LAW 122 Chapter Notes - Chapter 11: Debit Card, Legal Tender, Condition Precedent

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viridianfish136

23 Apr 2013

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Examine ways in which a contract may be brought to an end. Discharge- a contract is discharged when the parties are relived of the need to do anything more. Ways contract can be discharged: performance, reflect the parties agreement or intentions, operation of law, one party fails to preform as expected. Appreciate that a contract generally will not cease to exist merely because the parties largely ignore it. Performance- occurs when the parties fulfill all of the obligations contained in the contract. Difficult to determine whether proper performance occurred. Any deviation from the terms of contract may be considered a breach rather than performance entitled the innocent party to a remedy. Time is not of the essence- in most situations. Although a time limit may be set, it can be performed late: can be held liable for losses result of delay. Late performance can be refused contract will not be discharged by performance.

Related Questions

Plastic Co Pte Ltd (‘Plastico’) is a Fiji company. The company has issued and paid up capital of $250,000 held in equal parts by two brothers. The company’s business involves making plastic products for the local market.

The brothers are planning to emigrate to New Zealand and wish to sell the company. An agreement in principle is reached for X to buy the company for $1 million. This is a cash sale.

Presume that you are wealthy and a longtime friend of X.

X comes to see you. She explains that she has in hand $800,000 (from her own savings and bank financing) and is short $200,000 to close the deal. X wants you to loan her $200,000. X has two specific proposals as follows.

Proposal One

Plastico is an old company. When founded it established its factory on the outskirts of Suva. Since that time Suva has grown and spread with the consequence that the land on which the factory stands is today much more valuable than when the factory was built. X has had the land valued at $300,000.

X has found alternative factory premises on the outskirts of modern Suva that would be suitable for the company. These premises are for sale for $100,000.

X proposes that you lend her $200,000 for four months only. X will acquire Plastico. The company’s new directors, X and her husband, will have Plastico sell its current factory and relocate to the premises already identified. The relocation will provide net cash of $200,000. Plastico will then pay a dividend of $200,000. X will use the distribution to repay your loan.

Proposal Two

X proposes that you lend her $200,000. This will be a longer term loan of say 6 years to be paid down incrementally over the life of the loan. Plastico will retain its present factory premises. As security for the loan, Plastico’s new directors, X and her husband, will have Plastico grant you a first mortgage over the current factory premises. Given the valuation placed on the premises the loan will be almost risk free.

Further details of both proposals provide an attractive return for you on the financing.

Required:
Consider each proposal separately and in turn.
Does the proposal offend any of the capital maintenance rules?

[Note ‘agreement in principle’ refers to a situation where two parties have agreed on all the terms of a deal (i.e. contract) but have not yet formally committed to the deal. In this story the parties (X and the two brothers) will only sign the contact document detailing the agreement when X has lined up the required cash of $1 million.]

amethystpug972

Grade 9 english:

Think back to Charlotte Edmund's article, "7 skills all young people need to survive the future of the workplace" from the first activity in this lesson. Choose the skill you believe to be the most important to your future
Write a few paragraphs to explain why you feel this way. If you think there's a skill the author didn't mention that's more crucial to your future, explain what it is and why you believe so. Give your strongest writing. Plan your ideas before you start writing, then use paragraphs to organize your piece. After you have a first draft, revise it, looking at paragraph unity, sentences, spelling, and capital letters.

Article:

7 skills all young people need to survive the future of the workplace

Dr. Tony Wagner, co-director of Harvard's Change Leadership Group, argues that today's
school children are facing a "global achievement gap," which is the gap between what even
the best schools are teaching and the skills young people need to learn.
This has been exacerbated by two colliding trends: firstly, the global shift from an industrial
economy to a knowledge economy, and secondly, the way in which today's school children —
brought up with the internet — are motivated to learn.
In his book "The Global Achievement Gap," Wagner identifies seven core competencies every
child needs in order to survive in the coming world of work.
1. Critical thinking and problem-solving
Companies need to be able to continuously improve products, processes and services in order
to compete. And to do this they need workers to have critical thinking skills and to be able to
ask the right questions to get to the bottom of a problem.
2. Collaboration across networks and leading by influence
Given the interconnected nature of the business world, leadership skills and the ability to
influence and work together as a team has become increasingly important. And the key to
becoming an effective leader? It's twofold, says Wagner, involving "creative problem-solving
and a clear ethical framework".
3. Agility and adaptability
The ability to adapt and pick up new skills quickly is vital for success: workers must be able to
use a range of tools to solve a problem. This is also known as "learnability", a sought-after
skills among job candidates.
4. Initiative and entrepreneurialism
There is no harm in trying: often people and businesses suffer from a tendency to be riskaverse. It is better to try 10 things and succeed in eight than it is to try five and succeed in all
of them.
5. Effective oral and written communication
Recruits' fuzzy thinking and inability to articulate their thoughts were common complaints that
Wagner came across from business leaders when researching his book. This isn't so much
about young people's ability to use grammar and punctuation correctly, or to spell, but how to
2/3
communicate clearly verbally, in writing or while presenting. "If you have great ideas but you
can't communicate them, then you're lost," Wagner says.
6. Accessing and analyzing information
Many employees have to deal with an immense amount of information on a daily basis: the
ability to sift through it and pull out what is relevant is a challenge. Particularly given how
rapidly the information can change.
7. Curiosity and imagination
Curiosity and imagination are what drive innovation and are key to problem solving. "We're all
born curious, creative and imaginative," says Wagner. "The average four-year-old asks a
hundred questions a day. But by the time that child is 10, he or she is much more likely to be
concerned with getting the right answers for school than with asking good questions.
"What we as teachers and parents need do to keep alive the curiosity and imagination that, to
a greater or lesser extent, is innate in every child."

jhonny

Correlation Between Human Body And Mind

Each affects the other, but it's much more complicated, above and below.

We tend to think of physical health as the physical fitness of the body. Physical health begins with genetics and nutrition, which feed the health of your cells and tissues, which create the health of your bodily organs, including your brain, and your bodily systems, including the sensory and another system of your body and brain.

Above the level of the physical brain, we have the mind, the 'thinking part' of the brain, and the thought patterns we encourage and discourage in our day-to-day living. The mind and the brain also give rise to your spirits, happy, sad, excited, elated, depressed, etc. And your mind interacts with other people around you, in your communities. This illustrates the hierarchy of life, and the hierarchy of healthcare: genetics, nutrients, cells, tissues organs, bodily systems, body, minds, spirits, and communities.

Every layer affects every other layer. You can eat foods that depress or excite your spirits. Some people are genetically happy most of the time. Others are genetically more somber. If your communities, the people you spend your time with are innovative, adventurous, you will become more innovative and adventurous, perhaps more risk-taking. If your community is more caring and sharing, your mental health will be more aligned to caring and sharing. If your brain loses oxytocin, due to a systemic or dietary problem, or a hereditary factor, you will be less sharing and caring.

So, When you improve your physical health, you tend to improve every layer in the hierarchy. And when you improve any layer in the hierarchy, you improve your mental health. If you improve your physical health, by working with your communities, there are more benefits. If you improve your physical health by eating a better diet, there are more benefits.

If you or your family member is suffering from a disease, you should get a medical bracelets. If they will be wearing a medical bracelet you will have peace of mind and will be able to focus on your work. In case of any medical emergency, it will alert the relevant team and share all the details regarding medical history. You can mention your contact number as an emergency contact number, so if anything happens they will contact you immediately.

An example of physical health impacts mental health is this that when we eat more junk food we tend to feel unnecessarily bored. Our mood changed frequently. We feel down. And when you do proper exercise and have good food you feel so much energy throughout the day.

So this is how physical and mental health is interrelated. So you should learn from your own experiences. When you do certain things you will get certain types of results, so accordingly change the cause if you don’t like the result.

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LAW 122 Chapter Notes - Chapter 11: Debit Card, Legal Tender, Condition Precedent

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