...Notes for November 7, 2014 Bus Law Review on Sunday 1 pm Practice test and study guides √ out When performance is impossible * Objective impossibility -key person is incapacitated -subject matter is destroyed -change in law makes it illegal * Commercial impracticability Ex. Farmer, crop is destroyed, cant make delivery, so the court rules is that your perfom is discharge. * Frustration of purpose Ex. Hire you to teach marial arts.. I have an accident.. my first lesson is at the hospital.. not valid Hypo… Molly offers hand-made shirts for sale for… Damages To extinguish liability under a contract, a party must provide d. COMPLETE PERFORMACE “material breach” “Substantial performance”-> half of the work done Complete performance -> the work is complete Types of Damages Compensatory compensate injured party for what they have lost -what you were promised minus what you got -incidental damages ( postage) -sale of goods * What you paid and what you should have paid -sale of land * Difference between the contract price and market price Hypo Google contrats with Dell….. What is the proper amount of compensatory damages (400-375)=$25 ($25*100 computers )+($10 shipping cost*100 computers) “Compensatory” “Incidental” Construction Contracts * Breach before contract has begun -contractor can recover only profits he would have made * During -costs to date and profit * After -can recover...
Words: 421 - Pages: 2
...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.6, No.5, 2014 www.iiste.org Risk Exposures, Vulnerability and Mitigation Methods among Road Transport Workers in Nigeria Festus M Epetimehin PhD Joseph Ayo Babalola University, Ikeji- Arakeji fessy51@yahoo.co.uk, fmepetimehin@jabu.edu.ng Abstract This study examines risk exposures among Road Transport Worker and their methods of mitigation. A simple random sampling technique was used to select respondents from Lagos State. Nigeria. In order to determine how different types of risk exposures contribute to number of accidents on the roads, Cramer’s V was used to analyze and test the formulated hypotheses at 0.05 significant levels. The result of the findings revealed that age, driving experience, treatment seeking behavior and speed limit have significant relationship with drivers’ risk exposures. The study also reveals that younger drivers are more exposed to accident than older drivers and the treatment seeking behavior used by the Road Transport workers exposed them as well as their families to financial danger. In line with these findings, it was recommended that Road Transport Workers, RTW should use a formalized means to mitigate their losses. Keywords: Risk, Vulnerability, Mitigation, Risk exposure, Accident, Insurance 1.0 Introduction Risk is an integral part of mankind. It is a permanent and important part of life. Everyone is exposed to various kind of risk including their...
Words: 7469 - Pages: 30
...also known as exemplary damages are commonly awarded in product liability or civil suit cases were the defendant is ordered to pay to the plaintiffs a sum of money for their acts of reckless and or willful conduct. The ideas of punitive damages was imposed as a deterrent from reckless,willful conduct. However, the amount of punitive damages awarded have been the topic of my debates leaving some to criticize, that plaintiffs are overly compensated specifically voicing opinions or concerns that a limit should be imposed on punitive damages. Circumstances justifying the recognition of punitive damages based upon the defendant acting intentionally, maliciously, or without regard to the rights of the plaintiff and interests of the claimant. Punitive damages first established in England in 1763. Civil law in the United States recognized punitive damages in 1850. (5) "According to the U.S. Supreme Court, three factors guide a decision to award enhanced damages (punitive damages)": The action of the defendant was willful or deliberate, "whether the infringer had a good faith belief that the patent was invalid", and litigants conduct during the litigation. (4) A jury verdict to impose an amount of punitive damages may be over-turned by the trial judge, if the award is considered to be excessive or inadequate. (6) "A fundamental goal of a punitive damage award is to punish but not bankrupt the wrongdoer." (9) Five States do not recognize or award punitive damages in any civil action and...
Words: 1717 - Pages: 7
...Yvette J. Davis HM-310: Health Care Law & Government Regs. Professor Mark L. Vrooman Assignment: Case Study January 25, 2013 Due Date: No later than Week 8 Case: Mother refuses Blood, Spouse Disagrees (Perkins v. Lavin) pg. 417-418 Summary: Mother (Plaintiff Perkins) signs a form state the refusal of a blood transfusion, due to religious beliefs. Her husband who is not of the same religious beliefs, consented to a blood transfusion, which was administered. Mother files claim against the defendant for assault and battery. The claim was upheld. Although both parties have noted that the plaintiff’s husband provided his consent for the transfusion, the defendant has not argued that his consent was sufficient to overcome plaintiff’s direction that she was not to receive a transfusion. Mother submitted sufficient evidence to the trail court to establish that there was, at least a genuine issue as to whether the defendant intentionally invaded her right to be free from offensive contact. Because of the Mother’s recognition that the defendant acted to save her life, a jury may find that she is entitled to only nominal damages. 1) Should the court be the ultimate decision maker when there is a dispute over whether or not a lifesaving measure should be taken with a nonconsenting person? No I don’t agree that the court should be the ultimate decision maker when there is a dispute over whether or not a lifesaving measure should be taken with a nonconsenting...
Words: 415 - Pages: 2
...is of a more serious nature in the developing countries where inflation in foreign countries known as “imported inflation” is seen to be driving “local/domestic inflation”; making domestic policies to control inflation ineffective. Similarly, in Pakistan, the domestic price level rose from the mid-1970s. The exchange rate started depreciating continuously from the early 1980s. Continuous devaluation of currency and inflation in the 1980s seems to suggest a correlation between the two variables.The studies by Rana and Dowling (1983) suggest that foreign inflation is the most influencing factor in explaining the change in local price level in nine less-developed countries of Asia during the period 1973-79. This study suggests that these countries cannot exercise much control over domestic inflation, however, the policies of their major trading partners (through exchange rate) had a significant impact on their domestic prices. Cooper (1971) and Krugman and Taylor (1978) have also studies this relationship.This research paper will provide the empirical evidence regarding the relationships between foreign exchange reserves and inflation, focusing on the period between 1993-2010. We will use the Ordinary Least Square model to determine the long run relationship.Our...
Words: 5793 - Pages: 24
...voltage. He also realised, as had Walter A. Shewhart and others before him, that excessive variation lay at the root of poor manufactured quality and that reacting to individual items inside and outside specification was counter-productive. He therefore, argued that quality engineering should start with an understanding of the cost of poor quality in various situations. In much conventional industrial engineering the cost of poor quality is simply represented by the number of items outside specification multiplied by the cost of rework or scrap. However, Taguchi insisted that manufacturers broaden their horizons to consider cost to society. Though the short-term costs may simply be those of non-conformance, any item manufactured away from nominal would result in some loss to the...
Words: 3798 - Pages: 16
...contract unless the option is exercised. Hire Purchase agreements in Kenya are governed either by the common law or the Hire Purchase Act. Although not all Hire Purchase Agreements are covered by the Act, they nevertheless share many characteristics. That is why it is important to study the basic principles of the Act. NATURE OF THE HIRE-PURCHASE AGREEMENT The main aspect of a hire purchase agreement is that the goods are on hire only. Property in the goods does not pass to the customer (hirer) until the final instalment has been paid, all conditions have been complied with and the option to purchase has been exercised. That is, in order to effect the transfer of ownership to the hirer, the owner has to sell the goods to him. He does this by making an offer to sell at a nominal consideration of 20/-. Thus, the Hire Purchase Agreement has two elements: a) The goods are on hire; b) The hirer has the option to return the goods at any time or to purchase the goods. In practice, the option to purchase comes at the end of the hire agreement. The hirer is not bound to accept the offer. If he decides not to accept the offer, then no purchase takes place. If he accepts the offer and pays the nominal sum, a sale takes...
Words: 1658 - Pages: 7
...Student Economic Review, Vol. 17, 2003, pp. 153-165 JAPAN IN THE DOLDRUMS: A STUDY OF DEFLATION AND RECESSION DANIEL J.C. BAKER Senior Freshman Japan's dream deflates Interest rates and Keiretsu Dan Baker blames you Introduction This essay examines the performance of the Japanese economy over the period 1985 to 2002 with reference to key economic variables, such as GDP growth, price stability performance, employment, and the public debt to GDP ratio, etc. We focus on the path the economy has taken since the bursting of the “bubble economy” early in 1990, and in particular on the phenomenon of deflation, which appeared as a persistent problem towards the end of the 1990s. This paper will investigate the underlying causes of recession and deflation in Japan, and examine the main problems associated with the latter. Finally, a number of policy solutions will be suggested to combat the deflationary pressures in Japan, and more generally, to help stimulate economic growth. What’s wrong with Japan? Before the bubble burst - Japan as Number One During the 1980s it was a popularly held belief that Japan was rapidly and inexorably catching up on America as the world’s number one economy. From a state of near-complete devastation at the end of World War II, Japan had transformed itself into a global economic powerhouse second only to America in terms of productive output, and unequalled in terms of growth1. Not surprisingly, Japan was considered by many to be the model economy...
Words: 5708 - Pages: 23
...|COMPETENCY-BASED CURRICULUM |[pic] | |[pic] | |Sector: | |INFORMATION AND COMMUNICATION TECHNOLOGY | |Qualification: | |COMPUTER HARDWARE SERVICING NC II | |[pic] |Technical Education and Skills Development Authority | | |East Service Road, South Superhighway, Taguig City, Metro Manila | TABLE OF CONTENTS Page A. COURSE DESIGN 1-5 B. MODULES OF INSTRUCTION 6-73 • Basic Competencies 6 o Participating in workplace communication ………………… 7-10 o Working in a team environment ……………….... 11-13 o Practicing...
Words: 8634 - Pages: 35
...COMPETENCY-BASED CURRICULUM |[pic] | | |[pic] | |Sector: | |INFORMATION AND COMMUNICATION TECHNOLOGY | |Qualification: | |COMPUTER HARDWARE SERVICING NC II | |[pic] |Technical Education and Skills Development Authority | | |East Service Road, South Superhighway, Taguig City, Metro Manila | TABLE OF CONTENTS Page A. COURSE DESIGN 1-5 B. MODULES OF INSTRUCTION 6-73 • Basic Competencies 6 o Participating in workplace communication ………………… 7-10 o Working in a team environment ……………….... 11-13 o Practicing career professionalism .……………. 14-17 o Practicing occupational health and safety procedures...
Words: 8633 - Pages: 35
...Chapter 7: Efficiency, Exchange, and the Invisible Hand in Action I. The Invisible Hand a. Individuals act in their own interests i. Aggregate outcome is collective well-being b. Profit motive ii. Produces highly valued goods and services iii. Allocates resources to their highest value use 1. Jon Stewart does not wait tables II. Accounting Profit c. Most common profit idea d. Accounting profit = total revenue – explicit costs iv. Explicit costs are payments firms make to purchase v. Resources (labor, land, etc.) and vi. Products from other firms e. Easy to compute f. Easy to compare across firms III. Economic Profit g. Economic profit is the difference between a firm's total revenue and the sum of its explicit and implicit costs vii. Also called excess profits h. Implicit costs are the opportunity costs of the resources supplied by the firm's owners i. Normal profit is the difference between accounting profit and economic profit viii. Normal profits keep the resources in their current use IV. Three Kinds of Profit j. Two Functions of Price ix. Rationing function of price distributes scarce goods to the consumers who value them most highly x. Allocative function of price directs resources away from overcrowded markets to markets that are underserved xi. Invisible Hand Theory states that the actions...
Words: 6616 - Pages: 27
...exchange rate regimes), and the different theoretical approaches which illustrate how an optimal exchange rate regime is determined . Despite their initial popularity, the theoretical considerations have not escaped criticism.Section 3 reviews the criticism of these theories.A conclusion is provided in Section 4. Keywords : Exchange rate regime, the structural approach, credibility, flexibility, the bipolar view. 1 - Introduction The literature on the selection of exchange rate regimes can be divided into three main groups : the structural approach, the trade-off between credibility and flexibility and the“bipolar view“ or “corner solution“. Classical literature refers to earlier studies which examined systematic differences between floating and fixed exchange rate regimes.The analysis in these studies is closely related to the literature on the choice between fixed and flexible regimes based firstly,on the nature of the shocks generated by changes in...
Words: 10108 - Pages: 41
...Week 1- Law 122 : Why study law 1. Business decisions have legal consequences which affect profits and losses: * Some decisions impose liability, others create opportunities * Negative: dumping pollutants into environment * Positive: binding contractual party to promise 2. Risk mgmt. tool: Law sets the framework for risk, it gives you tools to manage the risk * Ex. Insurance, exclusion and limitation clauses, incorporation Dimensions of course 1. 2. Risk mgmt. 3. Legal reasoning: rules and analysis 4. Law/ moral dimensions What is law? * A set of principle and rules that courts will enforce * A way of thinking (or reasoning) about these principles and rules better description. Process determines legal reasoning * It is not just the result of a case that matters. The reasons for the result are where law happens. Law is bound up in the reasoning. So it is important to ask “why” and “how” not just “who won”. Law vs. Mortality Law: formally sanctioned, illegal behaviour Morality: informally sanctioned, moral behaviour 1. 2. Immoral but not illegal * Lying to friends 3. Immoral and illegal * murder 4. Moral but illegal Ethical perspective 1.1 pg.6 Can I watch someone drop without incurring legal liability? If I can legally do it,should i? Ethically is it okay? Ethical reasoning: * Focus on why something is ethically right or wrong...
Words: 5644 - Pages: 23
...Financial Crisis Introduction In recent decades, financial crises have stopped the momentum of economic development of many countries around the world. In some cases, they have destroyed almost completely different financial systems. The term financial crisis is applied broadly to a variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in changes in the real economy. Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. The purpose of this study is to analyze the causes of financial crisis, the types of financial crisis and the impact caused in the countries that have experienced them. Explanation of financial crisis Financial crises have come in many forms although they have many common elements. A financial crisis is often associated with one or more of the following phenomena: substantial changes in credit volume and asset prices, severe disruptions in financial intermediation and...
Words: 3358 - Pages: 14
...Roberto REALFONZO3 SUMMARY Earthquake damages at the perimeter of buildings are often the result of excessive deformations caused by torsion during the earthquake. Large torsional responses can be expected if the buildings have large eccentricity and low torsional stiffness. Modern codes, including Eurocode 8, recognise the importance of the torsional stiffness on the seismic response and include such information in its static torsional provisions. Eurocode 8 states that the static torsional provisions can be applied to torsionally unbalanced buildings with regularity in elevation that satisfies the set of conditions presented in the Annex B of the Code. Present paper shows an overview on the EC8 torsional provisions including the code background and the comparison with other codes (UBC, etc.). On the other side the EC8 provisions could be improved during the revision process. In fact recent studies on the static torsional provisions of Eurocode 8 show that the static torsional provisions generally are satisfactory in order to limit additional demands when the building has a large torsional stiffness, but the provision seems to be deficient when applied to torsional flexible models. Moreover, the behaviour of buildings designed in High Class of ductility (“HD”) is more complex. This paper compares most of the results existing in the literature, suggests proposals of modification and underlines the importance of further studies in order to evaluate a condition of minimum...
Words: 3522 - Pages: 15
