction Globalisation, the new information technology, and deregulation of financial markets has eased the provision and search of finance. Millions of shares are traded every day on the world's stock markets. (Penman, 2003). Investors who trade on these stocks are often forced to ask themselves whether they are buying or selling at the right price. (Penman, 2003). They often attempt to provide answers to these questions by turning to various media including internet chat rooms, printed press, "talking heads" on television and financial networks, who often voice opinions on what they feel the stock prices should be. (Penman, 2003). In addition, investors consult investment

Personal Organisational Development Essay Example | Topics and Well Written Essays - 2500 words

Personal Organisational Development - Essay Example However, the country currently induces foreign investors in its economy, which has led significant growth. Currently, the country’s economic prospects ranges at 78% for the service sector, and a reserve valued at ?250 billion (Great Britain, 2012, p, 57). These advantages translate into increased balance of payment for the country. Further, it is economically sound to rate UK as one of the best countries to secure employment opportunities due to its broad spectrum of industries. Through the establishment of the Keynesian theory towards an evaluation of the UK economy, it is evident that the UK economy holds diverse employment opportunities to graduates. The theoretical approach stipulates that, during the short run and long run periods, productivity of the economy will shape up to conform with the desired increase in investment thus propelling the growth of opportunities. The implementation of the theory in transforming the economy is vital since it declares that supply may re main constant during an increase in the level of demand for employment opportunities. Therefore, the constant supply of labour force from graduates will lead to an increase in its demand, which consequently results to high salary offers, decreased unemployment levels reduced rate of inflation (Yaeger and Sorensen, 2009, p, 114). Despite the economic crisis witnessed in the previous period, UK’s investment growth and the constant maintenance in population translates to unlimited opportunities for graduates from different careers. Finance companies in the UK seem to be engaging on continued promotion of their services while neglecting the fact that the sector suffers broadly from crises. It is evident that the corporations derive challenges from the increased number of unpaid loans while the employee population, demand for salary increment to match the escalating costs of living. The corporations admit that the prospective employees who qualify after the recruitment should be k nowledgeable of the past financial performances. Since the year 2005, the economy of UK witnessed a slight increase in the rate of unemployment at a level of 7.3% with a 1.3% emanating from the financial sector. Arguably, the country’s wealth of diverse investments helped it to recover from the GDP deficit rated at 1.2% in the unemployment levels. Predictions of a continuous rate of reduced unemployment among the citizens seemed ill to the extent that the economy realized a high of 7.8% and a low of 7.3% in 2008-2012. Analyses depict that the concurrent changes in the employment sector of the economy are implicit on the exchange rates of the GBP. Anticipations of the UK financial sector as presumed by economic advisers are that the country would recover the employment rates and eradicate unemployment through implementation of foreign policies. For example, they derived an understanding that the country’s reserves were instrumental in reshaping the employment levels thr ough an increase in funding and reducing the sovereign debt. This implicates on increased advantage of exchange rates over other foreign currencies for example, the American dollar. They implied that the foreign exchange advantage would lead to an increase in the GDP and per capita incomes (Duckworth andTummons, 2010, p, 42). This would implicate at immediate increased employment rates. However, the increase in the debts that befell the finance industry

Closing the Gap Article Example | Topics and Well Written Essays - 750 words - 1

Closing the Gap - Article Example Different steps have been laid out to assist in the achievement of organizational performance, which means that they need to be followed and monitored closely to allow organizations better their operations. Practices in the organization need to be in line with the formulated strategy to allow proper flow of operations. The five-step program is aimed at ensuring organizations have a fundamental way of reaching their employees. This is through relaying the ultimate goals which the organization is aiming for, which need better decision making skills and communication channels. A strategic pilot is what the five-step program is identified as and brings to focus the anticipated performance that organizations aim for in their repertoire. Different leadership practices are also addressed in the five-step process, which might allow managers to bring proper cohesion to frontline employees. Managers claim the performance loss between strategy formulation and strategy implementation can be solv ed through communication and strategy execution practices (Knowles, 2011). The article summarizes the five-step program, otherwise known as the strategic pilot. ... Communicating the formulated strategy in a manner in which stakeholders can understand makes it possible for them to examine the correlation between strategy and the organization’s success. Indicating that the strategy is aimed at more than the financial capability and standing of the organization is crucial in helping the implementation of strategies in the organization. The next step involves selecting the right amount of information that may be useful as compared to handling large amounts of data. This step assists in selecting the highest priority in the organization, and dealing with it (Knowles, 2011). The third step involves listing strategic objectives to determine the impact and core of each process. The higher weighted objectives can be placed in higher levels in the listing while the lighter objectives can be placed in lower listings. These listings assist in translating strategy into performance as the highest priorities get the recognition they deserve. In the fou rth step, strategies are placed at the center of the management practices. The reason behind this is that leadership in the organization is engaged, and the strategic governance process grows. The performance results point the organization toward process improvement, which may guarantee organizational success. The approach works to deploy strategies from the top down, and solutions are built only where they can add value to the organization (Knowles, 2011). Finally, the fifth step/approach focuses on assisting businesses become strategy-based organizations. This is through evaluating all the above approaches and properly implementing their use. Simply stating the intentions behind such approaches is not enough to guarantee the organization’s success. This means that all approaches have