Law for Recover Damages

Question: Discuss about the Report of Law for Recover Damages. Answer: Issue: After going through the facts that have been given for this assignment, certain issues emerge. The first issue is related with remoteness of damages. Steve can be held liable for the loss suffered by Tom? The second issue is related with the enforceability of the gratuitous promise. In this case, Pamela had not provided any fresh consideration in return of the promise made by Steve gave her a car for the weekend. The third issue that has to be decided in this case is related with the effect of mistake on a contract. In this case, the car was already destroyed regarding which Danny and Steve had made a contract. The last issue in this case is related with promissory estoppel. Trisha had spent several thousand dollars for making customized components while Steve claims that he had signed the contract by mistake. Law: The test that can be used for deciding the remoteness of contractual damages was provided by the court in Hadley v Baxendale (1854). Recently, this is each commercial law was again decided by the court in The Achilleas (2008). In this way, during the recent years, the test provided in Hadley v Baxendale as defined by the courts. This is a leading case of English contract law. This case provides the basic rule that can be used for deciding consequential damages arising out of a breach of contract. According to this rule, a breaching party will be held liable regarding all the losses that have been suffered by the other party and should have been foreseen by the contracting parties. Therefore, such a party will not be held liable for the losses suffered by the other party which could not be seen by the breaching party on the basis of the information provided to such a party. For example in this case, Hedley had sued Baxendale for the profits that he had lost as a result of the late del ivery. The court declined to allow the recovery of lost profit and stated that the other party can only be held liable for the losses that were generally foreseeable by such a party or if the special circumstances should have been mentioned to the party in advance. Regarding the second issue, the law of contract provides that a past consideration is not changed by the law as a valid consideration. In Re McArdle (1951), Majorie McArdle had performed some improvements and repairs on a bungalow. The bungalow was a part of the estate of her husband's father who had left the property to her husband and four of his siblings. After the work was done, the brothers and sisters had signed the document according to which, in consideration of these repairs, the executors promised to pay 480 but the payment was not made. In this case, the court stated that the promised to pay 480 was made after the consideration has already been performed. As a result, the promise regarding the payment was not binding as past consideration is not valid. Regarding the third issue, the validity of the agreement between the parties can be affected if one or both of the parties are under a mistake. A unilateral mistake is a mistake on the part of one party to the contract. The mistake that is unknown to the other party generally does not impact the enforceability of the contract. Similarly, a unilateral mistake concerning a fact does not effect a validity of the contract. But in case both the parties to the contract under the same mistake regarding a defect, the agreement is considered to be void. Therefore, an example will be considered as void if both the parties to the contract RN mistake that the contract can be performed while in reality, it is not possible to perform the contract. In such a case, the agreement is void (Bell v Lever Brothers Ltd., 1931). According to the doctrine of promissory estoppel, damages can be recovered by a party if these damages have been caused as a result of the promise made by the promisor and such promise was difficult enough so that the promisee may act on it. The elements that should be present in this regard are that the promisor should have made a promise significant enough due to which the promisee had acted on it. The promisee had relied on such a promise and a significant detriment has been suffered by the promisee. Relief can be provided if the promisor fulfilled the promise. In such a case, the presence of a valid contract is not necessary. The court will see if there was detrimental reliance on changing position on part of the promisee. Application: Therefore an injured party is allowed by the law to recover damages that can be reasonably considered as being naturally arising as a result of a breach of contract or the damages that were within the reasonable contemplation of the parties when they entered into the contract. In the present case, Tom cannot be allowed to recover the damages of $5000 per day as his loss in profits because this loss cannot be reasonably contemplated by Steve that no information was given by Tom regarding this loss. Similarly in the second case, the consideration provided Pamela can be described as past consideration. In the eyes of law, a past consideration is not valid. Therefore an enforceable contract has not been created between Pamela and Steve. Regarding the issue between Danny and Steve, it can be said that both the party is rendered a mistake as the subject matter of the contract and already destroyed before the parties have entered into the contract. As a result in this case, the contract between Danny and Steve is void. Concerning the issue between Steve and Trisha, although Steve had signed the contract by mistake but Trisha had already acted on the promise made by Steve. She had spent several thousand dollars for making the customized components. As a result, in this case, Trisha can enforce the agreement against Steve. Conclusion: Tom cannot recover the damages of $5000 per day as his loss in profits because this loss cannot be reasonably contemplated by Steve that no information was given by Tom regarding this loss. Similarly, Pamela had not provided any consideration in return of the promise. The contract between Danny and Steve is void. Trisha can enforce the agreement against Steve. References Bell v Lever Brothers Ltd [1931] UKHL 2 Hadley v Baxendale [1854] EWHC J70 Re McArdle (1951) Ch 669 The Achilleas [2008] UKHL 48

Language and Culture Essay Example

Language and Culture Essay Many animal and even plant species communicate with each other. Humans are not unique in this capability. However, human language is unique in being a symbolic communication system that is learned instead of biologically inherited. Culture is the set of shared patterns of behaviors and interactions, cognitive constructs, and affective understanding that are learned through a process of socialization. These shared patterns identify the members of a culture group while also distinguishing those of another group. Therefore, the binding tie between language and culture is secure and cannot be ignored. Language and culture are closely related and interactive. According to Sapir, culture is a set of beliefs and practices which govern the life of a society for which a particular language is the vehicle of expression (qtd in Damen 1964:61). As Kluckhohn claims, Human culture without language is unthinkable (qtd in Damen1944:26). In addition, Sapir claims that we may think of language as the symbolic guide to culture (qtd in Damen1964:70). Consequently, language is rooted in culture and culture is reflected and passed on by language from one generation to the next. Language is the principal means whereby we conduct our social lives, and therefore, it is bound up with culture in multiple and complex ways. Language and culture can be connected in terms of human systems of classification, cultural foci and world view. First of all, language reflects cultural emphases. In fact, there is a close relationship between folk categories in a given language and elements of the culture in which they are used. Hickerson claims: Points of cultural emphasis are usually directly reflected in language through the size, specialization, and differentiation of vocabulary. We will write a custom essay sample on Language and Culture specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Language and Culture specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Language and Culture specifically for you FOR ONLY $16.38 $13.9/page Hire Writer That is there are more separate terms, more synonyms, and more fine distinctions made in reference to features of environment or culture with which the speakers are the most concerned. There are fewer terms and they tend to be more generalized when they refer to features which are given less cultural emphasis. â€Å"Cultural emphasis† may indicate environmental or economic factors which are critical to subsistence; it can also comprehend esthetic, religious, or other kinds of values (1980:108). As Hickerson writes in the quotation above, lexicon growth in a language depends either on the focus or on the most important elements of a given culture. People utter words and sentences which refer to common experience. They express facts, ideas or events that are communicable because they refer to a stock of knowledge about the world that other people share. Words not only reflect their authors attitudes and beliefs but also their point of view, which is share by others too. The language we use relates to our identity as an individual and as a member of a cultural group. How we view the relationship between our language and our culture will increasingly determine the way we talk and write. As Samovar, Porter and Jain say, cultural similarity in perception makes the sharing of meaning possible (1981:36). In this sense, language is highly intertwined with culture, since language expresses culture reality. Second of all, language serves to facilitate classification and order. According to Damen, language enables those who use it to relate to their environments, to identify and classify natural and cultural objects, and to organize and coordinate their activities (121). These categories and classifications are used to refer to human experiences and are related semantically within given cultures. Therefore, language organizes the external world and each culture has its own way of grouping these categories. The screws that language and culture impose on nature correspond to various forms of socialization and acculturation. Etiquettes, expressions of politeness, social dos and don? ts shape people? s behavior. The use of written language is also shaped and socialized through culture. Not only what is proper to write to whom in what circumstances, but also which genres are appropriate, because they are sanctioned by cultural conventions. These ways with language, form part of the invisible ritual of imposed by culture on language users. This is culture? s way of bringing order and predictability into people? s use of language. Finally, languages are related to the world views of their speakers. According to Damen, language is also a powerful tool available to human beings in coping with reality. Different languages help form and express different means of dealing with the real world (124). The intertwining of language and culture starts at one? s birth. In fact, when a child is born, it is very similar to any other child. It is not until one is exposed to our context and surrounding that we become individuals of a particular cultural group. From the day a child is born, it? s whole life, opinions and especially language are modeled by what it comes in contact with. According to Brooks, physically and mentally everyone is the same, while the interactions between persons or groups vary widely from place to place. Patterns which emerge from these group behaviors and interactions will be approved or disapproved. 1968: 95). As Brooks claims, acceptable behaviors will vary from location to location, thus constructing the basis of distinct cultures. It is from these differences that one’s view of the world is formed. In conclusion, language and culture are intertwined and interactive, since cultural language organizes and classifies the external world, reflects cultural emphases and demonstrates a world view. In addition, culture is transmitted in great part through language, and cultural patterns in turn are reflected in language. Language and culture are so linked that Allwright and Bailey state that learning a new language involves the learning of a new culture (191). This means that when a person is learning a foreign language, he/she is not only bringing two languages into contact but also two cultures. Rosaldo argues that cultural models derive from the world in which people live and the reality that they construct. She emphasizes that culture shapes and binds one? s social and cognitive concepts (84). What Rosaldo means is that the cultural world serves as a background against which people? subjectivities are formed and expressed, generally through language. Language is the verbal expression of culture. A cultures language contains everything its speakers can think about and every way they have of thinking about things. Language is related to culture in that language not only frames our thoughts but also reflects events that a particular culture experiences.

How to Create Amazing Video Content With Meryl Ayres From Wistia

How to Create Amazing Video Content With Meryl Ayres From Wistia Are you using video content in your marketing strategy? With about 87 percent of marketers using video, you wouldn’t be alone. If you haven’t made the leap yet, you might be looking for tips on how to get started. Today we’re going to be talking to Meryl Ayres. She is the associate creative director at Wistia, a software company that helps businesses and marketers get results from their videos. She is going to share her best tips on how to leverage the power of video content to improve your marketing strategy. Some of the highlights of the show include: A bit about Wistia and what Meryl does there. The types of stories and situations that lend themselves well to video content. How Wistia plans and executes their videos, including how they handle off-the-cuff material. Why it’s so important to have a sense of humor, as well as why sometimes humor isn’t the right approach. Meryl’s best tips on creating video content that will resonate with its intended viewers. Which comes first, the video or the post, depending on the circumstances. Why you might not like the sound of your own voice in a video. Hints and tips for someone who is just dipping their toes in the world of video marketing. Powered by PodcastMotor Actionable Content Marketing powered by By AMP052: How To Create Amazing Video Content With Meryl Ayres From Wistia 00:00/00:00 1x 100 > Download file Subscribe on iTunes Leave Review Share Links: Wistia Using Humor in Branded Content Say What? Why Your Voice Sounds So Weird in VideosIf you liked today’s show, please subscribe on iTunes to The Actionable Content Marketing Podcast! The podcast is also available on SoundCloud,  Stitcher, and Google Play. Quotes By Meryl: â€Å"Video is an amazing way to teach someone about a concept with a medium that’s dynamic and engaging.† â€Å"Look at what you’re trying to accomplish: Whatever your goals are in social media, can you use video to promote those goals?† â€Å"Consider the holistic content perspective rather than just looking at video in isolation.†

World War I - 1918 Overview

World War I - 1918 Overview By 1918, World War I had been underway for over three years. Despite the bloody stalemate that continued to ensue on the Western Front following the failures of British and French offensives at Ypres and Aisne, both sides had reason for hope due to two key events in 1917. For the Allies (Britain, France, and Italy), the United States had entered the war on April 6 and was bringing its industrial might and vast manpower to bear. To the east, Russia, torn by the Bolshevik Revolution and resulting civil war, had asked for an armistice with the Central Powers (Germany, Austria-Hungary, Bulgaria, and the Ottoman Empire) on December 15, freeing large numbers of soldiers for service on other fronts. As a result, both alliances entered the new year with optimism that victory might finally be achieved. America Mobilizes Though the United States had joined the conflict in April 1917, it took time for the nation to mobilize manpower on a large scale and retool its industries for war. By March 1918, only 318,000 Americans had arrived in France. This number began to climb rapidly through the summer and by August 1.3 million men were deployed overseas. Upon their arrival, many senior British and French commanders wished to use the largely untrained American units as replacements within their own formations. Such a plan was adamantly opposed by the commander of the American Expeditionary Force, General John J. Pershing, who insisted that American troops fight together. Despite conflicts like this, the arrival of the Americans bolstered the hopes of the battered British and French armies which had been fighting and dying for since August 1914. An Opportunity for Germany While the massive numbers of American troops that were forming in the United States would ultimately play a decisive role, the defeat of Russia provided Germany with an immediate advantage on the Western Front. Freed from fighting a two-front war, the Germans were able to transfer over thirty veteran divisions west while only leaving a skeleton force to ensure Russian compliance with the Treat of Brest-Litovsk. These troops provided the Germans with numerical superiority over their adversaries. Aware that growing numbers of American troops would soon negate the advantage Germany had gained, General Erich Ludendorff began planning a series of offensives to bring the war on the Western Front to a swift conclusion. Dubbed the Kaiserschlacht (Kaisers Battle), the 1918 Spring Offensives were to consist of four major assaults code-named Michael, Georgette, Blà ¼cher-Yorck, and Gneisenau. As German manpower was running short, it was imperative that the Kaiserschlacht succeed as losses could not be effectively replaced. Operation Michael The first and largest of these offensives, Operation Michael, was intended to strike the British Expeditionary Force (BEF) along the Somme with the goal of cutting it off from the French to the south. The assault plan called for four German armies to break through the BEFs lines then wheel northwest to drive toward the English Channel. Leading the attack would be special stormtrooper units whose orders called for them to drive deep into British positions, bypassing strong points, with the goal disrupting communications and reinforcements. Commencing on March 21, 1918, Michael saw German forces attack along a forty-mile front. Slamming into the British Third and Fifth Armies, the assault shattered the British lines. While Third Army largely held, the Fifth Army began a fighting retreat (Map). As the crisis developed, the commander of the BEF, Field Marshal Sir Douglas Haig, requested reinforcements from his French counterpart, General Philippe Pà ©tain. This request was refused as Pà ©tain was concerned about protecting Paris. Angered, Haig was able to force an Allied conference on March 26 at Doullens. This meeting resulted in the appointment of General Ferdinand Foch as the overall Allied commander. As the fighting continued, British and French resistance began to coalesce and Ludendorffs thrust began to slow. Desperate to renew the offensive, he ordered a series of new attacks on March 28, though they favored exploiting local successes rather than advancing the operations strategic goals. These attacks failed to make substantial gains and Operation Michael ground to a halt at Villers-Bretonneux on the outskirts of Amiens. Operation Georgette Despite the strategic failure of Michael, Ludendorff immediately launched Operation Georgette (Lys Offensive) in Flanders on April 9. Assaulting the British around Ypres, the Germans sought to capture the town and force the British back to the coast. In nearly three weeks of fighting, the Germans succeeded in reclaiming the territorial losses of Passchendaele and advanced south of Ypres. By April 29, the Germans had still failed to take Ypres and Ludendorff halted the offensive (Map). Operation Blcher-Yorck Shifting his attention south the French, Ludendorff commenced Operation Blà ¼cher-Yorck (Third Battle of the Aisne) on May 27. Concentrating their artillery, the Germans attacked down the valley of the Oise River towards Paris. Overrunning the Chemin de Dames ridge, Ludendorffs men swiftly advanced as the Allies began committing reserves to halt the offensive. American forces played a role in stopping the Germans during intense fighting at Chateau-Thierry and Belleau Wood. On June 3, as fighting still raged, Ludendorff decided to suspend Blà ¼cher-Yorck due to supply problems and mounting losses. While both sides lost similar numbers of men, the Allies possessed an ability to replace them that Germany lacked (Map). Seeking to widen the gains of Blà ¼cher-Yorck, Ludendorff began Operation Gneisenau on June 9. Attacking on the northern edge of the Aisne salient along the Matz River, his troops made initial gains, but were halted within two days. Ludendorffs Last Gasp With the failure of the Spring Offensives, Ludendorff had lost much of the numerical superiority which he had counted on for achieving victory. With limited resources remaining he hoped to launch an attack against the French with the goal of drawing British troops south from Flanders. This would then allow another attack on that front. With the support of Kaiser Wilhelm II, Ludendorff opened the Second Battle of the Marne on July 15. Attacking on both sides of Rheims, the Germans made some progress. French intelligence had provided warning of the attack and Foch and Pà ©tain had prepared a counterstroke. Launched on July 18, the French counterattack, supported by American troops, was led by General Charles Mangins Tenth Army. Supported by other French troops, the effort soon threatened to encircle those German troops in the salient. Beaten, Ludendorff ordered a withdraw from the endangered area. The defeat on the Marne ended his plans for mounting another assault in Flanders. Austrian Failure In the wake of the disastrous Battle of Caporetto in fall 1917, the hated Italian Chief of Staff General Luigi Cadorna was sacked and replaced with General Armando Diaz. The Italian position behind the Piave River was further bolstered by the arrival of sizable formations of British and French troops. Across the lines, German forces had largely been recalled for use in the Spring Offensives, however they had been replaced by Austro-Hungarian troops that had been freed from the Eastern Front. Debate ensued among the Austrian high command regarding the best way to finish off the Italians. Finally the new Austrian Chief of Staff, Arthur Arz von Straussenburg, approved a plan to launch a two-pronged attack, with one moving south from the mountains and the other across the Piave River. Moving forward on June 15, the Austrian advance was quickly checked by the Italians and their allies with heavy losses (Map). Victory in Italy The defeat led Emperor Karl I of Austria-Hungary to begin seeking a political solution to the conflict. On October 2, he contacted US President Woodrow Wilson and expressed his willingness to enter into an armistice. Twelve days later he issued a manifesto to his peoples which effectively transformed the state into a federation of nationalities. These efforts proved too late as the multitude of ethnicities and nationalities that formed the empire had begun proclaiming their own states. With the empire collapsing, Austrian armies at the front began to weaken. In this environment, Diaz launched a major offensive across the Piave on October 24. Dubbed the Battle of Vittorio Veneto, the fighting saw many of the Austrians mount a stiff defense, but their line collapsed after Italian troops broke through a gap near Sacile. Driving back the Austrians, Diazs campaign concluded a week later on Austrian territory. Seeking an end to the war, the Austrians asked for an armistice on November 3. Terms were arranged and the armistice with Austria-Hungary was signed near Padua that day, taking effect on November 4 at 3:00 PM. German Position After the Spring Offensives The failure of the Spring Offensives cost Germany nearly a million casualties. Though ground had been taken, the strategic breakthrough had failed to occur. As a result, Ludendorff found himself short on troops with a longer line to defend. To make good the losses sustained earlier in the year, the German high command estimated that 200,000 recruits per month would be needed. Unfortunately, even by drawing on the next conscription class, only 300,000 total were available. Though German Chief of Staff General Paul von Hindenburg remained beyond reproach, members of the General Staff began to criticize Ludendorff for his failures in the field and lack of originality in determining strategy. While some officers argued for a withdrawal to the Hindenburg Line, others believed the time had come to open peace negotiations with the Allies. Ignoring these suggestions, Ludendorff remained wedded to the notion of deciding the war through military means despite the fact that the United States had already mobilized four million men. In addition, the British and French, though badly bled, had developed and expanded their tank forces to compensate for numbers. Germany, in a key military miscalculation, had failed match the Allies in development of this type of technology. Battle of Amiens Having halted the Germans, Foch and Haig began preparations for striking back. The beginning of the Allies Hundred Days Offensive, the initial blow was to fall east of Amiens to open the rail lines through the city and recover the old Somme battlefield. Overseen by Haig, the offensive was centered on the British Fourth Army. After discussions with Foch it was decided to include the First French Army to the south. Beginning on August 8, the offensive relied on surprise and the use of armor rather than the typical preliminary bombardment. Catching the enemy off guard, Australian and Canadian forces in the center broke through the German lines and advanced 7-8 miles. By the end of the first day, five German divisions had been shattered. Total German losses numbered over 30,000, leading Ludendorff to refer to August 8 as the Black Day of the German Army. Over the next three days, Allied forces continued their advance, but met increased resistance as the Germans rallied. Halting the offensive on August 11, Haig was chastised by Foch who wished it to continue. Rather than battle increasing German resistance, Haig opened the Second Battle of the Somme on August 21, with the Third Army attacking at Albert. Albert fell the following day and Haig widened the offensive with the Second Battle of Arras on August 26. The fighting saw the British advance as the Germans fell back to the fortifications of the Hindenburg Line, surrendering the gains of Operation Michael (Map). Pushing on to Victory With the Germans reeling, Foch planned a massive offensive which would see several lines of advance converging on Liege. Prior to launching his attack, Foch ordered the reduction of the salients at Havrincourt and Saint-Mihiel. Attacking on September 12, the British quickly reduced the former, while the latter was taken by Pershings US First Army in the first all-American offensive of the war. Shifting the Americans north, Foch used Pershings men to open his final campaign on September 26 when they began the Meuse-Argonne Offensive (Map). As the Americans attacked north, King Albert I of Belgium led a combined Anglo-Belgian force forward near Ypres two days later. On September 29, the main British offensive commenced against the Hindenburg Line with the Battle of St. Quentin Canal. After several day of fighting, the British broke through the line on October 8 at the Battle of the Canal du Nord. The German Collapse As events on the battlefield unfolded, Ludendorff suffered a breakdown on September 28. Recovering his nerve, he went to Hindenburg that evening and stated that there was no alternative but to seek an armistice. The next day, the Kaiser and senior members of the government were advised of this at the headquarters in Spa, Belgium. In January 1918, President Wilson had produced Fourteen Points on which an honorable peace guaranteeing future world harmony could be made. It was on the basis of these points that the German government elected to approach the Allies. The German position was further complicated by a deteriorating situation in Germany as shortages and political unrest swept the country. Appointing the moderate Prince Max of Baden as his chancellor, the Kaiser understood that Germany would need to democratize as part of any peace process. Final Weeks At the front, Ludendorff began to recover his nerve and the army, though retreating, was contesting each bit of ground. Advancing, the Allies continued to drive towards the German frontier (Map). Unwilling to give up the fight, Ludendorff composed a proclamation which defied the Chancellor and renounced Wilsons peace proposals. Though retracted, a copy reached Berlin inciting the Reichstag against the army. Summoned to the capital, Ludendorff was compelled to resign on October 26. As the army conducted a fighting retreat, the German High Seas Fleet was ordered to sea for one final sortie on October 30. Rather than sail, the crews broke into mutiny and took to the streets of Wilhelmshaven. By November 3, the mutiny had reached Kiel as well. As revolution swept across Germany, Prince Max appointed moderate General Wilhelm Groener to replace Ludendorff and ensured that any armistice delegation would include civilian as well as military members. On November 7, Prince Max was advised by Friedrich Ebert, leader of the Majority Socialists, that the Kaiser would need to abdicate to prevent an all-out revolution. He passed this on to the Kaiser and on November 9, with Berlin in turmoil, turned the government over Ebert. Peace at Last At Spa, the Kaiser fantasized about turning the army against his own people, but was ultimately convinced to step down on November 9. Exiled to Holland, he formally abdicated on November 28. As events unfolded in Germany, the peace delegation, led by Matthias Erzberger crossed the lines. Meeting aboard a railroad car in the Forest of Compià ¨gne, the Germans were presented with Fochs terms for an armistice. These included the evacuation of occupied territory (including Alsace-Lorraine), military evacuation of the west bank of the Rhine, surrender of the High Seas Fleet, surrender of large quantities of military equipment, reparations for war damage, repudiation of the Treaty of Brest-Litovsk, as well as acceptance of continuation of the Allied blockade. Informed of the Kaisers departure and the fall of his government, Erzberger was unable to obtain instructions from Berlin. Finally reaching Hindenburg in Spa, he was told to sign at any cost as an armistice was absolutely necessary. Complying, the delegation agreed to Fochs terms after three days of talks and signed between 5:12 and 5:20 AM on November 11. At 11:00 AM the armistice went into effect ending over four years of bloody conflict. Test your knowledge of the battles of WWI.

Women, the Hammurabi Code Essay Example | Topics and Well Written Essays - 1000 words

Women, the Hammurabi Code - Essay Example he following rules might broadly be challenged these days but their legitimacy in the distant past was considered as obvious (The Code of Hammurabi, 2010): (1) the sexuality of women should be given up to guarantee legality; (2) the assets of the family should be managed by the male members; and (3) women, particularly divorcees and widows needed the help of society (http://www.wsu.edu/~dee/MESO/CODE.HTM). Most women were supposed to marry and raise a family. A reasonable set of love poems would indicate that women did enjoy some authority, but marriage, theoretically, was fixed by their brothers or fathers. As stated in the Hammurabi Code, an agreement was required to perform a marriage. According to the few that exist, the agreements stated primarily what would occur if the matrimony ended through abandonment or divorce, or death, but other passages might let off each from the prenuptial obligations of the other or even oblige the bride to work as a slave to her husband’s mother (Meyers, 1991). The major article to be discussed was the amount of the bride price: If a woman who lived in a man’s house made an agreement with her husband, that no creditor can arrest her, and has given a document therefore: if that man, before he married that woman, has a debt, the creditor cannot hold the woman for it. But if the woman, before she entered the man’s house, had contracted a debt, her creditor cannot arrest her husband therefore (151). It is well-known that unsophisticated societies made use of bride price to pay off the family of the bride for labor loss and Israelite culture limited it to a symbolic amount as a sign of engagement. The bride price in Babylonia constantly became piece of the dowry (Meyer, 1991). The bride price, depending on socioeconomic standing, could embody a considerable wealth transfer, possibly several hectares of land and house—however, at the lower socioeconomic hierarchy it might have been little more than a piece of home decoration

Management of Discretionary Costs Essay Example | Topics and Well Written Essays - 3500 words

Management of Discretionary Costs - Essay Example If one is starting with MRP f the product, care should be taken that prices do not include sales tax, and are typically net f distribution expenses. In case f an FMCG product (Fast Moving Consumer Goods) unit realization f the company, which will appear as gross sales will be typically 65% f MRP price which the consumer pays. Many a times, companies give their volume figures under generic product category name. The volume figures include products f different sizes, types and prices. The analyst has to take care f expected changes in product mix while forecasting. Keep a broad picture f the competitive scenario and its impact on pricing. Also, understand key drivers f pricing, like for petrochemicals, India is a price taker, so global price trends have a bigger influence in determining Indian price trends. Material Costs Estimate material costs, which in most cases is the most significant cost item. Key variables - Raw material prices - Production efficiency, conversion norms and yield improvement have a significant bearing on cost estimation. The analyst has to understand the basic manufacturing process and get a fix on input output norms. Labour Costs For estimating labour costs, one can start with previous year's labour cost and adjust it for the following factors. Key variables - Additions/ adjustments for additional capacity/ new plant, - Reduction for retrenchment/ sale f a unit etc, - Salary increases on settlements with union etc. Many companies plan for settlement hikes and make provisions even if negotiations are delayed, - Bonus, profit linked incentives, - Salary increases. Fuel and power cost... Financial challenges faced by Kramer and Associates, and especially by the director of this investment consulting company deal with attempting to manage clients’ portfolios to suit each and everyone’s future financial needs. In summary, the simulation involves three clients with different risk profiles. Adrian O’Donnell has a high-risk growth profile, and wants to see returns as quick as one and a half to two years time. Tonya Davidson has a conservative-risk growth profile, and wants to see a steady growth of her investment over the span of 10 years. John Barrett has a moderate-risk growth profile, and wants to see steady returns over a period of five to six years. The challenge arises on how to allocate their investment funds to meet their desired risk and returns level. With treasury bills, the returns are almost exactly what was promised initially, therefore making them an almost risk-free investment. The returns on T-bills are on average about five percent. Stocks on the other hand, have returns of average 10 percent per year. In this case, companies may eventually experience bankruptcy, which means a depletion of one’s stocks in that company, or that company may experience enormous growth, meaning that the investor will experience enormous returns. Therefore, the simulation challenges the consultant to find the right mix of investment options to satisfy the goals of each client.

In-Licensing in Pharma Essay Example for Free

In-Licensing in Pharma Essay INTRODUCTION The process of bringing a new drug to market is an extremely expensive one, often costing above $200 million. This enormous cost can be explained by the fact that a very small fraction of molecules in research and development ultimately become pharmaceutical products. However, the rewards of a successful new product can be tremendous generating, depending on the therapeutic areas in which the product will be used and the disease it will directed to, from millions to billions of dollars of sales annually worldwide. Many pharmaceutical companies are facing a pipeline gap because of the increasing economic burden and uncertainty associated with internal research and development programs designed to develop new pharmaceutical products. The need for large pharmaceutical companies to constantly replenish the supply of potential blockbusters requires a consistent and dedicated approach to drug RD. However no longer is inhouse research expertise sufficient. To fill this pipeline gap, pharmaceutical companies are increasingly relying on in-licensing opportunities. Business development and licensing department identifies new pharmaceuticals that satisfy unmet needs and are a good strategic fit for the company, completes valuation models and forecasts, evaluates the ability of the company to develop and launch products, and pursues in-licensing agreements for pharmaceuticals that cannot be developed internally on a timely basis. The in-licensing process provides a source of new drugs to a given company to supplement internal laboratory research, to reach the company’s goal in term of present and future portfolio. As competition in the pharmaceutical market continues to grow, effective business development strategies become critical to maintain momentum and improve global market share for the leading pharma companies. An increasing proportion of revenues are expected to be generated from licensed products and as a result licensing will become an ever more important component of the overall business development mix (source: Wood Mackenzie’s Licensing insight Multi-Client study, April 2003) The in-licensing process might imply enormous effort by the company. It can be compared to the proverbial search for a needle in the haystack. First, the haystacks are large and require a massive amount of searching. Second, no one knows how many needs are in the haystack. There might be none, or multiple. Third, the search is conducted in public and multiple companies compete for innovative therapies, and resource allocation and financial aspect play a role in such competition. The key to pursing in-licensing opportunities is rapidly to identify individuals and companies with the intellectual property sought by the company. New business development teams maintain a business development customer relationship management information system. The information stored in this system has been gathered from personal networking contacts, industry available organization directories, membership directories, commercially PubMed, and online databases. The system contains the contact information, therapeutic interest areas, development stage information for products in development, and other relevant information needed to identify potential in-licensing partners, such as key clinical researchers, biotechnology companies, and small specialty pharmaceutical companies. A search of this system provides a list of potential inlicensing partners. To supplement this list, the new business development team begins a systematic marketing campaign in select industry trade publications and Web sites to promote the company’s desire for an in-licensing partner. The campaign highlights the company’s strengths in clinical development, manufacturing, and sales and marketing. Information regarding the type of product desired (therapeutic class, clinical development stage, and so forth) and the type of licensing agreement being sought is specified. From the list of potential in-licensing partners, the new business development team selects the most appropriate candidates and begins to evaluate the feasibility of in-licensing each potential partner’s product. Despite there is no standard formal process in in-licensing of pharmaceutical products, it is quite standard to utilize a stepwise approach, composed of go/no go gates, that can be summarised in the following stages: 1. evaluation of potential in-licensing opportunities 2. first pass review 3. product evaluation 4. due diligence 5. in-licensing contractual negotiation and deal closing. This stages are ordered following a timeline perspective, so to have a subsequent flow of actions. The approach includes examining opportunities from other pharmaceutical companies and from academic centers involved in research. Once the opportunity has been identified, the first pass review consist generally in the evaluation of information provided by the potential licenser, the medical and scientific literature, and specialised consultant if there is a in-house gap in specific knowledge. This initial step has often been based on a ‘’gut feeling’’ and the company overall strategy in term of therapeutic area focus. For those opportunities not rejected in the first pass review, a more detailed evaluation of the scientific, commercial and financial issues, are undertaken. Additional people with various area of expertise participate in this secondary evaluation. Only if the entire evaluation is positive the opportunity is taken to senior management, that finally approves the in-licensing after due diligence and a full negotiation on terms of the agreement. One aspect that is often underestimated in in-licensing opportunity is the in depth commercial assessment of the putative candidate, leaving the go/no-go decision mainly at strategic fit in terms of therapeutic area focus or financial aspect taken from capital budgeting calculations. In this regards, sales forecast plays a critical role in assessing the net present value of the in-licensing opportunity, but they need to be supported by a complete, although preliminary, full product evaluation. This evaluation has to include external analysis in the context of the future scenario, internal analysis of the given putative candidate, and a preliminary but clear product strategy. The scope of the development of a qualitative model for a full product evaluation in the context of an putative in-licensing opportunity is to define the key relevant steps within the full product evaluation related to commercial aspect that are critical for the precise and coherent definition of the sales potential of the product, that will used in the Capital Budgeting (e.g. Net Present Value) models to assess the financial aspect of the opportunity and set the basis for the full negotiation. Common financial analysis measures for valuation of an in-licensing opportunity Pay Back Period (PBP) Length of time required to recover the cost of an investment Discounted Cash Flow (DCF) Analyzes future free cash flow projections and discounts them using the after tax weighted average cost of capital to arrive at a present value (value in local currency at the time of analysis); DCF analysis estimates the money a company would receive from an investment and adjusts for the time value of money.