Global Financial Crisis Causes and Impacts

Table of Contents Introduction Global governance Banks Investors Real linkages Conclusion References List Introduction Global financial crisis is described as the extensive economic disaster that started in the United States in 2007. Starting with the collapse of the American financial system, the economic emergency rapidly spread to other countries in the world. Interrelated markets of the current global trading systems were the major cause of the rapid spread of the financial crisis.Advertising We will write a custom essay sample on Global Financial Crisis Causes and Impacts specifically for you for only $16.05 $11/page Learn More After a number of years since the first occurrence of the crisis, it is still not possible to explain fully the impact of the global financial crisis because the economic emergency keeps on hindering and destroying global markets (Gelos, 2009, p. 15). A number of factors caused the concurrent crush of the housing system, financial markets, and the banking industry in America. Even though the causes of the crisis are still debated, this occurrence spread out almost immediately into the international market. Usually, the United States plays an influential role in global financial industries and stock trading. This means that the crush caused a destructive impact both within America and in countries all over the world. The extensive effects of the economic crisis began late in 2007 at the time when prices of fuel and food started increasing globally. Factors that some years before seemed minor like increases in prices of fertilizers started to destroy crop industries and the importation of food in developing economies (Gelos, 2009, p. 17). In 2008 as the financial crisis in America intensified, financial institutions like banks strove to decrease their spending mainly in foreign investments. This deepened the worldwide emergency because many countries depended a lot on the foreign investment of the Uni ted States for the survival of their economies. Global governance The outstanding increase in global integration recently has largely overwhelmed the ability of global governance. The deepening of globalization has led to an increase in insufficiency of organizations and policies responsible for global governance. This was evident in the global financial crisis and its harsh effects which are still ongoing. The speed and frequency with which economic emergencies from one nation and spread to other countries shows the significance of sufficiently strengthening financial organizations to make sure that they are able to take fast, remedial and effective measures.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Improvement in global economic governance is the main factor in renewing the prevailing dialogue in global political economy (Crotty, 2009, p. 563). Many national economic policies which are cost effective work partly because they benefit other nations but a majority of the policies are only possible if they are also adopted by other nations. The IMF has argued that the main cause of the global financial crisis was inadequate regulation of the financial system combined with lack of market discipline. Global imbalances alone could not have led to the crisis without the capability of financial organizations to create new tools and mechanisms to take care of the demand for higher incomes by investors. The tools eventually became more risky than excepted (Crotty, 2009, p. 564). However, many of the investors relied on the analysis on credits by various agencies thus failing to conduct prior examination of the assets despite their optimism in the increased prices. This was considered one of the major causes of the economic crisis. The biggest role in the crisis was however, played by flawed and ineffective financial regulation which is also called the shadow banking sys tem. The highly interconnected but loosely regulated network of hedge funds, investment banks and mortgage sector was not subjected to prudential regulation. They were not regulated because they were never seen as systematically significant like banks (Crotty, 2009, p. 565). Their lack of regulation made it further attractive for banks to elude capital investments by making these entities take all the risk. Over time, this institution network became very large and became systematically vital. By the end of 2007, the assets of bank-like organizations in the United States that were not prudentially regulated were estimated$10 trillion, almost equal to the assets of the regulated banking system of America (Crotty, 2009, p. 566). Financial problems that began in the United States in 2007 rapidly spilled over to other countries around the globe to cause the harshest global financial crisis and collapse from the time of the Great Depression. The global implications of the crisis were tota lly unpredicted and have forced a reconsideration of global financial connections. Even though global exposure could have offered a bit of insurance by way of constructive wealth transmission for some economies at the time of the crisis, global exposure played a destructive role by enabling the crisis to rapidly spread from the American housing market to the larger American economy and then to other countries (Porter, 2011, p. 9).Advertising We will write a custom essay sample on Global Financial Crisis Causes and Impacts specifically for you for only $16.05 $11/page Learn More These economic shortcomings may have been prevented by extensive regulation of the financial sector. Because financiers will always find a way of evading regulations proposed, global governance could have implemented its proposed regulations and action taken against market players who go against the regulations. Banks The world quickly moved from the global savings glut to an abr upt contraction in international liquidity. Shocks are enlarged and spread faster when leverage exists. In early 2000s, there was a considerable build up in leverage of big American commercial banks and global investment banks (Shin, 2009, p. 101). Although commercial banks may not seem to have problems with leverage levels before the financial crisis began, when the crisis started, internationally active banks played a very crucial role in the spread of shocks globally. A channel of this connection is the way in which these banks control liquidity throughout the whole banking association. Banks can transmit shocks globally by managing their liquidity throughout foreign linkages, dealings with international banking linkages, and through the global lending decisions. Banking crises and recessions have adverse impact on the creation of new relations however; all banks or all nations do not experience the same effects. The 2007 crisis showed this pattern and had huge negative effect on the creation of new connections in the international network of banks. The financial crisis made banks very cautious when lending and this meant that new relationships were not made. Banks helped in the rapid spreading of the crisis through reduced lending (Shin, 2009, p. 104). This had the impact of lessening international liquidity and also with the vital role played by banks in the United States to supply dollars, reduced lending led to an international shortage of dollar liquidity. The Federal Reserve in collaboration with other central banks injected dollars to respond to the crisis. Investors As banks limited lending and liquidity throughout borders, at the same time investors cut their capital flows in foreign markets. During the financial crisis, changes in international liquidity, crisis occurrences, and risk had a large impact on capital flows during the crisis. These effects were very varied in all nations but with a big part of this variation described by disparities in the strength of macro-economic fundamentals, country risk, and quality of home organizations. Fund managers and fund investors also played a role in the spreading of the crisis across countries. The volatility of mutual fund investments is motivated by fund managers and investors through which injections into each fund and changes in management in national cash and weights (Rogoff, 2008, p. 2).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Managers as well as investors react to national crises, returns and change their investments significantly in reaction to the economic occurrences like the global financial crisis. The behavior of both managers and investors is somewhat cyclical because they pull out of countries in undesirable times and increase their exposures in the countries when economic conditions improve. This means that investors in mutual funds are a vessel through which financial crisis of 2007 spread rapidly across nations in their portfolio leading to a global financial crisis (Rogoff, 2008, p. 3). Real linkages These could also be the channel through which the financial crisis rapidly spread globally. For instance, majority of Asian countries were not exposed to the subprime and housing markets of the United States and therefore, such economies had weaker connections with America through investment and direct bank relationships (Fidrmuc, 2010, p. 293). These Asian economies however still suffered harsh reduction of output in 2008 and 2009. The financial crisis had a larger undesirable effect on companies with larger sensitivity to trade and demand especially in economies that are more open to trade. Financial openness however, appeared to have made a minimal difference. This indicates that real channels of transfer through the impact of aggregate demand and trade flows played a significant role in spreading the global financial crisis. Conclusion The financial crisis may act as medium for transformation in global governance and may signify a change from the traditional economic system. The global financial crisis has helped in revealing the big gap between international economic order and structures of governance in modern times (Helleiner, 2009, p. 17). Many emerging economies such as China have been attaining rising political and economic significance but are not equally represented in crucial institutions. Even though the reaction to the crisis has largely been on the financial system, more attention needs to be paid to monetary issues as well as the world trade. A debate has been ongoing about whether informal institutions such as the G20 or the G8 should really play a role in transforming the authority and governance of global financial organizations. G20 may not be fully justifiable in its present embodiment to succeed in this duty; in fact by just growing present IFI and doing nothing to change them poses a risk of dependency and the maintenance of business as usual. Global governance is very important in a situation where trade exists. The development of trade administration will have to take into consideration the present stresses placed upon it by economic growth and sustainability questions brought about by the financial crisis. Global governance needs to reform if it aims at meeting global economic objectives and react to challenges (Helleiner, 2009, p. 16). The main role of global governance is managing the international economy by considering t he views and interests of all players and not just the G7 views. References List Crotty, J 2009 ‘Structural causes of the global financial crisis’, Cambridge journal of economics, vol. 33 p. no. 4, pp. 563-566. Gelos, G 2009 ‘The global crisis: explaining cross-country differences in output impact’, Social science research network, vol. 23 no. 4, pp. 15-17. Helleiner, E 2009 ‘Regulation and fragmentation in internal financial government special forum: crisis and the future of global financial governance’, Global governance, vol. 15 no. 1, pp. 16-21. Porter, M 2011 ‘Managing in the new global economy’, Harvard business school, vol. 2 no. 2, pp. 7 – 12. Rogoff, K 2008 ‘Is the 2007 U.S subprime financial crisis so different’, The national bureau of economic research, vol. 2 no. 1, pp. 2-3. Shin, H 2009 ‘Reflection of the northern rock: the bank run that heralded the global financial crisis’, Journal of economic perspectives, vol. 23 no. 1, pp. 101-104. Fidrmuc, J (2010) ‘The impact of the global financial crisis on business cycles in Asian emerging economies’, journal of Asian economics, vol. 21 no. 3, pp. 293 – 312. This essay on Global Financial Crisis Causes and Impacts was written and submitted by user Cannon Ortega to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

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Transcultural Nursing Reflective Essay

Transcultural Nursing Reflective Essay Rose Bonanno ‘Transcultural nursing is a comparative study of cultures to understand similarities (culture universal) and difference (culture-specific) across human groups’ (Leininger, 1991). Introduction Transcultural Nursing is an area in nursing practice that focuses on how the ideals and principals of particular groups influence their behaviour when they are sick. Diverse cultures may express dissimilar kinds of needs when they are ill, (Gulbu, 2006). Clients will be more willing to accept their treatment when the health care professional can understand their cultural rules, (Pagliuca, Rodrigues, 2012). Being cultural competent is having the approach, awareness and ability to provide appropriate care to different populations, (Loftin et al., 2013). A patient’s perspective has to be seen within the whole context. Community dynamics such as social status and knowledge, distinguish individuals within racial groups, (Weiner et al., 2013). 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Seeing that we could communicate in English, I asked him about his story. He told me that he had run away from his country and that he had left a wife and two sons behind him. He said that he intended to find some work so that he could send money back to his family. He said that he was Orthodox Catholic, which again was another surprise for me. He always bowed his head when I would approach him and I thought that this was because he was shy. Another surprise was that he never ate meat on Wednesday, (and on Fridays as well, I got to know later). I was curious to know whether he missed his family and of course he did. He said that he usually phones them once every month, which again was a surprise to me, and he started telling me the how his wife travels a long distance to go to the city so that he can talk to her. Reflection Encouraging logical reflective thinking is stressed in studies emphasising the benefits of using nursing stories in the course of learning (Torsvik, Hedlund, 2008). The first experiences that I had with this patient made me stop and think. Why do we think that being somehow different in colour, beliefs or behaviour makes us superior? All in all if we think about people, no-one is really as different from one another as we make out to be. The trend for people to classify others on the basis of their ethnic group, or perceived physical appearance, and then assign social or educational importance to them – whether they are of high class or sub-standard status- is a fact that is well known in the Western culture,(Naylor, 1997). All people have feelings and families who they love. We all bleed when we are hurt, and no matter what colour we are, black or white, yellow or blue, our blood is always red. The idea that had been installed in me when I was young was very wrong and it is alright to accept diversity. Diversity makes the world a more colourful, richer place. However I remember vividly that I did notice at the time that I had never been taught anything about other cultures. The subject was sort of taboo. I feel that we are not prepared about different cultures and different religions. It is very important to know about these different cultures so that we become aware of how we can see to their needs if ever we are nursing them. I used to feel embarrassed when Addis used to bow his head to me. I thought that it was funny; I never knew at the time that it was a sign of respect. When we used to play and pretend that we are the queen did we not bow our head? Adding everything up now, it does make sense. Just like we bow to the queen, Addis was showing me a sense of great respect. Analysis I feel that we are not prepared about different cultures and different religions. Studies show that although transcultural nursing studies and knowledge has been increasing, there still remains an absence of proper schooling methods in regards to this subject,(Mixer, 2008). It is very important to know about these different cultures so that we become aware of how we can see to their needs whenever we are nursing them. I used to feel embarrassed when Addis used to bow his head to me. I thought that it was funny; I never knew at the time that it was a sign of respect. When we used to play and pretend that we are the queen did we not bow our head? Adding everything up now, it does make sense. Just like we bow to the queen, Addis was showing me a sense of great respect. Some sort of national background can help evade misinterpretations and assist help-care professionals to deliver improved care, (Galanti, 2000). Action plan. In my opinion there is a need for a Cultural Consultancy Committee. Members would constitute a representative of the ethnic groups which are mainly found on the island. This committee would meet and discuss issues pertaining to their groups. They could also set up policies regarding the issues of communication and other problems that may arise whenever a person from their group is in hospital. The committee might also be able to organise an annual conference in which information, maybe even in the form of leaflets in given to stakeholders. They could also create a strategy, to have faith and community centred voluntary groups to whom a person can turn to in case of difficulty. In its Action Plan to Reduce Health Disparities, (2010), the American Department of Health and Human Services, (DHHS) suggested that ‘activities may include language services, community outreach, cultural competency training, health education, wellness promotion, and evidence-based approaches to manage chronic conditions’. Conclusion ‘Racial and ethnic minorities often receive poorer quality of care and face more barriers to seeking care, (DHHS, 2010). Language and lack of education could be a strong barrier to communication. Perception and generalisation might also be tough obstacles. Respect and concern for people who are diverse from us will only be likely when people cultivate a better consciousness, compassion and empathy to others who are unlike us (Nayler, 1997). In a world where working with so many different people is no longer something out of the ordinary, it helps to have an ability to perceive the difference in cultures. Stimulating one’s awareness about gesticulating, the meaning of touch and private space, especially between different sexes and individuals with diverse beliefs, conceding that the quality of voice tone and facial expressions can either scare or comfort a person, will have a positive healing effect on people who are culturally different,( Papadopoulos,2012). Diversity can also be beneficial. It is a store for different ideas on how things are done and a chance to meet people with different thoug hts and answers. Culturally experienced health care professionals guarantee patients fulfilment and optimistic outcomes, (Maier-Lorentz, 2008). For health care providers and specifically nurses, the necessity to make suitable and expert care available is acknowledged as vital l in view of the increasing variety among persons that they care for, (Loftin et al.,2013}. References; American Department of Health and Human Services ; A Nation Free of Disparities in Health and Health Care, 2010, PG 17, http://minorityhealth.hhs.gov/npa/files/Plans/HHS/HHS_Plan_complete.pdf Galanti, G.A., 2000, An introduction to Cultural Differences, West J. Med; 172(5): 335-336, Retrieved June 18thfrom; http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1070887/ Gulbu,T., 2006, The implications of Transcultural Nursing Models in the Provision of Culturally Competent Care, Icus Nurs Journal, Issue 25, Jan.- Apr, 2006, Pg 1 Leininger, M. Culture care diversity and universality: A theory of nursing. New York: National League for Nursing Pres; 1991. Loftin, C., Hartin, V., Branson, M., and Reyes, H., â€Å"Measures of Cultural Competence in Nurses: An Integrative Review,† The Scientific World Journal, vol. 2013, Article ID 289101, 10 pages, 2013. doi:10.1155/2013/289101 Loftin, C., Hartin, V., Branson,M., Reyes,H., Measures of Cultural Competence in Nurses: An Integrative Review, Scientific World Journal Volume 2013 (2013), Article ID 289101, 10 pages ,http://dx.doi.org/10.1155/2013/289101 Maier-Lorentz, M. (2008). Transcultural nursing: its importance in nursing practice. Journal Of Cultural Diversity, 15(1), 37-43. Mixer, S. (2008). Use of the culture care theory and ethnonursing method to discover how nursing faculty teach culture care. Contemporary Nurse: A Journal For The Australian Nursing Profession, 28(1-2), 23-36. doi:10.5172/conu.673.28.1-2.23 Naylor, L., 1997, Cultural Diversity in the United States., Chapter 11, Race, Ethnicity and Culture, Pg 49., Publishers, Bergin and Garvey, Westport, CT., http://www.questia.com/read/15586236/cultural-diversity-in-the-united-states Naylor, L., 1997, Cultural Diversity in the United States., Chapter 11, Race, Ethnicity and Culture, Pg 25., Publishers, Bergin and Garvey, Westport, CT., http://www.questia.com/read/15586212/cultural-diversity-in-the-united-states Pagliuca, L. M. F., , Rodrigues, M. E., (2012). Competency to provide cross-cultural nursing care for people with disability: a self-assessment instrument. Revista Brasileira de Enfermagem, 65(5), 849-855. Retrieved June 19, 2014, from http://www.scielo.br/scielo.php?script=sci_arttextpid=S0034-71672012000500020lng=entlng=en. 10.1590/S0034-71672012000500020. Papadopoulos, I. (2012). Transcultural nursing. British Journal Of Nursing, 21(14), 838. Simon, M., Chang, E., Dong, X. (2010). Partnership, reflection and patient focus: advancing cultural competency training relevance. Medical Education, 44(6), 540-542. doi:10.1111/j.1365-2923.2010.03714.x Torsvik, M. Hedlund, M. (2008) Cultural encounters in reà ¯Ã‚ ¬Ã¢â‚¬Å¡ective dialogue about nursing care: a qualitative study. Journal of Advanced Nursing 63(4), 389–396 doi: 10.1111/j.1365-2648.2008.04723.x Weiner,L., Grady McConnell, D., Latella,L., Ludi, E., 2013, Cultural and religious considerations in pediatric palliative care, Palliat Support Care. 2013 February ; 11(1): 47–67. doi:10.1017/S1478951511001027.

The Attorney-Client Privilege Essays -- U.S. Law

â€Å"With liberty and justice for all.† Now this all too familiar clause is often forgotten like the toils of soldiers on the battlefield, repeated ad nauseum throughout the echoing literature left by our founding fathers and throughout the annals of history. America has been shown to persevere through the greatest of trials truly reflecting the American patriot’s desire to not only uphold freedom, equality, justice and humanity, but also to remember the faint yearning whispers of the oppressed crying out â€Å"Let freedom ring!† According to Michmerhuizen the Attorney-Client Privilege means â€Å"The concepts of lawyer confidentiality and Attorney-Client Privilege both concern information that the lawyer must keep private and are protective of the client’s ability to confide freely in his or her lawyer † (1). I firmly believe that the Attorney-Client Privilege should not be abolished because it would be changing something our nation has been exp osed to for so long, helps build a good relationship between client and attorney, and is most importantly the right of every American citizen. Although the other side of the issue makes valid arguments, the constitutional rights of every American citizen and the long-standing tradition of the Attorney-Client Privilege is the epicenter of the monumental success to our judicial system. The Attorney- Client Privilege is the agreement between an attorney and their client that mandates the communication between the two parties to be fully confidential and undisclosed under any circumstances (Sheila 138). There are various cases that highlight the importance and practical use of the Attorney-Client Privilege that could help one better understand what this entails. A specific situation in which the Attorne... ...n Historical Perspective on the Attorney-Client Privilege." Jstor.og. California Law Review. Web. 15 Apr. 2012. Maloney, Sheila. The American Bar Association Guide to Resolving Legal Disputes: Inside and outside the Courtroom. New York: Random House Reference, 2007. Print. Michmerhuizen, Sue. "Confidentiality, Privilege: A Basic Value in Two Different Applications." Americanbar.org. Center for Professional Responsibility, Mar. 2007. Web. 15 Apr. 2012. . Schachner, Robert W., and John F. Phillips. How & When to Sue Your Lawyer: What You Need to Know. Garden City Park, NY: Square One, 2005. Print. Silverman, Arnold B. "Silence Is Golden—The Attorney-client Privilege." Jom 49.6 (1997): 62. Print. "What the Attorney-Client Privilege Really Means." Sgrlaw. Smith, Gambrell & Russell, LLP. Web. 15 Apr. 2012. .

Remedies – Contracts Act 1950

REMEDIES †¢ method by which an injured party enforces a right or corrects a loss. It will depend on the nature of breach and the result will be differ between parties. The remedies available for breach of contract are: 1) RESCISSION †¢ An equitable remedy available at the discretion of the judge. It is available where a contract is voidable as a result of a vitiating factor such as misrepresentation, undue influence or duress. It will not cover damages. Car &Universal Credit v Cadwell Norris had paid ? 10 cash deposit and left another car as security and gave a cheque for ? 65 to Cadwell for Jaguar car purchased. The next day, Caldwell went to cash the cheque and discovered it was fraudulent and the car left as deposit turned out to be stolen. The court held that Mr Caldwell had successfully rescinded the contract. He had taken all steps possible to demonstrate that he no longer wished to be bound by the contract. He should not be prejudiced by the fact that his endeavours failed to locate Norris. 2) RESTITUTION †¢ It is not contractual and does not rely on plaintiff damages (quasi-contract). One party knowingly has received a benefit to which party is not entitled.An arrangement imposed by judge to rectify an occurrence of unjust enrichment. Sinclair v Brougham The society became insolvent, and the question arose how to divide up assets. By the time of the action, the only live issue was between some of the â€Å"B† shareholders and the depositors in the bank, the position of the â€Å"A† shareholders and trade creditors having been settled by agreement. The court held that the bank’s actions had been ultra vires and void, and that there was no possibility for the depositors to recover under quasi-contract. 3) DAMAGES It is a legal remedy available for breach of contract. Damages are an award of money to compensate the innocent party. The primary purpose of damages is to place the injured party in the position they would hav e been in had the contract been performed. †¢ Types of Damages:  There are basically four broad categories of damages: ? Compensatory (to cover direct losses and costs). ? Consequential (to cover indirect and foreseeable losses). ? Punitive (to punish and deter wrongdoing). ? Nominal (to recognize wrongdoing when no monetary loss is shown) An award of damages is subject to the application of the rules on causation, remoteness and a duty to mitigate loss. †¢ Provision : Section 74 & 75 CA Heng Hang Khim v Sineo Enterprise Sdn Bhd The court held that where the defendant failed to deliver vacant possession of a condo unit before the 36-month period as stipulated in the S&P agreement. The plaintiff was entitled to a refund of the sum paid which was compensation for loss & damage caused by breach of contract. Selva Kumar a/l Murugiah v Thiagarajah a/l Retnasamy The court held that there is no distinction between liquidated damage and penalties.In view of section 75 which prov ides that in every case the court must determine what is the reasonable compensation. Any failure to prove the damages will result in refusal to award such damages. †¢ Remoteness A claimant may only recover losses which may reasonably be considered as arising naturally from the breach or those which may reasonably be supposed to be in the contemplation of the parties at the time the contract was made. Hadley v Baxendale Due to neglect of the Defendant, the crankshaft was returned 7 days late to the plaintiff.The plaintiff unable to use the mill during this time and claimed for loss of profit. The Defendant argued that he was unaware that the mill would have to be closed during the delay and therefore the loss of profit was too remote. The court held that Hadley would have been entitled to recover lost profits from the five extra days the mill was inoperable. However, the rule should be that the damages were those fairly and reasonably considered to have arisen naturally from th e breach itself, or such as may be reasonably supposed to have been in the contemplation of both parties at the time the contract was made. Mitigation of Loss The law imposes a duty upon the person claiming damages to take all reasonable steps to reduce or mitigate their loss. If the plaintiff is able to avoid loss, damages will not be recoverable for the potential loss that the plaintiff may have suffered. Payzu v Sauders The court held that the claimant was not entitled to damages. He was given the opportunity to purchase at the discounted price but rejected this. He was under a duty to take reasonable steps to mitigate his loss. The offer was a reasonable one and one which the claimant could easily have complied with. ) SPECIFIC PERFORMANCE It is a discretionary order granted by the courts directing a person to carry out their obligations under contract. It is not generally used in breach of contract actions unless damages prove to be inadequate. When the court cannot supervise t he implementation of contract, it will not generally grant specific performance. Ryan v Mutual Tontine Westminster Chamber Association The lessor agreed to provide porter who would be ‘constantly in attendance’ but the porter also works as a chef. In his absence while working as chef, other person will perform his duties.The issue was whether tenant could seek an order of specific performance against the porter that he carries out his obligations. The court was not prepared to order specific performance because it would have had to constantly supervise the porter’s attendance. Lamare v Dixon The plaintiff induced the defendant to agree to take a lease of cellars by orally promising they would be made dry. The promise had no effect as a misrepresentation as it related to the future. The court refused the plaintiff specific performance since he had made no attempt to perform his promise.Cohen v Roche The court refused the specific performance to a buyer of a set of Hepplewhite chairs saying that they were ‘ordinary articles of commerce and of no special value or interest'. The buyer was contracting with a view to resale and for personal use. 5) INJUNCTION †¢ It is a discretionary court order. Unlike specific performance, this is a court order restraining a party from breaking their contract or from committing a wrongful act and will not be awarded if damages are an adequate remedy. An injunction may be: ? Prohibitory – preventing the breach of contract. ? Mandatory – requiring a person to perform some contractual obligation. ? Interlocutory – where it freezes the status quo between the parties until the dispute can be heard by court. Neoh Siew Eng & Anor v Too Chee Kwang (mandatory example) The landlord had cut the water supply. An injunction was granted requiring the landlord to keep all communication pipes in proper repair so that water supply to the premises would not be disconnected.Broome (Selangor) Rubber Plantations v R H Whitley (prohibitory example) An injunction was granted restraining an employee from entering into employment as a manager or assistant of any plantation in the States of Selangor and Negeri Sembilan other than the estate of his employers until the expiry of his contract of service. This is equivalent to â€Å"the specific performance by the court of that negative bargain which the parties have made†. †¢ Mareva Injunction It prevents the defendant removing or disposing any assets in the jurisdiction until the court makes decision.Mareva Compania Naviera SA v International Bulk Carriers SA, The Mareva. The shipowner hired out their ship (Mareva) to the defendant with half-monthly in advance. The defendant were only able to meet the first two installments, Mareva sued for damages and unpaid hire. They also sought an injunction to stop hirer removing any monies received from the voyage. The issue whether an injunction was obtainable to prevent the removal before judgment. The court held that an injunction was granted to continue until the dispute came to trial to prevent the defendants from disposing any assets. ) ANTON PILLER ORDER May be made available in exceptional circumstances. It is a  court  order that provides the right to search premises and seize evidence without prior warning. This prevents destruction of relevant  evidence, particularly in cases of alleged trademark, copyright or patent infringements. Anton Piller v Manufacturing Processes Ltd The plaintiff was under the belief that one of its agents was supplying confidential information to one of their competitors. However, they are concerned that subpoena would give ample time for the agent to destroy evidence.The issue was whether the company could obtain an order enabling them to enter the agent’s premises to inspect the documents. The court granted the order as there was strong prima facie case of infringement which could cause damage to applicant and clear evidence that the defendants had incriminating the material in their possession which they could destroy. 7) QUANTUM MERUIT Quantum meruit means â€Å"as much as he deserved†. It is the determination of value of the services extended based on the amount of work and the rate of work existing there for similar work, when an agreement or contract is not existing between the parties.The contract may be discharge by breach but where the contract is for goods & services, there is a new implied contract imposed by law on the party taking benefit that they will pay reasonable amount of quantum. †¢ Can arise where: ? A defendant has prevented a plaintiff from carrying out their contractual duties. ? The parties cannot agree on payment ? The parties agree on payment for the part-performance but not the actual amount. Sumpter v Hedges The claimant agreed to build two houses and was agreed that ? 565 would be payable on completion.The claimant done a little more than half job and then ran out of money and was unable to complete. Then defendant completed the work himself. The issue was whether the claimant could recover payment for work done. The contract was entire and not divisible. So, the claimant could not recover under it. Furthermore, it is not defendants fault he could not complete the job and so there was no entitlement for quantum meruit. While the defendant obtained the benefit, it did not constitute acceptance of partial performance in this case.

Essay Final Example

Essay Final Example Essay Final – Essay Example Same-Sex Marriage Same-sex marriage is a relationship that involves marriage between a man and a man or between a woman and another woman. Same-sex marriages have been way of life for a long time. However, this issue had not developed an interest until the recent years. In the contemporary society, same-sex marriages have picked noteworthy interest thus creating a platform for discussions worldwide on whether they should be legal or against the law. Same sex marriages are perhaps viewed as having more adverse impacts than affirmative results and consequently they ought to be illegalized. Same-sex marriages weakened the by now relatively weak union foundation and changing its procreative purpose. This is because these forms of marriages only seem to rise an already existing societal problem. With the inability of the same sex to reproduce, thereby same-sex marriages do not assist in advancing the human race. Moreover, same-sex marriages are seemingly selfish since they are more focuse d on interests of adults leaving children out of the picture. People in support of same-sex marriages may argue that adopting children may solve the problem of procreation, as is the way of many same-sex marriages. Same sex marriages are in contrast with cultural practices and beliefs of most religions (Hunter 54).Over the years, many cultures have based the family setting of specialization and division of labor. Each gender is allocated a set of activities that are connected to a particular sex and absence of one sex implies neglecting some of the roles stipulated for the particular gender missing. Despite the arguably few advantages that accompany same-sex marriages, there are other options that can be adopted to amount to the same results. For example, there are increasingly many laws protecting people from all types of discrimination including those relating to marriage. Furthermore, same-sex marriages do not offer the best environment for children development due to the absence of fathers and mothers who both have an important role to play in the children development process. In addition, same-sex marriages are a source of confusion and depletion of cultural and religious beliefs. Therefore, it is in order to conclude that same-sex marriages should be discouraged and illegalized ( Hunter 45).Hunter, Dan. The Future Impact of Same-Sex Marriage: More Questions than Answers. Georgetown University Law Center, 2012.

The Snake Cult of False Prophet Alexander of Abonoteichus

The Snake Cult of False Prophet Alexander of Abonoteichus It turns out that modern America isnt the only place suffering from scary and bizarre cults. Meet Alexander of Abonoteichus, who used a hand puppet to create his own cult centered on a snake. Alexanders story comes to us from the Greek satirist Lucian, who weaves a fascinating tale of faith and scams. External sources corroborated the existence of a Glycon cult, and even one of Lucians more spurious claims - that Alexander slept with married ladies - seems to have been possible, if not terribly likely. Early Life Alexander hailed from Abonoteichus, a hot-spot in Paphlagonia on the Black Sea. But  the story of this  Alexander,  Lucian says, is no mean feat to tell; Lucian might as well be speaking of Alexander the Great! As Lucian quips, The one was as great in villainy as the other in heroism. As a youth, Alexander was a prostitute. One of his  clients was a snake oil salesman/doctor, a quack, one of those who advertise enchantments, miraculous incantations, charms for your love-affair. This guy recognized trained him in the ways of trickery and selling scams. There was a long tradition of wandering scholars/magicians in this part of the world at the time, as Lucian attests: Alexanders master once followed the famed mystic Apollonius of Tyana. Sadly for Alexander, his master died when he hit his teens, so he formed a partnership with a Byzantine writer of choral songs to go around the countryside practicing quackery and sorcery. Alexander and his partner Cocconas followed one of their best clients home to Pella in Macedon.   At Pella, Alexander got the idea for his greatest  scheme yet, one that allowed him to  become the Professor Marvel of the ancient Mediterranean.  He bought one of those pet snakes and, having realized that people who provided hope to their worshippers earned a  lot of money in tribute and offerings, decided to  found his own snake cult based around prophecy. Serpents had  long been associated with foreknowledge in ancient Greece, so that was a no-brainer. A False Prophet Is Born Alexander and Cocconas started in Chalcedon, where they went to the temple of Asclepius, a healing deity and son of prophecy god Apollo. In that sanctuary, they buried tablets that foretold the coming of Asclepius to Alexander’s hometown of Abonoteichus. Once people â€Å"discovered† these texts, every mystic headed straight there to build a temple to Asclepius.   Alexander went home dressed as a prophet descended from Perseus (even though everyone who knew him from home was aware his parents were Average Joes). In order to keep up the pretense of prophecy, Alexander chewed soapwort root to fake fits of madness. He also created a snake hand puppet made from linen that â€Å"would open and close its mouth by means of horsehairs, and a forked black tongue ... also controlled by horsehairs, would dart out.† Alexander even stashed an extra snake egg near the temple in Abonoteichus; muttering words in Hebrew and Phoenician – which seemed like magical gibberish to his listeners – he scooped up the snake and said Asclepius had arrived! Alexander then snuck in a tame snake he bought from Pella and swapped it out for the baby serpent, telling everyone it grew up super-fast, thanks to magic. He also put tubes into his snake puppet and had a friend speak through them to allow Asclepius to prophesize. As a result, his snake, Glycon, was turned into a god. To interpret prophecies, Alex told supplicants to write down their questions on scrolls and drop them off with him; he secretly read them after removing their wax seals with a hot needle, then prepped his answers before they returned. He banned others from sex with young boys, but allowed himself to molest choirboys who served him. This fraud set a high price for his prophecies and sent people abroad to stir up good PR for him. Word reached as far as Rome, from which rich but gullible Rutilianus came to visit; the false prophet even manipulated this guy into marrying Alexanders own daughter. This helped Alexander establish a spy network in Rome and create  mystery rites  for his cult,  like those of Demeter or Dionysus. So great was Alex’s influence that he convinced the emperor to change the name of Abonoteichus to Ionopolis (perhaps after another of Apollo’s mythical sons, Ion); the emperor also issued coins with Alexander on one side and the snake Glycon on the other! Alexander once prophesied he’d live until 150, then get struck by lightning, but his real death was less dramatic. Before he turned 70, one of his legs rotted all the way to his groin; only then did people notice he wore a wig to look young.

Business Models and Planning Essay Example | Topics and Well Written Essays - 750 words

Business Models and Planning - Essay Example In this business; picking unused and old clothes, the daily operation includes creating awareness to the majority within the surrounding region of the business. The awareness will enhance the collection since people will see the essence of disposing of the clothes in a more fashionable way where they benefit from the entrepreneur who collects the clothes. In terms of equipment, those that are assigned to collect the clothes are equipped with enough storage materials and effective means of transport that helps in transporting the clothes from long distant places. Business operations involve the different process for effective management and daily operations for the success of the business (Greasley, 1999, p. 1). The process of collecting clothes starts from the point of notification to the surrounding residents where the activity will be conducted. Clothes are given in exchange for money for those who wish to sell theirs. However, since the business involve value addition to the collected clothes; the price for purchasing used or old clothes is relatively low compared to the normal price in the market. The business main activity is collecting old and unused clothes. The materials (clothes) are acquired from the neighboring residents and sometimes from different places. The method of acquisition is in line with the regulations of federal policies especially on the environmental issues. The clothes are collected from various collection points placed by the company under the management of different agents of the company. Since the business is associated with bulky jobs and many operations, the company gives the contract to some service providers to carry out the exercise on behalf of the company. Outsourcing the work to a service provider has added advantage especially to quality service provision. There are different techniques that the company can use to produce quality product, but, in this case, line production and continuous flow production will

I Believe In Wisdom Personal Statement Example | Topics and Well Written Essays - 750 words

I Believe In Wisdom - Personal Statement Example   Albeit the confusion of growing up, nothing interesting coming my way that never caught my attention. More often than not, I kept weighing the benefits that each presented in my life. When it hit me that wisdom played a considerable role in my life, I took its stand. Experiences played their part, significantly to influence this stand. This is the one believe that for a long time now has remained with me, stuck with me, and molds the person I am. In planning for my future, wisdom remains the significant factor that I put into consideration. Like a journey, my strong belief in wisdom took a rather long route. When it finally came, I doubtlessly knew where my beliefs lay; in wisdom. At a tender age, the ability of the Biblical Solomon to solve the big case of the two mothers awed me more than it amused me. The reasoning behind his ruling on the case was beyond any judgmental ruling I have ever heard of. On several occasions, I made comparisons of the ruling of my country’s j udges with the Solomon incidence. My aspirations were never on being a legal counsel, neither lawyer. Yet, my reasoning on the different ways in which I could successfully make my own personal ruling and judgments crowded my head. The difference in my way of thinking and that of legal thinking was simple; mine was not vested in any voluminous works I had learnt, or the various cases that I had read and the decisions reached in law school. Any person can make a mistake, but Solomon did not. People acquire knowledge, but wisdom develops. This made my way of thinking different from the legal school of thought, choosing conscious reasoning and thinking. I had a big thirst for sober decisions. Regrets, I suppose, befall poor planners. I did not want to become one. Every time I was faced with a trying problem, I compared this situation, weighed the chances available and thought of their outcomes. This, as I figured, would help me walk through any compromising situation. When one day my yo unger brother started developing a funny character, I put into test my wisdom. His character took a drastic change, as his school grades took a nosedive. He plummeted from a top performing student to a low ranking student. This attracted the attention of his teachers, while my parents became a worried lot. Even with mentorship, monitoring and guidance, he never seemed to change. Physically, he showed no signs of depression or stress. He was as handsome as always, and did not show any signs of weight loss. What baffled many is that while his character kept changing, his friendship never did; he kept the same friends as before. However, he ate lesser quantity of food, slept excess fully, talked less and stopped playing his favorite game, the PlayStation. Counselors thought he was suffering from stress-related problems, while my parents held a rather weird stand; he either was turning gay or was a drug addict. Perhaps his condition compared to either of these perceptions, even all. For me, this was an opportunity to test my wisdom. Wisdom does not rely on tested evidence, but on a well-reasoned decision.