Elements Required for the Formation of a Valid Contract

Elements Required for the Formation of a Valid Contract Introduction: When we think of any kind of business there comes the necessity of understanding and applying the rules, principles, norms, and usages of contract. Now a day there is hardly any business dealing that does not comes within the purview of contact. So its very important to have a clear and definite idea on the subject of contract law. However, in this paper Iv tried to give a glimpse on this subject along with its application in practical day to day to business practices in various areas. This piece of work will demonstrate the very basic and primary areas of contract, like offer and acceptance, consideration etc, with a particular emphasis on the operation and operation of business contact. In addition, the paper contains importance of understanding the principle of liability in negligence in business practices and made an effort to apply such principles and practices in different business situations. Requirement 1: Importance of the essential elements required for the formation of a valid contract: A contract is the agreement between parties regarding any kind of dealings that is enforceable in law. So an agreement between parties enforceable by law is a contract and never the others which are not enforceable by law. Suppose, an agreement to purchase 1-kg heroine is not enforceable by law and as such it cannot be a contract, but an agreement for the purchase of computer is enforceable by law and as such is a contract. In this regard, we can reach to a conclusion that all contracts are agreements, but not the vice versa. A contract between the parties can be created verbally; in writing (including by electronic means and website); by act, behave, conduct or inference or By means of all or any of the above mentioned ways. Essentials Elements of a Valid Contract: To be a contract, an agreement must fulfill the following conditions: Proposal(offer) and acceptance; the parties must be competent; the consent of parties must be free; there must have lawful consideration; the object must be lawful; and the agreement must not expressly declared void by law. Beside the above mentioned elements the contract must be certain; possible of performance and written and registered if so required by law.However there can be special principles, terms and conditions applicable to the contract as agreed by the parties that concern specific subject matters, such as employment contract, the sale of moveable property, sale of immoveable property etc. The Offer: Offer is the starting point from where an agreement gets life formally which ultimately may take the shape of a legally binding contract. Offer means the formal expression of intention or willingness of one party to another to do or to refrain from doing an act in order to obtaining the assent of the other party to such act or omission. When one party signifies his willingness to other party in order to take consent of that party regarding any dealing, the party expressing such willingness is said to make an offer and he is called the offeror and the person to whom it is made is called the offeree . So it is clear that, the offer must be communicated to the other party; it can be revoked at any time prior to acceptance. In this point we have to keep in mind that some kinds of transactions involve a preliminary negotiation in which one party invite the other to make an offer. Such an stage is called invitation to treat. Such primary negotiations are an way to reach a stage to make an offer. It is now well settled that negotiations to enter into a contract can amount to an invitation to treat but not an offer. Acceptance: An offer when accepted becomes contract. When the person to whom an offer is made signifies his assent thereto the offer is said to be accepted. Thus the essence of the acceptance is the assent or consent that is coming from the offeree . It simply speaks of giving ones consent to the offer as it is made by the offeror and as such it will be a valid acceptance to convert an offer into a contract. So the acceptance must be communicated; must be to the original proposal made otherwise it could be a counter offer takes effect on the basis of the mode of communicating the acceptance to the offeror (in postal mode- on the date posted, in case of instant or electronic mode, occurs when received). Competency of the Parties: The law does not give everyone to enter into a contract rather prescribe certain specific qualification to attain to be competent to enter into a contract. A person to be competent to enter into a contract, must be of the age of majority; of sound mind; and not disqualified from contracting by any law which he is subject. Thus negatively, the following persons cannot enter into contract: minors; persons of unsound mind; and persons disqualified by any law. Free Consent: Free consent is an essential element of a valid contract. It is natural that for an agreement all parties to it must come to a common point. There are mainly two requirements to be a consent that the consent must given- To the same thing, andIn the same sense. So if the parties So to constitute a contract even mere consent is not sufficient, rather the consent must be free consent according to law agree upon different things or in different sense then this will not be treated as consent. The term thing used in the first requirement means the contents or subject matter of agreement. On the other hand, to constitute a valid contract even mere consent is not sufficient, rather the consent must be free consent according to law. That is to say, to be a free consent, that must not be caused by, coercion, undue influence, fraud, misrepresentation and mistake. In other words, if consent is given being affected by any of the above elements, the consent will not be treated by the law as free consent. Consideration: Ordinarily consideration means mean the exchange of the price. It has different legal meaning which does not restrict it only within the area of monetary compensation rather to be consideration, law required that, something is to be done, forborne, or promised at the desire of the offeror. It may even be termed as burden discharged or in other sense sufferings in the sense of losing something, may be that is ones energy, service, money or anything valuable. A paragraph from the book Law of Contract (10thedn, Sweet and Maxwell,1999,at p.64) Professor Treitel is worth mentioning – The traditional meaning of consideration concentrates on the requirement that something of value must be given and accordingly states that †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦What the law is concentrate with is the consideration for a promise-not the consideration for a contract. So consideration is the cause of acceptance and it – Must be valuable. Something must be supplied in return of the offer of the offeror, eg. Money. Must be lawful and non gratuitous. Must not be something already paid or incurred(past consideration) Lawful Object: In order to execute a valid contract the object and consideration of a agreement must have to be lawful. The object and consideration are lawful unless- It is forbidden by law; or Is of such nature that, if permitted, it would defeat the provisions of any law; or Is fraudulent; or Involves or implies injury to any person or his property; or It is regarded as immortal or against the public policy and public welfare. Enforceability in Law: Although an agreement may have all the essential elements, it may not be a enforceable contract because of some other issues like impossibility of performance or where the agreement unduly restrains any person in his trade. So if an agreement fails to satisfy the legal requirements of a contract then that becomes nothing but unenforceable by law which cannot turn into a contract ever rather a void agreement. (P1.1). Essential elements of the contract in a given scenario: Adam, Owner of a house offers in face to face, Brad to sell his house at a certain price. Brad, accept the offer made by Adam and pay a portion of price for the house asked by him. This is an example of a valid contract entered into by Adam and Brad for the sale of the house. In this transaction we will find all the essential elements for the formation of a valid contract. Moreover the contract is executed in a lawful manner. Here, Adam made the Offer which Brad Accepts in his Free Consent and pay Adam a portion of the Consideration (price). Both the parties are Competent to execute a contract and their Object is not also lawful. So the contract of sale of house between Adam and Brad is Enforceable in Law. The impact of different types of contract: Expressed and Implied contract: If the offer and acceptance of contract are made in words, i.e, either expressed orally or in words, it is an express one. It can be of two types, i.e. Oral and Written. On the other hand when there is no formal expression of such offer and acceptance rather it is implied from the acts or omission of the parties, it is regarded as an implied contract. Valid contract: An agreement enforceable by law is a contract and is valid. That is to say, a valid contract is that agreement which fulfils all requirements of a contract as imposed by law. Voidable contract: The voidable status of a contract is a temporary status which has to be made enforceable by law or has to be set aside and both these are dependant at the option of the parties at one side and not at the option of the other side. The law determines at whose option it will be validated or annulled in each particular case considering the nature of voidable contract. Thus a contract cannot remain as voidable forever; rather it has to be valid or void. Void contract: A contract becomes void by ceasing its enforceability by law. It is not a void ab initio. Because, law says that it has to cease its enforceability and it will be void only when it will cease that enforceability. Thus, the precondition of a void contract is the existence of a valid contract and afterwards somehow its enforceability will be ceased and then it will be treated as a void contract. There may have various grounds for ceasing the enforceability of law, e.g., supervening impossibility or illegality. Unilateral and Bilateral contract: In the case of bilateral contract each party takes on an obligation, usually by promising the other for something- as for example James promise to sell something and Ben promise to buy it. By contrast an unilateral contract is one in which only one party assumes the obligation under the contract. Terms in contracts meaning and effect: 1. Express terms: A. What did the parties say or write? B. Are the statements of the parties terms of the contract. 2. Implied terms: A. Terms implied by customs: It is well established that a contract may be subjected to terms that are sanctioned by the custom, whether commercial or otherwise, they have not been expressly mentioned by the parties. Precedents states that in commercial transaction extrinsic evidence of customs and usages is admissible to annex incidents in written contracts, in matters with respect to which they are silent. B. Terms implied by statute: The translation of usages into agreement and of agreements into statutory terms is most evident in the history of the contracts for the sale of goods. Moreover the provisions of Marine Insurance Act are another example in this regard. C. Terms implied by courts: Other terms have been judicially implied in a number of transactions. Thus in Lynch v Thorne,(1956) the Court of Appeal give judgment in favor of the defendant and held that they could not imply any term that would create an inconsistency with the express language of the bargain. Such a similar position was examined by the House of Lords in Lister v Ramford Ice and Gold Storage Company Ltd and majority of the judge gave judgment in favor of the respondent. Excluding and limiting terms: The common law is quite familiar with the practice of inserting terms excluding and limiting liabilities by one party which would otherwise be his. This situation frequently arises where a documents purporting to express the terms of a contract is delivered to one of the parties and is not read by him. A passenger receives a ticket, stating the terms or referring to the terms set out elsewhere, on which a railway is prepared to carry him or take charge for his luggage. There are different view regarding such clauses. One view describes it as a promisors obligation and the other view describe it as mere defense. P1.3 Appropriate terms for a given situation: Allan, buy a ticket to go to London from Liverpool. The ticket contains terms that he can carry only 10-kilo of goods and for more than that amount he has to pay extra  £5 for per 10-kilo. This is an example of excluding clause in the contract between him and the bus company. Requirements 2: 2.1 Practical application of the elements of contract: Scenario: According to the given problem for this assignment, the following advice has been provided: Advice: In the light of various elements of a valid contract, John McGurks first telex is clearly an offer; which Collin McCellend was to accept. The general rule is that acceptance takes effect on communication and application of this rule is embodied in the cases of Entores and Brinkibon. Considering that the telex of acceptance was sent outside working hours, when should it take effect, and considering the factors mentioned in Brinkibon- intentions of the parties and standard business practice- where should the risk lie? In assessing where should the risk lie we have take into account the fact that Collin can reasonably think that his telex would be read shortly after the lunch hour was finished and to expect John to check where there is any reply from Collin. This is relevant because in other cases on communications, the court does not entertain the claim of the parties who fail to receive message because of their own fault or negligence(such as it was in Entores case). If Collins telex is deemed to take effect when it is sent, a binding contract between them exist at that point and this will take priority over the contract with ford. We should then consider the position if the rule that acceptance only takes effect on communication is strictly applied. The next issue in question is the communication by the other car dealer from whom Collin learnt that the car has been sold. It is clear from Dickinson v Dodds that information from third party can amount to revocation because the message from the third party is regarded as the offeror had said it himself. However the exception of this rule is that if the source of information is not reliable there would be no revocation and the offer would be still available for acceptance. But in the present case this exception is not applicable as the source is not untrustworthy and as such Collin cannot claim John to give effect to his acceptance. However Collin is still entitled to claim damages assuming a contract was made. He could only force John to sell the car to him if court granted specific performance. As the court grant specific performance of contract only when monetary compensation is not adequate to give the plaintiff proper remedy or where there is no other remedy available. Collin can be adequately compensated by money and this could be done by allowing Collin to claim the difference between the cars price and the cost of replacement i.e. more or less  £2000. 2.2 Law on terms in different contracts: Terms of contract can either be conditions or warranties and it vary in various contracts depending on the nature and contents of the contract. Thus terms and conditions in the contract of sale of land are different from that of sale of goods. For better understanding see Terms of Contract- Meaning and Effect part of this paper in page. 2.3 Evaluation of the effect of different terms: Three kinds of contractual terms have normative effect and significance relative to each others namely; Conditions, Warranties and Innominate terms. Conditions: These are the most importance terms of contract and have serious consequences if breached. An innocent party can repudiate a contract and claim damages for breach of such terms. It is not necessary to mark such term as conditions in the contract and court will consider the intentions of the parties to determine such terms. See e.g. Schuler AG v Wickman Machine Tools Sales Ltd. (1974). Such terms can also be determine by statutory provisions, (e.g. Sale of Goods Act 1979, provides that certain terms relating to title to goods and quality of goods are conditions) and by the case laws, typically standard terms in commercial contracts. Warranties: It is of lesser importance than conditions and breach of such terms entitled the innocent to claim damages but not to repudiate the contract. Innominate terms: It can be either conditions or warranties and breach of them can be serious or trivial depending on the particular fact and conditions. Such terms was first emerged in Hong Kong Fir Shipping Co. Ltd. v Kawasaki Ltd. (1962). See also The Mihalis Angelos case, Bunge Corp. v Tradax Export SA(1981) and The Naxos(1990). Ref.1 Requirement 3: Tort: Law of tort the law of civil wrong but every civil wrong is not tort. For a civil wrong to be tort it must contain two conditions:- The remedy is common law action for unliquidated damages and The wrong is not exclusively a breach of contract, breach of trust or other merely equitable obligation. Thus Winfield defines tortuous liability arises from the breach of the duty primarily fixed by law; †¦Ã¢â‚¬ ¦and its breach is repressible by an action for unliquidated damages. Ref.2 3.1 Differences between liabilities in Tort and Contract: As to the source of interest and duty: The interest in tort and its corresponding duty are created by law but in case of contract they are created by the agreement between the parties to the contract. As to the nature of duty: In tort duty not to violate the interest of another person is toward persons generally, not to any particular person. In contract such duty is only towards the parties to the contract and not towards any strangers. As to nature of remedy: In tort damages are always unliquidated but for breach of contract liquidated damages can be claimed where specified in the contract. Others: Even where unliquidated damages are claimed the principle of liability in tort and contract differ. In contract damages are of compensatory nature except in case of contract of marriage and action by trader against his banker for dishonoring his check while there is sufficient balance to his credit. In tort, on the other hand, exemplary may in certain be awarded by the court. 3.2 Nature of liability in Negligence: Generally in all torts the liability is based on intentions or negligence. An act is negligent if its consequences are neither desired nor are substantially certain but are so probable that a reasonable man would have foreseen and avoid them. Thus, in certain cases of negligence the defendant may not have knowledge of his conduct or consequences thereof, but in many cases he has knowledge of both. It is the element of desire for consequences, which can distinguish negligence from intention. In case of intention actual or presumptive desire is always there, whereas in case of negligence there can never be desire for consequences. 3.3 Vicarious liability in business: Vicarious liability means the liability for the wrong committed by another person. Normally, a person is held liable for wrongs committed by him but sometimes he may be held liable for wrongs committed by other persons. Common example of such liability are liability of master for acts of his servants, done in course of employment, liability of partners for torts committed by a fellow partners, liability of principal for acts of his agent done within the scope of authority and liability of an employer for acts of an independent contractor employed by him. Thus vicarious liability in business can be found in the business practice of agency and in partnership business. In both the cases a person who is liable for any breach of contract cannot be held liable rather the person on behalf of whom he enters into contract will be liable. Thus when there occurs any wrong or breach of any contract or any part thereof by an agent acting on behalf of and within the authority of the principal, then the principal and the agent will be held liable. The same rule applies in the case of partnership business and for the wrong of a partner the fellow partners become liable subject to certain conditions and exceptions. Thus in the case of various contracts and business dealings there arises vicarious liability. Requirement 4: 4.1 Applications of the elements of tort of negligence and defences in different business situations: There are certain general conditions which must be fulfilled or satisfied before a person can be held liable for any tort. Negligence is one of such essential elements and it has significant effect in the ordinary course of various business practices. However negligence can be both, an element as well as a defense in appropriate cases of business. Negligence as elements: Negligence is the lack of application of reasoning and ordinary prudence on the part of the defendant for, that he can be held liable for any damages results from such damages. In every business practice or in other words, contract it is the duty of both the parties to act and behave in a reasonable and wise manner and perform his obligation diligently. Thus as an independent tort negligence means the infliction of damage by breach of a legal duty to take care which the defendant owed to the plaintiff. This if there occurs any breach or any party suffer loss for the negligent act and omission of the other, it will entitled the plaintiff seek relief and damages for such negligent behave. As a defense, contributory negligence: Contributory negligence is a special defense to an action for negligence. When any breach, damage or accidents occurs not solely due to the negligence of the defendant but also partly due to the lack of ordinary care on the plaintiffs part, the part of the negligence of the plaintiff is called contributory negligence because it also contributes towards bringing about of the consequence. The defense of the contributory negligence will fail if there is no lack of reasonable care and attention on the plaintiffs part. However the scope of the defense was already narrowed by invention of the rule of last opportunity in Davis v Mann (1842) case. It was further limited by extension of the last opportunity rule to situations where actually the defendant was not in a position to avoid the accident but he lost the opportunity because of some of fault on his part. Thus the leading case is, British Columbia Electric Rly v Loach(1916). 4.2 Applications of the elements of vicarious liability in given business situations: A, is appointed as agent for B for certain activities with the authority to enter into contract of selling As car. A enters into a contract with C for selling the car for  £2500. However after the compellation of the contract it is discovered by A that the car has certain defects which was unknown to A and hence C claims damages. In such a situation A is not liable for the act done by him as he has acted upon and within authority of B. Here not a rather B is vicariously liable and C can sue B, not for his claim. Concluding Remarks: Though sources of interest in contract and tort are different yet they may co-exist or concur in the same case. In such case interest is created by the contract as well as general law. In the realm of modern business practices contractual obligations and its breach are so much important and in this regard to get proper remedy and appropriate its very much essential to have clear and sound knowledge on contractual obligations, liabilities along with various liabilities of tort law.

General Educational Development Questions Essay

1.Why are dogs mans best friends? Dogs are called mans best friend for many reasons. For hundreds of years, dogs have been friendly, loyal and protective of their human owners. For just as many years, dogs have accepted the love and affection of humans and have been greeting them with a wag of the tail all this time. A dog still wants to be your buddy and play with you even if you’re in a bad mood or haven’t spent much time with him recently. They don’t judge us for things like that, they just keep wagging.All a dog wants is to be loved and loved back. 2. Why are Hurricanes Dangerous? Hurricanes are considered to be very dangerous because they are deadly and are formed from strong tropical storms. When hurricanes happen, they result in heavy rains and strong winds that can sweep humans, buildings and livestock, cause inland flooding, marine hazards and even tornadoes. With that combination, they inflict widespread destruction and can result in a large loss of life. 3. Is addiction a disease.? â€Å"Addiction is a primary, chronic disease of brain reward, motivation, memory and related circuitry. Dysfunction in these circuits leads to characteristic biological, psychological, social and spiritual manifestations. This is reflected in an individual pathologically pursuing reward and/or relief by substance use and other behaviors.Addiction is characterized by inability to consistently abstain, impairment in behavioral control, craving, diminished recognition of significant problems with one’s behaviors and interpersonal relationships, and a dysfunctional emotional response. Like other chronic diseases, addiction often involves cycles of relapse and remission. Without treatment or engagement in recovery activities, addiction is progressive and can result in disability or premature death [emphasis added].† 4.Why is getting my diploma important.?  A high school diploma is important to my future, because college admissions counselors and potential employers usually won’t consider you unless you have one. If I were to get a high school diploma and not need it, not much would have been lost. However, if I were to not get a high school diploma and then end up in a situation in which I needed it, I would be in a bad position. Even people who decide to open their own business might need business classes, meaning they would likely need to be accepted by a college or university, therefore having to present a high school diploma. It seems like many employers and facilities of higher education are willing to accept a GED in place of a high school diploma, but not all of them are. In addition, in order to pass my GED, I should have knowledge of things learned in high school. So it makes sense to stick it out and get the diploma. 5. Why you like or dislike Miami.? I like it because it’s nice and warm with beaches, and because it’s the â€Å"Spanish Hollywood† of the United States. I dislike it because of the streets that tend to get dirty, but overall they’re fine. 6. Reasons why Math is important. Math is hugely important. Pretty much everything you do involves math. All careers invlove some type of math and even if you don’t have a career you still use math everyday. Think about how many times a day you estimate something or figure out some type of math problem. You do use math whether you realize it or not. Some jobs like an artist might not catch people as a math job but you have to add up totals of money in order to sell your art, or even when etimating paint utencils and other stuff. 7. Why is your best friend so special.? My mother is my best friend, i’ve known her all my life. She’s the only person I know that will listen to me, not judge, offer honest and real advice without having other motives. She’s just like me but we’re different in so many ways. I feel so blessed to have a best friend who is actually family. We can share everything from clothes, to purses, to hair items and know we’ll get it back lol.! I feel so blessed to have someone so wonderful in my life. The special for me is that I always gonna have her and her pure love. 8. Why is Tanning in the sun Dangerous.? Some people think having a tan gives them a â€Å"healthy glow.† But a tan really shows that the skin is trying to protect itself from sun damage. Sun damage can lead to premature aging (wrinkles!), eye damage and skin cancer. Even â€Å"indoor tanning† is not without risk. Tanning beds and lamps can expose you to even more harmful ultraviolet light than the sun does. And tanning products such as â€Å"self-tanners,†sunless sprays and pills can expose you to additional risks, according to the Food and Drug Administration. Before you try to get a tan, you should learn how and why our skin tans. When a type of radiation is exposed to the skin, the skin responds by producing melanin. Melanin is a dark substance that helps prevent the body from taking in too many harmful sun rays that can damage skin. The sun produces two kinds of rays, UVA and UVB. UVB rays are around all year and UVA rays are mostly present only during the summer. UVA rays are regarded as â€Å"safer† and they cause the skin to age, while UVB rays cause the skin to burn. However, both of these types of rays are harmful and dangerous in large quantities. Overexposure to the sun can cause sunburn and even skin cancer.

Stereotypes of Fraternity Members - Free Essay Example

Sample details Pages: 3 Words: 1042 Downloads: 10 Date added: 2019/04/12 Category Society Essay Level High school Topics: Stereotypes Essay Did you like this example? Stereotypes of Fraternity Members Stereotypes are not narrowed down into one race, color, religion, age, social class, or sex. Although, each comes with their own stereotypes, all tend to be false and create a misinterpretation of someone before ever meeting them. Being a member of a fraternity comes with stereotypes that create an uncomfortable environment for some and causes possible people to not join one when it can create serious improvements in their life while in the fraternity and later in life. Don’t waste time! Our writers will create an original "Stereotypes of Fraternity Members" essay for you Create order Stereotypes of members of a fraternity consist of being viewed as someone who pays for friends, rapists, rich spoiled kids, unintelligent, and countless more false stereotypes. I grew up in a Christian home with moral values and most importantly was taught that all people are equal. Being in a social gathering and thinking about others and hoping they do not feel uncomfortable merely because of your presence takes a toll on your psyche. Staples said in his short story Just Walk On By: A Black Man Ponders His Power to Alter Public Space I began to take precautions to make myself less threatening. I move / about with care, particularly late in the evening. (line 125-126) I was once out with some buddies one night and when we bought a round of drinks, one my buddies, visibly a member of a fraternity because of his shirt, offered a girl a drink. Instead of taking the drink she grabs the one he had in his hand and gives him back the one he offered. At first, I completely understood why its a safe thing to do. Later in the night I noticed she was accepting drinks from guys and females without a question about any of them. I started to question what in a society c reates a stereotype that all fraternity men are viewed as rapists who pay for friends. A common stereotype in a fraternity is the thought because a fraternity has a fee to be an active member of it creates a paying for friends thought. Superman and Me Alexie said I refused to fail. I was smart. I was arrogant. I was lucky. (Line 62) Being in a fraternity is not something just for friendship but for social networking and getting business like experiences. I noticed right before college that all jobs Ive ever worked at I got the job due to me knowing someone who currently worked at that job. I then decided to start reaching out to people who were in fraternities and them being one of the largest groups you can find on a campus. By joining a fraternity, I gained lifelong friends, the ability to network all around the country, and business-like opportunities making a refuse to fail environment and very lucky to be a part of a fraternity. The amount you pay to be in a fraternity you eventually end up receiving back if not more one way or another. Not only does having to pay to be an active member in a fraternity create a stereotype that you pay for friends it also creates a stereotype that all members are rich and spoiled kids. My mother and father always found a way to supply me with anything I needed yet made clear that not everything was given to me. I grew up on a farm in a middle-class family with a great mother and father much like in Superman and Me. (Alexie line 1) I am glad I grew up in a family like this as it taught me to work for what I wanted and if I were to spend my money it would be towards something worthwhile. At first, the only thing stopping me from joining a fraternity was the money. I talked to many members when I was just a potential member who were worse of then me in financial circumstances and made me realize really anyone in any social class can be in a fraternity. Whether its through T-shirts or hosting paid events or even concerts, you have access to all hosted by your fraternity through being in it and multiple resources from the house and other members. I have paid of my dues from the fraternity on time and much like my other brothers that are not upper class in a financial ci rcumstance. Many of my fellow members grew up with very little and very quiet and humble members, dishonoring the snobby rich kid and unintelligent stereotype. Members of fraternities have fell under the stereotype that they fail in academics and that they are unintelligent. Alexie talked about We were/ Indian children who were expected to be stupid. (Line 53-54) Much relatable to the stereotype involved with fraternities. The president of my Fraternity is a college major in psychology with a 3.8 Grade point average, our average grade point average for our chapter was a 3.2. 3 of our Alumni from our chapter are business owners yet our stereotypes are so undermining to the basis of the fraternity. I believe the stereotype bases out of the idea of fraternities throwing parties. People think that because many fraternities throw parties and that leads to lack of focus on academic work. Colleges priority is getting grades and graduating which is the focus in fraternities also. Going out is a way to relieve stress from the schoolwork, homework and studying. Though excessively going out can cause this prioritizing is what causes the stereotypes to be false. Stereotypes are not just in Fraternities but in all aspects of life. Stereotypes have always been an issue that prevents someone from getting to know furthermore about people and even organizations. These stereotypes can really affect the outlook somebody has on a fraternity that can cause many people to miss opportunities that a fraternity can give them. Stereotypes such as being unintelligent, rich spoiled kids, people who pay for friends, or even rapists in an organization such as a fraternity can be proved to be fully false and stereotypes should never be something someone takes seriously. Works Cited Alexie, Sherman. Superman and Me www.umsl.edu/~alexanderjm/SupermanandMebyAlexie.pdf Accessed 18 Sept. 2018. Staples, Brent. Just Walk On By: A Black Man Ponders His Ability to Alter Public Space. 1986. www.cabrillo.edu/academics/english/100resources/Just%20Walk%20On%20By.pdf Accessed 18 Sept. 2018.

Human Resource Management - 933 Words

Human Resource Planning Definition: Human Resources Planning is defined as the process of assessing an organization’s human resources needs in the light of organizational goals and changing condition and making plans to ensure that a competent, stable workforce is employed. The actual planning process will vary a great deal from organization to organization As defined by Bulla and Scott (1994), human resource planning is ‘the process for ensuring that the human resource requirements of an organization are identified and plans are made for satisfying those requirements’. Reilly (2003) defined workforce planning as: ‘A process in which an organization attempts to estimate the demand for labour and evaluate the size, nature and sources†¦show more content†¦HRP facilitates planning for future needs which will help in better planning of assignments to develop managers and to ensure the organization has a steady supply of experienced and skilled employees. Factors Affecting Human Resource Planning HRP is a dynamic and ongoing process. The process of updating is not very simple, since HRP is influenced by many factors, which are as follows: 1. The type of organization determines the production process and number and type of staff needed. 2. The human resource needs of an organization depend on the strategic plan adopted by it. For e.g. the growth of a business calls for hiring of additional labor, while mergers will need a plan for layoffs. 3. Organization operates under different political, social environment and has to carefully formulate the HR policies and so the HR manager has to evolve suitable mechanism to deal with uncertainties through career developments, succession planning, retirement schemes etc. 4. HRP also depends on the time periods and accordingly the short and long-term plans are adopted. And this time span is based on the degree of environmental uncertainties. 5. The type and quality of information used in making forecasting is an important factor influencing HRP. Accurate and timely human resource information system helps in getting better quality personnel. 6.Show MoreRelatedHuman Resources Management : Human Resource Management1140 Words   |  5 Pagesa business efficiently? Human Resource Management (HRM). Human Resources is the solid foundation that practically oversees the entire organization, whether its managing employees to surveilling the progress of every single department. There are six principle functions that Human Resource take into account: employee relations, recruitment, compliance, compensation and benefits, training and development, and safety (policies/regulations). 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Sexual Abuse And The Ethical Codes Of Conduct - 1788 Words

Possible abuses in Counselling This essay aims to investigate and research potential risks, possible adverse outcomes, and consequences of abuse and/or violating the ethical codes of conduct. Three specific examples in this essay will discuss: (a) Client rights on informed consent; (b) breach of confidentially; and (c) boundary transgression. The goal to (a) Define, detail and explain each possible abuse/violation, (b) clarify any possible legal implications, distinguishing between possible legal and professional conduct ramifications, and (c) clarify their potential impacts on the client, counsellor, therapeutic relationship, the profession, organisation’s reputation and society’s perceptions. An example scenario to illustrate†¦show more content†¦As a result, the information focused on the therapeutic approach, number of sessions, payment, etc. The counsellor presents the informed consent document to sign, changed to show only what she discussed with the client. First, is the counsellor in breach of the duty of care and responsibility to the client? ACA, (2015). Has the counsellor omitted the right of the client to be informed about possible risks in treatment? Discussion and/ or questions regarding the consent form were they offered, or did the counsellor forget, did the counsellor avoid the discussion due to her values and beliefs? In answering these points and defining informed consent (Corey, Corey, Callanan, 2015) states that clients should have the rights to make informed decisions and given an understanding of the therapy to be implemented, this encapsulates standard practice. In clarifying informed consent (Fisher Oransky, 2008) discuss that informed consent respects both the client and counsellor, not only satisfying Code of ethics, it builds the relationship and allows the client to take ownership of the process. Therefore, the dilemma here of respecting autonomy by providing adequate information for informed consent: versus avoiding the potential harm of discussing risks. Second, might this be perceived as neglect of the counsellor? 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Credit Default Swaps Free Essays

Credit Default Swaps Credit default swaps are the transfer of third party credit risk from one party to the other party. The purchaser of the swap must make the payments until it reaches the maturity date of the assigned contract. A better understanding of CDS is â€Å"One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange of regular periodic payments (essentially an insurance premium). We will write a custom essay sample on Credit Default Swaps or any similar topic only for you Order Now If the third party defaults, the party providing insurance will have to purchase from the insured party the defaulted asset. In turn, the insurer pays the insured the remaining interest on the debt, as well as the principal†(Investor Words). The worth of credit default swaps results from whether or not a company fails to pay back the amount. The Washington Post Article â€Å"Credit default swaps are insurance products. It’s time we regulated them as such† by Barry Ritholtz on March 10, 2012 explained that it was time to change the laws regarding Credit Default swaps. The article talked about companies like Enron and AIG took advantage of the Commodity Futures Modernization Act of 2000, that promoted unregualated insurance policies. The CFMA lead to companies wrongly swapping their defaults. The CFMA lead to the 2007-2008 Finanical Crisis that was responsible for the collapse of Lehman Brothers, CitiGroup, Bank of America, Fannie and Freddie. The Telegraph article titled â€Å"JPMorgan losses highlight need for credit default swap regulation† goes into detail about the $17. 5 billion loss JPMorgan experienced due to a series of derivate transactions in 2012. It was first believed that they only lost $2 billion during the first quarter of the year, but by the end it was calculated close to $17. billion. experience. The government is left in a position that they have to help them, in order to prevent another economic depression. Credit Default Swaps need to be either strictly regulated by the governments where these banks are performing these actions or banned all together. These banks are gambling with money that they don’t have to cover their losses. The more the banks can deregulate themselves fro m the government’s power, the more likely another major economic depression is to happen. Works Cited Blackden, Rick. JPMorgan Losses Highlight Need for Credit Default Swap Regulation. † The Telegraph. N. p. , 21 Mar. 2012. Web. 23 Mar. 2013 Gandel, Stephen. â€Å"Why It’s Time to Outlaw Credit Default Swaps. † CNNMoney. Cable News Network, 18 June 2012. Web. 23 Mar. 2013. Ritholtz, Barry. â€Å"Credit Default Swaps Are Insurance Products. It’s Time We Regulated Them as Such. † Washington Post, 10 Mar. 2012. Web. 23 Mar. 2013 â€Å"What Is Credit Default Swap? † Http://www. investorwords. com/5876/credit_default_swap. html. WebFinance, n. d. Web. 23 Mar. 2013 How to cite Credit Default Swaps, Papers

Customer Acquisition Strategy Report-Free-Samples for Students

Question: You are required to create a Customer Acquisition Strategy Report. The outline will provide your understanding of what is required to complete the Customer Acquisition Strategy Report. Answer: Introduction Customer acquisition marketing is the most common style used by the firms in order to increase their customer base. It is the process of attracting the customers to purchase companys products and services (Peppers Rogers, 2016). Appropriate management methodologies are developed for fascinating the consumers that includes various techniques of marketing such as promotion. These things are widely used to build a desire in the customers which generate their willingness to pay for the commodity. However the firms have to understand that in order to expand their business they have to enter into digital marketing because this will enable the companies in building their name in the market. Further they can start the promotion of their products on the social networking sites. Proper strategies along with the stabilised platforms are also been develop to increase online sales of the organisation. The above process is known as internet customer acquisition strategy. This assignment has taken into considerations two businesses. The first one is a retail outlet by the name of The Reject Shop and the second one is the online business retailers Deals Direct. This report throws light on how internet business can create value for customers and what are the value propositions from The reject shop as well as Deals Direct. The report also compares the business models of the two stores as well as the customer acquisition strategies adopted by both of them. Value Creation in Internet versus Retail Businesses Customer value is a broad term that includes different ways which are being used by the customers in order to measure the benefits that they will avail after purchasing the commodity. These decisions are taken in comparison to cost of product. Every firm knows their target customers and which channels are they willing to use to buy the products of the company. There are many ways in which internet business commonly known as e-business help the firms in increasing value of product for the customers in many ways such as (Strauss, 2016)- Providing products at the better cost to the customers in comparison to the competitors entrepreneurs that are actively engaged in conducting e- businesses enjoy economics of scale as, there products are been exposed to large customers group so that they can easily sell their product at a lesser cost to all the customers who have desire to purchase the same. There are various products which are sold by the Reject Store that are priced lesser on their own online platforms as given below. Providing quality services to the customers the brick and mortar retail store managers find it difficult to maintain long term relationships with their target customers which results in their inability to provide after sale services to their respective clients whereas on the other hand, internet business like Direct deals can keep a track of their consumers previous purchases, demographics, frequency of shopping etc. Based on which, direct deals sends customized discounts and offers to them through emails (Reimers, Chao Gorman, 2016). This results in adding to the value in customer satisfaction level. Large variety of products- Online businesses have the liberty to offer a wider variety of products to their customers as they do not need a very large store or display space. This large variety of products makes online platforms a one stop shop for all the shopping needs of customers and hence enhances customer experience (Priem, Wenzel Koch, 2017). Business Models in Internet versus Retail Businesses Value position refers to the statement in which company summarise that why the customers should buy their product or avail their services. It clearly tells the target customer group that how the companys product can solve their problems and the benefits that the customers can expect from the product (Shin, 2017). The reject shop (retail business outlet) Being a big retail shop it has many boards of directors. Some of them are, William (Bill) Stevens, Kevin Elkington and many more are responsible for the efficient working of the retail store. Being an offline business, the model starts with obtaining materials from their suppliers and distributing across their 350 stores in the world. Upon reaching the store, the product is sold to the customers who walk in the store. The business model of an offline business works on instant exchange between the company and its consumers. The exchange period offered by the store is ideally 15 days. The overall sales depends upon sale of the products (Comfort, 2017). Deals Direct (Ecommerce) Deals direct is an ecommerce platform and hence has a completely different business model to follow. The business model used by them is B2C (Business to customer). Deals direct follows the idea of warehousing and storing. They work on economies of scale and hence store a large quantity of products in their warehouse. From the warehouse, the product is shipped and delivered to the customer as per orders received. If the customer is not satisfied with the product, he or she can request a return for the same. Direct Response Marketing via the Internet versus Retail Direct response marketing is conducted to get the response directly from the customers. This facilitates direct actions as soon as the customer faces it or providing immediate feedback as well as response to the customers. Such type of marketing helps to develop favourable image of company in the mind of the customer (Thomas Housden, 2017). The Reject store In case of an offline store, the direct response marketing is extremely fast and almost always on the spot. If the customer finds any product faulty, he or she may ask for a replacement then and there and walk away with the product of their choice. There are many customers to visit the store on a daily basis and hence if the customer places a particular request, the manager may be able to fulfil the request at the time. Deals Direct Since deals direct is an online platform, the amount of time between placing of order by the consumer and receiving the order by the consumer varies from order to order. No response can be retained from the customer at this time. However, once the product has been received, if the customer is unhappy with the product, they can file for a return. This process ideally takes a long time. The benefit of ecommerce platform is that all the user feedback can be recorded and saved for future reference. Customers are asked to rate their entire shopping experience and provide recommendations if any. These responses of consumers are saved by Deals direct for further improvisation of their services. Other Customer Acquisition Tools via the Internet versus Retail There are many tools that can be used by leading brands to acquire the consumers. Being in the internet business following strategies can be adopted by Deals direct to enhance their customer base Customer Acquisition Tools via the Internet for Deals Direct Social media marketing Deals direct could invest in social media platforms and enhance their social media presence on platforms like Facebook, Instagram and Twitter. This would help the business in gaining brand awareness (Tuten Solomon, 2017). With the advent of digitalization, every leading firm has a presence on social media which has largely helped companies in targeting more people and acquiring a larger number of customers. Digital marketing Digital marketing includes the process of ensuring that the brand is easy to search on the web search engines like Google, Bing, Yahoo and AOL etc. Deals direct has a team handling its search engine optimization as well as search engine marketing so that it becomes easy for the potential customers to search for the brand and hence reach their website (Chaffey Bosomworth, 2012). Geo-radius targeting The biggest advantage of an online portal of ecommerce is the ability of the system to store cookies used by the internet users. This helps the brand target the consumers who are already looking for similar product. Geo-radius targeting also involves targeting people specifically on their online platforms who are in close vicinity of the brand or its competitors. Customer Acquisition Tools via the retailers Offers and Discounts Customers can be acquired by the reject store by offering various discounts that can be promoted physically outside the store via banners or by placing these ads on billboards in the 1km radius of the store. These discounts will attract more customers and hence lead to increased footfall in the store. Better negotiation Many times the reason behind higher sales at an offline store is the negotiation skills of the marketer. The massive advantage of a bricks and mortar store is the ability of the salesperson to negotiate with their consumers face to face. This will enable the firm to gain more customers and increase sales. Word of mouth marketing Offline stores can successfully acquire more customers through word of mouth marketing as well as newspaper advertisements. The reject store can give ads in leading newspapers and attract customers. The existing customers of the reject store can also improve upon the brands positioning and lead to increased sales. Conclusion From the above report it can be concluded that, every businessmen aims at increasing its customer base by adopting different strategies (Casadesus Ricart, 2010). Although these strategies may differ from a bricks and mortar business to an organisation which is involved in an online business. However, both have to be prepared with an appropriate business plan so that they can perform the entire organisational task in a suitable manner by developing appropriate business model. The shift from offline to online business is evidenced in the current shopping trends however both have their own set of advantages and disadvantage. References Casadesus-Masanell, R., Ricart, J. E. (2010).From strategy to business models and onto tactics.Long range planning,43(2), 195-215. Chaffey, D., Bosomworth, D. (2012). Digital marketing strategy.Implementation and Practice. Comfort, M. (2017).Retail Rebooted: Reboot Your Business Model Stay Relevant. BookBaby. Peppers, D., Rogers, M. (2016).Managing Customer Experience and Relationships: A Strategic Framework. John Wiley Sons. Priem, R. L., Wenzel, M., Koch, J. (2017). Demand-side strategy and business models: Putting value creation for consumers centre stage.Long Range Planning. Reimers, V., Chao, C. W., Gorman, S. (2016). Permission email marketing and its influence on online shopping.Asia Pacific Journal of Marketing and Logistics,28(2), 308-322. Shin, S. (2017). A short but useful definition of marketingexchanging value to satisfy stakeholder needs profitably and ethically.Copyright 2017 by Institute for Global Business Research, Nashville, TN, USA, 208. Strauss, J. (2016).E-marketing. Routledge. Thomas, B., Housden, M. (2017).Direct and Digital Marketing in Practice. Bloomsbury Publishing. Tuten, T. L., Solomon, M. R. (2017).Social media marketing. Sage