Regression Analysis and Marks Free Essays

BRUNEL UNIVERSITY Master of Science Degree assessment Specimen Exam Paper 2005-2006 EC5002: Modeling Financial Decisions and Markets EC5030: Introduction to Quantitative Methods Time permitted: 1. 5 hours Answer all of inquiry 1 and at any rate two different inquiries 1. Obligatory Provide brief responses to all the accompanying: (an) An example of 20 perceptions relating to the model: Y = + X + u, gave the P following information: (X X)2 = 215:4, (Y )2 = 86:9, and (X X)(Y Y ) = 106:04. We will compose a custom paper test on Relapse Analysis and Marks or on the other hand any comparative theme just for you Request Now Gauge . 5 imprints) (b) Prove that r2 = byx bxy , where byx is the least-squares (LS) incline in the relapse of Y on X , bxy is the LS slant in the relapse of X on Y , and r is the coe? cient of connection among's X and Y . (5 imprints) (c) Present four option in†¡ ation/joblessness relapses. (5 imprints) (d) Give one purpose behind autocorrelated unsettling influences. (5 imprints) (e) Explain how we may utilize the Breusch-Godfrey measurement to test assessed residuals for sequential connection. (5 imprints) (f) The accompanying relapse condition is assessed as a creation work for Q: lnQ = 1:37 + 0:632 lnK + 0:452 lnL, cov(bk ; bl ) = 0:055; 0:257) (0:219) where the standard mistakes are given in enclosures. Test the theory that capital (K ) and work (L) versatilities of yield are indistinguishable. (5 imprints) Continued (Turn more than) 1 ANSWER TWO QUESTIONS FROM THE FOLLOWING: 2. (an) Economic hypothesis supplies the monetary translation for the anticipated connections bet ween ostensible (in†¡ ation) vulnerability, genuine (yield development) vulnerability, yield development, and in†¡ ation. Talk about †¦ve testable theories with respect to bidirectional causality among these four factors. (25 imprints) + yt b) A specialist evaluates a direct connection for German yield development (yt ): yt = 1 + ut , t = 1850; : ; 1999. The estimations of †¦ve test measurements are appeared in Table 1: Discuss the outcomes. Is the above condition accurately speci†¦ed? (10 imprints) 3. (an) I) Show how different instances of regular theories †¦t into a general straight structure: Rb = r, where R is a (q k) grid of known constants, with q k, b is the (k 1) least-squares vector, and r is a q - vector of known constants. ii) Show how the least-squares estimator (b) of about . a be utilized to test different speculations iii) â€Å"The test methodology is then to dismiss the theory Rb = r if the registered F esteem surpasses a preselected basic value† Discuss. (20 imprints) (b) The aftereffects of least-squares estimation (in light of 30 quarterly perceptions) of the relapse of the real on anticipated financing costs (three-month U. S. Treasury Bills) were as per the following: rt = 0:24 + 0:94 rt + et ; RSS = 28:56; (0:86) (0:14) where rt is the watched financing cost, and rt is the normal desire for rt held toward the finish of the previous quarter. FiguresX enclosures are assessed standard blunders. in X (rt r )2 = 52. The example information on r give rt =30 = 10, According to the discerning desires theory desires are fair, that is, the normal expectation is equivalent to the watched acknowledgment of the variable under scrutiny. Test this case by reference to declared expectations and to genuine estimations of the pace of enthusiasm on three-month U. S. Treasury Bills. (Note: In the above condition all the suppositions of the old style direct relapse model are satis†¦ed). 15 imprints) Continued (Turn more than) 2 4. (a) What are the presumptions of the old style straight relapse model? (10 imprints) (b) Prove that the change covariance network of the (k 1) least-squares vector b is: var(b) = 2 (X 0 X) 1 , where 2 is the difference of the unsettling influences and X is the (n k) grid of the regressors. (15 imprints) b (c) In the two-variable condition: Yi = a+bXi , I = 1; : ; n show that cov(a; b) = 2 X= X)2 . (10 imprint s) (X 5. (an) Explain how we may utilize White measurement to test for the nearness of heteroscedasticity in the evaluated residuals. 10 imprints) (b) A speci†¦ed condition is Y = X +u, with E(u) = 0 and E(uu0 ) = ; where =diagf 2 ; : ; 1 Derive White’ right gauges of the standard mistakes of the OLS coe? cients. s (15 imprints) (c) Explain how we may test for ARCH eâ ¤ects? (10 imprints) 2 2g . 3 Table 1. Test measurement Value of the test p-esteem White heteroscedasticity test 50. 72 0. 00 Box-Pierce Statistic on 82. 263 0. 00 Squared Residuals Jarque-Bera measurement 341. 754 0. 00 ARCH test 65. 42 0. 00 Ramsey test measurement 39. 74 0. 00 4 Step by step instructions to refer to Regression Analysis and Marks, Essay models

Rice Essays - Rice, Oryza Sativa, Paddy Field, Glutinous Rice

Rice Rice is the primary nourishment for around 33% to one-portion of the total populace. A develop rice plant is typically two to six feet tall. First and foremost, one shoot shows up. It is trailed by one, two, or more branches creating. There are at any rate five or six empty joints for each tail, and a leaf for each joint. The leaf of the rice plant is for quite some time, pointed, level, and hardened. The most noteworthy join of the rice plant is known as the panicle. The rice grains create from the panicles. (Jodon, 300) Rice is ordered in the grass family Gramineae. Its family is Oryza and species O. sativa. It is regularly developed for food in Asia. A few assortments of rice incorporate red rice, glutinous rice, and wild rice. (Jodon, 303) The part inside the grain contains a large portion of the nutrients and minerals (298). The piece contains thiamine, niacin, and riboflavin (299). Rice has numerous adversaries that pulverize a dominant part of the rice crops. The hatchlings of moth, stem borers, live in the stems of the rice plants. A few creepy crawlies suck the plant squeezes or bite the leaves. Winged creatures, for example, bobolink, Java sparrow, or paddybird, would eat the seeds or grains. Infection causing variables, for example, parasites, roundworms, infections, and microbes additionally decimate the rice plants. Impact illness is brought about by organisms which causes the panicles containing the grains to break. (Jodon, 300) There are different kinds of rice developed everywhere throughout the world. A larger part of rice developed is developed rice. At the point when rice is developed with water remaining on the fields, it is called swamp, wet, or inundated rice. Rice plants developed in specific pieces of Asia, South America, and Africa are called upland, slope, or dry rice since they are raised on raised terrains that can't be overflowed, however with copious precipitation. Wild rice is developed along lake shores of Canada and the Great Lakes. It is normally eaten by individuals in India. Scented rice is the most costly in light of the fact that is has long grains and poses a flavor like popcorn when cooked. Glutinous rice is waxy rice devoured by Asians. It is cooked to a clingy glue and is utilized for cakes and desserts. (Jodon, 299) Rice was thought to have started in southeast Asia when Alexander the Great attacked India in 326 B. C(Jodon, 303). Further research uncovered that rice was developed around or at the Yangtze River in China, around 4000 to 11,500 years prior. One paleologist, Toyama, reviewed information on 125 examples of rice grains, plant remains, husks, and different variables from various destinations along the length of the Yangtze River. He revealed that the most seasoned examples. . . are grouped along the center Yangtze in Hubei and Hunan areas. Tests from the upper and lower bits of the Yangtze River were seen as more youthful, around 4,000 to 10,000 years of age. This example. . .recommends that rice development began in the center Yangtze and spread from that point. Archeologists see over a time of unearthing of the Yangtze River and close by destinations to affirm that the Yangtze River is the place rice was first developed. (Normille, 309) The Greeks scholarly of rice when Alexander the Great attacked India around 326 B. C. Spain was acquainted with rice when it was vanquished by the Moors during the 700's A.D. Spain at that point acquainted rice with Italy, around the 1400's. The Spanish additionally acquainted rice with the West Indies and South America, around the 1600's. Rice was acquainted with the United States when a Madagascar transport docked in the Charleston, South Carolina harbor. The boat commander gave the representative a sack of seed rice. It was then developed in states south of the Ohio River and east of Mississippi. (Jodon, 303) Rice is normally developed in marsh fields isolated by soil dividers (Jodon, 300) A lion's share of the rice crops are developed with water remaining on the fields (Jodon, 299). On level land, these paddies and earth dividers are worked in wavy or straight lines. On slope like land, they follow the inclines and structure paddies that ascent like advances. The earth dividers are utilized to hold in water for the fields. (300) Development of the rice plant requires controlling the water flexibly and weeding the

Stress Relief Tips for Type A Personalities

Stress Relief Tips for Type A Personalities Stress Management Management Techniques Print Getting Stress Relief for Type A Personalities By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Updated on December 12, 2019 How Stress Impacts Your Health Overview Signs of Burnout Stress and Weight Gain Benefits of Exercise Stress Reduction Tips Self-Care Practices Mindful Living Lane Oatey / Blue Jean Images / Getty Images People with Type A personality traits can experience greater-than-average levels of stress. Being time-conscious, competitive, and impatient, as many Type A people are can create stress in relationships, jobs, and other areas of life.   Type A traits can also create obstacles to stress management. Some of the more effective stress management techniques can feel frustrating for someone who has a more intense personality. For example, the quiet stillness of meditation can be difficult and even frustrating to achieve for those who are impatient, competitive, and used to making every second count at work. However, certain techniques can work quite well for those with a Type A personality, and other techniques require just a few adjustments to work well for type a stress relief. While it might be nice to soften some of the sharper edges of the Type A personality, its not necessary to change who you are before you can start managing your stress. The following Type A stress relievers can work particularly well for those with Type A personalities and can be wonderfully effective stress relievers for others as well. Use Music Listening to music is a simple Type A stress relief trick that takes little effort. When you’re driving, put on some of your favorite music (instead of catching up on phone calls) and you can enjoy the ride (no more road rage) and arrive feeling relaxed. If you need to slow down, play slower-paced music; if you need to energize, play more upbeat tunes. Get Exercise Those experiencing Type A stress may find it difficult to slow down for stress reliefâ€"so why not speed up? Exercise carries many health and stress management benefits. It’s perfect for those with Type A traits because it offers a paradigm where the more you rush (on a treadmill, for example), the less stressed youll feel. Specific exercise regimens like martial arts, running, or even dancing can provide a great aerobic workout and a sense of accomplishment. Exercise classes can offer social connection as well as a little positive peer pressure to push you to stay on track. Try Expressive Writing If you have a Type A personality, you probably like to be more active than passive. An active way to examine and express your thoughts is to start a journaling practice or start expressive writing regularly. Writing about your feelingsâ€"especially if theyre intense and it’s done in a time-limited wayâ€"can help you to get them out of your head. Writing about your plans to fix a situation can also help you feel less stressed and more able to let go of worries.  Writing in a gratitude journal can help you to maintain a greater focus on the positive events that happen throughout your day. There are several ways to use writing for stress relief, and they can be helpful for relieving Type A stress. Take Time for Hobbies One issue that Type A people run into is the difficulty of balancing work with the rest of their life. It can be difficult scheduling in time to just relax, but scheduling enjoyable activities can be a way around the tendency to over-schedule to the point of being over-stressed and lacking in balance. Scheduling activities you find relaxing can, out of necessity, require letting some things go, so this can be another route toward forcing yourself to cut out things in your life that don’t serve you. If you tie your hobbies into a group structure, it will be more difficult to decide at the last minute that youre too busy to take the time for your hobbies. Start a knitting circle, take a painting class, or join a band. Make hobbies part of your plan. Stay Connected Being Type A can mean youre so busy with work that you dont have as much time to enjoy the people in your life. But being socially isolated can cause stress, and having a few supportive people in your life can sometimes work wonders Type A stress. Making it a point to stay connected with people dont have to take a lot of time, and having people there for you when you need it is well worth the time invested. For those with Type A traits, sometimes being connected means working on communication skills and remembering the value of relationships. It can also mean just taking the time to meet up with friends, or reminding yourself to take a few minutes to say hi to the people around you. This is a stress relief technique that may not feel like one, but its an area to focus on that can really help. Do Some Yoga If you really do like the idea of meditation, but just can’t bring yourself to sit quietly for that long without feeling stressed from all your thoughts and you need to stay active, try yoga. Yoga brings many great health benefits, and can incorporate some meditation features (as well as breathing exercises) but may provide enough activity and focus that it feels calming and quieting, but without the type of silence that feels deafening. Going to a yoga studio provides a group environment that may make it easier for you to stay focused and continue making the time in your schedule to attend regularly. Find More Stress Management Help Having a wide variety of stress management techniques available can help you to find more strategies that work well for you. There’s a wealth of information on this site, but it may feel overwhelming to even consider trying to read it all right now. You can connect with me on Facebook,  Twitter, and  Pinterest, or read more in my book,  8 Keys to Stress Management, for more ongoing support.

How Are Religious and Ethical Principles Used in the...

How are religious and ethical principles used in the abortion debate? Abortion has been legal in the United Kingdom since the Abortion Act of 1967, which was further amended in the Human Fertilisation and Embryology Act of 1990, lowering the length of pregnancy in which it is legal to have an abortion from 28 weeks to 24 weeks, owing to advances in medicine and a decrease in the age of viability of a foetus. There are four criteria which allow women to have an abortion, as long as they have the consent of two doctors, involving risk to the physical or mental health of the mother or the foetus or mental health of any existing children. In 2004, 95% of abortions in the UK were certified under the statuary ground of risk of injury to the†¦show more content†¦Overall, Thompson’s analogies help to illustrate the pro-choice stance in the abortion debate which is key to religious and ethical principles. On the other hand, the idea that the foetus has the right to life and the mother cannot overrule this is key to Roman Catholic beliefs and pro -life supporters who argue the foetus is an innocent human being and the mother should not have the right to terminate a pregnancy. Not all Christians have the same moral stance in the abortion debate. Firstly, Roman Catholics believe that life begins at conception and therefore, as the Bible says ‘You shall not murder’, abortion is always wrong as it is the murder of an innocent life. Catholics believe in the sanctity of life and that life is sacred and belongs only to God. In the Bible it says ‘Before I formed you in the womb, I knew you, before you were born I set you apart’ and Catholics take this to mean that life is uniquely and divinely ordained even before conception – ‘for you created my inmost being; you knit me together in my mothers womb’ and that each new life is not a potential human being but a human being with potential. The Second Vatican Council ruled that ‘life must be protected with the utmost care from the moment of conception’ and even in extreme situations, such as rape, abortion is never an option. For example, a Roman Catholic Arc hbishop said the abortion of twins carried by a 9-year-old rape victim would mean excommunication forShow MoreRelatedThe Issue Of Abortion : Comparative Views1393 Words   |  6 PagesThe Issue of Abortion: Comparative Views in Judaism and Islam In our present day, physicians and patients alike have concentrated on establishing a set of universal standards to guide clinical decision making. However, these standards ignore the critical role of religion in dealing with such bioethical issues. As abortion continues to turn into a more prominent topic of discussion and debate, it is critical for us to understand these religious belief systems in order to cross over value conflictsRead MoreThe Theory Of Moral Rights Essay1738 Words   |  7 Pagesmorally obligated to provide easy access to abortion clinics and allow their citizens to decide on their reproductive decisions. The country of Brazil will be used to demonstrate how governments in countries with ZIKA are not fulfilling their obligation to their citizens. This essay will discuss the theory of moral rights and claims in relation to the government’s obligations in countries with ZIKA. I will detail the citizen’s moral right/claim to abortions when birth def ects are a possibility in theRead MoreThe Abortion Debate Essay1544 Words   |  7 Pages No matter where you stand on the issue, abortion is a highly debated topic in today’s society. In this essay I will examine both sides of the abortion issue. I will begin with a brief overview of the abortion debate, to include the morality of the situation. Next I will discuss the Pro-Life argument. Lastly I will look at the Pro-Choice view. In the final analysis I will show how utilitarianism, altruism, and situational ethical views apply to abortion. Having in mind the extreme controversy surroundingRead MoreCritically Evaluate Medical Ethics And Legal Issues1263 Words   |  6 Pagesbased on ethical and legal issues to performance their regular duties. However, Medical ethics is not only about avoiding harm to patients. It is rather a norms, values and principles (Ethical theories 2015). Therefore norms, values and principles are intended to govern medical ethical conduct. Ethics is defined as â€Å"a standard of behaviour and a concept of right and wrong beyond what the legal consideration is in any given situation†. In another words medical ethics is a discipline that used to handleRead MoreMedical Ethics And Abortion : A Moral And Ethical Dilemma Essay1662 Words   |  7 PagesMedical Ethics and Abortion Abortion is wrong because it is the murder of a human being. Abortion continues to be a moral and ethical dilemma for all those involved. The American Nurses Association (ANA) Code of Ethics states, â€Å"nurses have the ethical and moral obligation to promote and protect life.† Still, debates continue, opposing the belief of life against the principle of autonomy and a woman’s right to regulate her body. It is disputable that the right to have an abortion is a right to dominateRead MoreMoral Views on Abortion and Euthanasia Essay3100 Words   |  13 PagesMoral Views on Abortion and Euthanasia The argument of the sanctity of life lies at the heart of all ethical debates on embryo experiments, abortion and euthanasia. In 1967, a nationwide debate was instigated in Britain, regarding whether abortion was a violation of the sanctity of life. Pro-life groups were angered by the legalisation of abortion, many believing that abortion was to destroy a sacred gift from God. Pro-choice groups, on the other hand, welcomed theRead MoreEthical Issues in Health2073 Words   |  9 PagesEthical Issues in Health Abortion Abortion is one of the most polarising moral issues in today’s society. It presents an ethical dilemma for many people and especially all healthcare professionals involved. Firstly, this essay will begin by briefly outlining the highly controversial issue of abortion, discuss why this topic draws fierce debate, for and against, and explain the current legal standing in the UK today. It will then move on to explain how different ethical models can be used in relationRead MoreThe Issues That Surround Biomedical Ethics1718 Words   |  7 Pagesissues that surround biomedical ethics in today’s World including Abortion. For many centuries abortion has been told to many that it is morally wrong, but is it really. Furthermore, when is abortion morally wrong, if a woman is raped and decides to get an abortion or if a woman is not ready to became a mother because of her religious background. For many people it is easy to say that abortion is morally and virtually wrong but how can one say that if they have never been in that situation. I thinkRead MoreControl Over Having Children1817 Words   |  7 Pagesunconstitutional to ban abortions except to save the life of the mother. â€Å"The court ruled that the states were forbidden from outlawing or regulating any aspect of abortion performed during the first trimester of pregnancy, could only enact regulations reasonably related to maternal health in the second and third trimesters, and could enact abortion laws protecting the life of the fetus only in the third trimester.† Even after four decades of ruling, abortion and birth control are hot topic debates. This caseRead MoreThe Ethical Debate of Free Contraception and Birth Control2133 Words   |  9 PagesThe Ethical Debate of Free Contraception and Birth Control If you watch or read the news today, you will find that there are many ethical and political issues that plague the United States. Many of these issues involve politicians debating over what is right or wrong for the country. One issue that particularly caught my attention was the huge debate over President Obama’s Health Care Reform Law requiring insurance plans to provide women with free contraception and birth control. The ethical issue

American Dream In Their Eyes Were Watching God - Free Essay Example

Sample details Pages: 2 Words: 624 Downloads: 6 Date added: 2019/05/26 Category Literature Essay Level High school Tags: American Dream Essay Their Eyes Were Watching God Essay Did you like this example? In Hurstonrs novel, Their Eyes Were Watching God, Janie, the main character, did not fit into the three communities of North Florida, Eatonville or the Muck. She always seemed to be an outsider in those communities. The quote I choose is Ships at a distance have every manrs wish on board. Don’t waste time! Our writers will create an original "American Dream In Their Eyes Were Watching God" essay for you Create order For some they come in with the tide. For others they sail forever on the horizon, never out of sight, never landing until the Watcher turns his eyes away in resignation, his dreams mocked to death by Time. That is the life of men. Now, women forget all those things they dont want to remember and remember everything they dont want to forget. The dream is the truth. Then they act and do things accordingly. (1.1-2) She gained a sense of power, due to being alienated from those communities and it allowed her to grow. If she would have been an active member in either community, she would not have been able to grow and change into the person she was meant to be. It is assumed this novel takes place around the late 1920rs, due to the historical references in the book. This was a time when blacks and whites were still segregated but everyone still had dreams for their lives, despite color. The love that Janie saught after was jaded by the way Janie was treated by the men in her life. She yearned for respect and equality, while her nanny thought what was best for her was to get married to have financial stability. She at first aimed to please everyone, especially her nanny, but realized that it ultimately did not make her happy. Her American dream was about finding herself and with that came along gaining personal freedom and finding true love. The freedom she found was not in a relationship but in lonesomenss and becoming a widow. This part of the quote, Now, women forget all those things they dont want to remember and remember everything they dont want to forget. The dream is the truth. Then they act and do things accordingly; represents Janiers American Dream by the fact that women can mold themselves from their past into what they want to be. To learn and grow from your experiences make you into the person you are meant to be. Women, especially women of color were supposed to be subservient to men. Janie just wants to be an equal and a free woman that has her our thoughts and dreams. As the novel unfolds Janiers life experiences embodies who she becomes as she has a self-realization. She discovers things about herself she did not know before which shapes her into the woman she was truly meant to be. She realized she could only rely on herself for the love and care she was in so desperate need of and was searching for her whole life. The author shows that men and women have different dreams and goals and that is why many relationships dont work out. The nature of relationships and culture of this time period was what the novel focused on. However, today, relationships should be based on mutual respect and support of each otherrs individual dreams and dreams they have together. To have a dream for happiness and success, and the hope of achieving it is what keeps the dream going for many Americans. Janie earns her freedom and happiness by the end of the novel. Her plight in life was one filled with struggles but she learned from the pain and learned about herself too. The American dream is your own, but you grow and learn things about yourself throughout your journey. Hurston, Zora Neale, et al. Their Eyes Were Watching God. Virago Press, 2018.

Osmosis Concentration Free Essays

OSMOSIS and TONICITY IN POTATO STRIPS The purpose of this experiment was to make observations and conclusions about the ability of cells to adjust to varying chemical concentrations in the environment and to observe the effect of isotonic, hypotonic and hypertonic solutions on cells. Hypothesis If a solution is Hypotonic, then water will move from the beaker into the potato because water outside the cell will be in higher concentration than water inside the cell. If a solution is Hypertonic, then the solution will move into the cell from the beaker and water will move out of the cell into the water because of a difference in concentration. We will write a custom essay sample on Osmosis: Concentration or any similar topic only for you Order Now If a solution is isotonic, then the cells will remain the same because the solution concentration is the same as in the cell. Materials Fresh potato, knife or scalpel, three test tubes, test tube rack, dropper pipette, paper towels, electronic balance, timer, three provided solutions labeled A, B, and C. Procedure Obtain three test tubes and a test tube rack. Label the test tubes A, B, C using a wax pencil. Cut three French fry type strips of potato 7cm in length, no thicker than 5mm. Pat each potato with a paper towel. Measure the initial mass of each strip and record it before putting each in a test tube. Use a dropper pipette to cover the potato strip in test tube A with solution A, the potato strip in test tube B with solution B, and the potato strip in tube C with solution C. Place the tubes in a test tube rack and wait one hour. Remove the strips from the test tubes after one hour and pat dry with a paper towel. Measure the final mass of each strip and record it. 10. Examine each potato strip and observe any changes in texture. Results In Solution A, the potato slice in the water did not change, indicating the solution contained an equal amount of concentration. In Solution B, the potato slice in the water is larger, indicating that more molecules went into the potato than came out, because there was a higher concentration of water outside the potato. The potato slice from Solution C is much smaller indicating that more water molecules came out of the potato than went in because there was a higher concentration of water inside the potato. Conclusion In conclusion, the hypothesis was found to be correct. Solution A was Isotonic because the final mass of the potato slice was 2. 9 as opposed to 2. 8 at initial mass, which basically stayed the same. Solution B was Hypotonic because the initial mass for the potato slice was 3. 3 then expanded and weighed 3. 6 at final mass. Solution C was Hypertonic because the potato slice lost water and became much smaller in which the initial mass was 2. 8 and the final mass weighed in at 2. 2. In all three solutions, water is moving across the membrane to establish equilibrium. Based on the Diffusion-Osmosis Review on page 26, and not knowing the definite solution in each tube I am going to conclude that there was Saline in Solution A 0. 9% Sodium Chloride which makes cells neutral. In Solution B, therewas a small percentage of salt predicting . 9%. In Solution C, salt was higher than . 9%. All had salt in the tubes but different tonicity. The water could go in or out of the potato to equalize the concentration of salt in the solution. Based on this experiment and using this in real life, it taught me that when mixing the intravenous fluid for a patient to make sure only 0. 9 percent of salt is added in order for the saline to be isotonic to the red blood cells. If not, the red blood cells will expand and complications will arise. How to cite Osmosis: Concentration, Essay examples

Special Relativity Essay Research Paper ESPECIALLY 2 free essay sample

Particular Relativity Essay, Research Paper ESPECIALLY # 8230 ; # 8230 ; of Hardy # 8217 ; s Poems as Seen through the characters # 8221 ; is a survey refering Hardy # 8217 ; s capableness of showing sarcasm of state of affairs in his poesy. The analysis deals # 8230 ; www.petra.ac.id/english/petra/studentarea/finalpaper/letters/ sas-7-94.htm # 8211 ; 64k # 8211 ; Cached # 8211 ; Similar pages Poetry term documents and more term documents # 8211 ; examples # 8211 ; 165- # 8230 ; # 8230 ; 5 page analysis of three verse forms that personify objects or exteriorize worlds. The author examines Walt Whitman # 8217 ; s # 8216 ; To A Locomotive In Winter, # 8217 ; Thomas Hardy # 8217 ; s # 8216 ; The # 8230 ; www.getapaper.com/categories/165-013.html # 8211 ; 55k # 8211 ; Cached # 8211 ; Similar pages POEMS OF 1912-13 ( THOMAS HARDY 1840-1928 ) # 8230 ; web pages are intended to assist you in your critical analysis and apprehension of Hardy # 8217 ; s poesy. All of the verse forms occur in Hardy # 8217 ; s aggregation Poems of 1912-13 # 8230 ; www.sunderland.ac.uk/nevicflash/poetcrit/HardyIGR/Hardyfound.htm # 8211 ; 3k # 8211 ; Cached # 8211 ; Similar pages THOMAS HARDY AND THE MAYOR OF CASTERBRIDGE # 8230 ; by Thomas Hardy # 8217 ; s from Project Bartleby ; Thomas Hardy Poems from the Poetry Archive ; Analysis of Thomas Hardy # 8217 ; s The Convergence of the Twain ; Review of Novel ; # 8230 ; www.geoc ities.com/Athens/Oracle/3211/hardy.html – 12k – Cached – Similar pages ChuckIII # 8217 ; s College Resources # 8211 ; Poetry # 8211 ; Thamas Hardys, The # 8230 ; # 8230 ; break midway through the verse form. Unlike most poets who keep their verse forms in chronological order to keep suspense throughout the verse form, Hardy believed that # 8230 ; World Wide Web. *.com/Reports/Poetry/Thamas_Hardys__The_Convergeance_of_Twain.shtml # 8211 ; 15k # 8211 ; Cached # 8211 ; Similar pages Research documents and research documents on Poetry # 8211 ; 165-011 # 8230 ; 5 page analysis of three verse forms that personify objects or exteriorize worlds. The author examines Walt Whitman # 8217 ; s # 8216 ; To A Locomotive In Winter, # 8217 ; Thomas Hardy # 8217 ; s # 8216 ; The # 8230 ; www.dontcopy.com/categories/165-011.html # 8211 ; 46k # 8211 ; Cached # 8211 ; Similar pages Result Page: 1 2 3 4 5 6 7 8 9 10 Following Search within consequences New! Get the Google Toolbar for your browser: Try your question on: AltaVista Deja Excite HotBot Infoseek Lycos Yahoo! Google Web Directory # 8211 ; Cool Jobs # 8211 ; Advertise with Us! # 8211 ; Add Google to your Site # 8211 ; Google in your Language # 8211 ; All About Google ? 2001 Google

Hassan and Amir The Relations, which Touch the Soul

Working Capital Essays

Working Capital Essays Working Capital Essay Working Capital Essay Tw elfth Edition INTERNATIONAL BUSINESS Environments and Operations John D. Daniels University of Miami Lee H. Radebaugh Brigham Young University Daniel P. Sullivan University of Delaware Pearson Education International Contents Preface 29 About the Authors PART ONE 39 BACKGROUND FOR INTERNATIONAL BUSINESS 44 1 Globalization and International Business 45 49 44 CASE: The Global Playground Introduction 48 W h a t Is International Business7. The Forces Driving Globalization 50 Factors in Increased Globalization 51 Whats Wrong with Globalization? 56 Threats to National Sovereignty 56 Economic Growth and Environmental Stress 57 Growing Income Inequality 57 s | Point ^J3ffi^S^^3 Offshoring Good Strategy? 58 Why Companies Engage in InternationaLBusiness Expanding Sales 60 , Acquiring Resources 60 Minimizing Risk 60 60 Modes of Operations in International Business Merchandise Exports and Imports 62 Service Exports and Imports 62 Investments 63 Types of International Organizations 63 Why International Business Differs from Domestic Business 64 Physical and Social Factors 65 The Competitive Environment 67 Looking to the Future: 61 Three Ways of Looking at Globalization 68 C A S E : Carnival Cruise Lines: Exploiting a Sea of Global Opportunity 69 74 Summary Key Terms 75 Endnotes 75 An Atlas 78 Map Index 86 Contents 2 PART TWO COMPARATIVE ENVIRONMENTAL FRAMEWORKS 90 91 90 The Cultural Environments Facing Business 94 95 C A S E : The Java Lounge- Adjusting to Saudi Arabian Culture Introduction The People Factor Cultural Awareness 96 97 A Little Learning Goes a Long Way The Nation as a Point of Reference How Cultures Form and Change The Idea of a Nation: Delineating Cultures 98 99 98 Language as Both a Diffuser and Stabilizer of Culture 100 103 Does Geography Matter? Where Birds of a Feather Flock Together Religion as a Cultural Stabilizer 104 Behavioral Practices Affecting Business 106 Issues in Social Stratification 106 Work Motivation 109 Relationship Preferences I II Risk-Taking Behavior I 12 Information and Task Processing I 13 Communications I 15 Dealing with Cultural Differences Accommodation I 18 118 Cultural Distance: Usefulness and Limitations I 19 Culture Shock 119 Company and Management Orientations 121 [ P o j n t B f f l J H ^ f f l Does International Business Lead to Cultural Imperialism? Strategies for Instituting Change 125 127 Looking to the Future: What Will Happen to National Cultures? C A S E : Charles Martin in Uganda: What to Do When a Manager Goes Native 128 123 Summary Key Terms Endnotes 132 133 133 3 The Political and Legal Environments Facing Business 137 136 C A S E : China- Legal Growing Pains in a Land of Opportunity Introduction 141 The Political Environment 142 143 Individualism Versus Collectivism Political Ideology 144 Trends in Political Systems 150 Contents Looking to the Future: What Might Become of Democracy? Political Risk 154 153 156 J | Point | g ^ | ^ ^ ^ j 3 Should Political Risk Management Be an Active Strategy? The Legal Environment 157 Legal Systems 158 Types of Legal Systems 158 The Diffusion of Legal Systems 159 Trends in Legal Systems 160 Understanding Bases of Rule 161 Implications for Managers 162 Legal Issues in International Business Operational Concerns 164 Strategic Concerns 166 Intellectual Property Rights 168 164 C A S E : Crime That Pays (and Pretty Well, Too) Summary Key Terms Endnotes 177 178 178 172 4 The Economic Environments Facing Businesses 184 186 180 181 C A S E : Economic Conundrums and the Comeback of Emerging Economies Introduction International Economic Analysis Elements of the Economic Environment Gross National Income 187 Features of an Economy 196 Inflation 196 197 199 Unemployment Debt 198 Income Distribution Poverty 200 Labor Costs Productivity 201 202 202 187 The Balance of Payments | Point |[emailprotected]Â §3^^fl Is a Trade Deficit an Advantage? Integrating Economic Analysis 206 Types of Economic Systems 206 Economic Freedom and Market Transitions Making the Transition to a Market Economy Looking to the Future: C A S E : Meet the BRICs Summary 222 204 209 21 I Is There a Move to Push Back Economic Freedom? 216 218 Contents Key Terms Endnotes 223 223 5 Globalization and Society 230 231 232 226 227 C A S E : Ecomagination and the Global Greening of GE Introduction Evaluating the Impact of FDI Considering the Logic of FDI The Economic Impact of the M N E 234 Balance-of-Payments Effects 234 Growth and Employment Effects 236 The Foundations of Ethical Behavior 237 Why Do Companies Care About Ethical Behavior? 237 The Cultural Foundations of Ethical Behavior 238 The Legal Foundations of Ethical Behavior 240 Ethics and Corporate Bribery 241 Corruption and Bribery 241 | Point | j E B 5 E ^ f f l Are Top Managers Responsible When Corruption Is Afoot? 44 Ethics and the Environment What Is Sustainability? Looking to the Future: 246 246 246 248 249 Global Warming and the Kyoto Protocol Ethical Dilemmas and Business Practices How to See the Trees in the Rain Forest Ethical Dilemmas and the Pharmaceutical Industry 249 Ethical Dimensions of Labor Conditions 251 Corporate Codes of Ethics: How Should a Company Behave? 254 C A S E : Anglo American PLC in South Africa: What Do You Do When Costs Reach Epidemic Proportions? 256 Summary Key Terms Endnotes 260 261 261 THEORIES AND INSTITUTIONS: TRADE AND INVESTMENT 264 PART THREE International Trade and Factor-Mobility Theory 268 264 265 C A S E : Costa Rica: Using Foreign Trade to Trade-Up Economically Introduction Laissez-Faire Versus Interventionist Approaches to Exports and Imports 269 Theories of Trade Patterns 269 Contents Interventionist Theories Mercantilism 270 Free Trade Theories 271 270 Theory of Absolute Advantage 272 Theory of Comparative Advantage 274 Theories of Specialization: Some Assumptions and Limitations 276 Trade Patterns Theories 278 279 284 How Much Does a Country Trade? 278 What Types of Products Does a Country Trade? With Whom Do Countries Trade? Does Geography Matter? The Statics and Dynamics of Trade Product Life Cycle (PLC) Theory The Porter Diamond 287 282 285 285 Variety Is the Spice of Life | Point |g^^^J35flfl Should Nations Use Strategic Trade Policies? 289 Factor-Mobility Theory 291 292 293 295 298 299 Why Production Factors Move Effects of Factor Movements Looking to the Future: Summary Key Terms Endnotes 302 304 304 The Relationship Between Trade and Factor Mobility C A S E : LUKOIL: Trade Strategy atja Privatized Exporter J In What Direction Will Trade Winds Blow? 7 Governmental Influence on Trade 06 C A S E : Making the Emperors (and Everyone Elses) New Clothes: Textile and Clothing Trade 307 Introduction 310 Conflicting Results of Trade Policies 311 The Role of Stakeholders 31 I Economic Rationales for Governmental Intervention Fighting Unemployment 312 Protecting Infant Industries 313 Developing an Industrial Base 314 Economic Relationships with Other Countries 316 Noneconomic Rati onales for Government Intervention Maintaining Essential Industries 319 Preventing Shipments to Unfriendly Countries 319 ^ Â § j t ^ ^ 3 Should Governments Forgo Trade Sanctions? Maintaining or Extending Spheres of Influence Preserving National Identity 321 321 311 319 320 10 Contents Instruments of Trade Control Tariffs 322 321 Nontariff Barriers: Direct Price Influences 323 Nontariff Barriers: Quantity Controls 325 Dealing with Governmental Trade Influences Tactics for Dealing with Import Competition Looking to the Future: 328 329 330 Dynamics and Complexity C A S E : U. S. -Cuban Trade: When Does a Cold War Strategy Become a Cold War Relic? 330 Summary Key Terms Endnotes 333 334 334 8 Cross-National Cooperation and Agreements 337 340 340 339 336 C A S E : Toyotas European Drive Introduction The World Trade Organization (WTO) GATT: The Predecessor to the W T O What Does the W T O Do? 341 The Rise of Bilateral Agreements 342 Regional Economic Integration 343 The Effects of Integration 344 Major Regional Trading Groups 345 The European Union 346 351 356 The NorthAmerican Free Trade Agreement (NAFTA) Regional Economic Integration in the Americas | Point U B I I H H B I Is CAFTA-DR a Good Idea? 359 Regional Economic Integration in Asia 360 Regional Economic Integration in Africa Looking to the Future: 362 Will the WTO Overcome Bilateral and Regional Integration Efforts? 63 Other Forms of International Cooperation 364 Commodity Agreements Consumers and Producers C A S E : Wal-Mart Goes South Summary 370 365 366 366 366 367 Commodities and the World Economy The Organization of Petroleum Exporting Countries (OPEC) Key Terms Endnotes 371 371 Contents 11 9 PART FOUR WORLD FINANCIAL ENVIRONMENT 374 374 Global Foreign-Exchange Markets CASE: Going Down to the Wire in the Money-Tran sfer Market Introduction 377 W h a t Is Foreign Exchange? 377 375 Players on the Foreign-Exchange Market Does Geography Matter? 378 378 382 Some Aspects of the Foreign-Exchange Market Major Foreign-Exchange Markets The Spot Market 383 The Forward Market 387 Options 388 Futures 388 383 Foreign-Exchange Trades The Foreign-Exchange Trading Process Banks and Exchanges Looking to the Future: 390 388 392 Where Are Foreign-Exchange Markets Headed? 394 How Companies Use Foreign Exchange 393 Business Purposes (I): Cash Flow Aspects of Imports and Exports Business Purposes (II): Other Financial Flows C A S E : Banking on Argentina Summary Key Terms Endnotes 402 403 404 398 395 396 | Point | { | j f l j ^ ; g f i 3 Is It Ok to Speculate on Currency? 0 The Determination of Exchange Rates C A S E : El Salvador Adopts the U. S. Dollar Introduction 409 407 406 The International Monetary Fund 410 Origin and Objectives 410 The IMF Today 410 Evolution to Floating Exchange Rates 41 I Exchange-Rate Arrangements Fixed Versus Flexible Currencies 412 414 416 Exchange Arrangements with No Separate Legal Tender Currency Board Arrangements 416 Co nventional Fixed-Peg Arrangements 416 416 Pegged Exchanges Rates Within Horizontal Bands More Flexible Arrangements 417 12 Contents Exchange Rates: The Bottom Line The Euro 419 417 421 ^3fflB Should Africa Develop a Common Currency? Determining Exchange Rates 423 Nonintervention: Currency in a Floating-Rate World 423 Intervention: Currency in a Fixed-Rate or Managed-Floating-Rate World The Role of Central Banks 424 Black Markets 428 Foreign-Exchange Convertibility and Controls 428 Exchange Rates and Purchasing Power Parity 429 Exchange Rates and Interest Rates 432 Other Factors in Exchange-Rate Determination 432 Forecasting Exchange-Rate Movements Fundamental and Technical Forecasting Factors to Monitor 435 433 433 436 24 Business Implications of Exchange-Rate Changes Marketing Decisions 436 Production Decisions 436 Financial Decisions 436 Looking to the Future: In Which Direction Is Exchange-Rate Flexibility Headed? 437 438 C A S E : The Chinese Yuan: Be Careful of the Dragons Tail Summary Key Terms Endnotes 442 443 444 PART FIVE GLOBAL STRATEGY, STRUCTURE, A N D IMPLEMENTATION 446 11 The Strategy of International Business CASE: Value Creation in the Global Apparel Industry Introduction 451 Industry, Strategy, and Firm Performance 452 446 47 Industry Organization Paradigm Leading Strategy Perspectives The Idea of Industry Structure: The Five-Forces Model 454 Industry Change 455 Strategy and Value 456 CreatingValue 457 The Firm as Value Chain 457 What Is the Value Chain? 458 Using the Value Chain 459 Change and the Value Chain 468 453 Contents 13 Are Value Chains Real? 469 470 Global Integration Versus Local Responsiveness Pressures for Global Integration 470 Pressures for Local Responsiveness 472 When Pressures Interact 473 Types of Strategy 474 474 475 477 479 481 International Strategy Multidomestic Strategy Global Strategy 476 Transnational Strategy Looking to the Future: Summary Key Terms Endnotes 484 485 485 Whats New in the World of Strategy Types? C A S E : The Globalization of eBay 12 Country Evaluation and Selection Introduction 493 494 494 494 488 489 C A S E : Carrefour: Finding Retail Space in All the Right Places How Does Scanning Work? Managing the Alternatives Scanning Versus Detailed Analysis Opportunities Risks 501 Does Geography Matter? 496 What Information Is Important in Scanning? 496 Dont Fool with Mother Nature 508 504 Collecting and Analyzing Data 507 Some Problems with Research Results and Data External Sources of Information Internally Generated Data | Point | g ^ ^ ^ ^ ^ 3 510 509 Should Companies Forgo Investment in Violent Areas? 51 I Country Comparison Tools Grids 512 Matrices 513 Allocating Among Locations 512 515 516 Alternative Gradual Commitments 515 Geographic Diversification Versus Concentration Reinvestment Versus Harvesting 518 Noncomparative Decision Making Looking to the Future: CASE: FDI in South Africa 521 519 520 Will Prime Locations Change? 14 Contents Summary Key Terms Endnotes 524 525 525 13 Export and Import Strategies Introduction 532 Exporting and Importing 528 529 C A S E : Grieve- A Small-Business Export Strategy 533 Export Strategy 534 Advantages to Consider 534 Questions to Ask 535 Strategic Advantages of Exporting 535 Characteristics of Exporters 536 Stages of Export Development 537 Pitfalls of Exporting 538 Designing an Export Strategy 539 Import Strategy 543 543 Types of Importers 543 Strategic Advantages of Imports The Import Process Import Brokers Customs Agencies 44 544 545 546 Looking to the Future: The Technology of Trade Import Documentation 548 The Export Process Indirect Selling Direct Selling 548 548 551 553 | Point | g ^ ^ Â § f l 8 ^ ^ A Dirty Dilemma: Exporting Hazardous Waste Export Documentation 554 Sources of Regulatory Assistance 556 Foreign Freight Forwarders 558 Countertrade Summary Key Terms Endnotes 559 561 C A S E : A Little Electronic Magic atAlibaba. com 5 64 565 565 14 Direct Investment and Collaborative Strategies C A S E : The Fizz Biz: Coca-Cola Introduction 572 569 568 Why Exporting May Not Be Feasible When Its Cheaper to Produce Abroad 573 574 Contents When Transportation Costs Too Much 575 When Domestic Capacity Isnt Enough 575 When Products and Services Need Altering 575 When Trade Restrictions Hinder Imports 576 When Country of Origin Becomes an Issue 576 Noncollaborative Foreign Equity Arrangements Taking Control: Foreign Direct Investment How to Make FDI 578 577 576 15 Why Companies Collaborate 579 Alliance Types 579 General Motives for Collaborative Arrangements 580 International Motives for Collaborative Arrangements 582 Types of Collaborative Arrangements 583 583 584 Some Considerations in Collaborative Arrangements Licensing 586 Franchising 587 Management Contracts 588 Turnkey Operations 589 JointVentures 590 Equity Alliances 591 Problems w i t h Collaborative Arrangements Relative Importance 592 Divergent Objectives 593 Questions of Control 593 , Comparative Contributions and Appropriations Culture Clashes 595 592 | Point j j f l j m ^ j ^ f f l Should Countries Limit Foreign Control of Key Industries? 594 Managing Foreign Arrangements Finding Compatible Partners Negotiating the Arrangement Drawing Up the Contract Assessing Performance Looking to the Future: Summary Key Terms Endnotes 603 604 605 95 596 597 598 Dynamics of Collaborative Arrangements 598 599 599 600 Why Innovation Breeds Collaboration C A S E : Getting Airline Alliances Off the Ground 15 The Organization of International Business C A S E : Organizing People. Values, and Environment at Johnson Johnson 609 608 Introduction 614 16 Contents Change: The Critical Factor Organization Structure 617 614 617 618 620 a* Organizing Todays International Business Vertical Differentiation: Centralization Versus Decentralization Horizontal Differentiation: The Design of the Formal Structure Contemporary Structures 624 | Point IgEfl^^^Sffl Hierarchies or Hyperarchies? Coordination and Control Systems Coordination Systems 629 Control Systems 632 629 628 Organization Culture Challenges and Pitfalls Looking to the Future: Summary Key Terms Endnotes 644 645 645 635 635 638 639 640 637 The Importance of Culture Organization Culture and Strategy The Role and Rise of Corporate Universities C A S E : Infosys: The Search for the Best and the Brightest PART SIX MANAGING INTERNATIONAL OPERATIONS 648 649 648 16 Marketing Globally C A S E : Avon Calls on Foreign Markets Introduction 654 Marketing Strategies 655 657 Marketing Orientations 655 Segmenting and Targeting Markets Product Policies 659 659 Why Firms Alter Products []PoIrTtJ3BffiHEffl Should Home Governments Regulate Their Companies Marketing in Developing Countries? 660 Alteration Costs 663 The Product Line: Extent and Mix 664 Pricing Strategies 664 664 Potential Obstacles in International Pricing Promotion Strategies 669 The Push-Pull Mix 669 Some Problems in International Promotion 670 673 Branding Strategies 672 Worldwide Brand Versus Local Brands Contents 17 Distribution Strategies 674 675 Does Geography Matter? Is Necessity the Mother of Invention? Deciding Whether to Standardize 676 Choosing Distributors and Channels 676 The Challenge of Getting Distribution Hidden Costs in Distribution E-Commerce and the Internet 678 679 677 Managing the Marketing Mix Gap Analysis 680 Looking to the Future: 680 Marketing to the Haves, the Have-Nots (and the Have-Somes) 682 CASE: Tommy Hilfiger: Clothes Make the Man and Vice Versa Summary 686 Key Terms 687 Endnotes 687 683 17 Global Manufacturing and Supply Chain Management C A S E : Samsonites Global Supply Chain Introduction 694 695 What Is Supply Chain Management? 691 690 Global Manufacturing Strategies 696 696 Four Key Factors in Manufacturing Strategy Information Technology and Global Supply Chain Management Information Technology 701 Quality 703 Zero Defects Versus Acceptable Quality Level The Deming Approach to Quality Management Total Quality Management (TQM) 704 Six Sigma 705 Quality Standards 705 703 704 700 Supplier Networks Global Sourcing 707 708 709 710 710 Major Sourcing Configurations The Make or Buy Decision | Point | g f f l f l 3 ^ f f l Should Firms Outsource Innovation? Supplier Relations 712 The Purchasing Function 713 Inventory Management 15 715 Lean Manufacturing and Just-in-Time Systems Foreign Trade Zones 716 Transportation Networks 717 18 Contents Looking to the Future: Summary Key Terms Endnotes 724 724 725 Uncertainty and the Global Supply Chain 718 717 C A S E : Ventus and Business Process Outsourcing 18 International Accounting Issues C A S E : Parmalat: Europes Enron Introduction 733 729 728 The Crossroads of Accounting an d Finance 733 Accounting for International Differences Accounting Objectives 737 Factors in International Accounting Practices Cultural Differences in Accounting 739 Classifying Accounting Systems 741 36 738 International Standards and Global Convergence 744 748 | Point |Â «piffiffJHBfffil Should U. S. Companies Be Allowed to Close the GAAP? Transactions in Foreign Currencies Recording Transactions 749 749 750 Translating Foreign-Currency Financial Statements Translation Methods 750 Management Accounting Issues 753 756 Performance Evaluation and Control 753 Transfer Pricing and Performance Evaluation The Balanced Scorecard 757 Corporate Governance 758 759 External Control Mechanisms:The Legal System Internal Control Mechanisms 759 Looking to the Future: Will IFRS Become the Global Accounting Standard? 760 761 C A S E : Ericsson: The Challenges of Listing on Global Capital Markets and the Move to Adopt International Financial Reporting Standards Summary 766 Key Terms Endnotes 767 767 19 The Multinational Finance Function Introduction 774 770 771 C A S E : GPS: In the Market for an Effective Hedging Strategy? The Finance Function 774 The Role of the CFO 775 Contents 19 Capital Structure 776 776 Leveraging Debt Financing 776 Factors Affecting the Choice of Capital Structure Debt Markets as Means of Expansion 778 Global Capital Markets 778 778 781 Eurocurrencies and the Eurocurrency Market International Bonds 780 Equity Securities and the Euroequity Market The Size of Global Stock Markets 782 Offshore Financing and Offshore Financial Centers Whats an OFC? 784 Counterpoint 784 Should Offshore Financial Centers and Aggressive Tax Practices Be Eliminated? 786 Capital Budgeting in a Global Context 787 Methods of Capital Budgeting 788 Complications in Capital Budgeting 788 Internal Sources of Funds 789 Global Cash Management 790 Foreign-Exchange Risk Management 792 Types of Exposure 92 Exposure-Management Stratgey, 794 Taxation of Foreign-Source Income International Tax Practices 798 800 803 804 805 Taxing Branches and Subsidiaries Transfer Prices 803 Double Taxation and Tax Credit Looking to the Future: Summary Key Terms Endnotes 809 810 810 797 Technology and Cash Flows C A S E : Dell Mercosur: Getting Real in Brazil 20 Human Resource Management CASE: Go Or No Go: Your Career? 813 Introduction 8 17 What Is HRM? 817 The Strategic Function of International HRM Strategizing HRM 819 812 818 Developing Staffing Policies Managing Expatriates 826 Selecting Expatriates Expatriate Failure Training Expatriates 827 828 829 821 20 Contents Learning a Foreign Language- Still Useful? Compensating Expatriates Repatriating Expatriates International Labor Relations How Labor Looks at the MNE 832 836 839 ~840 842 83 I How Labor Responds to the MNE Looking to the Future: The Labor Struggle: Barriers to International Unanimity 843 Which Countries Will Have the Jobs of the Future? 845 Trends in MNE-Labor Relations 845 847 C A S E : Tel-Comm-Tek (TCT) Summary Key Terms Endnotes Glossary Photo Credits Name Index Subject Index 851 853 853 857 873 875 879 887 Company Index and Trademarks

Pay plays a crucial role in motivating people at work. How far do you Essay

Pay plays a crucial role in motivating people at work. How far do you agree, or disagree, with this statement - Essay Example It is all very well to say that money does not matter. Actually it matters unless an individual is living in an island like Robinson Crusoe. If the person has to live in a society, with the ordinary requirements that other people have, he need to have money to have a roof over his head, to feed his family and to fulfil his and their desires and necessities. Hence, it is not possible for any person to live without money and not to appreciate its power over humans. There is nothing wrong in assuming that the most significant place at work is taken by the pay. Without pay no worker would work, unless it is a part time kind of work for charity in which he believes. Even then, he has to earn his living and no charity worker can do voluntary work full time, unless he has some other adequate income coming in. There is an important place for the pay at work and there exists a belief that pay could motivate people at work. I agree with the statement to some extent, but not fully. There are areas like Sales, where keeping people motivated without pay and incentives could be difficult. But it need not apply everywhere. Pay definitely is the source of motivation to do better work and this perhaps depends on the kind of motivation the worker is looking for. No doubt, there is an enormous impact when the minimum wage is increased; but motivation could be connected to many needs and desires. MOTIVATION "Motivation is the force that energises, directs and sustains behaviour" http://community.ocr.org.uk/core/community/public/download_filerid=202 Motivation is connected to Reinforcement Theory, Need Theory and Cognitive theories. Reinforcement could be different things to different people and cannot be applied to all. Need theory has fallen short of expectations and cannot be applied everywhere. "Research has not found much support for the theory and application of the theory to motivate workers in the workplace has fallen short of expectations. The main asset of Maslow's theory is its humanistic appeal: it projects the idea that many human needs are bound up with work, not just the need for a pay cheque as earlier theorists proposed," (ibid). But according to cognitive theories like Equity Theory, etc., workers are motivated by a desire to be treated equitably and fairly, but research shows that this too cannot be a measuring stick. Hence, motivation cannot be generalised easily, because one person's motivation need not be another person's. At the same time, it has to be connected with the organisational behaviour. Organisat ional behaviour is usually a collective behaviour and not an individual one. Just like motivation, organisational behaviour cannot be generalised, because every organisation is unique and the behaviour changes according to the organisation in which the worker is working. As the worker is always a small part of the team, his behaviour will be more of one in the crowd, and not highly individualistic. IMPORTANCE OF SALARY Pay influences people individually and collectively both. Pay perhaps is the most motivating of all the perks, with position following it closely. Money definitely motivates people to a very large extent at work. After all, people work for money and to collect wealth which provides security in life. In addition, it is the visible form of appreciation and the means of saying that his work is worth a lot for the organisation. It gives the

Introduction to american civilization Essay Example | Topics and Well Written Essays - 750 words

Introduction to american civilization - Essay Example By the 1840s, steam powered locomotives became the major source of traveling and transportation in the United States. The railroad was used to transport large items which reduced the costs of transportation. By the 1880s, electric railways were being used for transportation in cities like New York (Steven, 2006). The Transcontinental Railroad brought much profit and efficiency to organizations and individuals in the United States. The Industrial revolution allowed the massive cultivation of the American West with the use of new farming techniques and mechanization. This led to efficiencies in production and the railroad ensured the distribution of foodstuff to distant markets. Industrialization also led to the increased urbanization of the American people. Automobiles would further revolutionize the concept of traveling. Mass manufacturing led to an increase in goods and as a result a new middle class emerged eager for these products. The progressive era in the United States was launched in order to protect the rights of workers and reduce waste and corruption. This era was also marked with a desire to improve the lives of ordinary citizens. Alcohol was prohibited in this era and women’s rights were achieved. Media exposed corruption in political circles. Political reforms to enable the citizens to rule directly were implemented. Theodore Roosevelt launched the square deal to ensure that food and drugs would be safe for citizens. The railroad rates were also regulated. Universal health care, health insurance and conservation of the environment were some of the major goals of his government. President Howard Taft also believed in the progressive era. During his presidency, the civil service was expanded and the US postal service was made more efficient. He also launched many antitrust suits against large companies and promoted world peace. President Woodrow Wilson is credited with the establishment of the F ederal Reserve System which is the central

Alternative Sources Of Energy

Alternative Sources Of Energy Bio-fuels are formed from biomass, normally plants seeds, and liquid bio fuels can be use for transportation. We are one of the worlds leading distributors of bio fuels and we are developing enhanced bio fuels that could see CO2 reductions and a sustainable alternative fuel source. The two main forms of bio fuel today are ethanol and FAME (Fatty Acid Methyl Esters), which have largely relied on food crops such as wheat or sugar cane as their source. We are working to find a source material that does not compete with food crops, to develop a conversion process that will produce low CO2, and to produce efficient fuels. Our bio fuels research includes finding alternative feedstocks. We are looking into finding tough new enzymes to break down the cellulose in plants such as straw. Algae have potential as a sustainable source of vegetable oil that could be used for the production of bio fuel for diesel engines. It is early days but algae hold promise, as they grow rapidly and can be cultivated in ponds of seawater and minimise the use of fertile land and fresh water. Alternative Energy The world has plenty of potential renewable energy sources, but each has its own technical challenges. Scientists are working to develop alternative energy sources that are sustainable, clean and convenient. Fossil fuels are expected to remain the worlds main source of energy for decades to come but sustainable, clean and convenient energy sources will also be needed in the mix. Todays most widespread biofuel, ethanol, is commonly made from starchy or sugary plants. Hydrogen is seen by many as the fuel of the future, but it still has a long way to go. It is an energy carrier, in the same way as electricity, and so must be produced from another substance. Most commonly, hydrogen is produced using steam that reacts with methane and converts it into hydrogen and carbon. It can also be produced from water through electrolysis. The hydrogen can then be stored and converted to energy via hydrogen fuel cells, now available for cars. In hydrogen fuel cell vehicles a chemical reaction inside the fuel cell usually between hydrogen and oxygen creates electricity for the motor and the only resulting exhaust pipe emission is water vapour. We are learning as much as possible about hydrogen refuelling and how to meet future customer needs. We are involved in research and demonstration projects and have already opened a cluster of commercial hydrogen filling stations. biomass Biomass is any plant derived organic matter available on a renewable basis, including dedicated energy crops and trees, agricultural food and feed crops, agricultural crop wastes and residues, wood wastes and residues, aquatic plants etc. The energy in biomass can be harnessed in waste-to-energy plants or cogeneration plants. Waste-to-Energy Plants All incinerable waste not recovered, reused or recycled is sent for incineration at the waste-to-energy plants operated by the National Environment Agency. The combustion of municipal waste including renewables in the waste produce heat, which is recovered to generate electricity. The electricity generated is fed into the electricity grid. The biomass in Singapores municipal waste are mainly wood waste, horticultural waste, food waste and waste paper. Waste-To-Energy Plants Turbine Capacity (MW) Ulu Pandan Incineration Plant 16 Tuas Incineration Plant 46 Senoko Incineration Plant 56 Tuas South Incineration Plant 80 Biomass Cogeneration Plants Cogeneration is the simultaneous production of electricity and heat, both of which are used. Through the utilisation of the heat, the efficiency of cogeneration plant can reach 80% or more. Cogeneration therefore offers energy savings ranging between 15-40% when compared to the supply of electricity and heat from conventional power stations and boilers. Cogeneration plants that use biomass fuel are carbon-neutral compared to those using fossil fuels. Two companies, M/s ECO-IEE Pte Ltd and M/s Bee Joo Industries Pte Ltd have biomass cogeneration plants. The ECO cogeneration plant has a turbine capacity of 0.53 MW and uses wood waste as fuel. The Bee Joo cogeneration plant has turbine capacity of 1.0 MW and uses wood waste and horticulture waste as fuel. Alkaline fuel cells (AFC) Alkaline fuel cells use compressed hydrogen and oxygen to produce electricity. They normally operate at 70-90 °C, with 300-5000 W of power at about 25-30% system efficiency. The Apollo astronauts used alkaline fuel cells to provide both electricity and drinking water. However, pure hydrogen fuel was used. More information on AFCs may be found here. TOP Phosphoric acid fuel cells (PAFC) Phosphoric acid fuel cells use phosphoric acid as the electrolyte to produce electricity. Types of fuel that PAFCs can use include anaerobic digester gas, natural gas, gasoline, etc. They operate at 190-215 °C, generating up to 200 kW of power at about 35-40% efficiency. The internal parts of the fuel cell must be able to withstand the corrosive acid. More information on PAFCs may be found here. TOP Proton exchange membrane fuel cells (PEMFC) Proton exchange membrane fuel cells (also known as polymer electrolyte fuel cells) use a polymer-based electrolyte, typically in a thin, permeable sheet. This membrane must not leak or crack, while a platinum catalyst must also be coated on both sides of the membrane. The operating temperature is about 70-90 °C, with outputs of between 1W and 20 http://www.nccc.gov.sg/renewables/fct.shtm (1 of 2) [17/7/2010 2:07:03 AM] Fuel Cell Technologies kW of power. System efficiency is about 30-35%. The low temperature makes PEMFCs suitable for use in homes and cars. The fuel (typically hydrogen) must also be highly purified. Natural gas can also be reformed to produce hydrogen for fuel cells. More information on PEMFCs may be found here. TOP Molten carbonate fuel cells (MCFC) Molten carbonate fuel cells use high-temperature carbonates (of sodium or magnesium) as the electrolyte for generating electricity. Hence, the normal operating temperature is around 600-650 °C, producing 250 kW 2 MW of power at about 45-50% efficiency. Waste heat produced by the reaction can be utilized to maximize system efficiency. This also means that MCFCs would be too hot for home applications. More information on MCFCs may be found here. TOP Solid oxide fuel cells (SOFC) Solid oxide fuel cells use a hard, ceramic compound of metallic oxides (of calcium or zirconium) as the electrolyte. They normally operate at about 700-1,000 °C, producing up to 100 kW of power. System efficiency is around 50-55%. At such temperatures, reformers are not necessary for producing hydrogen from fuels, eg natural gas. Waste heat from SOFCs can also be recovered for use in other applications, eg making more electricity. However, SOFCs are large in size, hence limiting its applications. More information on SOFCs may be found here. Introduction The tide moves a huge amount of water twice each day, and harnessing it could provide a great deal of energy around 20% of Britains needs. Although the energy supply is reliable and plentiful, converting it into useful electrical power is not easy. There are eight main sites around Britain where tidal power stations could usefully be built, including the Severn, Dee, Solway and Humber estuaries. Only around 20 sites in the world have been identified as possible tidal power stations. A few years ago, tidal powermeant tidal barrage. But these days there are other options as well. How it works: Tidal Barrages These work rather like a hydro-electricscheme, except that the dam is muchbigger. A huge dam (called a barrage) is built across a river estuary. When the tide goes in and out, the water flows through tunnels in the dam. The ebb and flow of the tides can be used to turn a turbine, or it can be used to push air through a pipe, which then turns a turbine. Large lock gates, like the ones used on canals, allow ships to pass. If one was built across the Severn Estuary, the tides at Weston-super-Mare would not go out nearly as far thered be water to play in for most of the time. But the Severn Estuary carries sewage and other wastes from many places (e.g. Bristol Gloucester) out to sea. A tidal barrage would mean that this stuff would hang around Weston-super-Mare an awful lot longer! Also, if youre one of the 80,000+ birds that feeds on the exposed mud flats when the tide goes out, then you have a problem, because the tide wont be going out properly any more. Advantages Once youve built it, tidal power is free. It produces no greenhouse gases or other waste. It needs no fuel. It produces electricity reliably. Not expensive to maintain. Tides are totally predictable. Offshore turbines and vertical-axis turbines are not ruinously expensive to build and do not have a large environmental impact. Disadvantages A barrage across an estuary is very expensive to build, and affects a very wide area the environment is changed for many miles upstream and downstream. Many birds rely on the tide uncovering the mud flats so that they can feed. Fish cant migrate, unless fish ladders are installed. Only provides power for around 10 hours each day, when the tide is actually moving in or out. There are few suitable sites for tidal barrages Is it renewable? Tidal energy is renewable. The tides will continue to ebb and flow, and the energy is there for the taking. Can tidal energy work in Singapore? Windmill under the sea The New Paper 11 Nov 08; This week, Singapore hosted the International Energy Week where policy makers from all over the world met academics and industry players to talk about energy options and strategies for the future. CHNG CHOON HIONG looks at tidal energy as it is used in the UK while TEH JEN LEE asks whether it could work here. PICTURE a 37m-tall, 1,000-tonne windmill that is submerged under the sea and you get a good idea of what the SeaGen Tidal Energy generator is. 11 November 2008 PICTURE a 37m-tall, 1,000-tonne windmill that is submerged under the sea and you get a good idea of what the SeaGen Tidal Energy generator is. Situated in Strangford Narrows, off the coast of Northen Ireland, the SeaGen is the worlds first commercial-scale tidal energy turbine, harnessing the virtually inexhaustible energy carried by tidal currents. Tidal currents are caused by the gravitational interaction between the earth and the moon arising from their relative motion. As such, the tidal cycle is perfectly predictable, an advantage over power generated by wind and sunlight. There are, however, some drawbacks in harnessing tidal power. It has some prerequisites which limit its use to just a few regions in the world. There are also worries such as the possible disruption of marine life and the ecosystem. However, the concerns about damaging the ecosystem are yet to be firmly established. Costing more than  £8.5 million ($20 million) in development, the SeaGen is commissioned for operation till 2013. During this time, it will generate 1,200kW of clean renewable power, enough to provide for the electrical needs of 1,000 UK households. Can this work in Singapore? USING current technology, Singapore cannot harness tidal energy because our mean tidal range of about 1.7m is too low. The New Paper 11 Nov 08 USING current technology, Singapore cannot harness tidal energy because our mean tidal range of about 1.7m is too low. Mean tidal range is the difference in height between mean low water and mean high water levels during spring tides, which occur during new moon and full moon, when there is greatest variation in tides. The tidal range is low all around South-east Asia because of the configuration of the land fairly straight coastlines which are surrounded by seas. In contrast, there are beaches in some countries elsewhere with a tidal range of more than 10m. For example, in the Bay of Fundy on the Atlantic coast of North America, home to the worlds highest tides, the tidal range has been measured in excess of 15m. These high tides produce swift-flowing currents when the tide is coming in and going out. In Singapore, because of the low tidal range, the tidal currents are not strong enough to generate electricity. It would be like trying to get power from water flowing through a monsoon drain. Professor Teh Tiong Sa, visiting senior fellow at the Tropical Marine Science Institute, said: To have viable energy from tides, the higher the tidal range the better. For Singapore, its too low to even think about it now, unless technology changes and things become more efficient. Singapore, August 12 Somewhere off the coast of Invergordon in Scotland on Thursday, the worlds largest tidal turbine will be unveiled, marking a turning point in the global renewable tidal energy industry. This turbine, which can generate consistent electricity to power 1,000 British homes, may be located thousands of miles from Singapore but it represents a key moment for the city-states growing clean technology or cleantech industry. This is because the AK1000 turbine, as it is called, was tested in Singapore waters and designed on Singapores shores during key periods of its 10-year research history. Chief executive Timothy Cornelius of Atlantis Resources Corporation the firm behind the turbine said the unveiling and installation of the one megawatt turbine was the culmination of 10 years of hard work and belief from all partners and staff. It is an important milestone not only for Atlantis, which has invested S$100 million of private investors funds into developing the turbine to date, but for the global marine power industry, he said. This is when ocean power generation goes from being in the research space to the commercial space. The company, which originated in Australia before moving its headquarters to Singapore five years ago, is now looking at possible locations to build a manufacturing plant that will mass produce its turbines for commercial application. Dwindling fossil fuel resources and growing concern on its negative impact on global climate change has resulted in a global race for clean energy in recent years. Tidal energy has potential to be a key energy source for a world grappling with rapid urbanisation. Apart from Scotland, countries such as Japan and India have vast untapped tidal energy resources that could be converted into renewable energy, thus reducing the countrys reliance on fossil fuels, said Mr Cornelius. If all goes well, the firm will begin looking to list on an Asian bourse possibly in Singapore next year, he added. He credited the companys success to its move to Singapore, where the firm had access to a highly-skilled labour workforce and research collaborations with institutions such as Nanyang Technological University. It now has a local staff of 15. Singapore has strong intellectual property laws too, which was a key pull factor for us, he said. The turbine was also tested in the southern waters of Singapore near the Raffles lighthouse in 2008 to collect key data. Its waters are however too busy due to shipping routes for tidal energy to be tapped, added Mr Cornelius. When installed, the AK1000 turbine weighing 150 tonnes and at a height of 22.5 metres, will sit at a dedicated berth at the European Marine Energy Centre, located in Scotlands Orkney. It costs about US$3 million for one turbine and the payback period is five to 10 years depending on the flow rate of the waves, he added. Cleantech director Goh Chee Kiong of the Economic Development Board said yesterday that Atlantiss presence in Singapore will increase the vibrancy of the fast-growing cleantech industry here. This project affirms Singapores attractiveness as a global home for cleantech businesses, said Mr Goh, who also highlighted that Atlantis benefitted from Singapores strengths in existing industry clusters such as precision engineering, offshore and marine. Atlantis said it is now actively pursuing projects in the Asia Pacific region, especially to power hungry markets. We are confident of developing tidal power as a credible new renewable asset class in Asia, said Mr Cornelius. Source: The Straits Times

Indian contract act Essay

A prospectus issued by a company for subscription of its shares by the members of the public, is an invitation to offer. The Letter of Offer issued by a company to its existing shareholders is an offer. 5. The offer must be communicated to the offeree. An offer must be communicated to the offeree before it can be accepted. This is true of specific as sell as general offer. 6. The offer must not contain a term the non-compliance of which may be assumed to amount to acceptance. Cross Offers Where two parties make identical offers to each other, in ignorance of each other’s offer, the offers are known as cross-offers and neither of the two can be called an acceptance of the other and, therefore, there is no contract. TERMINATION OR LAPSE OF AN OFFER An offer is made with a view to obtain assent thereto. As soon as the offer is accepted it becomes a con ­tract. But before it is accepted, it may lapse, or may be revoked. Also, the offeree may reject the offer. In these cases, the offer will come to an end. 1) The offer lapses after stipulated or reasonable time 2) An offer lapses by the death or insanity of the offeror or the offeree before acceptance. 3) An offer terminates when rejected by the offeree. 4) An offer terminates when revoked by the offeror before acceptance. 5) An offer terminates by not being accepted in the mode prescribed, or if no mode is prescribed, in some usual and reasonable manner. 6) A conditional offer terminates when the condition is not accepted by the offeree. (7) Counter Offer TERMINATION OF AN OFFER 1. An offer lapses after stipulated or reasonable time. 2. An offer lapses by the death or insanity of the offeror or the offeree before acceptance. 2. An offer lapses on rejection. 4. An offer terminates when revoked. 5. It terminates by counter-offer. 6. It terminates by not being accepted in the mode prescribed or in usual and reasonable manner. 7. A conditional offer terminates when condition is not accepted. ACCEPTANCE Acceptance has been defined as â€Å"When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted†. Acceptance how made The offeree is deemed to have given his acceptance when he gives his assent to the proposal. The assent may be express or implied. It is express when the acceptance has been signified either in writing, or by word of mouth, or by performance of some required act. Ex- A enters into a bus for going to his destination and takes a seat. From the very nature, of the circumstance, the law will imply acceptance on the part of A.] In the case of a general offer, it can be accepted by anyone by complying with the terms of the offer. ESSENTIALS OF A VALID ACCEPTANCE 1) Acceptance must be absolute and unqualified. 2) Acceptance must be communicated to the offeror. 3) Acceptance must be according to the mode prescribed. Ex- A sends an offer to B through post in the usual course. B should make the acceptance in the â€Å"usual and reasonable manner† as no mode of acceptance is prescribed. He may ac ­cept the offer by sending a letter, through post, in the ordinary course, within a reasonable time. COMMUNICATION OF OFFER, ACCEPTANCE AND REVOCATION As mentioned earlier that in order to be a valid offer and acceptance. (i) the offer must be communicated to the offeree, and (ii) the acceptance must be communicated to the offeror. The communication of acceptance is complete: (i) as against the proposer, when it is put into a course of transmission to him, so as to be out of the power of the acceptor; (ii) as against the acceptor, when it comes to the knowledge of the proposer. Ex- A proposes, by letter, to sell a house to B at a certain price. B accepts A’s proposal by a letter sent by post. The communication of acceptance is complete: (i) as against A, when the letter is posted by B; (ii) as against B, when the letter is received by A. The communication of a revocation (of an offer or an acceptance) is complete: (1) as against the person who makes it, when it is put into a course of transmission to the person to whom it is made, so as to be out of the power of the person who makes it. (2) as against the person to whom it is made when it comes to his knowledge. Ex- A revokes his proposal by telegram. The revocation is complete as against A, when the tele ­gram is dispatched. It is complete as against B, when B receives it. Revocation of proposal and acceptance: A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards. Ex- A proposes, by a letter sent by post, to sell his house to B. B accepts the proposal by a letter sent by post. A may revoke his proposal at any time before or at the moment when B posts his letter of ac ­ceptance, but not afterwards. B may revoke his acceptance at any time before or at the moment when the letter communi ­cating it reaches A, but not afterwards. 2.3 CAPACITY TO CONTRACT (Sections 10-12) WHO ARE NOT COMPETENT TO CONTRACT The following are considered as incompetent to contract, in the eye of law: – (1) Minor: – (i) A contract with or by a minor is void and a minor, therefore, cannot, bind himself by a contract. (ii) A minor’s agreement cannot be ratified by the minor on his attaining majority. (iii) If a minor has received any benefit under a void contract, he cannot be asked to refund the same. (iv) A minor cannot be a partner in a partnership firm. (v) A minor’s estate is liable to a person who supplies necessaries of life to a minor. CASE EXAMPLE In 1903 the Privy Council in the leading case of Mohiri Bibi v. Dharmodas Ghose (190,30 Ca. 539) held that in India minor’s contracts are absolutely void and not merely voidable. The facts of the case were: Dharmodas Ghose, a minor, entered into a contract for borrowing a sum of Rs. 20,000 out of which the lender paid the minor a sum of Rs. 8,000. The minor executed mortgage of property in favour of the lender. Subsequently, the minor sued for setting aside the mortgage. The Privy Council had to ascertain the validity of the mortgage. Under Section 7 of the Transfer of Property Act, every person competent to contract is competent to mortgage. The Privy Coun ­cil decided that Sections 10 and 11 of the Indian Contract Act make the minor’s contract void. The mortgagee prayed for refund of Rs. 8,000 by the minor. The Privy Council further held that as a minor’s contract is void, any money advanced to a minor cannot be recovered. (2) Mental Incompetence A person is said to be of unsound mind for the purpose of making a contract, if at the time when he makes it, he is incapable of understanding it, and of forming a rational judgement as to its effect upon his interests. A person, who is usually of unsound mind, but occasionally of sound mind, may make a contract when he is of sound mind. Ex- A patient, in a lunatic asylum, who is at intervals, of sound mind; may contract during those intervals. A sane man, who is delirious from fever or who is so drunk that he cannot understand the terms of a contract or form a rational judgement as to its effect on his interest, cannot contract whilst such delirium or drunkenness lasts. (3) Incompetence through Status (i) Alien Enemy (Political Status) (ii) Foreign Sovereigns and Ambassadors (iii) Company under the Companies Act or Statutory Corporation by passing Special Act of Parliament (Corporate status) (iv) Insolvent Persons 2.4 FREE CONSENT (Sections 10; 13-22) What is the meaning of `CONSENT` (SECTION 13) When two or more persons agree upon the same thing in the same sense, they are said to consent. Ex-agrees to sell his Fiat Car 1983 model for Rs. 80,000. B agrees to buy the same. There is a valid contract since A and B have consented to the same subject matter. What is meant by `Free Consent` (i) A railway company refuses to deliver certain goods to the consignee, except upon the pay ­ment of an illegal charge for carriage. The consignee pays the sum charged in order to obtain the goods. He is entitled to recover so much of the charge as was illegally excessive. (ii) The directors of a Tramway Co. issued a prospectus stating that they had the right to run tramcars with steam power instead of with horses as before. In fact, the Act incorporating the company provided that such power might be used with the sanction of the Board of Trade. But, the Board of Trade refused to give permission and the company had to be wound up. P, a shareholder sued the directors for dam ­ages for fraud. The House of Lords held that the directors were not liable in fraud because they honestly believed what they said in the prospectus to be true. [Derry v. Peek (1889) 14 A.C. 337]. 2.5 CONSIDERATION [Sections 2(d), 10,23-25, 148, 185] Definition Consideration is what a promisor demands as the price for his promise. In simple words, it means ‘something in return.’ Consideration has been defined as â€Å"When at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or promises to abstain from doing some ­thing, such act or abstinence or promise is called a consideration for the promise.† IMPORTANCE OF CONSIDERATION A promise without consideration is purely gratuitous and, however sacred and binding in honour it may be, cannot create a legal obligation. A person who makes a prom ­ise to do or abstain from doing something usually does so as a return or equivalent of some loss, damage, or inconvenience that may have been occasioned to the other party in respect of the promise. The benefit so received and the loss, damage or inconvenience so caused is regarded in law as the consideration for the promise. KINDS OF CONSIDERATION A consideration may be: 1. Executed or Present 2. Executory or Future 2. Past 2.6 LEGALITY OF OBJECT (Sections 23, 24) An agreement will not be enforceable if its object or the consideration is unlawful. According to Section 23 of the Act, the consideration and the object of an agreement are unlawful in the following cases: What consideration and objects are unlawful – agreement VOID 1. If it is forbidden by law 2. If it is of such a nature that if permitted, it would defeat the provisions of any law. 2. If it is fraudulent. An agreement with a view to defraud other is void. 4. If it involves or implies injury to the person or property of another. If the object of an agree ­ment is to injure the person or property of another it is void. 5. If the Court regards it as immoral or opposed to public policy. An agreement, whose object or consideration is immoral or is opposed to the public policy, is void. Ex- A partnership entered into for the purpose of doing business in arrack (local alcoholic drink) on a licence granted only to one of the partners, is void ab-initio whether the partnership was entered into before the licence was granted or afterwards as it involved a transfer of licence, which is forbidden and penalised by the Akbari Act and the rules thereunder [Velu Payaychi v. Siva Sooriam, AIR (1950) Mad. 987]. 2.7 VOID and VOIDABLE Agreements (Sections 26-30) Void agreement 1. The following are the additional grounds declaring agreements as void: – (i) Agreements by person who are not competent to contract. (ii) Agreements under a mutual mistake of fact material to the agreement. (iii) Agreement with unlawful consideration. (iv) Agreement without consideration. (Exception – if such an agreement is in writing and registered or for a past consideration) (v) Agreement in restraint of marriage. (vi) Agreement in restraint of trade (vii) Agreements in restrain of legal proceedings, (viii) Agreements void for uncertainty (Agreements, the meaning of which is not certain, or capable of being made certain) (ix) Agreements by way of wager (a promise to give money or money’s worth upon the determination or ascertainment of an uncertain event) (x) Agreements against Public Policy (xi) Agreements to do impossible act. Voidable agreements An agreement, which has been entered into by misrepresentation, fraud, coercion is voidable, at the option of the aggrieved party. 2.8 CONTINGENT CONTRACTS (SECTIONS 31-36) A contingent contract is a contract to do or not to do something, if some event, collateral to such con ­tract does or does not happen. When a contingent contract may be enforced Contingent contracts may be enforced when that uncertain future event has happened. If the event becomes impossible, such contracts become void. ESSENTIAL ELEMENTS OF A CONTINGENT CONTACT 1. There must be a valid contract. 2. The performance of the contract must be conditional. 3. The even must be uncertain. 4. The event must be collateral to the contact. 5. The event must be an act of the party. 6. The event should not be the discretion of the promisor. 2.9 QUASI CONTRACTS [SECTIONS 68- 72] The term `quasi contract` may be defined as a ` contract which resembles that created by a contract.` as a matter of fact, `quasi contract` is not a contract in the strict sense of the term, because there is no real contract in existence. Moreover, there is no intention of the parties to enter into a contract. It is an obligation, which the law creates in the absence of any agreement. CIRCUMSTANCES OF QUASI CONTRACTS Following are to be deemed Quasi-contracts. (i) Claim for Necessaries Supplied to a person incapable of Contracting or on his account. (ii) Reimbursement of person paying money due by another in payment of which he is inter ­ested. Obligation of a person enjoying benefits of non-gratuitous act. (iii) Responsibility of Finder of Goods (iv) Liability of person to whom money is paid, or thing delivered by mistake or under coercion Ex- A, who supplies the wife and children of B, a lunatic, with necessaries suitable to their con ­ditions in life, is entitled to be reimbursed from B’s property. 2.10 PERFORMANCE OF CONTRACTS [SECTIONS 37-67] Offer to perform or tender of performance According to Section 38, if a valid offer/tender is made and is not accepted by the promisee, the promisor shall not be responsible for non-performance nor shall he lose his rights under the contract. A tender or offer of performance to be valid must satisfy the following conditions: 1. It must be unconditional. 2. It must be made at proper time and place, and performed in the agreed manner. WHO MUST PERFORM Promisor – The promise may be performed by promisor himself, or his agent or by his legal representative. Agent – the promisor may employ a competent person to perform it. Legal Representative – In case of death of the promisor, the Legal representative must perform the promise unless a contrary intention appears from the contract. CONTRACTS, WHICH NEED NOT BE PERFORMED I. If the parties mutually agree to substitute the original contract by a new one or to rescind or alter it 2. If the promisee dispenses with or remits, wholly or in part the performance of the promise made to him or extends the time for such performance or accepts any satisfaction for it. 2. If the person, at whose option the contract is voidable, rescinds it. 4. If the promisee neglects or refuses to afford the promisor reasonable facilities for the performance of his promise. 2.11 DISCHARGE OF CONTRACTS [Sections 73-75] The cases in which a contract is discharged may be classified as follows: A. By performance or tender B. By mutual consent A contract may terminate by mutual consent in any of the following ways: – a. Novation (substitution) b. Recession (cancellation) c. Alteration C. By subsequent impossibility D. By operation of law E. By breach 2.12 REMEDIES FOR BREACH OF CONTRACT (SECTIONS 73-75) As soon as either party commits a breach of the contract, the other party becomes entitled to any of the following reliefs: – a) Recession of the contract b) Damages (monetary compensation) c) Specific performance d) Injunction e) Quantum meruit Ex – A, a singer contracts with B, the manager of a theatre, to sing at his theatre for two nights in every week during the next two months, and B engages to pay her Rs. 100 for each night’s performance. On the sixth night, A wilfully absents herself from the theatre and B in consequence, rescinds the contract. B is entitled to claim compensation for the damages for which he has sustained through the non-fulfilment of the contract. 2.13 CONTRACTS OF INDEMNITY [SECTIONS 124-125] What is contract of indemnity A contract of indemnity is a contract whereby one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other party. A contract of indemnity may arise either (1) by an express promise or (2) by operation of law i.e. the duty of a principal to indemnify an agent from consequences of all lawful acts done by him as an agent. RIGHTS OF INDEMNIFIED (THE INDEMNITY HOLDER) The indemnity holder is entitled to recover from the promisor a) All the damages which may be compelled to pay in any suit in respect of any matter to which the promise to indemnify applies b) All costs of suit which he may have to pay to such third party provided in bringing or defending the suit (i) he acted under the authority of the indemnifier or (ii) he did not act in contravention of the orders of the indemnifier and in such a such as a prudent man would act in his own case. c) All sums which he may have paid under the terms of any compromise of any such suit, if the compromise was not contrary to the orders of the indemnifier, and was one which it would have been prudent for the promisee to make. RIGHTS OF INDEMNIFIER The Contract Act makes no mention of the rights of the indemnifier. It has been held in Jaswant Singh Vs. Section of State 14 Bom 299 that the indemnifier becomes entitled to the benefit of all the securities, which the creditor has against the principal debtor whether he was aware of them, or not. 2.14 CONTRACT OF GUARANTEE [SECTION 126] What is Contract of Guarantee A contract of guarantee is defined as a contract to perform the promise or discharge the liability or a third person in case of his default. The person who gives the guarantee is called the â€Å"Surety†, the person from whom the guarantee is given is called the â€Å"Principal Debtor† and the person to whom the guarantee I given is called the â€Å"Creditor†. Requirement of two contracts It must be noted that in a contract of guarantee there must, in effect be two contracts, (i) a principal contract – the principal debtor and the creditor ; and (ii) a secondary contract – the creditor and the surety. Ex – When A requests B to lend Rs. 10,000 to C and guarantees that C will repay the amount within the agreed time and that on C failing to do so, he will himself pay to B, there is a contract of guarantee. Essential and legal rules for a valid contract of guarantee (i) The contract of guarantee must satisfy the requirements of a valid contract (ii) There must be someone primarily liable (iii) The promise to pay must be conditional Kinds of guarantee (i) Specific Guarantee (ii) Continuing Guarantee RIGHTS AND OBLIGATIONS OF THE CREDITOR Rights The creditor is entitled to demand payment from the surety as soon as the principal debtor refuses to pay or makes default in payment. Obligations The obligations of a creditor are: 1) Not to change any terms of the Original Contract. 2) Not to compound, or give time to, or agree not to sue the Principal Debtor 3) Not to do any act inconsistent with the rights of the surety RIGHTS OF SURETY Rights of a surety may be classified under three heads: 1. Rights against the Creditor In case of fidelity guarantee, the surety can direct creditor to dismiss the employee whose honesty he has guaranteed, in the event of proved dishonesty of the employee. 2. Rights against the Principal Debtor (a) Right of Subrogation (stepping into the shoes of the original) Where a surety has paid the guaranteed debt on its becoming due or has performed the guaranteed duty on the default of the principal debtor, he is invested with all the rights, which the creditor has against the debtor. (b) Right to be indemnified The surety has the right to recover from the principal debtor, the amounts which he has rightfully paid under the contract of guarantee. 2. Rights of Contribution Where a debt has been guaranteed by more than one person, they are called as co-sureties. When a surety has paid more than his share, he has a right of contribution from the other sureties who are equally bound to pay with him. LIABILITIES OF SURETY The liability of a surety is called as secondary or contingent, as his liability arises only on default by the principal debtor. But as soon as the principal debtor defaults, the liability of the surety begins and runs co-extensive with the liability of the principal debtor, in the sense that the surety will be liable for all those sums for which the principal debtor is liable. The creditor may file a suit against the surety without suing the principal debtor. Where the creditor holds securities from the principal debtor for his debt, the creditor need not first exhaust his remedies against the securities before suing the surety, unless the contract specifically so provides. DISCHARGE OF SURETY 1. By notice of revocation 2. By death of surety 2. By variance in terms of contract 4. By release or discharge of Principal Debtor 5. By compounding with, or giving time to, or agreeing not to sue, Principal Debtor 6. By creditor’s act or omission impairing Surety’s eventual remedy 7. Loss of Security 2.15 CONTRACT OF BAILMENT AND PLEDGE BAILMENT [SECTIONS 148 –181] What is `Bailment` When one person delivers some goods to another person under a contract for a specified purpose and when that specified purposes is accomplished the goods shall be delivered to the first person, it is known as Bailment The person delivering the goods is called the â€Å"Bailor†, and the person to whom goods are delivered is called the â€Å"Bailee†. CHARACTERISTICS OF BAILMENT 1. Delivery of Goods – it may be express or constructive (implied). 2. Contract. 2. Return of goods in specie. KINDS OF BAILMENTS Bailment may be classified as follows: – 1. Deposit – Delivery of goods by one man to another to keep for the use of the bailor. 2. Commodatum – Goods lent to friend gratis (free of charge) to be used by him. 2. Hire – Goods lent to the bailee for hire, i.e., in return for payment of money. 4. Pawn or Pledge – Deposit of goods with another by way of security for money borrowed. 5. Delivery of goods for being transported by the bailee – for reward. DUTIES OF BAILOR 1. To disclose faults in the goods 2. Liability for breach of warranty as to title. 2. To bear expenses in case of Gratuitous bailments 4. In case of non-gratuitous bailments, the bailor is held responsible to bear only extra-ordinary expenses. Ex- A horse is lent for a journey. The ordinary expenses like feeding the horse etc., shall be borne by the bailee but in case horse falls ill, the money spent in his treatment will be regarded as an extra-ordinary expenditure and borne by the bailor. DUTIES OF THE BAILEE 1. To take care of the goods bailed 2. Not to make unauthorised use of goods 2. Not to Mix Bailor’s goods with his own 4. To return the goods bailed 5. To return any accretion to the goods bailed RIGHTS OF BAILEE 1. The bailee can sue bailor for (a) claiming compensation for damage resulting from non-disdosure of faults in the goods; (b) for breach of warranty as to title and the damage resulting therefrom; and (c) for extraordinary expenses. 2. Lien 2. Rights against wrongful deprivation of injury to goods RIGHTS OF THE BAILOR 1. The bailor can enforce by suit all duties or liabilities of the bailee. 2. In case of gratuitous bailment (i.e., bailment without reward), the bailor can demand their return whenever he pleases, even though he lent it for a specified time or purpose. TERMINATION OF BAILMENT 1. On the expiry of the stipulated period. 2. On the accomplishment of the specified purpose. 2. By bailee’s act inconsistent with conditions. FINDER OF LOST GOODS Finding is not keeping. A finder of lost goods is treated as the bailee of the goods found as such and is charged with the responsibilities of a bailee, besides the responsibility of exercising reasonable efforts in finding the real owner. However, he enjoys certain rights also. His rights are summed up hereunder ­ 1. Right to retain the goods 2. Right to Sell -the finder may sell it: (1) when the thing is in danger of perishing or of losing the greater part of its value; (2) when the lawful charges of the finder in respect of the thing found, amount to 2/3rd of its value. 2.16 PLEDGE A pledge is the bailment of goods as security for payment of debt or performance of a promise. The person who delivers the goods, as security is called the ‘pledgor’ and the person to whom the goods are so delivered is called the ‘pledgee’. The ownership remains with the pledgor. It is only a qualified property that passes to the pledgee. Delivery Essential – A pledge is created only when the goods are delivered by the borrower to the lender or to someone on his behalf with the intention of their being treated as security against the advance. Delivery of goods may, however, be actual or constructive. 2.17 CONTRACT OF AGENCY [SECTION 182 – 238] Who is an `Agent` An agent is defined as a â€Å"person employed to do any act for another or to represent another in dealings with third person†. In other words, an agent is a person who acts in place of another. The person for whom or on whose behalf he acts is called the Principal. Agency is therefore, a relation based upon an express or implied agreement whereby one person, the agent, is authorised to act for another, his principal, in transactions with third person. The function of an agent is to bring about contractual relations between the principal and third par ­ties. WHO CAN EMPLOY AN AGENT Any person, who is capable to contract may appoint as agent. Thus, a minor or lunatic cannot contract through an agent since they cannot contract themselves personally either. WHO MAY BE AN AGENT In considering the contract of agency itself (i.e., the relation between principal and agent), the contractual capacity of the agent becomes important. HOW AGENCY IS CREATED A contract of agency may be created by in any of the following three ways: – (1) Express Agency (2) Implied Agency (3) Agency by Estoppel (4) Agency by Holding Out (5) Agency of Necessity (6) Agency By Ratification DUTIES OF AGENT 1. To conduct the business of agency according to the principal’s directions 2. The agent should conduct the business with the skill and diligence that is generally possessed by persons engaged in similar business, except where the principal knows that the agent is wanting in skill. 3. To render proper accounts. 4. To use all reasonable diligence, in communicating with his principal, and in seeking to obtain his instructions. 5. Not to make any secret profits 6. Not to deal on his own account 7. Agent not entitled to remuneration for business misconducted. 8. An agent should not disclose confidential information supplied to him by the principal [Weld Blundell v. Stephens (1920) AC. 1956]. 9. When an agency is terminated by the principal dying or becoming of unsound mind, the agent is bound to take on behalf of the representatives of his late principal, all reasonable steps for the protection and preservation of the interests entrusted to him. RIGHTS OF AN AGENT 1. Right to remuneration 2. Right Of Retainer 2. Right of Lien 4. Right of Indemnification 5. Right to compensation for injury caused by principal’s neglect PRINCIPAL’S DUTIES TO AGENT A principal is: (i) bound to indemnify the agent against the consequences of all lawful acts done by such agent in exercise of the authority conferred upon him; (ii) liable to indemnify an agent against the consequences of an act done in good faith. (iii) The principal must make compensation to his agent in respect of injury caused to such agent by the principal’s neglect or want of skill. TERMINATION OF AGENCY 1. By revocation by the Principal. 2. On the expiry of fixed period of time. 2. On the performance of the specific purpose. 4. Insanity or Death of the principal or Agent. 5. An agency shall also terminate in case subject matter is either destroyed or rendered unlawful. 6. Insolvency of the Principal. Insolvency of the principal, not of the agent, terminates the agency. 7. By renunciation of agency by the Agent.