...Uniform Commercial Code: Article 2 Sales Transactions over the Internet Introduction The Uniform Commercial Code (UCC) generally refers to the main set of regulations and laws that were primarily established to harmonize and standardize sales and commercial transactions in the United States. The primary reason for standardizing the state laws regarding the conduct of sale and transactions is that, often in today’s society, those transactions and sales tend to extend beyond the jurisdiction of a given state. For instance, a particular product may be manufactured in California, warehoused in Arizona, sold in Texas and delivered in Michigan. Consequently, the use of the UCC has not only ensured uniformity of the state laws regulating commercial transactions but has also allowed the states to achieve the necessary flexibility required to meet their local transaction demands (Benjamin and Jane,1998). The history of the UCC dates back to the 1940s when top American legal scholars began to draft a uniform law regulating commercial transactions that was intended to be adopted into the code of statutes of all of the states in America. Although the content of the UCC is generally the same in all the states that have adopted it, some states have however undertaken minimal structural adjustments to conform to the local state customs. The implementation of the UCC has enabled people from various states to freely make their commercial contracts without the different terms and conditions...
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...with separately. The first, which I will call the documentary credit point, relates to the mutual rights and obligations of the confirming bank and the beneficiary under a documentary credit. It is of general importance to all those engaged in the conduct and financing of international trade for it challenges the basic principle of documentary credit operations that banks that are parties to them deal in documents only, not in the goods to which those documents purport to relate. The second question, which I will call the Bretton Woods point, is of less general importance. It turns upon the construction of the Bretton Woods Agreements Order in Council 1946 and its application to the particular fact of the instant case. All parties to the transaction of sale of goods and its financing which have given rise to the appeal were represented at the original hearings before Mocatta J. The sellers and their own merchant bankers to whom they had transferred the credit as security for advances were the plaintiffs, the confirming bank was the defendant, the buyers and the issuing bank were joined as first and second third-parties respectively. The issuing bank admitted its liability to indemnify the confirming bank for any sums for which the latter as defendant should be held liable to the plaintiffs, and in the later stages of...
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...CITY OF GLASGOW COLLEGE HND SUPPLY CHAIN MANAGEMENT LEGAL ASPECTS OF COMMERCIAL TRANSACTIONS OUTCOME 2 THE IMPACT OF RELEVANT/APPROPRIATE STATUTES ON THE RELATIONSHIP BETWEEN SUPPLIER, SELLER AND BUYER FRANK RICHARDS OUTCOME 2 THE IMPACT OF RELEVANT/APPROPRIATE STATUTES ON THE RELATIONSHIP BETWEEN SUPPLIER, SELLER AND BUYER FRANK RICHARDS OUTCOME 2 THE IMPACT OF RELEVANT/APPROPRIATE STATUTES ON THE RELATIONSHIP BETWEEN SUPPLIER, SELLER AND BUYER CASE STUDY City Mall Plc is a large entertainment and shopping complex. The company has recently encountered problems in their stores. You as their legal advisor, have been consulted on a range of issues. Draft a report to the board of directors explaining the law in each of the following situations and advise accordingly. Your Report should make reference to legal authority. -------------------------------------------------------------------------------------------------------- Discuss the following: Chuck bought a new heater from City Mall Plc to heat his son’s bedroom. The heater was manufactured by Careless Plc. The heater wiring was defective and the defect caused a fire at chuck’s home, in the course of which, Chuck’s son was injured. Advise City Mall of their potential liability as well as that of Careless Plc. -------------------------------------------------------------------------------------------------------- Kris, a salesman from City Mall, called on Dolly. She invited him into her house to enquire...
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...International Commercial Law and International Business Transactions Bristan Keller BUS 378 International Business Law Ashford University Instructor Jumper May 5, 2014 International Commercial Law and International Business Transactions In recent years, various conflicts of law have been identified regarding commercial law and international business transactions. In most cases, there are procedures to follow when a conflict of law comes into play. In others, much is open to interpretation and can be argued in favor of all parties. Normally if this happens, mediation is sought after and all parties compromise upon agreeable terms. Though there are various issues, international commercial law affects international business transactions and strategies through combining common law, international policies, and international organizations. In 2001 the Brussels Convention of 1968 was replaced with the Brussels I Regulation. This has been the topic of many debates as it governs cross-border disputes in civil matter and commercial matters in the European Union (EU). The Brussels I Regulation establishes rules regarding international jurisdictions of courts in addition to enforcing foreign judgments. The regulation was revised in 2007 and publicized in the Heidelberg Report. “It became apparent that the question of possible inclusion of arbitration in the scope of the Regulation would be a controversial question during the revision process.” (Hauberg, 2014) Theoretically...
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...Lessons from Alibaba.com: government’s role in electronic contracting Qin Hu Xun Wu and Clement K. Wang The authors Qin Hu is a Lawyer, Legal Counsel of China Merchants Sekou Industrial Zone Company Limited, Shenzhen, China. Xun Wu is based at the Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, USA. Clement K. Wang is Associate Director (Research), NUS Enterprise Centre, National University of Singapore, Singapore. Introduction Story of Alibaba.com The development of e-commerce has been nothing short of explosive in recent years. Many believe that its growth and impact will only become more prevailing in the future. The sale of goods by US firms over the Internet, for example, is predicted to reach $1.3 trillion by 2003. By 2004, European enterprises are expected to have online sales of $1.6 trillion[1]. Companies in China, with the largest population in the world, are also probing this new source of revenue. The China Internet Network Information Center (CNNIC) issued an Annual Report in Internet Development in January 2000 that estimates that there were 22.5 million Internet users in China at the end of 2000[2]. A recent nationwide survey showed that China had more than 1,100 consumer related e-commerce Web sites by the end of the first quarter in 2000 (People’s Daily, 2000). Four Web companies, Sina.com, Sohu.com, China.com, and Netease.com have already been listed on the NASDAQ. However, the country’s e-commerce market is still in its infancy....
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...Critically comment on the transaction cost based theory of Construction procurement and evaluate its potential as a practical tool in the Selection of procurement systems Abstract This term paper will provide comprehensive reviews on the entire literature involving transaction cost economics (TCE) in construction procurement. It will also critically describe the transaction cost based theory of construction procurement and also give an evaluation of its potential as a critical tool in the selection of procurement systems. The paper will also explore how TCE has emerged from most economic roots to examine empirical phenomena in construction procurement. TCE has been increasingly applied not only to business-related fields such as finance, accounting, organizational theory and marketing but also to the construction industry. Most construction industries have recently moved to practice innovative working techniques that will involve great collaboration and interrelationships that has been in the past. While these benefits such as collaborative and improved ways of working are discussed, but so little is evident about their cost. Hence there proves to be a diverse evidence showing the cost of procurement and more competitive and traditional practices. The purpose of this term paper is to try and examine the transaction based theory of procurement that is used in construction industry. Introduction Ever since it emerged in the early 1970s (Williamson 1971) the new...
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...FARSIGHTED PROJECT CONTRACT MANAGEMENT: INCOMPLETE IN ITS ENTIRETY PROFESSOR J RODNEY TURNER, (Department of Marketing and Organization, Rotterdam School of Economics Erasmus University Rotterdam) 1. PROJECT ORGANIZATION: COOPERATION VERSUS CONFLICT There are two ways of viewing a project organization, what I would consider to the correct way, and the normal way, respectively: • • a temporary organization, (Turner and Müller 2003), through which the owner assembles resources and motivates them, in a climate of cooperation, to achieve their objectives; a market place, in which the owner buys the project’s outputs at the cheapest possible price, in a climate of conflict with their contractors, where one will win the other lose. In the more common approach, the client adopts the mindset they are going to buy the project’s outputs in the local bazaar, and negotiates hard to achieve the lowest possible price from the vendor (contractor). The negotiation is viewed as a win-lose game. A climate of conflict and mistrust develops, and this spills over into project delivery, usually leading to a lose-lose outcome. Scott (2001) says this approach results in misalignment between the client's and contractor's objectives, between the objectives of multiple contractors, and between the client's objectives and the contractor's remuneration. Turner and Müller (2003) view the project as a temporary organization, through which the client assembles resources to achieve their objectives. As...
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...BANK PAYMENT OBLIGATION: FINANCIAL INSTRUMENTS TO MANAGE RISK IN THE OPEN ACCOUNT TRADE • J.P. Morgan – Michael Quinn, Managing Director, Global Trade Product Management Executive • Qatar National Bank – Imre Gorzsas, Assistant General Manager, Transaction Banking • Moderator: IFC – Bilge Ozisik, Global Head, Trade Operations Trade business evolution • • • • Source: BCG workshop with SWIFT, June 2012 Cross-border trade has more than tripled since the 1980’s Trade is expected to grow by on average 8.7% a year until 2020 Revenue pools are expected to grow by 80% New trade partners: intra-region and South-toSouth corridors (Asia to Latam, Africa) • • • Year on year increase in payment volumes (albeit global macro economic conditions) Trade volumes have remained low or flat over the years +80% trade are on Open Account transactions How can banks take advantage of the trade growth opportunity? Bank Payment Obligation (BPO) – Alternative instrument for trade settlement • A BPO is an irrevocable undertaking given by a bank to another bank that payment will be made on a specified date after successful electronic matching of data according to an industry-wide set of rules. Therefore, a BPO offers: » An assurance of payment » Risk mitigation for all parties » Possible use as collateral for finance • An alternative instrument for trade settlement BPO flows for data, documents and goods Delivery of goods Use minimum fields 4 Carriers 1 8 Purchase...
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...Characteristics of transaction processing systems Transaction processing systems (TPSs) collect, store, modify and retrieve the transactions of an organisation. A transaction is an event that generates or modifies data that is eventually stored in an information system. Some examples of TPSs are selling goods using a point-of-sale (POS) system, processing credit card payments, or making a motel reservation. TPSs differ in character from other types of information systems in that they directly support business operations. They must be designed in conjunction with the organisation’s procedures. The transaction data obtained from a TPS is stored in an information system and processed using a range of application software. It usually involves updating a database to reflect changes to the transaction data. The main information processes of a TPS are collecting and storage. If a TPS is used to record a sale and generate a receipt, the transaction data is collected at the POS terminal and then stored using an online database. The four important characteristics of a TPS are rapid response, reliability, inflexibility and controlled processing. • Rapid response. Fast performance with a rapid response time is critical. Businesses cannot afford to have customers waiting for a TPS to respond. The turnaround time from the input of the transaction to the production of the output must be a few seconds or less. • Reliability. Many organisations rely heavily on their...
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...series of two studies was performed. In study 1, content analyses of senior hotel manager interviews were conducted to explore factors determining hotel outsourcing, including jobs requiring capabilities and skills that may be difficult to afford with the hotel’s tight or limited resources, a hotel’s resources and its business scale, transaction costs, and jobs with standard operation procedures. A questionnaire survey was used in study 2, and results indicated that the percentage of current outsourcing and desired outsourcing for international tourist hotels in Taiwan was very low, showing that strategic outsourcing has not received much attention among Taiwanese international tourist hotels. The most outsourced hotel departments were housekeeping, security, maintenance, and information systems. The findings of study 2 also showed that only hotel’s resources influence the outsourcing decision-making. The effect of predicting outsourcing was not significant for transaction costs. The results of this study provide both hotel management and outsourcing service providers with insights of hotel outsourcing in Taiwan. Keywords: Hotel outsourcing; transaction costs, valuable resources; asset specificity; international tourist hotels Introduction Due to economic globalization, market maturity, technological change, and fiercer competition, as well as the need to respond to the customers’ increasing demands, today’s business environments have become unstable and unpredictable...
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...CHAPTER I Introduction A transaction process system also known as (TPS) it is information processing system for business transactions an information scheme for the collection, modification and retrieval of all transactions. Additionally transaction processing system has three characteristics it includes performance, reliability and consistency. An example of a transaction processing system commonly used in business by major credit card companies found in almost every retail store. Nowadays, using of transaction processing system in companies and other establishments in transacting with their clients is a big factor or help for them. Some of the companies or stores are still using the manual way in running their business. By using the manual way, they consume more time and energy just to finish their work. So, companies now are making their system computerized because this can help them minimize the time and efforts consumed by using manual-system. So, we decided to create a sales and inventory system. A sale is an activity involved in the selling of products or services in return for money or other compensation. It is an act of completion of a commercial activity while inventory A list of what you have in company accounts. Inventory usually refers to the value of stocks, as distinct from fixed assets. An inventory would include items which are held for sale in the ordinary course of business or which are in the process of production for the purpose of sale. ...
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...Describe the characteristics of transaction processing systems and the role they play in business [15] A transaction process system refers to an information processing system for business transactions that involves the collection, modification and retrieval of all transaction data of an organization .It can also referred to as an event that generates or modifies data that is eventually stored in an information system. A transaction process system also monitors transaction programs, a special kind of programmes, manages data that must be left in a consistent state for example if an electronic payment is made, the amount must be either both withdrawn from one account and added to the other, or none at all. In case of a failure preventing transaction completion, the partially executed transaction must be rolled back by the transaction process system. Characteristics of transaction process systems Rapid Response It has fast performance with a rapid response time is critical. Businesses cannot afford to have customers waiting for a TPS to respond, the turnaround time from the input of the transaction to the production for the output must be a few seconds or less. Reliability Many organisations rely heavily on their TPS; a breakdown will disrupt operations or even stop the business. For a TPS to be effective its failure rate must be very low. If a TPS does fail, then quick and accurate recovery must be possible. This makes well–designed backup and recovery procedures essential...
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...reduction of transactional cost and the issue of dissimilarity of transactions. Introduction Merriam-Webster defined the organization as a company, business, club, etc., that is formed for a particular purpose, The act or process of putting the different parts of something in a certain order so that they can be found or used easily, the act or process of planning and arranging the different parts of an event or activity. (Merriam-webster.com.2015) The business dictionary defined the organization objective as The overall goals, purpose and mission of a business that have been established by its management and communicated to its employees. The organizational objectives of a company typically focus on its long-range intentions for operating and its overall business philosophy that can provide useful guidance for employees seeking to please their managers.( businessdictionary.com 2015) To address the topic we need to start by defining the main two business terms and their interrelation, which play a major role in understanding the theoretical part of the case. The firm, can simply define as it, is the set of transactions that is organized by supervisory authority instead of the market. In which the aim is to provide the set of services in one place in order to reduce the transactional cost, which by itself can be simply defined as the cost incurred in making commercial exchange, or according to Williamson “Transaction costs refer to the costs involved in market exchange. These include...
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...ABSTRACT Today's business environment has an increasing need for distributed database and client/server applications as the desire for reliable, scalable and accessible information is steadily rising. Distributed database systems provide an improvement on communication and data processing due to its data distribution throughout different network sites. Not only is data access faster, but a single-point of failure is less likely to occur, and it provides local control of data for users. However, there is some complexity when attempting to manage and control distributed database systems. The DDBMS synchronizes all the data periodically, and in cases where multiple users must access the same data, ensures that updates and deletes performed on the data at one location will be automatically reflected in the data stored elsewhere. A distributed database can also be defined as a collection of multiple, logically interrelated databases distributed over a computer network. A distributed database management system is then defined as the software system that permits the management of the distributed databases and makes this distribution transparent to the users. Distributed database system is to referred as a combination of the distributed databases and the distributed DBMS Current trends in multi-tier client/server networks make DDBS an appropriated solution to provide access to and control over localized databases. Oracle, as a leading Database Management System (DBMS) vendor employs the...
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...process of production and distribution’. In addition, ‘Firms are arranged frameworks relating people, things, knowledge, and technologies, in a design intended to achieve specific goals’ (Clegg et al, 2011). The main concept behind firms is to transform the input into outputs (Sloman et al, 2013). To give out a few examples of firms in different production lines for instance as clothes, cars, phones and others such as Apple and Samsung, H&M and Gucci, BMW and General Motors. According to Coase (as cited in Formaini, R and Siems, T, 2003) the firms are responsible for production and distribution of goods and services and firms are of upmost importance because they reduce the transaction costs which would usually cost a lot more if carried out by an individual compared to the firm. We will discuss transaction costs in greater details; however, it’s also important to know how firms are organized and how they operate. Firms are organized and they operate in different manners and ways for instance, goods and services they produce, the industries they are located in, the size of the operating firm, and the legal structure of the firm. The legal framework of the firm is very important and will have an impact on its performance, production and operations and thus we will be concentrating on it in order to exemplify the classification of firms in different ways. In the UK, there are several types of firm, each with a distinct legal status. Some examples are shared below: 3.1...
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