A Contract Law Problem - Free Essay Example

Sample details Pages: 6 Words: 1674 Downloads: 6 Date added: 2017/06/26 Category Law Essay Type Analytical essay Topics: Act Essay Contract Law Essay Did you like this example? Question 1 Issue The issue is whether the contract entered into by Harry, a clerk in the factory office is enforceable against the company. Rules A company can enter into a contract by the virtue of s124. There are several ways a company can contract with the outsiders. Don’t waste time! Our writers will create an original "A Contract Law Problem" essay for you Create order One common way is to affix the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s common seal as illustrated in Northside Developments Pty Ltd v Registrar-General. However according to s123(1), it is optional for the company to have a common seal. S127(1) of Corporations Act states that a common seal is not required if two directors or a director and a company secretary sign the document. There are two ways where individuals are capable of entering into contracts for the company. The first is the organic theory which refers to the organs of the company who are the directors, members and managing directors. This theory allows the company to contract directly under its name as illustrated in the case of Lennardà ¢Ã¢â€š ¬Ã¢â€ž ¢s Carrying Co Ltd v Asiatic Petroleum Co Ltd. The second way is more common whereby a company (principal) is allowed to appoint agents to act on behalf of the company under s126 of the Corporation Act. There are two types of authorities that agents are appointed through actual a nd apparent or ostensible authority: s126(1). An agentà ¢Ã¢â€š ¬Ã¢â€ž ¢s actual authority may be given expressly or not by the principal. When an actual authority comes with express instructions, this is known as express actual authority. An actual implied authority is when an authority is not expressly agreed upon between the agent and the principal and the agent can enter into contracts like a person in the same position customarily can: Hely-Hutchinson v Brayhead Ltd. An agent has apparent or ostensible authority when the person is held out by the company [s129(3)] and when outsiders have the impression that the agent has the authority to act on behalf of the company. However, this is not an actual authority but an appearance of the authority: Freeman and Lockyear v Buckhurst Park Properties (Mangal) Ltd. S128 and s129 of the Corporations Act allows the outsiders to make assumptions that the agent is complying with its companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s constitution. The outsiders will rely in good faith on the representation and Doctrine of Estoppel will apply once representation is made. Application Based on the law and facts given, when Harry did not introduce his position to Mickey, Mickey assumes under s129 that Harry has the ostensible authority customary for a factory manager and has the authority to enter into the contract with him. However there is no actual authority in this case as Harry has not been given actual authority by the directors or John and the office he holds does not customarily provide him the authority to enter into a contract on behalf of the factory manager. There are no representation to suggest that the company gave Harry an appearance of authority. Conclusion To conclude, the contract is not enforceable against Alpha Ltd and Harry can be sued for breach of warranty of authority by Solder Ltd. References Lipton, P., Herzberg, ABE Welsh, M., 2014. Understanding Company Law. (17th ed.). Australia: Thomson Reu ters. Retrieved: 20 October 2014 Corporations Act 2001. Australian Corporations Securities legislation. (2014 ed.). Australia: CCH. Retrieved: 20 October 2014 Question 2 Promotion is the period of time taken for the registration of the company. There are two types of promoters who take part in the formation, an active promoter and a passive promoter. In Twycross v Grant, a person who actively engages in the formation of a new company is known as an active promoter and the promoter can act on behalf of the company. In Tracy v Mandalay Pty Ltd, a person who does not actively engaged in the incorporation process but stood to benefit from the profits is a passive promoter. The promoter may also participate in raising share capital to maintain the business of the proposed company. A promoter owes fiduciary duties to the proposed company and potential investors. As part of the fiduciary duties, the promoter is required to act in the best interests of the company, avoid any conflicting interests, ensure full disclosure of any interests (Erlanger v New Sombrero Phosphate Co) and any personal profits (Gluckstein v Barnes) for contracts entered into. Based on the law and facts given, Larry is the party responsible for the incorporation of the company and thus satisfies the duties of an active promoter: Twycross v Grant. Larry ow es the proposed company, Lifesaver Pty Ltd and its potential investors, fiduciary duties as mentioned above. Under s131(1) of the Corporation Act, the law states that a company is bound if the contract is entered before registration and ratified within an agreeable time by both parties. This is supported in the case of Aztech Science Pty Ltd v Atlanta Aerospace. If the directors decided not to ratify Larryà ¢Ã¢â€š ¬Ã¢â€ž ¢s lease, the promoter who entered the pre-registration contract on behalf of the company, which is Larry will be liable for any damages in virtue of s131(2) and Bay v Illawarra Stationery Supplies Pty Ltd. Larry will have to compensate both parties whereas Lifesaver Pty Ltd will not be affected. However Larry can be released from either or all part of the liability if the company sign a letter of release [s132(1)] from the liability clause but he will not be entitled to indemnity depending on the company [s132(2)]. Lifesaver is a proprietary company as thereà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã…“ptyà ¢Ã¢â€š ¬Ã‚  in the name: s148(2). A proprietary company is prohibited from issuing shares to the public except to its existing shareholders or employees [s113(3)] whereas only public company can raise funds from the public by issuing a disclosure document. Lifesaver Pty Ltd can consider issuing offers of securities that do not require disclosure documents as listed in ss 708 and 708AA such as small scale offerings which are personal offers to a small number of investors [ss 708(1)-(7)]; offers to sophisticated investors that deal with large offers [s708(8)(a) and (b)], offers to wealthy investors [s708(8)(c) and (d)] or offers to experienced investors [s708(10)]. Lifesaver is a public company as thereà ¢Ã¢â€š ¬Ã¢â€ž ¢s no mention of à ¢Ã¢â€š ¬Ã…“ptyà ¢Ã¢â€š ¬Ã‚  or à ¢Ã¢â€š ¬Ã…“proprietaryà ¢Ã¢â€š ¬Ã‚  in the name. As only a public company can raise funds from the public, Lifesaver can do so by issuing a disclosure document or using documents that do not require disclosure documents as listed in ss 708 and 708AA. The purpose of disclosure document is to ensure that relevant and accurate information is disclosed so investors can make informed decision on whether to accept the offer. There are four types of disclosure document à ¢Ã¢â€š ¬Ã¢â‚¬Å" prospectus, short form prospectus, profile statement and offer information statement. A prospectus is the most common type of disclosure document used in practice. References Lipton, P., Herzberg, ABE Welsh, M., 2014. Understanding Company Law. (17th ed.). Australia: Thomson Reuters. Retrieved: 20 October 2014 Corporations Act 2001. Australian Corporations Securities legislation. (2014 ed.). Australia: CCH. Retrieved: 20 October 2014 Question 3 Issue The issue is to explore the various method of raising funds and whether there is a need for disclosure document in raising $11 million. Rules Companies can raise funds from the public provided that it is a public company and in order to raise funds, these companies are required t o issue a disclosure document unless otherwise exempted to do so in s708. The purpose of disclosure document is to ensure that relevant and accurate information is disclosed so investors can make informed decision on whether to accept the offer. There are four types of disclosure document à ¢Ã¢â€š ¬Ã¢â‚¬Å" prospectus, short form prospectus, profile statement and offer information statement. Profile statement is not an option as it is rarely used in practice. A prospectus is the most common type of disclosure document. A prospectus is required by the Corporations act to be prepared in a à ¢Ã¢â€š ¬Ã…“clear, concise, and effectiveà ¢Ã¢â€š ¬Ã‚  way (s715A), including information required by the general disclosure test (s710), make specific disclosure required by s711 and not be misleading or deceptive [s728(1)]. A short form prospectus is a reference to the full prospectus and used to assist the general public [s712(1)]. An offer information statement (OIS) is an alternative besides the prospectus if the amount raised in a company lifetime is $10 million or less under s709. There are offers without a disclosure document as listed in s708 and s708AA. One of the offers is small scale offerings that are personal offers of securities to a small number of investors. Disclosure document is generally not required unless it has breached the 20 investors ceiling and $2 million ceiling [s 708(3) and (4)] within a 12 month period. Application Figment Ltd is a public company as thereà ¢Ã¢â€š ¬Ã¢â€ž ¢s no mention of à ¢Ã¢â€š ¬Ã…“ptyà ¢Ã¢â€š ¬Ã‚  or à ¢Ã¢â€š ¬Ã…“proprietaryà ¢Ã¢â€š ¬Ã‚  in the name, thus it is able to raise funds from the public. Since the company does not want to prepare a prospectus, the only option is OIS. However OIS needs a disclosure document and the amount is capped at $10 million. The company can consider the exemptions listed in s708 and s708AA that do not need a disclosure document. If the offer is to be made to soph isticated investors, professional investors, senior managers or relatives, the company can consider the requirements for the respective documents. The company can consider using one or a combination of the documents in the listed exemptions to meet their needs. However because Figment is a public company, potential investors would prefer to learn more about the company and the reason for the issue of shares, thus it would be recommended to prepare a disclosure document. Since the offer exceeds the $10 million cap for using an OIS, Figment can consider using small scale offering for the remaining $1 million since it did not breach the $2 million breach. Conclusion To conclude, the best alternative is for Figment Ltd to use OIS in raising $10 million securities and the remaining $1 million using small scale offerings that do not require disclosure document under s708. References Lipton, P., Herzberg, ABE Welsh, M., 2014. Understanding Company Law. (17th ed.). Australia : Thomson Reuters. Retrieved: 20 October 2014 Corporations Act 2001. Australian Corporations Securities legislation. (2014 ed.). Australia: CCH. Retrieved: 20 October 2014 1

The Day Of The World War I - 767 Words

Welcome Grinnell Middle School students and staff, honored members and veterans of the United States Military and all of our guests in attendance today. To the committee that put this assembly together, thank you for allowing me the opportunity to speak to you on what is arguably the most important holiday Americans celebrate each year, I am humbled and honored to be a part of this day. On the 11th hour of the 11th day of the 11th month in 1918, an armistice, or temporary cease-fire, was declared between the Allied nations, of The United States, Great Britain, France, Russia and Italy, and their enemies Germany, Austria-Hungary, Bulgaria and the Ottoman Empire in the First World War, known as â€Å"the Great War.† Or â€Å"the War to End all Wars† sadly this was not to be the case. This armistice would lead to the Treaty of Versailles, officially ending World War I. Originally celebrated as Armistice Day beginning the following year, November 11th became a legal federal holiday in the United States in 1938. In the aftermath of World War II and the Korean War, Armistice Day became Veterans Day, a holiday dedicated to the more than 23 million American veterans of all wars. Most Americans profess their love and admiration of our veterans, especially at gatherings like this on Veterans Day and Memorial Day. And while their feelings are sincere, it is important to remember that veterans are defending us 365 days a year. The heroism that has been demonstrated time and again by veteransShow MoreRelatedThe Day Of The World War I1370 Words   |  6 Pages On November 11, 1918 the war to end all wars came to an end with a ceasefire between the allied nations and Germany. 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Modern art was catalyzed by World War I and without a thorough study of the various forms of art that resulted from it, modern art and the tremendous effect that World War I had on the people of the world cannot be fully understood. This historicalRead MoreA short term cause of World War I was Kosovo Day, which was a day for ethnic cleansing. This2800 Words   |  12 PagesA short term cause of World War I was Kosovo Day, which was a day for ethnic cleansing. This relates to World War II because Hitler had extermination camps to kill the Jews, and whoever else he didnt see fit to be in the world. The failure of the Directory eventually lead to the rise of Napoleon because in 1797, there were new elections. Because they couldnt agree on things, they relied on the military. So in 1799, the coup detat came about and led to Napoleon gaining power. (textbook pg. 552)Read MoreEssay The Roles of Congress In World Wars I and II1198 Words   |  5 Pagesmoments during war time. 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Now lets me show you what happened. Now let’s begin the things that happened. Long time ago there was a big war (World War 2). There was a lot of soldiers that got sent into the war. There was also a really bad man, HitlerRead MoreAn Analysis Of David L. Snead s An American Soldier 949 Words   |  4 Pages An American Soldier in World War I, edited by David L. Snead is a collection of letters written by a World War I soldier, George Browne, to his girlfriend, Martha. Professor David L. Snead was given these letters by one of his students in the 1990s . In this book, Professor Snead wanted to focus on the life of a Soldier in World War I and George’s letter describing the events first hand is a great way to help readers understand the hardships. The thesis here in this book gives a solid but brief

Sales and Milo free essay sample

Therefore, in a heartbeat, a customer can realize a product that the company is selling made from plant and is good for health. More so, that in turn develops an â€Å"interest† in the customer’s mind to learn about the product. A customer then gets into the â€Å"evaluation† stage to assess the product on some information he or she gathers. Afterward, a customer takes the â€Å"trial† step, and consequently decides to make post-purchase on favorable experience in the trial stage, that is the last stage called â€Å"adoption†. After setting the promotion objectives, Milo continues to decide how much money to spend. It is not an easy task to deal with because there are several elements needed to spend on in promotional activity such as advertising, sales promotion, and public relation. Yet once these activities are seized appropriately, Milo can approach target customers efficiently and effectively. To illustrate, according to CATPHCM news, the promotion budget for Nestle accounted for 38% in 2008, which raised the price of its products, and in turn dissatisfied customers. We will write a custom essay sample on Sales and Milo or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As the result, in the first nine months of 2009, Nestle had to cut down promotion budget to 27% to either reducing the price or pleasing customers. Completing making budget decision, Milo seeks to select, implement, and evaluate promotion tools, which include advertising, sales promotion, and public relation. a. Advertising: * Television: Milo Soya advertised through the movie â€Å"Gia dinh phep thuat† displayed on more than 20 channels nationally. Plus, including 6 months advertising on TV. * Newspaper: Milo Protomalt was first introduced on Thanhnien Online in 2007. * Magazine: Milo Cup was spread out via Phunu Online. * Internet: Advertising on Youtube. com. (Link: http://www. youtube. com/watch? v=evKaM-izDqM http://www. outube. com/watch? v=CsciC2RP5MM http://clip. vn/watch/Milo-Soya-Sua-Dau-Nanh,hyZm) * Outdoor: Billboards, Advertising boards at bus stop/ moving vehicles like bus. b. Sales promotion * Contest: Being a sponsor for some big sport events such as MILO Football Tournament for Underprivileged Children, Young National Football held in Thanh Hoa, Basketball Tournament for pupils opens in HCMC, etc. * Sampl es: Giving 1,600,000 glasses of Milo Soya to nearly 500. 000 children in 13 provinces. Point-of-purchase displays: Milo Soya campaign covered more than 22 big supermarkets. Premiums: Build goodwill through gifts, discounts, etc. c. Public Relations: While advertising and sales promotion illustrate how Milo can reach its target audiences, public relations depict how audiences market Milo’s products. For instance, Milo had applied the â€Å"new conference† tool; specifically it opened a meeting to introduce the benefits of Milo Protomalt on Oct 16th, 2007. After having been through promotion decision process, Milo embarks on personal selling process, which consists of six stages (Figure 2), stimulates salesperson-customer interaction. Figure 2 * Prospecting: * In this stage, Milo seeks â€Å"lead† customers via some promotional channels above, then selecting â€Å"prospect† customers who concern about product benefits, and finally filters those â€Å"qualified prospect† that can afford to buy Milo’s products in order to move on to the next stage. * Preapproach and Approach: * Once Milo has identified â€Å"qualified prospect† customers, preparation for sale begins with the preapproach and then acting to approach them. Preapproach entails getting to know what the prospect is looking for in a product or service. Apparently, in order to reach those customers, Milo understands the trend in dynamic, strong, and healthiness, so it produces a series of products, which support those elements including original Milo, Milo protomalt, and Milo Soya. Furthermore, realizing the need for convenience of the customers, Milo constantly innovates in product features such as packaging in glass, bottle, and box, or ready-to-drink design. * Presentation: * It is concerned as the core of the order –getting selling process, and its objective is to convert a prospect into a customer by creating a desire for the product or service. It is described by the application of formula selling format in sales promotion presented above. * Close: * This stage clarifies a purchase commitment from the prospect, plus it is the most difficult for Milo and even others in general, because Milo’s salesperson must determine when the prospect is ready to buy by means of body language, statements, or question. * Follow-up: * It explained how Milo can create post-purchasing in consumers’ mind. To attain it, Milo has continually innovated in making progress in product features and packaging, and services through sales promotion.

Social Mobility Research Paper Essay Example

Social Mobility Research Paper Essay The comparison within one family usually implies the vertical mobility, though the horizontal is indeed not excluded. The differences might sometimes be striking. Modern â€Å"globalization† society develops at a much higher speed and provides much more opportunities and options to individuals. These changes make the changes of stratification variables impressively outstanding. At the same time, in the last several decades the society has faced numerous breakdowns and evolutionary changes that now define the possibility of an individual to cross the strata and move vertically to other social position to another. There are multiple opportunities, but there are also numerous obstacles to them. The analysis of changes of an individual’s life in various stratification variables (education, religion, and income, and occupation, area of residence, consumption patterns, and political participation) compared to his or her relatives, friends or other social groups, enables to determine the level of this individual’s social mobility, which can be horizontal and vertical (the latter is either upward or downward). We will write a custom essay sample on Social Mobility Research Paper specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Social Mobility Research Paper specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Social Mobility Research Paper specifically for you FOR ONLY $16.38 $13.9/page Hire Writer My grandparents were born before the baby boom and thus were lucky enough to have obtained proper education and good jobs before the market flooded with numerous specialists from the baby-boomer generation. They were comparatively well-off and fitted into the given circumstances. When my parents were born, they received an accepted elementary and secondary education, and then in technical and literal fields. When the time arrived, they had to choose what career to pursue. My father was an engineer, and he found a job in a construction company. My mother began her career as an assistant to a sales company. She then had an opportunity to become a sales manager but, in the end, decided to become a housewife and a good mother. By that time I was born. By the present time, I can not claim my social mobility regarding education was astonishing. The only vertical movement in this stratification variable is the level of education I am planning to achieve. After graduating from the university and obtaining a degree of Bachelor Administration in Business Management, I would like to continue my education and receive an MBA degree. My future occupation is the aviation engine mechanic, but that is not the end of the planned career. I intend to climb the career ladder and pursue the opportunities in the field of aviation management. The education stratification variable has experienced substantial changes in the recent decades. Nowadays more and more opportunities are available to those, who have a desire and a talent to grow professionally. Companies are willing to pay for the talented employees and to bring up managers of the higher level. The levels of income have also become higher in comparison to my parents and grandparents. Now, an excellent part-time job will generate more than my relatives used to earn per day. The problem is that the prices and expenditure/consumption levels have also increased substantially. Thus, in this case, vertical mobility is doubtful. As for the consumption patterns, they, too have changed. Now we spend even more on food and entertainment, but a more significant part of income spent on the latest technological achievements. One cannot help the consumerism trends in the American society. All marketing methods used by numerous companies are targeting our pockets. Those, who try to be up-to-date, can hardly imagine their life without digital phones, cameras, computers, palms, â€Å"hands-free,† Bluetooth, house appliances, computers, internet-based services and much more. And of course, when I was a kid I was curious about all the innovations but did not treat them as a â€Å"must-have.† My parents had no idea such things would consume their son’s income back in the late 70’s when I was born. The same statement holds true for my grandparents, who mostly spent money on global â€Å"lifetime† purchases like the house, automobile, refrigerator, etc. In this stratification variable, next generations are upwardly mobile, because they have more opportunities to choose from and new technologies to implement and make like easier. Sometimes I think that the change in attitudes towards new technologies and products offered by vast modern market had greatly influenced my attitudes towards my grandparents. When I was younger, I believed they were too old-fashioned because they had no idea of new things that appeared in the world. Now, the speed of innovations is high enough to make almost everyone seem â€Å"old-fashioned.† My political participation, as well as the area of residence, differs neither from that of my parents nor my grandparents). One can not say we are politically ambivalent, but political activity is not what my family would go into, taking into consideration given circumstances. They would preferably manager their local â€Å"country,† which is their family and take care of themselves and the relatives. I certainly can not deny I may one day change my attitude and take part in political processes, but that would be possible only in case of further vertical social mobility. I will have to have a good education, a decent career, high level of income and many other conditions to follow to become politically mobile. By now, I am more interested in obtaining higher education and finding a good challenging and rewarding job. I believe that the changes in attitudes I had experienced were caused by my participation in various social groups and the individuals I had met along the way – my friends, other students, colleagues, etc. Of course, the changes in society are also worth mentioning. Humans are now greatly influenced by media, and other sources of information, political, economic and social upheavals, etc. The latter three were, undoubtedly, affecting all the previous generations, but globalization had made new changes much more noticeable and influential. It is difficult to determine the level of mobility (both upward and downward) because things seem more different than they are in reality. What appears to be a significant step ahead is sometimes only a half-step forward. I believe every generation makes a step ahead, but only time will show how far we have reached. My parents think their children should be better than they are, but I still have a lot to do for that wish to come true.