...Lecture 1 Definition "A contract is an agreement giving rise to obligations which are enforced or recognised by law." An agreement is insufficient. Are the parties serious about it - intention? Is there consideration involved? It must be something that is recognized by the law. Otherwise it cannot get any compensation. Functions of Contract Law It defines the obligations of the contractual parties - price, when and where to deliver, conditions, etc. Contract law protects rights, and it facilitates transactions. Development of Contract Law - Classical theory Moral obligation to observe the terms of a promise made voluntarily Why do we need to perform - we have to perform because it is right to perform, and it is our moral obligations. It is not right not to perform. - Reliance theory Reliance on another's promise gives right to the promise to enforce that promise According to this theory, it is reliance and not moral obligation that creates a legal right in the promisee to sue the promisor One party relies on the other. - Collective theory The need to protect reasonable or legitimate expectation Irrespective of the will of the other party Because one party has entered the contract, the law recognized that he has legitimate expectation about the contract. Contract law is about commercial transaction, but not people's feelings and willingness, unlike the tort law. Building blocks of the law of contract General...
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...jobs. The primary purpose of organization structure is to influence the behaviour of individuals and groups to achieve effective performance.” Gibson, Ivancevich, Donnelly and Konopaske (2009:418). Organisational structure and job design are key determinants of employee job performance and satisfaction. The degree to which the employee fits into the designed job and structure will determine the quality of performance and job satisfaction of that employee. The small life insurance company has a functional organisation structure that is associated with high human cost, boring, insignificant and monotonous jobs. This type of structure has resulted in job dissatisfaction, high turnover and absenteeism. The researchers start the analysis of the case by studying the critical relationship between job performance, job design and organisational design, and contrast the views of Gibson et al. (2009), Colquitt et al. (2008), van Dyk (2005) and Autry (1996) amongst other authors. The analysis reveals that congruency between job design and organisational design ensures desirable job performance by matching the right employees with the right jobs. Quality of work life and job enrichment play a major role in employees’ job satisfaction and this makes them perform at their optimum best. The researchers go on to identify problems that the insurance company and employees face and observe the following: high turnover, absenteeism, repetitive job functions, high human costs and structural limitations...
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...key measurements of the performance or behavior, based on the individuals or groups precious achievements, determination of appropriate rewards, and communication of program of employees. To make the programs work for everyone certain guild lines have to be followed. In the early stages of developing reward strategies, incentive plans were often highly leveraged paying 15 percent to 30 percent of base pay. While these plans may have been financially attractive to employees, they encouraged employees to work harder not smarter. Over time, the process has evolved to encourage an integrated approach to performance improvement and include communication, employee involvement and feedback, which is directly linked to the business strategy. (Gibson, 1995) There are several types of reward programs that can be created such as: variable pay, bonuses, profit sharing, stock option, group-based...
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...challenges of the program. The United States Medicare program is the closest program to universal health care for one portion of the population. While providing some level of health care to most elderly citizens over 65 years of age, it sometimes is found to be highly confusing to its patients. Additional concerns explored by this paper relate to the costs, quality of care, and availability to all who need this insurance. When all of the pros and cons are explored, one final concern arises. Amid the rising costs of medical care, prescription drugs, and costs of program administration, will the funding of this program continue and will this be a program that the young families of today can depend upon for their retirement years? 1. Introduction: The rules and regulations of Medicare Simply stated, Medicare is the federally financed health insurance program for people aged 65 and over, certain individuals with disabilities, and individuals with end-stage renal disease. Medicare Part A covers hospital and other inpatient stays. Medicare Part B is optional insurance, and covers hospital outpatient, physician, and other services. Medicare Parts A and B are known as original Medicare or Medicare FFS. Medicare beneficiaries have the option of obtaining coverage for Medicare Part A and B services from private health plans that participate in Medicare's MA program, also known as Medicare Part C. All Medicare beneficiaries may purchase coverage for outpatient prescription drugs...
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...Research Question Hiring disabilities usually are thought to be the worst choice for HR managers during the recruitment process. However, is this really the truth? As many myths about hiring disabilities are known to be false, HR managers should re-consider about adding people with disabilities to their work force. Many companies that have hired disabled workers have been successful with high performance. However, should HR managers decide to hire disabled workers, some implications will arise. So, “What are the implications of hiring disabled workers to human resource manager?” Literature Review Background Information As the aging process is an inevitable process, workers of the companies, especially the senior workers are facing an immediate retirement. For this reason, HR managers have to seek the potential workers from the pools of candidates in the labour market. One of these pools is disabled people. According to United Nations, disability simply means “any restriction or lack (resulting from any impairment) of ability to perform an activity in the manner or within the range considered normal for a human being” (Steadward, et al., 2003). This includes people who are blind or partially sighted; people with learning or intellectual disabilities; people who are deaf or hearing impaired; people with a physical disability; people with long term illnesses; people with mental health or psychological difficulties and; people with an acquired brain injury (Living Heritage...
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...consumption choices when faced with limited choices, especially in the health care environment. In economics, the simplest way to determine the demand for a particular health care service can be illustrated through supply and demand curves. The theory of demand proposes that when prices increase for a health product or good then there will be less demand for that product or good. A further assumption of this theory is that all other things are equal or held constant. Therefore, if consumers buy less at higher prices then the demand curve will slope downward. Consideration should also be given to other variables that may affect the demand for a health product or good. Those variables or demand shifters would include income, other prices, insurance, and tastes. Supply can also be determined in the same fashion as demand. If a health supplier or producer is willing to offer a health product or good for at a certain price, generally if the price raises, so does the supply and in this case, there would be an upward sloping demand curve. The supply shifters in this case would be technological change, input prices, prices of production-related goods, size of the industry, and weather. Another tool used in consumer demand for a health care service is the utility function. Folland, Goodman, & Stano (2010), state that utility is a measure of consumer satisfaction with various combinations of consumer goods. It includes a market basket filled with a...
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...25 February 1995 he walked away, when he realized that bank was unable to make the cash payments required by the exchanges. Later, he sent a fax to his superiors, offering “sincere apologies for the predicament that I have left you in.” Nick Leeson had totally wiped out the venerable 233-year-old Baring Investment Bank, which proudly counted Queen Elizabeth as a client. He left behind huge liabilities totaling $1.4 billion, more than the entire capital and reserves of the British institution. This situation - and a similar scam at the New York branch of Japan's Daiwa Bank in October 1995 - shocked all people, not only the financial world. In the aftermath of the activity of Leeson, Barings collapsed and was purchased by the Dutch bank/insurance company ING for the nominal sum of £1. How it was possible? In my essay I try to answer this question and I will explain what exactly happened at Baring and how the board might have avoided this situation. Brief history of...
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...Current Practices in Tourism Hospitality and Events CHTM33 Module Guide University of Sunderland London Campus Contacts Module leader US: Dr. Donna Chambers, Reader Module tutor USLC: Dr. Barbora Cherifi, Academic Tutor 3rd floor staff room barbora.cherifi@sunderland.ac.uk Module information TITLE: Current Practices in tourism, Hospitality and Events CODE: CHTM33 CREDITS: 30 LEVEL: M MODULE BOARD: Tourism PRE-REQUISITES: none CO-REQUISITES: None LEARNING HOURS: 300 Learning Outcomes: Upon successful completion of this module, students will have Knowledge 1. Demonstrated an advanced knowledge of current issues, debates and practices in Tourism, Hospitality and Events. 2. Critically evaluate current research and scholarship relating to tourism, hospitality and events. 3. Critically evaluate the strategic challenges facing Events, hospitality and Tourism organizations. Skills 4. Demonstrate the ability to communicate concepts and analysis orally as well as in written form. 5. Demonstrate the ability to analyze, synthesize and diagnose issues and opportunities in tourism, hospitality and events. 6. Reflect critically on the relationship between theory and practice in tourism, hospitality and events. Content Synopsis This module is conceived as an open platform for students to engage with current practices, issues and debates in Tourism, Hospitality and Events. As well as introducing students to the latest theoretical debates...
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...Wells Fargo History in Portland Financial Heartland Before banking, Wells Fargo was simply the merging of two rival transportation companies in the 1850’s. In order to serve the West’s demand for faster communication, Henry Wells and William Fargo built a Wells, Fargo & Co. location in 1882 in Portland, Oregon. Portland’s location at the joining of the Willamette and Columbia established it as the shipping center for the Pacific Northwest and an attraction for Wells Fargo’s express business. The California Gold Rush influenced the company to offer banking in buying gold and selling paper bank drafts, which were just as good as gold, with rapid delivery across the United State. This was included with the diverse services the company had already had, such as general forwarding and commissions and freight series, After discovery of gold in the Boise Basin, precious metals came down the Columbia River to Wells Fargo’s banking and examine office in Portland. This caused more offices to open in new cities all over the United States. In 1863 alone, Wells Fargo’s office in Portland handled over 200,000 ounces of gold. A year later, offices were added in Salem and Eugene, along with more express offices in Portland. Wells Fargo’s reputation of trust built in the 1850’s during the boom and bust of the economy. The bank went to great lengths, coming through for customers and providing responsible and swift services. In 1868 the Columbia River froze in the...
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...Willoughby Baseball League 1951-2015 Willoughby Baseball League 1951 - 2015 * June 19, 1951 - Youth baseball coming to Willoughby! Harry Winters, recreation director of the city, announces that "Little League" baseball is coming in the near future. Stay tuned. * June 21, 1951 - That was quick! Harry announces that June 26 will be the first tryouts at Todd Field. * June 26, 1951 - Willoughby Baseball is born! 27 turn out for the first tryouts of what will be known as the "Small Fry League," with hopes of becoming part of sanctioned "Little League®" next year. * July 10, 1951 - First games played in what we now know as the Willoughby Baseball League! Hot-Shots defeat the Lemons, 4-2. Games were played during the day. * July 11, 1951 - Public opening of the Small Fry League to take place at Daniels 1. It's slated to be the first game of a double header with an adult softball game as the night cap. Sadly, the league suffers its first rainout. Rescheduled for July 18, the following Wednesday. * July 18, 1951 - Hot-Shots defeat Avilas, 11-6, in public inaugural of Small Fry League. Bruce Roniger hits what is most likely the first home run in league history, a three run shot in the fifth to cap a come from behind win. * August 9, 1951 - (They're playing in August?) First season comes to end as Hot-Shots win title, 4-3, on a bases loaded walk in the bottom of the sixth! Ouch! Dan Derrick is winning pitcher. * In 1952, the Small...
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...is an intention to create legal relations.Why? Because it is a business relationship. In the same way if the hotel had sold our room we would consider legal action of our own. A legally binding contract needs offer, acceptance, intent to create legal relations and consideration. It is the presence of intent to create legal relations and of consideration that converts a social agreement into a legal agreement. Offer Characteristics of an offer Must be certain : Gunthing v Lynn 1831 Must be differentiated from an enquiry : Harvey v Facey 1893 Must be differentiated from an intent to trade: Pharmaceutical Society of Great Britain v Boots 1953 May be to world at large (sometimes termed a unilateral offer) : Carlill v Carbolic Smokeball Co. 1893 During the build up to an agreement there is often a period of negotiation which differentiates an offer from negotiations. e.g. Harvey v Facey and must be distinguished from an intent to trade : Fisher v Bell 1961 and Pharmaceutical Society of Great Britain v Boots Cash Chemists 1953. This is due to...
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...“Australia is a Classless Society” Discuss. It is this ideal that has in fact attracted many migrants to Australia over the course of its history. This essay will discuss some of the theories and definitions of class, then examine how they relate to Australian society, and whether Australia does indeed have a class system, arguing that in many ways, it does. It will discuss people’s perception of classes and their position in them, mobility between classes, and the impact of class on health, education and crime. It will show that there is a direct correlation between class and the level of crime, the health of an individual and the level of education attained. At its federation in 1901 the new nation of Australia was founded on principles of equality, although as Belinda Probert points out in her lecture ‘Class in 2001’, (Probert, 2001) this equality did not extend to women, Aborigines or people from non Anglo races. This egalitarian belief was founded on the notion of a fair and decent wage, an ideal proposed by Justice Higgins of the Commonwealth Court of Conciliation and Arbitration in 1907, when he set the first minimum weekly wage. This wage 1 was to reflect the cost of living, the amount of money required by an average person for the basic necessities of life; food and water, housing and clothing. This was called the Harvester Judgment. What is class? It is a division in society of a group of people who all have a similar social and economic status. For Karl Marx this...
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...1b) Laurel is at the University, studying to be a doctor. Whilst away at University, she receives a letter from Michael, saying that he is due to retire from his doctor’s practice in a few weeks time and that he wonders whether she would be interested in buying medical equipment for the bargain price of $500. His letter asks for a prompt reply, as a junior partner in his medical practice is also interested in buying the equipment. Upon receipt of Michael’s letter, Laurel decides that she would like to buy the equipment, but needs to borrow the money. She writes to Michael expressing a firm interest, but asking if he is prepared to accept payment by instalments. Her letter gets lost in the post and is never received by Michael. Although she does not hear from Michael, Laurel arranges a bank loan and posts a second letter to Michael, enclosing a cheque for $500. This letter does arrive, but Michael has already sold the equipment to his junior partner. Consider Michael’s potential liability towards Laurel and the remedies that she might pursue against him Under English law a contract is defined as “an agreement made between two or more parties which is legally binding on them”. Jones, L., p.87. For a contract to be binding it must contain the elements of agreement, consideration, intention to create legal relations, compliance and the capacity to contract. A contract can be made verbally, by conduct or...
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...Investment Outlook from Bill Gross September 2015 Sizing Up the Global Economy Size does matter you know. There are basketball players, NFL linemen, and the more popular but unmentionable allusion to the bedroom that makes my point, although the older one gets, the more irrelevant playing basketball and football become, if you get my drift. More interesting to me than any of the above, however, is the application of size and its relevance to the animal kingdom. Randy Newman raised eyebrows and a goodly number of hackles three decades ago with his “Short People” ditty – “Short people got no reason, short people got no reason to live” he crooned, and the vertically disadvantaged got mad and the tall people laughed and the world went about its business of favoring size – in this case – when measured from head to toe. Mr. Newman’s parody was so radical that I suspect he was asking us to think, as opposed to expressing an opinion, and if so, he was and may still be more of a Buddhist than a bigot. But I speak not about the size of people here – but to animals of the more ordinary kind. I am not what you might think of as an animal lover. I’ve had some great dogs and a rather well publicized cat by the name of “Bob”, but on the whole I’ve become more of a life respecter than an inveterate petter of felines or canines. But there’s something about the size of a living thing that increases or diminishes my sense of caring and I’m not sure why that should...
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...3. Corporations practicing stakeholder management will be more sustainable. Discuss. Over the years, social and ethical concerns have brought attention to the community that caused much bitter conflict to the relationship between business and society. As people become better educated and more affluent, rising expectations naturally follow for major institutions and these developed a backdrop against which criticisms towards businesses have grown. Therefore, these created the need for them to assume greater societal responsibilities rather than mere ruthless pursuit of own profits. Many businesses today share the same viewpoint that making profit for profit’s sake no longer leads to sustainable performance, stakeholder management has become an increasingly important aspect of a business’ operation integrating traditional economic considerations with environmental and social concerns (Jones 2012). While doing well and doing good are no longer seen to be mutually exclusive, corporations practicing stakeholder management is highly debated to be sustainable to a large extent. With all the benefits that it brings, this approach however also has its fair share of limitations to be discussed later in this essay. Outlining the term ‘sustainability’ Sustainability is the capacity to endure. One of the best known general definitions about sustainable development was expressed as “meeting the needs of the present without compromising the ability of future generations to meet their...
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