Contract Definition Paper Essays - Contract Law, Contract

Contract Definition Paper Essays - Contract Law, Contract Contract Definition Paper Brian Olson Business Law 8 January 2001 A contract is a binding agreement made between two competent parties that can be written verbal or implied. The purpose of a contract is to create an agreement that can be supported by the law (Wests Encyclopedia). As we enter the new millenium, and with the increase in the number of businesses (including e-commerce), we need to know more and more about contract law. Knowledge of contract law can also protect consumers and businesses from misunderstandings. The six elements of a contract are: binding agreement, competent parties, form required by law, legal in purpose, consideration, and genuine assent. Binding Agreement A binding agreement is a contract, verbal or written, between parties that is bound by law. When two competent parties make an agreement, it is considered binding. A binding agreement must have an offer and an acceptance. An example of a binding agreement would be if Kelly told Jamie that she would buy her car for $6,000 and they both agreed to it. This agreement is legal in purpose, supported by consideration, is in the form required by law and is made by two competent parties who gave genuine assent. Competent Parties To make an agreement a legal contract, both parties have to be competent. All adults are assumed to be competent. Its important for people who are making contracts to be of sound mind. This means that the people involved cannot be under the influence of any substances or be mentally ill. Convicts and enemy aliens are also considered to lack capacity. Capacity means the ability to understand ones actions and the effects of those actions. It is legal for minors to enter into contracts, but they cannot be bound by law because younger people have limited experience and are more vulnerable than adults (Mietus 163). The purpose of competency is so people dont take advantage of those who are not competent when entering into contracts. When an adult makes a contract with a minor, the minor is the only one who can disaffirm the contract. The adult is bound by law (Mietus 163). An example of a contract that cannot legally be bound would be if John wanted to buy Ryans car for $2000 and Ryan refused. Later that day, John took Ryan out to a bar and offered him several drinks. John offered to buy Ryans car again and Ryan agreed because he was under the influence of alcohol. Due to Ryans lack of competency, this contract is void. Consideration Consideration is the promise or action that one person (the promisor) gives in exchange for the promise or action of the promisee (Mietus 198). A promise of giving without receiving is not a legal contract and would be called lack of consideration. An example of lack of consideration would be if grandpa said he would pay for your college tuition if you get straight As in high school and then decides not to do it. That promise would not be legally binding because he is not getting anything in return. Both parties must get something in return for the contact to be legal. An example of consideration is if two competent parties traded a pen for a watch. Each party is giving and receiving something of value, which is called consideration. One of the exceptions to consideration is promissory estoppel. An example of this would be if your dad said he would buy you a brand new car if you paid your way through law school. Because you suffered an economic loss to hold up your end of the bargain, the other party could be legally bound by promissory estoppel. Another exception to consideration are charitable contributions. For example, if I told Red Cross that I was going to donate $500 per year, then I could be legally bound to do so. Genuine Assent Genuine assent exists when consent is not clouded by fraud, duress, undo influence or mistake (Mietus 212). For example, if Billy pulled out a gun and got Ed to agree to sell his bike for $5, Ed is under duress and is not giving genuine assent to sell the bike. Genuine assent must be communicated clearly in some way (written, verbal or strongly implied). An example of not

Bartering system

Bartering system SHOULD ALL THE COUNTRIES HAVE ONE GLOBAL ECONOMY? As we all are well aware that before the money was minted, people followed â€Å"BARTERING SYSTEM†. Slowly, it evolved into the principles of buying and selling with money. As time passed, the world faced Imperialism, where the countries started conquering other countries as their colonies and made them as a source for raw materials. After World War II the Imperialismcame to an end, and a new era of economies emerged. These economies are Capitalism, Socialism and Mixed Economy, and altogether these economies are known as â€Å"GLOBAL ECONOMIES†. Today all the countries of the world are slowly opting to have a global economy. Even though, many countries oppose to adopt one global economy because of its negative impacts on the developing and third world nations, it is obvious that it has shown clear positive effects shifting the economic activities into profitable situations. Besides several criticising allegations agains t having one global economy, yet it still has its good effects in the areas such as all round development of the nation, Unity among nations and increasing political awareness among the countries. The main claim of many countries is that global economy leads to financial exploitation of a country. This criticism is mainly based on the premise that adopting a global economy can destroy the regional economy by means of financial exploitation and financial inequalities. On the contrary, the country which adopts global economy will benefit from equal development and equal distribution of wealth among the countries. Most of the economists of the world agree that having a global economy, the countries will be developed equally. According to a webpage article from economy watch, (nd) states that, â€Å"global economy can have the increasing opportunities of the economies in large scale and by opening up of the economy, the industrial sector will be benefited by achieving cheap labour, c apital and technology.† For example: if one country is self sufficient with the financial resources, then that country can help another developing country in attaining financial resources and free from financial debts and hence there is less scope for financial exploitation. It increases the employment opportunities in large scale and small scale industries. Global economy also helps in transferring sophisticated technology from the developed countries to the developing countries in the fields of agricultural sector to service sector. It also helps in having constant level in the balance of trade among all the countries, which also plays a vital role in increasing the national income and overall development as a whole. Another important claim is that global economy results in instability of unity among the people of the country. This negotiations are mainly depends on the facts on having global economy which exploits the individual economies in the form of inequality, social and cultural differences which result in wars. Yet, most of the countries accept to adopt global economy which will be benefited by equality, social and cultural dialogues. Most of the people agree the conclusion that by adopting the global economy, there will be less scope for wars and unity will be prevailed among the countries. A global economy would also help in promoting international cooperation and peace. If countries are dependent upon one another’s economic success then armed conflict would be less likely. According to businesspme, (nd) â€Å"Both India and Pakistan possess nuclear warheads and they are often in wars over land and territory such as the Kashmir issue. It is likely that these two countries will not use nuclear warheads for against each other. Otherwise it would be complete destruction and leads to the financial crisis†.It also helps in improving good relations and exchange of cultural activities and benefits of the country. It also helps in deve loping bilingual relations between the countries and unity among the people and nations in the form of equality, social and cultural diversity.

Human Resource Management Assignment Example | Topics and Well Written Essays - 3000 words - 2

Human Resource Management - Assignment Example HR managers also look after employee motivation and retention through various strategies. Individuals working in organisations suffer from various problems every day. The task of HR managers is to solve these problems in the best possible manner. In the case, a similar problem of employee attrition was presented. In order to solve these, various alternatives were considered. These included innovative strategies for recruitment and interview processes. The candidates interviewed were subjected to various psychical and mental tasks in order to retain the best candidates. After the recruitment plans, successful retention plans were discussed. It was concluded that a small amount of salary hike would not be enough. So the retention plan included various strategies such as regular training and development sessions, certificate programs as well as quarterly meetings. Contents Contents 3 3 Answer 1 4 Answer 2 7 Answer 3 9 Reference List 12 Answer 1 According to organizational psychology, fi rms are successful not only because of sustainable competitive advantage or market realities. Successful organizations have always treated human resources as their most critical and important assets (Martin, 2001). Cognitive aspects of an organization form an important factor while transmission from one stage to another stage of success. It can also be said that human resource capital has the ability to make or break any organization (Legge, 1995; Guest, 1997). Human resource managers take care of various personnel decisions such as hiring, training, compensation, benefits, assignment positioning etc. Majority of company executives rely heavily on the suggestions and recommendations made by HR managers. Although it is important to have physical assets, most companies have realized that quantity and quality of their output is directly proportional to the commitment and quality of the personnel. Human resource managers have the responsibility of creating right matches for team, depart ments and various projects (Bernadin, 2007). A professional working in the human resource department deals with many functions unlike in larger organizations where one HR expert is appointed in each department. This task multiplicity requires strong and effective organizational skills as these individuals are expected to shift from one project to another project and from one topic to another topic in sort span to time (Cascio, 2003). Out of all these the most difficult job for a human resource development manager is handling works such as understaffing, firing employees, reprimanding employees who are irresponsible, maintenance of ethical structure, giving information about non-existent or small bonuses to the employees etc (Gomez -Mejia, Balkin and Cardy, 2006). These tasks are very difficult to handle as the human resource department is expect to support employees all the time. Many times Human resource team are hated or feared for tasks such as these and it becomes very difficult to coordinate with them. The present case deals with evaluating the necessity of HR function in an organisation. According to the operations manager in the case study, there is no need of any HR department in the organisation. However, absence of HR function might result in different lapses and miss-handling of the overall human capital. Thus, it can be said that a full time HR manager is important for the organisation. An HR manager not only performs core human resource functions but also provides added value to the

Midterm Exam Essay Example | Topics and Well Written Essays - 1500 words - 2

Midterm Exam - Essay Example The heritage of Mesopotamian civilization consists of simple and elegant architectures that include temples where religious leader had a high position and carry out religious ceremonies. At a point in history, due to internal conflicts within the people of the region gave rise to some influential and powerful individuals, which turned out to be the rulers and their position, came under consideration as divine. The people believed that these divine rulers were the messengers of gods who has come under authorization by gods to rule over them. As the region was unprotected from the foreign invasions and attacks based on its topographical features, rich local men established a defense body to protect their land and people (Oakes, pp. 26-30). Egyptian civilization and the territory of Egypt came under situation around the river Nile. The river provided the region with natural security barrier, which protected the area and supported the irrigation and trade activities that were the basis of their economy. Due to the locality of the civilization, it provided them with tranquility and harmony in the region. The pyramids were one of the major parts of the rich heritage of the Egyptian society. In the religious context of the beliefs of the people of Egypt, pharaoh was the dominant figure that came under consideration to be ambassador of the gods with ultimate supremacy and command (Bell & Quie, pp. 6-8). Both the civilizations and cultures have many differences that separate them from each other in many aspects that include their political sector, art, and architecture, although they have played an influential role on one another, yet they are diverse and dissimilar. The language, which Mesopotamian people used to communicate, came under characterization by complex graphical and symbolic representation, whereas the Egyptian people developed the more creative language that

The Consequences of Drinking and Driving Essay example -- Criminal Jus

The facts are plain and simple, that alcohol and driving do not mix. About three in every ten Americans will be involved in an alcohol related crash at some time in their lives. Every single injury and death caused by drunk driving is totally preventable. To curb this national travesty, concerned Americans need to examine the problems, the effects, and the solutions to drunk driving. First of all, America has had a problem with drunk driving since Ford perfected the assembly line. Alcoholism is a problem in and of itself, but combined with driving can have a wide range of effects. The consequences of this reckless behavior can include a first time DUI or licenses suspension; a small fender bender, or worst of all a deadly crash. Most drivers that have only one or two drinks feel fine, and assume they are in control, which is irresponsible and dangerous. Alcohol is a depressant that slows down the body's ability to react and impairs judgment. To drive well, you need to be able to have a quick reaction time to avoid accidents. Unfortunately, people continue to drink and drive. However,...

Advantages of Technical Education Essay

It is appropriate for me to seize this opportunity to speak a couple of words on the need to expand Technical Education in the country. In Sri Lanka, technical education began in the 1890s with the establishment of the Colombo Technical College, which, as Government Department, functioned to cater to certain requirements of such Government Departments as Public Works, Railways and Irrigation. Technical Education, because of this limited focus, did not expand in the colonial period; it was after independence an attempt was made to start engineering courses. With the establishment of the University of Ceylon, an Engineering Degree course was started. In the sixties, a network of Technical Colleges came into existence but they taught only trade and craft courses. What the country needed was an Institute which could career to the middle level needs in the field of technical knowledge. Such middle level technical know-how was necessary for the country to undertake development; industry was expanding and new development corporations came into being, and such institutions, in addition to engineers, wanted middle level technical expertise. The Expansion Since there was no organization to produce such men, the Government of the day wanted us to examine the possibility of setting up a Technological Institute which is capable of producing middle level technicians in areas relevant to development. Ampara Hardy Institute, German Technical Institute and the HNDE courses have become popular, and they produced employable technicians who found employment. It was in this background that we established the Sri Lanka Institute of Advanced Technological Education (SLIATE) which is now emerging as a centre of excellence in the area of Technological Studies in the country, and its provincial centres have become attractive centres of learning. All students, who pass the Advanced Level examination cannot enter the Universities, and they need to be given opportunities in the field of higher education. This Institute has 18 branches throughout the country which could provide educational opportunities to a large group of students; today this kind of qualification could be easily marketed in a highly competitive world and the middle level technician is as important as a qualified engineer. The Government, based on the Mahinda Chintana strategy on higher education, proposes to develop the SLIATE into a centre of excellence, and we are receiving substantial foreign assistance for the improvement of the Institute. In my view, Sri Lankan higher education institutions need foreign assistance and partnerships to meet the international competition in the Higher Education market. Today the world has become globalized, and in such a context, whatever changes we make, we need to look from the point of view of global considerations. The multiple demands of economic and social development, specially in the context of Sri Lanka, needs diverse tertiary institutions, and the SLIATE, with its network of colleges specializing in technical subjects, can provide the State with middle level technically trained personnel. The very existence of the SLIATE shows that the country needs an education system with increased differentiation; in other words, the development of non-university institutions like higher technological colleges can help meet the growing social demand for higher education. Those students, who fail to find places within the formal University system, need to be provided with opportunities in the technical education sector, and it is through such diversification of higher educational institutions that access to tertiary education can be improved; today nearly 210,000 students sit the Advanced Level examination, out of which nearly 120,000 students qualify to enter the Universities but the annual intake to Universities is restricted to less than 20,000. This is a major problem in the system, and this question has to be immediately addressed. The Government has adopted two strategies; one is to get a sizable section into the Technical education sector, and the rest has been given an opportunity to make use of the Distance Mode. I would like to refer to the expansion of the Open University and the effective use of the external degrees formula. It is through enrollment in non-university institutions that the problems relating to access could be solved. For instance, in East Asia, the average annual growth of University enrollment was 11 percent between 1975 and 1980 and 6 percent between 1980-1988, as compared with 24 and 10 percent for non-University institutions in the same period. Several types of non-University institutions, similar to the SLIATE, have evolved in various countries to expand higher educational opportunities for those who aspire to get into the system. For example, Poly- Technics, Professional and Technical Institutes, Community Colleges and Institutions offering Distance Education. Need for Diversification In the Sri Lankan context, we cannot totally depend on the traditional system of University education. It has served a good purpose, and it is still serving a purpose; in my view, the immediate need is to diversify the tertiary education system with an emphasis on technical and vocational education. In terms of cost, they are low cost programmes and the country can afford such a network of colleges which could provide them with a qualification and training, with which a person can find employment. The emphasis on scholastic education, which began with the establishment of the University College in 1921, needs to be transformed, and the young men and women, who now seek a qualification to get employment, should be encouraged to get a Technical qualification from an Institute like the SLIATE. It is the policy of the Government is to develop the SLIATE into a centre of excellence, it is not a mere Technical College, it is a special kind of Technological Institute, the products of which can make a vital contribution to the process of economic and social development. Technical education, like University education, should become an integral aspect of the development process in the country. Only an Institute of this nature, with varied products of highly skilled labour, which can respond to labour market demands in a country. The reason is that such an Institute can operate multi-disciplinary programmes in various technical fields and the SLIATE is doing exactly that. What needs to be done is to produce all types of skilled labour which a market economy needs; in other words, what the industry needs has to be produced. In Singapore, the employment prospects for graduates of Polytechnics are so good that many talented students seek entry into the vocationally-oriented Polytechnics rather than regular academic programme conducted by the Universities. In my view, the development of the SLIATE is certain to create a similar intellectual culture in the country. Let me make use of this opportunity to speak a couple of words on the role of the teacher. I was a University teacher for more than thirty years. I want all these young men and women to be good teachers, dedicated to the function of teaching. One has to be a dedicated teacher who set an example to the student community; you must be able to command respect among the student community, for which you need an intellectual personality. You need to be an intellectual-cum-teacher and then only you can attract the attention of the student community. Above all, you need to be a man of character. In the final analysis, you are members of the intellectual community of this country, and it is the intellectual community, for that matter in any country, which provides the leadership for the transformation of a society.

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