Provisions of Australian Contract Law

Question: Examine about the Provisions of Australian Contract Law. Answer: Presentation This inquiry comprises of three unique situations where we have to remark that whether thought is available and whether it has an enforceable understanding. Every one of the three cases are practically comparable with slight distinction in the value which is offered for the Lotus Super 7 Sports Car. Before remarking on every one of the three cases we ought to comprehend the significance of Consideration and Enforceable Agreement/Contract. (Lawyerie, 2016) Thought: it is a worth which a promisor gets from a promisee as a byproduct of his guarantee. It is worried about the deal of the agreement. It must have an incentive according to law and avoids guarantees of adoration and fondness, wagering gaming and so on. A guarantee which is just from one side isn't a thought, rather it is a blessing. There are different guidelines which are overseeing the law of thought. The standards are given below:(Ilovelibrariesorg, 2016) Thought ought not be past. It should move from the guarantee. It must be adequate and ought not be satisfactory. Any part installment made ought not be considered as a substantial thought for a guarantee to done without the equalization. Any current open obligation and legally binding obligation ought not be viewed as substantial consideration.(E-lawresourcescouk, 2016) Enforceable Agreement/Contract: There are sure arrangements which should be satisfied to called an agreement or an understanding is enforceable. The fundamental prerequisites which should be there for an agreement to be enforceable are:(Lawscom, 2016) 1. Thought must be available. 2. There must be a proposal by a gathering 3. Acknowledgment must be given by the other party. 4. Important gatherings must have the lawful ability to the agreement. 5. The issue on which the conversation is there must be lawful in law. 6. There must be a common commitment between both the gatherings On the off chance that all the previously mentioned conditions are available, at that point an agreement or an understanding is considered as enforceable.(Lawcom, 2016) There are two gatherings associated with this case named as Jane and Jack. Jane is giving a proposal to Jack to give her Lotus Super 7 games vehicle. Nothing is referenced with respect to the cost at which the vehicle is advertised. The cost of a similar vehicle in an awesome condition in the market was $25,000. For this situation just Jane has offered guarantee to give her games vehicle to Jack yet there is no guarantee from the side of Jack. For a thought to be available guarantee ought to be there from the two sides, yet here guarantee is given uniquely from one side. Jack has not given any guarantee to Jane, so there is no thought. In such cases it is called as blessing. Jane has skilled her Sports vehicle to jack with no thought. Jack has even acknowledged the offer which is given by Jane. Presently since thought is absent then this agreement would be enforceable by law. Any agreement can be enforceable just when a thought is available in it, however for this situation thought i sn't there. Subsequently this case neither has any thought nor is the agreement enforceable by law. The subsequent case is likewise fundamentally the same as the first yet the main contrast is the value which is given for the games vehicle. Jane has vowed to give her games vehicle to Jack at a cost of $25,000. The market cost of a similar vehicle in a generally excellent condition would likewise cost $25,000. This implies the value which is offered by Jane is same as the value which is offered in the market. For this situation both Jane and Jack guaranteed one another. Jane has vowed to give her vehicle to Jack while Jack has vowed to offer $25,000 to Jane. $25,000 paid by Jack to Jane is the thought paid. The said agreement among Jane and Jack is enforceable since all the components of an agreement are available in it. The components satisfied for this situation are:(Rocketlawyercom, 2016) Jane has offered her Sports vehicle to Jack. Thus the offer condition is satisfied. Jack has acknowledged the offer which was offered by Jane. Thus the acknowledgment condition is additionally satisfied. Jack has paid $25,000 to Jane for the vehicle which is same as the value which is offered in the market. Thought condition is likewise satisfied. Both the individual included has the commitment. Jane has a commitment to give her Sports vehicle to Jack and Jack has a commitment to offer cash to Jane. Consequently Mutuality of commitment condition is additionally satisfied. Both Jack and Jane have the legitimate ability to the contract.(Thefreedictionarycom, 2016) Thus for this situation thought is available and even the agreement is enforceable by law. The third case is likewise fundamentally the same as the initial two cases aside from the value which was given by Jack. Indeed, even here Jane has offered her Sports Car to Jack yet at a value which is extremely low than the cost offered in the market. Cost offered in the market was $25,000 while the cost offered by Jane to Jack was just $2,500. The cost offered was just 10% of the cost offered in the market. Thought is available for this situation however it isn't legitimately enforceable in light of the fact that the cost offered is extremely low. For a thought to be available sure principles should be satisfied. The standards are clarified below:(Wwwuiono,, 2016) Thought paid here doesn't have a place with past. It was a guarantee given by Jack to Jane as an end-result of the Sports Car. The thought paid was not adequate on the grounds that it was just 10% of the value which was offered in the market. The sum paid isn't a section installment. $2,500 is the full installment which was paid by Jack to Jane. There are not authoritative and open obligation remembered for the thought. All the conditions with respect to thought have been satisfied aside from the third condition. Thought paid by Jack was not adequate enough. Presently since thought is absent then the agreement would likewise be not enforceable by law. Consequently for this situation neither the thought is available nor is the agreement enforceable by law.(Findlawcom, 2016) Issue: This case likewise features the arrangements of agreement law. With the assistance of this case we would comprehend about the breaks in an agreement. Two gatherings are associated with this agreement. A shipbuilder has taken an agreement to assemble a big hauler for North Ocean Tankers. The terms and states of the agreement were: 1. Sum paid to the shipbuilder would be in U.S. Dollars. 2. In the event that there is any adjustment in the cash, at that point value paid would not get influenced. It doesn't contain arrangements for money vacillations. At the point when fifty level of the agreement was finished U.S. had cheapened Dollar by 10%. Presently since the agreement didnt contain arrangements with respect to money vacillations, shipbuilder endured misfortunes. Because of the misfortune endured shipbuilder requested an additional measure of $3 million and on the off chance that the sum isn't paid, at that point the development would be halted. Purchaser didnt need the development to be halted since they had a contract for the big hauler and it was fundamental that it ought to be conveyed on schedule. Purchaser consented to pay the requested additional sum under dissent. Purchaser chose not to make any move until the whole development is finished. When the development was finished purchaser needed to recuperate the additional cash which was paid. We have to see that whether purchaser would be effective in guaranteeing back the additional sum which was paid by them or not.(Wordpresscom, 2016) Rule: when an understanding between two gatherings is legitimately enforceable then it is known as an agreement. Be that as it may, there are sure components which should be available in an agreement to make it lawfully enforceable. The components are examined below:(Contractstandardscom, 2016) Acknowledgment and offer Understanding ought to be lawful according to the particular State Laws. Both the gatherings must have the expectation to make restricting relations. Thought must be paid for the guarantee, which is made by the gathering. Both the gatherings must have the certified assent. Lawful limit of the gatherings to act. In the event that all the previously mentioned components are available in an agreement, at that point it is considered as a contract.(Lsuconca, 2016) Break of an agreement is a lawful reason for activity in which one of the gatherings didn't played out its guarantee according to the terms and states of the agreement. In the event that a gathering couldn't play out his obligation as referenced, at that point it is considered as a break. There are different sorts of breaks in an agreement which are talked about below:(Ideaint, 2016) Minor Breach: in such sort of a break non-penetrating gathering couldn't sue the penetrating party for explicit execution yet can sue for genuine harms. Material Breach: in such sort of a penetrate gathering to the agreement can either urge execution or gather harms on account of the break. Principal Breach: In such sort of penetrates wronged gathering can end the presentation of an agreement and the gathering can sue for harms also. Expectant Breach: under this penetrate gathering won't play out his obligation when the exhibition is expected. It is where future non-execution is inevitable.(Adamsdraftingcom, 2016) Application: first we have to watch that whether the agreement entered between the shipbuilder and North Ocean Tankers is legitimately enforceable by law or not. The components of an agreement are talked about beneath in detail: North Ocean Tankers is an organization which has given a proposal to the shipbuilder to build a big hauler for them. Offer is available in this agreement. Shipbuilder has acknowledged the agreement which was offered by the purchaser. Acknowledgment is additionally present in the agreement. For the work done by the shipbuilder, sum is paid by the purchaser in U.S. Dollars. Consequently thought is additionally present for this situation. Both the gatherings have commitment to perform. Shipbuilder has the commitment to manufacture the big hauler and North Ocean Tankers has the commitment to pay them. The terms and states of the agreement are lawfully enforceable. According to the terms installment will be made to the shipbuilder just in U.S. Dollars and it won't contain any arrangements in regards to cash fluctuations.(Dlapipercom, 20

Legal History Essay Example | Topics and Well Written Essays - 2000 words

Legitimate History - Essay Example The law is not, at this point a texture of unmistakably characterized ranges, yet is somewhat an intricate interwoven pattern of different shades of dark. This structure is significant in that it invigorates self-cross examination. It gets rid of the very advantageous givens of a lawful framework - that there is nevertheless one lot of right decides and that lawful choices are nevertheless legitimate results of tried rules that are exactly replicable. This is maybe the best casing to embrace as we swim through the cloudy waters of lawful history - exploring through Roman and somewhat English saxon law; and moving towards and considering the different subtopics, for example, criminal law and equity, tort and compensation law, and sexual orientation law. Roman law is the lawful arrangement of old Rome, covering more than one thousand years from the twelve tables to the Corpus Juris Civilis. Enlivened in huge part by the incredible scholars of now is the right time, this gives prepared model that the law is increasingly an intricate interwoven pattern of the advancing mentalities of the day, than a consistent and strong stone. For instance, the incredible scholar Cicero keeps up that there was no differentiation between that which was ethically acceptable and what was valuable to man. To cite from Cicero, Prudence is a propensity for the brain, predictable with nature and control and reason. [Rhetorical Invention (bk. II, sc. LIII)] Much of this has been affected by Platonic way of thinking which is relied on moral uprightness as rehearsed by just rulers. All things considered, the idea of government and obligation has underlain quite a bit of old law and has supported the individuals of the time in diagramming their fate. The interface among law and writing and human expressions gives bits of knowledge into how lawful history was formed during the past. A significant part of the law was impacted by the social milieu of the time. To cite from Green (1929): It is commonly comprehended that the plays of Plautus, in light of Greek models and avowedly interpretations of Greek comedies, have been so adjusted for introduction to a Roman crowd that they present a blend of Greek and Roman components. Be that as it may, the degree to which materials of every sort are utilized has been the subject of impressive conversation rather wide contradiction. Particularly is this valid with respect to the lawful inquiries engaged with the inquiries introduced. The law of compensation Another field of law which would exhibit how the law without a doubt is a result of emotional encounters and understandings, instead of fixed standards is the law on compensation. The street towards tolerating free acknowledgment as an iron-clad standard in the law of compensation may seem tempting to a few, yet the same number of lawful researchers have brought up, it is a street loaded with numerous risks. To be sure, even the bigger support on which it rests - the wide idea of uncalled for improvement - has been the wellspring of vociferous contradiction. So cloudy are the waters that legal acknowledgment of the idea during that time has been not exactly overpowering. The farthest it has reached, as per Hedley (1995) is this: a significant number of judges presently perceive that there is a significant subject called compensation and that when all is said in done terms, it concerns the expulsion of advantages that would some way or another unreasonably advance the litigant. It isn't hard to envision that statute encompassing the considerably more restricted rule of free acknowledgment is even smaller. Hope for all inclusiveness or even, less

SAT Essay Prompts - Get Prepared For Your Essay

SAT Essay Prompts - Get Prepared For Your EssayThe SAT Essay Prompts is a great resource for getting you ready for your own essay. You can take the prompts and revise them based on the questions that you receive from your school. This way you can create a much more valuable essay. There are also some great SAT Essay Prompts for your use that you can print out and refer to.The prompts provide you with real life situations that you might be faced with when preparing to write an essay. You can use these prompts to generate ideas for how to approach the essay. You will find that you have better comprehension of the material once you review the prompts. Also, by knowing what these situations are, you can avoid having any unforeseen situations come up.The SAT Essay Prompts is broken down into three sections. The first section is a discussion prompt. The second section is a personal essay prompt.The discussion section of the SAT Essay Prompts can be used to explore what issues you might be concerned about as a parent. It can also be used to look at your relationship with your child. By looking at your own past experiences, you can understand the type of questions that you might be faced with during the exam.The Personal Essay Prompt is going to be the section of the essay that you are most concerned with. It will discuss a story that you have experienced or witnessed. By exploring this story, you can get a better understanding of the issue that you are most concerned about.The first section of the SAT Essay Prompts will be the Reasoning Section. You will review general information about the subject matter. You will be required to answer questions and you will need to do so in the following manner:'Write an essay about the author of this paragraph. The author should be a believable individual.'You can download sample SAT Essay Prompts from some of the sites that are dedicated to providing these resources. This will give you an idea of the types of essays that you might be faced with on the exam.

Implications Of The Debt Crisis Essay Online For Free - Free Essay Example

The recent global crisis had multiple causes: The general cause appears to be a rapid growth of the level of debt (especially in the case of households), accompanied by sharp increases in real estate prices. However, the complexity of the crisis was increased by the existance of individual reasons in each country. The article aims to synthesize some of the most important reasons that led to the current crisis both general and country-specific (USA, Iceland, Ireland, Greece, Portugal, Spain). Last but not least, the article analyses some of the implications of the crisis for the markets and for the regulators. Introduction The financial crisis that hit the global economy in 2007 and is still continuing in 2011 has been the largest such crisis in the post-world war period. Its implications have been so numerous and some of them so radical that understanding this crisis has become a necessity for all of us. Having started as a liquidity crisis, it developed to the extent that it generated a recession in many countries, and it has had implications not only on the banking system, but also on the real economy and on the economic dynamics. The current article aims to make a synthesis of current research on this topic with regard to the multiple causes of the recent crisis (in the USA and in Europe) and to its implications. Causes of the crisis Despite the unprecedented global reach of the recent crisis, the European Commission (2009) believes some of its causes are similar to causes of previous crises, such as the Asian crisis in late 1990s or the crisis of the Nordic countries in the early 1990s. The common feature was that all these crises were preceded by long periods of rapid credit growth, low risk premiums, abundant availability of liquidity, strong leveraging, soaring asset prices and the development of bubbles in the real estate sector. Indeed, McKinsey (2010) made a quantitative and qualitative analysis of the evolution of debt levels during the pre-crisis period in several countries in the world, which revealed that after 2000 debt grew significantly in most mature economies, enabled by the globalization of banking and a period of unusually low interest rates and risk spreads. The borrowing increased substantially in the case of households, especially through home mortgages. The household debt level increased s ignificantly relatively to the household disposable income, which was ignored because the ratio of debt to assets appeared stable before the crisis due to the rising house prices. The level of debt was less worrying at the start of the crisis with regard to the business sectors, with the exception of the commercial real estate sector and some banks. Coming back to the level of debt, the McKinsey (2010) piece of research also quantified the structure of debt for a selection of 10 developed countries and 4 emerging countries in 2008. These results are summarized in the chart below, which shows what percentage of the debt of each country was issued by government, financial institutions or non-financial institutions, and what percentage of a countrys total debt is represented by household debt. All the numbers represent a percentage of the countrys GDP. Figure 1: The structure of debt for several countries as of 2008, as % of GDP. (Source: McKinsey (2010) report). These numbers have also been used by the Economist (2010a), which took the previous study further by analysing the dynamic of the increase of the government debt in analysed countries. Thus, in the 10 developed countries, the total debt increased from 200% of GDP in 1995 up to 300% of GDP in 2008. Some countries displayed even higher increases in the ratio between debt and GDP, such as 1200% for Iceland and 900% for Ireland. In the case of the latter two countries, the debt level proved unsustainable and pushed them into crisis in 2010. The chart shows that the countries for which the ratio between debt and GDP reached the highest level are the peripheral countries of the Eurozone (Greece, Portugal, Italy), but also USA, Japan, Canada and othes. The countries with the lowest ratio of debt to GDP in the sample were Russia, India and China, which also happenned to have a spectacular recovery recently following the crisis. At a more specific level, each of the countries hit by the recent financi al crisis had individual causes which influenced the development of the crisis both in specific countries and overall, since in some situations a strong contagion effect of the crisis could be noticed. With regard to the specific contry reasons detailed below, several economic indicators may be mentioned. The charts below detail the evolution of these economic indicators for the countries included and for the period 1995 2011. All data is available from the IMF and it is updated as of October 2010: Figure 2: GDP % change for a selection of countries, 1995 2011. (Source: IMF Database). The numbers represent the percentages of year-on-year changes for the constant price GDP. The numbers for 2010 and 2011 are IMF estimates, updated as of October 2010. Figure 3: Current account balance for a selection of countries, 1995 2011. (Source: IMF Database). The current account includes all transactions other than those in financial and capital items. The major classifications are go ods and services, income and current transfers. The focus of the balance pf payments is on transactions (between an economy and the rest of the world) in goods, services, and income. The numbers for 2010 and 2011 are IMF estimates, updated as of October 2010. Figure 4: General government gross debt as a % of GDP for a selection of countries, 1995 2011. (Source: IMF Database). Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. The numbers for 2010 and 2011 are IMF estimates, updated as of October 2010. Figure 5: Evolution of the unemployment rate for a selection of countries, 1995 2011. (Source: IMF Database). The numbers for 2010 and 2011 are IMF estimates, updated as of October 2010 . The USA was the first country to be hit by the crisis, and this was due to a series of issues. Firstly, the large mortgage debts, which were mentioned above. Secondly, some large financial institutions in the USA were confronted with a gradual decline in the quality of capital, as they had asset growth with increasing amounts of hybrid capital instruments, such as certain forms of preferred stock (McKinsey (2010)). Such capital instruments were unable to compensate for credit losses during the crisis, which brought a degree of vulnerability for those financial institutions in front of the crisis. Thirdly, instead of keeping loans on their own balance sheets, the banks moved towards the originate and distribute model, which led to a decline in lending standards (Brunnermeier (2009)). The banks used to create diversified portfolios of credit instruments (mortgages, corporate bonds, credit card receivables etc), then slice these portfolios into a number of tranches and sell these slices to various categories of investors. Each slice used to receive a credit rating from rating agencies and as a result, the slices were ranging from the superior senior tranche (the safest tranche, AAA credit rating, the first in line to be paid out of the cash flows of the portfolios, but with the lowest interest rate) to the equity tranche (the most junior tranche, lowest credit rating among the tranches, the last in line to be paid out of the cash flows of the portfolios, but with the highest interest rate). The low lending standards generated by such actions from the banks, combined with the cheap credit available at that time resulted in the housing frenzy that laid the foundations for the crisis. Icelands specific reason behind the financial crisis was, according to The Economist (2008), the fact that it had built a financial house of cards. Iceland represents an extreme case of a huge financial system towering over a small economy. Behind the encouraging image of low u nemployment, income per person above the average in the European Union, huge investments in green energy and inflows of foreign investment, the countrys 3 largest banks and its households built huge amounts of debt. The credit crisis was enough to make Icelands banking system, its credit rating and its currency all collapse at the same time. As a result, Icelands GDP fell by 15% from its top point to the bottom reached during the crisis. Ireland also proved to be different with regard to the way in which it was hit by the crisis. Morgan Kelly, an economist at University College Dublin, cited by The Economist (2011a), said that What happened in Ireland was very boring. There were no complex derivatives or shadow banking systems. This was a good old 19th-century, or even 17th-century, banking collapse. It appears that Irelands only reason to become hardly hit by the crisis was that during the previous decade, Ireland had turned into a nation of property developers. Ireland enjoyed average annual GDP growth of almost 10% between 1993 and 2000, which continued even afterwards, fueled by the low interest rates environment and excessive lending. Irelands fall started when property prices started falling in 2006 2007, and it continued with the crash of shares in Irish banks, the transformation of the banking crisis into a sovereign-debt crisis, the big rise in its borrowing costs and it culminated with Irelands acceptance of a bail-out from the EU and the IMF in November 2010 (the second such situation for a EU country). The rescue package received was EUR 85bn, out of which EUR 35 bn is aimed at recapitalising the Irish banking system. The cost of recapitalising the Irish banks has indeed proved to be significant. According to Deutsche Bank (2011), if the EUR 35bn amount previously mentioned would be fully used for this purpose, the estimated total cost of recapitalisation of Irish banks would reach 52% of Irelands 2009 GDP. Greece was the first EU country to receive a bail-out from the EU and the IMF in May 2010, worth EUR 110bn. Some of its greatest issues have been its high level of public debt and its high budget deficits. As The Economist (2010c) noticed, in 2001 when joining the euro, Greece already had a public debt in excess of 100% of GDP. Adoption of the euro currency allowed more favourable terms for the refinancing of government debt, and the strong GDP growth masked the weakness of Greeces public finances. Greeces government debt reached 115% of GDP in 2009 and its current account deficit reached 14.6% of GDP in 2008. Greece had leant too heavily on consumer spending and relied on foreign capital to supplement its low savings (The Economist (2010c)).Nelson et al (2010) went into further detail and listed additional reasons behind the Greek crisis: high government spending, weak revenue collection, weak enforcement of EU rules regarding debt, and others. In addition to these facts, Greece also faced certain restrictions, suc h as: impossibility to devalue the currency due to the membership into the eurozone, and the lack of competitiveness of its economy partly due to overhiring and overpayment in the public sector (The Economist (2010d)). Last but not least, Nelson et al (2010) noticed that complex financial instruments may have played a role in helping Greece accumulate and conceal its debt. One implication of the Greek crisis was the contagion effect to other European countries. Even if these countries only shared few of Greeces issues, investors still have become more prudent with respect to Portugal (which also has a high budget deficit), Spain (in need to restructure its economy) and Italy (heavily indebted). Portugal increasingly started to be seen as a potential victim of the sovereign debt crisis following Greeces crisis. Portugals weaknesses have been a large public debt and a high budget deficit, but its situation has been slightly different from that of Greece. Portugal enjoyed rapid econ omic growth before joining the euro in 1999, but afterwards it has been impacted by a steady loss of competitiveness in wages. The 1990s have been a lost decade for the economy and as a result, it became difficult to manage the countrys public finances (The Economist (2010c)). Moreover, the further expansion of the European Union towards Eastern Europe in 2004 has diverted part of the foreign direct investment away from Portugal towards the new members. Investors expect April and June 2011 to be an important test for Portugal, as Portugal will need to refinance EUR 9.5bn of public debt then. The yield of 6.7% paid by Portugal for the ten year bonds sold in January 2011 is very close to 7%, which some Portughese officials have declared that is not a sustainable level (FT, 7th Jan 2011). Spain also started to be seen as a potential victim of the sovereign debt crisis following Greeces crisis, even if Spains public debt level (at less than two thirds of its GDP) is not large relativ ely to the other countries. However, Spains problems lay with its local banks (cajas) and its housing bust. According to The Economist (2010b), Spanish banks have outstanding loans of EUR323bn to property developers (equivalent of 31% of GDP); and they already had provisions of EUR87bn for bad loans by the end of 2010. Deutsche Bank (2011) explains that in addition to this exposure of the banking system to the constructions sector, Spain is also negatively impacted by the highest level of unemployment among the major developed countries. In this respect, Spain is similar to Ireland. Deutsche Bank (2011) also highlights the major differences between the Irish and Spanish banking systems: the better condition of the two largest and internationally diversified Spanish banks (vs the major Irish banks), the heavier reliance of the Irish banks on inter-bank sources of funding, the stronger banks overall capital adequacy before the intensification of the crisis in Spain vs Ireland. Implications of the crisis for Europe The implications of a crisis can be numerous and they can refer to the financial sector, the real economy, regulations etc. As Cogman Dobbs (2008) pointed out, the impact of previous crises on the real economy has not always been the same. The direction of the impact was due to the actions pursued by governments for recapitalizing banks, introducing stimulus measures and restoring investors confidence in the economy. According to Reinhart Rogoff (2008), countries usually need two years in order to start recovering from past recessions after major banking crisis. However, there were several situations when a much longer period was needed for starting the recovery: Japan needed almost a decade (the lost decade) following the crisis in the 1990s; the USA also needed a longer time to start recovering after the Great Depression in 1929 1933, when 28% of GDP was lost. Cogman Dobbs (2008) suggest that one important aspect to assess is the impact that financial crises have on the availability of credit in relation to this, the impact of a potential shortage of credit has on the real economy and on consumer confidence has to be assessed. With regard to the availability of credit, the McKinsey (2010) report proved that 44 out of the 45 crises identified between 1929 2010 were followed by periods of deleveraging, where they defined deleveraging episodes as periods in which the ratio between total debt and GDP declined for at least 3 consecutive quarters and the total fall was at least 10%. Along these results, the report would expect that a series of sectors in some countries would deleverage in the near future (UK, USA, Spain, Canada and South Korea). The report also concluded that deleveraging episodes usually last 6-7 years and their initial years may also witness a recession. On a different note, it is interesting to mention that Lund Ruxburgh (2009) have tried to assess how the fortunes of the power brokers have changed following the recent crisi s (McKinsey Global Institute defined in 2007 the power brokers to be four large groups of investors which seemed to have an edge over others: oil exporters, Asian sovereign investors, hedge funds and private equity firms). Their conclusion was that in almost any scenario (depending on the future development of the crisis) the previously defined power brokers would remain significant players in the global capital markets. The big winners are the oil exporters and Asian sovereign investors, as the source of their wealth will persist: trade surpluses. As noticed by the authors, the rapid growth of hedge funds and private equity firms has stopped abruptly, but they are still expected to recover in the future. With regard to Europe, the implications have also been very diverse and of a very diverse nature: the decoupling of the core European countries from the peripheral ones, the creation of the European Financial Stability Facility (EFSF), debates on the topic of European integratio n, debates on complex derivatives and their regulation, implications for the government debt issuance, and others. As mentioned above, one important aspect of the crisis is that it has not impacted all European countries uniformly. In fact there is a big divergence between the core countries (Germany, France) and the crisis-hit peripheral countries (Greece, Ireland, Portugal and Spain): while the core countries have been enjoying an economic recovery since 2010, the peripheral countries are still struggling with recession. Being part of the same monetary union (ie the eurozone), they are goverened by the same monetary policy. While all eurozone countries were at the height of a financial and economic crisis, there was no debate regarding the apropriateness of the monetary policy. However, following the recent divergence, such debates have increased, showing a difficult task ahead of the European Central Bank regarding the rising of the interest rate for the euro. The four main pe ripheral countries mentioned above do represent a significant 18% of euro area GDP. However, Germany and France together represent 50% of euro area GDP. (Deutsche Bank (2011)) One of the consequences of the financial crisis in Europe was the creation of the European Financial Stability Facility (EFSF) in June 2010 by the 16 euro area member states. The EFSF has been fully operational since August 2010 and its purpose is to finance loans for euro area member states which are experiencing difficulty in obtaining financing at sustainable rates (EFSF (2011)). EFSF will be able to borrow up to EUR 440 bn by issuing bonds guaranteed by the euro area member states, and it has received the best possible credit rating (AAA) from all three credit rating agencies (Fitch, Moodys and Standard Poors). The money borrowed through such bonds will then be lent to struggling euro zone countries. EFSF issued its first bond on the 24th of January 2011 and met spectacular demand on this occasion, bankers not being able to recall such a large order book for any bond, government or corporate (EUR 40bn in orders vs EUR 5bn notional sold) (FT (2011b)). This first bond has been seen as a landmark deal and some investors said it could be a precursor to the first common eurozone bond. The European Commission also agreed on the creation of a permanent crisis mechanism: the European Stability Mechanism (ESM). ESM will become operational in 2013 when the EFSF expires and it will build on the existing EFSF. The aim of ESM will be to support countries of the euro zone which may find themselves in financial distress. ESM loans will enjoy preferred creditor status and they will be junior only to IMF loans (EFSF (2011)). The recent crisis also brought changes in the government debt issuance practices in the 16 euro zone countries. Before the crisis, these practices had converged to a common standard which involved placement of long-term, fixed rate debt denominated in national curren cy via competitive auctions. De Broeck Guscina (2010) have proved that after mid-2008 this standard could not be followed anymore, because of the increase in sovereign funding needs and the fall in investor risk appetite, which made risk premia rise. They performed a research on a sample of 3,000 debt issuances by governments in the euro zone and Denmark in 2007 2009, which was divided into a pre-crisis period (mid-2007 to mid-2008) and a crisis period (mid-2008 Dec 2009). The main findings of the research were that the new standard for issuing government debt in the countries studied was defined by shorter maturities (because such debt is less risky for the investor), foreign currency denomination (because such debt shifts currency risk exposure from the investor to the debtor), and/or floating rates (because such debt transfers the risks related to changes in global interest rates and in the countrys perceived creditworthiness from the investor to the debtor). Therefore, the im pact of the crisis was that it has forced governments to assume additional risk. This negative effect was especially pronounced in countries with high deficit and high debt. De Broeck Guscina (2010) concluded that the mentioned change in the standard for government debt issuance allowed governments to deal with the reduced risk appetite of investors and to limit the impact of high deficits and debt on interest payments, but at the same time exposed them to significantly higher risks of refinancing and repricing, and sometimes to exchange rate risk as well. One other implication of the crisis was that the use of complex financial instruments has been more and more questioned, and so were the financial regulations that are concerned with them. Nelson et al (2010) remind that during the crisis, the Greek governments used derivatives to conceal the true level of Greeces debt. For example they traded currency swaps through which they were receiving upfront payments which under EU acc ounting rules could not be recorded as loans, even if in essence they were. Some do believe that derivatives played an important role in creating Greeces debt crisis and as a result, an urgent need to tighten financial regulation for derivatives has been identified. Last but not least, on a global level, the development of the crisis also brought critics of the credit rating agencies. As stated in a previous article (Minescu (2010)), following each financial crisis there has been a lot of talk on the failure of ratings issued by credit rating agencies to predict the crises. This failure may be understood in multiple ways, such as: failure of a rating to predict default, failure of a rating to be stable, failure of multiple agencies to issue similar levels of credit rating for the same country at the same time, or failure of an agency to issue a rating in the correct category of ratings (ie investment grade or junk). Talk of the failure of ratings has been central to this recent c risis as well and in August 2007 the head of Standard Poors even resigned amid criticism received from politicians and investors about the agencies failure to signal the risk of securities backed by sub-prime mortgages. As a result of the new wave of critics directed at rating agencies during this crisis, regulators are again aiming to improve the legislation concerned with conflicts of interest that result from the business models used by certain agencies (FT (3rd Feb 2011)). Conclusions The recent global crisis had multiple causes: The general cause appears to be a rapid growth of the level of debt (especially in the case of households), accompanied by sharp increases in real estate prices. In this respect, the crisis may have similarities with previous crises, such as the Asian crisis in the early 1990s. In addition to this, there have been individual causes for each country: In USA -the increased use of hybrid capital instruments and the adoption of the originate and distribute model by the banks, which involved the creation of diversified portfolios of credit instruments and their resale as a redesigned product; in Iceland the huge growth of the debt to GDP ratio to 1200%, which led to the fall of local banks; in Ireland -the burst of the real estate bubble in the context of a debt to GDP ratio of 900% generated huge costs for recapitalizing the Irish banking system; In Greece unsustainable budget deficits, lack of competitiveness of its economy due to overhi ring and overpayment in the public sector, inappropriate use of complex financial instruments; in Portugal large public debt and high budget deficit; in Spain the housing bust and its negative impact on the Spanish banking system, and the highest unemployment rate among all developed economies. Several countries have already received external help from the IMF and other organizations: Greece, Iceland, Ireland etc. The implications of the crisis have also been very complex: lower availability of credit, the decoupling of the core European countries from the peripheral ones, the creation of the European Financial Stability Facility (EFSF), debates on complex derivatives and their regulation, implications for the government debt issuance, criticism of the credit rating agencies for failing to predict the crisis, and others.

Bachelor Degree Nursing Specialties Forensic Nurse Investigators Apply Medical Knowledge to Crime Scenes 2019

According to The FBI Law Enforcement Bulletin, forensic nursing is currently one of the fastest growing disciplines in the field of nursing. Forensic nurses apply their medical knowledge to the area of criminal justice. Bachelor degree nursing program graduates who wish to work directly with crime scenes often choose to focus their practice as Forensic Nurse Investigators. What is a Forensic Nurse Investigator? Forensic Nurse Investigators are specialists called to crime scenes to perform scientific investigations of the crime scene and circumstances associated with a victims death. Forensic Nurse Investigators are most likely graduates of programs for a bachelor degree nursing. They are typically employed by medical examiners and charged with the responsibility of identifying possible contributing factors to a crime from a medical perspective. In addition to BSN program training, Forensic Nurse Investigators receive training in forensic science subjects, and perform various duties, including photography, wound identification, and evidence preservation and collection. .u6dc1e0ec3136f888b5e4712a5ab60f42 { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#eaeaea; border:0!important; border-left:4px solid #34495E!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .u6dc1e0ec3136f888b5e4712a5ab60f42:active, .u6dc1e0ec3136f888b5e4712a5ab60f42:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u6dc1e0ec3136f888b5e4712a5ab60f42 { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u6dc1e0ec3136f888b5e4712a5ab60f42 .ctaText { font-weight:bold; color:inherit; text-decoration:none; font-size: 16px; } .u6dc1e0ec3136f888b5e4712a5ab60f42 .post Title { color:#000000; text-decoration: underline!important; font-size: 16px; } .u6dc1e0ec3136f888b5e4712a5ab60f42:hover .postTitle { text-decoration: underline!important; } READ Criminal Justice Bachelor Degree Single Parents in Colorado Find Convenience at Kaplan UniversityRequired Education to Become a Forensic Nurse Investigator Forensic Nurse Investigators must be licensed as Registered Nurses within the U.S. Licensure may be obtained with a hospital diploma, associate degree, or bachelor degree nursing program. Training in forensic sciences is essential for Forensic Nurse Investigators. Programs, such as the Forensic Nursing Certificate at Kaplan University, prepare nurses for practicing in the criminal justice arena. Many hospitals also offer internship opportunities for nurses wishing to gain practical work experience in the field of forensic nursing. Students interested in learning more about a career as a Forensic Nurse Investigator may visit the International Association of Forensic Nurses website. Related ArticlesBachelor Degree Nursing Online Program Forensic Corrections Nurses Provide Needed Treatment to InmatesBachelor of Science Nursing Specialty Sexual Assault Nurse Examiners Care for Victims and Investigate CrimeOnline RN to BSN Program Forensic Psychiatric Nurses Serve a Vital Role in the Criminal Justice SystemBachelor Criminal Justice Degree Online Could St. Louis Use more Criminal Justice College GraduatesCareer in Criminal Justice with an Associate Degree 5 Little Known Facts about Life as Police OfficerFind Law, Criminal Justice, Social Science Degree Programs .u430428867bbaf3925cc2bbe339219e7c { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#eaeaea; border:0!important; border-left:4px solid #34495E!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1 px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .u430428867bbaf3925cc2bbe339219e7c:active, .u430428867bbaf3925cc2bbe339219e7c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u430428867bbaf3925cc2bbe339219e7c { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u430428867bbaf3925cc2bbe339219e7c .ctaText { font-weight:bold; color:inherit; text-decoration:none; font-size: 16px; } .u430428867bbaf3925cc2bbe339219e7c .postTitle { color:#000000; text-decoration: underline!important; font-size: 16px; } .u430428867bbaf3925cc2bbe339219e7c:hover .postTitle { text-decoration: underline!important; } READ Game Art and Design Nintendo Wii Demonstrates a Rapidly Growing Profession

The Effects Of Media Violence On Society - 1942 Words

The modern Australia is constantly exposed to media, and media has made the communication of violence more reachable and easier than ever before. Violence is especially an issue that needs to be looked upon, as many, especially the younger generation, view violence in film, computer games or even news reporting’s and this creates them into believing that violence in okay. A recent 2015 study however, identified an association between exposure to violence in entertainment and violent behaviour, which does not prove that exposure causes violent behaviour. Newspaper headlines and news reports are stating that media violence is making the world out to be an unsafe place, but is the media all to blame for this? Why do they decide to contribute violence? Industries use media through technology as it’s apart of our everyday lives, and as a result, opening up people to be influenced by what they see on it. The use of internet sources, including a YouTube video of a press releas e proved to be beneficial during this investigation in discovering why violence is portrayed in the media and how the public are responding to this (Australian Institute of Criminology, 2015). Violence is often poorly represented within the media, as many assume that it causes a negative impact on people, especially the young ones. In some cases, this is correct, with research showing connections between viewing violence on screen causing aggressive behavioural problems later on in life (Psychiatric Times,Show MoreRelatedEffects Of Media Violence On Society888 Words   |  4 PagesEffects of Media on Society Media violence has numerous negative consequences on youth today to commit criminal acts in the society. Violence in the media will never be stopped as long as the society spends more time on violent movies and video games. Media violence has been tremendously growing and attaining the hazardous extents. 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Improve Efficiency free essay sample

A very high percentage of the items selected (picked) in the distribution centers and re-stocked in the stores were in quantities of 1 case. This company’s roots were as a high volume, limited assortment retailer and distributor. Over time the business had shifted allowing the stores to reorder a higher mix of items at lower volumes. Given the companies market position as a low-price leader, this reduced profit margins. The two root causes of this shift were identified as: 1. Stock-keeping-unit (SKU) count growth outpacing sales growth, and 2. Allowing minimum order quantities from the stores to the distribution centers to drop to a quantity of one This white paper will study how this company quantified the impact of allowing its stores to order in one case quantity and then recalculated minimum order quantities for higher volume items. (For details of how SKUs were reduced see White Paper â€Å"SKU Reduction – Biggest SKLUsers†) A Supply Velocity Consultant led a team of employees through this 5 week project. The Supply Velocity consultant facilitated, but the employees did most of the analysis and therefore owned the improvements. [emailprotected] com Copyright: Supply Velocity, Inc. 2 Project Outline ? Evaluated all SKUs and the case quantity they are most frequently ordered at, to establish baseline data for how stores are ordering ? Time studied retail store shelf restocking and distribution center order selection labor to determine the negative labor productivity impact of the current ordering policy o Graphed the results in a trend chart o Determined that the greatest labor productivity improvement happens when the order quantity increases from just 1 to 2 cases ? Recalculated minimum order quantity for all items using Multi-Variable Pareto analysis based on: o Item unit movement o Pack-out (number of units that fit on the shelf space allocated in stores) o Shelf life ? About 20% of all SKUs had a re-calculated minimum order quantity greater than 1 case o The most conservative methods were used to ensure this project didn’t just push inventory out to stores, resulting in shrink (throwing away items that go beyond their shelf-life limit or are damaged) ? Communicated all items on the minimum order quantity to all stores through a comprehensive communication plan o Communication plan included data to show stores how increasing minimum order quantity on select items would improve their labor productivity ? Created a control plan to ensure new items, SKU reduction and sales history will be used to update the minimum order quantity on a twice yearly basis [emailprotected] com Copyright: Supply Velocity, Inc. 3 Time Study Analysis To quantify the problem, we time studied order selection in the distribution centers and shelf restocking in retail stores. We conducted a few snapshot analyses of different distribution centers to understand the current state of â€Å"order quantities†. The graph below shows that out of the approximately 2800 items, a majority are ordered in quantities of 1 case. The time study data also showed that the second case selected or stocked is essentially â€Å"free† and the same movement is used for two cases as for one case. At the outset of this project the team was worried that any increase in minimum order quantity would be viewed by store managers as an attempt to push inventory out from the distribution centers to the stores. This data showed that increasing minimum order quantity from one case to just two, gave us the greatest percentage of labor productivity improvement. However, we didn’t just want to increase all items to a 2 case minimum order quantity. Instead, a statistical tool, Multi-Variable Pareto was used to calculate the proper minimum order quantity based on a mix of inputs. [emailprotected] com Copyright: Supply Velocity, Inc. 4 Distribution Center Order Selection Quantity (# of items picked per quantity) 57% of the items in distribution centers were selected at a 1 case quantity [emailprotected] com Copyright: Supply Velocity, Inc. 5 â€Å"Time to Select per Case Quantity† in the Distribution Centers – Based on case count per selection When selecting 2 cases of a n item, the time per case drops by 45% from 1 case. [emailprotected] com Copyright: Supply Velocity, Inc. 6 Time to Re-Stock SKUs on Shelves in Stores – Based on case count When restocking 2 cases of an item, the time per case drops by 61% from 1 case. This shows that the greatest productivity improvement occurs when going from 1 to 2 cases, which is easier to â€Å"sell† to the stores than making large increases in minimum order quantity. They can reduce labor by 37 seconds per case by ordering and stocking 2 cases of an item versus 1. [emailprotected] com Copyright: Supply Velocity, Inc. 7 Multi Variable Pareto Analysis ? Recalculated minimum order quantity for all items using Multi-Variable Pareto analysis based on: o Item unit movement o Pack-out (number of units that fit on the shelf space allocated in stores) o Shelf life ? About 20% of all SKUs had a re-calculated minimum order quantity greater than 1 case o The most conservative methods were used to ensure this project didn’t just push inventory out to stores, resulting in shrink Multi-Variable Pareto is a method that uses more than one â€Å"measure† to sort SKUs from highest to lowest performing. Normal Pareto Analysis has been used to develop guidelines such as the 80/20 rule (20% of customers generate 80% of sales). When using multiple variables, there has to be a way to normalize the data so all variables are part of the analysis. We used three variables to determine the correct minimum order quantity for an item. ? Cases sold per week on average for each item ? The number of cases that fit in the given shelf space ? Product shelf-life Each of these variables are positively correlated to Minimum Order Quantity. ? The higher the cases sold equals higher Order Quantity ? The greater the shelf space (pack-out) equals higher Order Quantity ? The longer the item’s shelf-life equals higher Order Quantity The team of subject matter experts used retail experience to determine each of these factors and their impact on minimum order quantity. Results of this analysis are shown below. The calculation was very conservative, as the results have shown. Only 466 of 2800 items have a minimum order quantity greater than 1 case. This was largely driven by two factors. Item shelf-life limited our ability to make any shelf-life sensitive item greater than 1 case. Our calculation took this limiting factor into account, to ensure we weren’t causing shrink (throwing away items that go beyond their shelf-life limit or are damaged) at the stores. In addition, lower case movement drove many items to a 1 case minimum, even if they didn’t have shelf life limitations. The lower case movement is due to SKU proliferation and was addressed by the SKU Reduction (Biggest SKLUsers) project. [emailprotected] com Copyright: Supply Velocity, Inc. 8 Results of Minimum Order Quantity Calculation [emailprotected] om Copyright: Supply Velocity, Inc. 9 Communication Control Plan ? Communicated with all retail stores about how the minimum order quantity analysis was conducted and the resulting new plan o Communication plan included data to show stores that increasing minimum order quantity on select items would improve their labor productivity ? Created a control plan so new items, SKU reduction and sales history will update the minimum order quantity on a twice yearly basis It was critical that this project was presented as a positive for our retail store-customers. We created a communication plan that showed two key aspects of this change: ? The conservative nature of the change o only 466 of 2800 items are receiving a minimum order quantity increase ? This change is good for the stores and will improve their labor productivity To ensure that this process endures and does not get reversed over time we included a control plan. This is shown in the graphic below. As Category Marketing Managers evaluate items, adding and reducing SKUs, changes will be reflected in new pack-out quantities. This quantity will get fed to Distribution Technology who will recalculate this items’ minimum order quantity using the same Multi-Variable Pareto calculation. A control group, made up of Merchandising, Distribution and Retail Directors will review the list, make changes in the ordering system and communicate changes to store customers. [emailprotected] com Copyright: Supply Velocity, Inc. 10 Results By taking the higher sales volume SKUs and increasing the store minimum order quantity, we decreased the time per case to stock shelves in the stores and select items in the distribution centers. Using only the 1 to 2 case increase in minimum order quantity for the 466 SKUs reduced the labor time per case resulting in a labor savings of $1. 2 million. The expectation for this process is to slowly grow the number items with a minimum order quantity greater than 1 case beyond 20%. By rationalizing and reducing SKUs we should increase the shelf pack-out of remaining items, thereby increasing the minimum order quantity.