...Economics & PhilosophySummer 2016 Frankfurt School of Finance & Management Julian Fink Commentary Sheet Name: Florent Islami Text: ‘Child Labor: A Normative Perspective’ - Why Some Things Should Not Be For Sale, pp. 155-169 Thesis: Child Labor – if unavoidable – needs to be incorporated by a formal institution Child Labor is one of the most severe issues we have to face worldwide. Even though there was a significant decrease of child laborers in the past years, still over half of them suffer under dangerous and hazardous work (Nowakowski, 2015). We claim to strongly disapprove of and avoid child labor, but in fact, there are many cases in which western consumers greatly tolerated products which contained materials produced by child workers (e.g. Toor, 2016). In Why Some Things Should Not Be on Sale Debra Satz offers an approach for a normative perspective on child labor. On a humanitarian basis, she emphasizes the inevitable trade-off of values that both parents and the state are facing in regard to child labor. Of course, child labor is a global issue which cannot be tackled within days nor is there a key strategy to forever remove it from the world. Simply banning it under any circumstances will not necessarily lead to total abolition of the issue. Further, ignoring the fact that child labor happens every day or regarding it as a mere symptom of poverty and cultural issues will not help eliminating it as well. My goal here is not to give an instruction...
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...Article 1458: Contract of Sale By the contract of sale one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent. A contract of sale may be absolute or conditional. Essential Requisites The contract of sale, being a contract, has the same requisites, namely, consent, object, and cause. 1. Consent - Also called meeting of the minds. mutual agreement, or consensus ad idem. It essentially refers to a situation where the two parties of the contract has a mutual understanding in the formation of the contract of sale. This essentially means that there is consent in the part of the seller to transfer ownership of the determinate thing and in the part of the buyer to pay the equivalent price. Note that both of the parties must have the legal capacity to give their consent. 2. Object - This is the subject matter of the contract. It must be determinate or capable of being determinate. 3. Cause - This refers the price, in terms of money or its equivalent. Kinds of contract of sale 1. Absolute - This refers to a contract of sale that is not subject to any condition or does not require any condition for the transfer of ownership. 2. Conditional - This refers to a contract of sale that contemplates contingency, or is subject to a condition. It follows then that the delivery of the determinate thing does not necessarily transfer ownership, unless the...
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...1. Definition. a. Contract of Sale – By the contract of sale, one of the parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefore a price certain in money or equivalent. (Article 1458) b. Conditional Sale – It is one kind of contract of sale where the sale contemplates a contingency, and in general, where the contract is subject to certain conditions, usually the full payment of the purchase price. The delivery of the thing sold does not transfer ownership until the condition is fulfilled. c. Sale by Description – It occurs where a seller sells things being of a particular kind, the buyer not knowing whether the seller’s representations are true or false, but relying on them as true; or, as otherwise stated, where the purchaser has not seen the article sold and relies on the description given him by the vendor, or has seen the goods but the want of identity is not apparent on inspection. If the bulk of the goods delivered do not correspond with the description, the contract may be rescinded. (Article 1481) d. Fungible Goods – These are goods of which any unit is, from its nature or by mercantile usage, treated as the equivalent of any other unit such as grain, oil, wine, gasoline, etc. 2. What remedies are available to a vendor in sale of personal property payable in installments? The vendor of personal property payable in installments may exercise any of the following remedies: a. Exact...
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...Title VI SALES CHAPTER 1 - NATURE AND FORM OF THE CONTRACT Art. 1458. By the contract of sale one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent. A contract of sale may be absolute or conditional. (1445a) Art. 1459. The thing must be licit and the vendor must have a right to transfer the ownership thereof at the time it is delivered. (n) Art. 1460. A thing is determinate when it is particularly designated or physical segregated from all other of the same class. The requisite that a thing be determinate is satisfied if at the time the contract is entered into, the thing is capable of being made determinate without the necessity of a new or further agreement between the parties. (n) Art. 1461. Things having a potential existence may be the object of the contract of sale. The efficacy of the sale of a mere hope or expectancy is deemed subject to the condition that the thing will come into existence. The sale of a vain hope or expectancy is void. (n) Art. 1462. The goods which form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or goods to be manufactured, raised, or acquired by the seller after the perfection of the contract of sale, in this Title called “future goods.” There may be a contract of sale of goods, whose acquisition by the seller depends upon a contingency which may or...
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...of a Contract of Sale (Arts. 1459 to 1465) Art. 1459. The thing must be licit and the vendor must have a right to transfer the ownership thereof at the time it is delivered. (n) Art. 1460. A thing is determinate when it is particularly designated or physical segregated from all other of the same class. The requisite that a thing be determinate is satisfied if at the time the contract is entered into, the thing is capable of being made determinate without the necessity of a new or further agreement between the parties. (n) Art. 1461. Things having a potential existence may be the object of the contract of sale. The efficacy of the sale of a mere hope or expectancy is deemed subject to the condition that the thing will come into existence. The sale of a vain hope or expectancy is void. (n) Art. 1462. The goods which form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or goods to be manufactured, raised, or acquired by the seller after the perfection of the contract of sale, in this Title called "future goods." There may be a contract of sale of goods, whose acquisition by the seller depends upon a contingency which may or may not happen. (n) 2. Sale of Undivided Interest (Art. 1463) Art. 1463. The sole owner of a thing may sell an undivided interest therein. (n) 3. Sale of Undivided Share in Mass (Art. 1464) Art. 1464. In the case of fungible goods, there may be a sale of an undivided...
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...CHARACTERISTICS 7. ARTICLE 1868 8. DIFFERENCE CONTRACT OF SALE FROM CONTRACT / AGENCY TO SELL 9. REQUISITES CONCERNING OBJECT OF A CONTRACT OF SALE 10. WHEN AN OBJECT OF A CONTRACT OF SALE IS CONSIDERED “DETERMINATE?” 11. WHAT KINDS OF THINGS MAY BE OBJECTS OF A CONTRACT OF SALE? 12. WHAT IS CONTRACT FOR PIECE OF WORK? 13. CONTRACT OF BARTER 14. DISTINGUISH BETWEEN “CONTRACT OF SALE” FROM “CONTRACT OF BARTER” 15. WHEN IS PRICE CONSIDERED CERTAIN – ARTICLE 1469 / 1472 16. WHAT IS THE EFFECT IF THW PRICE IS FIXED BY ONE OF THE CONTRACTING PARTIES? 17. ARTICLE 1469, 1472,1473,1474 18. WHAT IS THE EFFECT OF “GROSS INADEQUENCY OF PRICE” IN A CONTRACT OF SALE? 19. • WHAT IS THE EFFECT OF “PRICE SIMULTATION” IN A CONTRACT OF SALE? 20. KINDS OF SIMULTATIONS 21. SALE BY AUCTION 22. WHAT ARE KINDS OF DELIVERY 23. DIFF. FORMS/KINDS OF CONSTRUCTIVE DELIVERY/OBLIGATION OF BUYER 24. WHAT IS “EARNEST MONEY” 25. ARTICLE 1483, 1484, 1489, 1490, 1491 26. ARTICLE 1493, 1494, 1495, 1497-1501 27. WHAT ARE THE KINDS 28. WHAT IS PUBLIC INSTRUMENT 29. WHAT ARE THE KINDS OF WARRANTIES 30. OBLIGATIONS OF BUYERS/ VENDEE 31. BREACH OF CONTRACT OF SALE/ OF GOOD 32. REMEDIES OF THE BUYER AS AGAINST THE SELLER IN CASE OF BREACH OF WARRANTIES 33. HOW IS CONTRACT OF SALE DISTINGUISHED? 34. WHAT ARE CONSIDERED EQUITABLE MORTAGE INSTEAD OF CONTRACT OF SALE 35. WHAT IS PACTO DE RETRO SALE? 36. ADVANTAGES/ DISADVANTAGES ...
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...Contract of Sale. By the contract of sale one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay therefore a price certain in money or its equivalent. |Contract of Sale |Contract to Sell | |Title over the property passes to the buyer upon delivery unless |Ownership is retained by the seller whether or not there is | |there is a contrary agreement |delivery. Ownership passes to the buyer only upon full payment of| | |the price | |Non-payment of the purchase price is a negative resolutory |The payment in full is a positive suspensive condition, meaning, | |condition, meaning the sale becomes ineffective upon the |if the purchase price is not paid, the obligation to deliver and | |happening of such condition |to transfer ownership on the part of the seller does not become | | |effective | |After delivery of the objective, the seller loses ownership over |Whether there is delivery or not, the seller retains the | |it. Unless, the contract is set aside, he cannot recover...
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...over-the-counter market. There are seven sales districts within the organization with a total of forty sales representatives. Each receives a salary, fringe benefits, and commissions of 0.5 percent of their dollar sales volume up to their sales quota. Field sales efforts are extremely important and quality control is critical with supplying the plater with the processed chemicals. These services are provided by the sales representatives of the firm. The northeast district sales manager had recently been persuaded to take early retirement and had been replaced by James Sprague. He has directives from the national sales manager to be responsive to the company’s sales plans and policies, improve the district’s profit performance, and to manage a group of sales representatives who are older, more experienced, and not very happy about his promotion. Problems concerning Hanover-Bates Chemical Corporation James Sprague accepted the position knowing what was ahead of him. He knew that his northeast district (District 3) had some problems that needed to be addressed. The first of those problems was profit performance. Although his district was ranked third in dollar sales, it ranked last in profit performance out of the seven districts. This was one area that the national sales manager expected him to correct. The second problem dealt with management. The last manager for district seven did not support the sales plans and programs developed by the national sales manager. It is...
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...CONTRACT OF SALE – One of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefor a price certain money or its equivalent. A contract of sale may be absolute or conditional. SALES 1. Contract of sale (absolute) • real obligation – obligation to give • remedies available: a. specific performance b. rescission c. damages 2. Contract to sell (conditional) • personal obligation – obligation to do • remedies available: a. resolution b. damages ESSENTIAL REQUISITES OF A CONTRACT OF SALE 1. consent 2. subject matter 3. price CHARACTERISTICS OF CONTRACT OF SALE: 1. Nominate - law gave it a name 2. Principal - can stand on its own; unlike accessory contract 3. Bilateral - imposes obligation on both parties a. obligation of seller – transfer ownership & deliver b. obligation of buyer – pay for price Consequence: power to rescind is implied in bilateral contracts 4. Onerous – with valuable consideration • Consequence: all doubts in construing contract to be resolved in greater reciprocity of interest 5. Commutative – equal value is exchanged for equal value • Test: subjective – as long as parties in all honesty that he is receiving equal value then it complies with test & would not be deemed a donation; but must not be absurd. • Inadequacy of price or aleatory character not sufficient ground to cancel contract of sale; inadequacy can show vitiation of consent & sale may be ...
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...Provisions Common to Pledge and Mortgage(PM) 2085. Requisites 1. They are created to secure a principal obligation. 2. The pledgor or mortgagor must be the absolute owner of the thing. 3. Persons constituting pledge or mortgage must have a free disposal of thing or have legal authority. Note: Characteristics: 1. Real - perfected by delivery of thing 2. Accessory- can’t stand on its own. It follows principal. 3. Unilateral- obligation of creditor to return thing upon fulfilment of principal obligation. 4. Subsidiary- 2087. When principal obligation becomes due, creditors may ALIENATE the thing. (alienate-foreclosure; not disposal) 2088. Creditors can’t appropriate/dispose/sell thing. Stipulation to contrary is null and void, and this is known as “pactum commissorium.” 2089. Pledge or mortgage is considered indivisible even though debt may be divided. * If debtor’s heir paid part of debt, there is no partial release/extinguishment of pledge or mortgage until it is fully paid. * Creditor’s heir who received his share of debt can’t return the thing or cancel mortgage. * Exception: Partial release of obligation is possible when each of the thing guarantees only a determinate portion of the obligation. 2090. Pledge and mortgage is still indivisible even if obligation is joint or solidary. 2091. PM can secure all kinds of obligations (voidable or unenforceable)(pure or subject to suspensive or resolutory condition) ...
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...Linens 'n Things, Inc. History Address: 6 Brighton Road Clifton, New Jersey 07015 U.S.A. Telephone: (973) 778-1300 Fax: (973) 815-2990 Website: www.lnthings.com Public Company Incorporated: 1958 as Great Eastern Linens, Inc. Employees: 7,700 Sales: $874.22 million (1997) Stock Exchanges: New York Ticker Symbol: LIN SICs: 5714 Drapery, Curtain & Upholstery Stores; 5719 Miscellaneous Home Furnishings; 5722 Household Appliances Company Perspectives: Linens 'n Things, Inc. is committed to providing a one-stop shopping experience for a broad assortment of high quality brand name housewares, home textiles and designer home furnishings; to keeping "won't be undersold" everyday low prices; to offering efficient customer service; and to maintaining low operating costs. Company History: Linens 'n Things, Inc. is one of the nation's two largest and most profitable specialty retailers of home textiles, housewares, and decorative home accessories. In 1998 the company was operating 176 stores (153 superstores and 23 smaller, traditional-size stores) in 37 states. The traditional stores averaged approximately 10,000 gross square feet in size while the superstores ranged from 38,000 to 50,000 gross square feet. The stores carry brand name "linens," that is, home textiles--such as bed linens, towels and pillows--and "things," such as housewares and home accessories. The superstores were located predominantly in power-strip centers and, to a lesser extent, in shopping...
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...1) Discuss how sales managers can empower their sales staff? A manager who is managing a team of sales persons needs to understand first of all the strengths of the team and then the weaknesses of the team. It is only then can a sales manager decide how they can be empowered to improve the sales figures of a company. The best way to empower sales staff is to train them well in selling skills so that they can be proficient in dealing with any situation when it comes to closing a sales call and selling the product. Another way in which a sales manager can empower his sales team is by giving them the independence to take a few sales decisions on the spot without having to refer everything that the customer wants back to the sales manager. The sales manager can give the sales team the authority to take decisions on a variation of price or delivery or after sales support and also where to look for new target customers. The next best way is to engage the sales team by mentoring, coaching and supporting the original styles of each and every sales person in the team to be able to effectively give them the space to sell in the distinctive styles without feeling constrained in flexing their individual styles. The fourth way is to give them the technological support to be able to handle the volumes of sales call from any geographical territory so that there is no delay in answering specific questions. 2) What three points interest management most when interviewing an...
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...480*10/11= $31,345 G10 GST=$3,135 How much was the car used for business? 60% Did you use an ABN number when buying vehicle? Yes How is the Car depreciated? Straight line depreciation over 8 years What method do we use for the car? Log-book method, car has driven over 5000km What is the loss on sale of non-current asset? We sold a computer for $1,100 (GST 100). We bought it for $2,900 and had a depreciation of $1,520. So it had a written down value of $1,380 (2,900-1,520), resulting in a loss of $380. GST ACT 1999 s38.3-food that is not GST-free What are the food sales? Fresh food - $58,000(GST-free) Sandwich – $14,000 (GST 1,400) Microwave Meals – $8,000 (GST 800) Chocolate, lollies and snacks – $10,650(GST 1,065) Total – $90,650 (GST free sale 58,000) GST 1400+800+1065=3265 GST ACT 1999 s38.3(d) Beverage (drink)not GST-free What are the drink sales? Milk - $20,800 (GST-free) Soft Drink – $18,000 (GST 1800) Orange Juice – $8,400 (100% concentrate orange juice) GST-free Bottled water – $11,200 GST-free Total – $58,400 (GST sale 18,000) GST 1800 GST ACT 1999 s38.50-Drugs and medicinal preparations etc. What are the health sales? Sunscreen (30+ SPF) – $14,350 GST-free Vitamins...
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...BM105: BUSINES LAW ASSIGNMENT QUESTIONS a) Discuss the method of delivery in a contract of sale b) Explain the seller’s warranty against latent defects a) Discuss the method of delivery in a contract of sale Ownership in a contract of sale is transferred by the delivery of the property from the seller to the buyer, agrees Hutchison et al, (1991). In a contract of sale, both the seller and the buyer have roles/obligations to play/perform to qualify the sale. Apart from making a payment by the buyer and receiving of the same payment by the seller, there need for the object sold or the merx to be delivered to the buyer. Delivery is effected by the physical hand over of the property to the buyer and there are several varieties or options to do so. Either the thing itself is actually handed over, which is actual or real delivery or the thing is not moved at all, but the circumstances are such that, while the thing is not moved at all, the physical control nevertheless vests in the transferee or buyer Different methods of delivery are used, depending on the object or merx in the transaction. The seller has an obligation to deliver the thing under sale to the buyer in time; however the seller has no obligation to transfer ownership to the buyer, as the law compels him to only transfer the merx. In Kleynhams Vs Wessels Trustee, the court observed that ‘A contract of sale with us does not have the effect of a translatio domini (transfer of ownership), it is simply an...
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...SALE A nominate contract whereby one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay therefor a price certain in money or its equivalent. Delivery and payment in a contract of sale are so interrelated and intertwined with each other that without delivery of the goods there is no corresponding obligation to pay. The two complement each other. It is clear that the two elements cannot be dissociated, for the contract of purchase and sale is essentially a bilateral contract, as it gives rise to reciprocal obligations. (Pio Barretto Sons, Inc. vs. Compania Maritima, 62 SCRA 167). Neither is the delivery of the thing bought nor the payment of the price necessary for the perfection of the contract of sale. Being consensual, it is perfected by mere consent. Contract to sell exclusive right and privilege to purchase an object. a bilateral contract whereby the prospective seller, while expressly reserving the ownership of the subject property despite delivery thereof to the prospective buyer binds himself to sell the said property exclusively to the prospective buyer upon fulfilment of the condition agreed upon, that is, full payment of the purchase price. Absent a proviso in the contract that the title to the property is reserved in the vendor until full payment of the purchase price or a stipulation giving the vendor the right to unilaterally rescind the contract...
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