Consideration Essay Example for Free

Consideration Essay An Agreement here is defined as every promise and every set of promises, forming the consideration for each other, is an agreement defined under section 2(e) of Indian Contract Act, 1872. Making a contract is simply a way of facilitating amongst other things, the exchange of goods and services. Under a contract the, parties voluntarily assume their obligations or undertakings. Consideration is the recompense given by the party contracting to the other. 2. Consideration is the price for which the promise of the other is bought, and the promise thus given for value is enforceable. 3. Consideration means something which is of some value in the eyes of the law. 4. A valuable consideration in the sense of the law, may consist either in some right, interest, profit or benefit accruing to the one party or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. If a bargain gives a party a choice of alternative obligations, each alternative on its own must constitute sufficient consideration for the return promise. If a promise is void or voidable – e. g. , due to the incapacity of the promisor – the sufficiency of the consideration is not necessarily negated. The judges, when they exercise this power of interference, are playing an extrinsic test which frustrates the expectation of the parties. It does not follow however, that such a test is necessarily harsh, still less that it is illogical. In some of the cases the law is settled, other are shrouded in controversies; but in all of them the grounds of interference seems to be the same. Consideration made not be adequate and may, on occasion be extremely tenuous, but it must comprise ome element which can be regarded as the price of the defendant promise; and merely to repeat an existing obligation may well seem to offer nothing at all. It may be appreciated that a person, who by his official status or through the operation of the law is under a public duty to act in a certain way, is not regarded as furnishing consideration merely by promising to discharge the duty. For example, no one would expect a policeman to bargain with a citizen for the price of his protection. In the case stated the defendant argued that this meant that they were not obliged to pay for the large number if policemen who attend their ground at home matches because, in present conditions of crowd behaviour, a major police presence at the ground was necessary to preserve law and order. The Court of Appeal thought that there was a fundamental difference on the facts. In the Glassbrook case the threat to law and order was external to the parties since neither could call off the strike. In the present case, the defendant had voluntarily to put on their matches at times, typically Saturday afternoons, when large attendance and therefore large possibilities of disorder where likely, and when a substantial police presence could only be achieved by calling policemen of their rest days and paying large sum of overtime. The police authority were, therefore, entitled to be paid. When the plaintiff is bound by an existing contractual duty to the defendant : There is no consideration if all that the plaintiff does is to perform, or to promise the performance of, an obligation already imposed upon him by previous contract between him and the defendant is illustrated by a group of thesis in the first half of 19th century. In this case the defendant where a firm of building contractors who entered into a contract for the refurbishment of a block of 27 flats. They sub contracted the carpentry work to the plaintiff for 20,000. Although there was no formal arrangement to this effect, the plaintiff was paid money on account. After the contract had been running for some months and the plaintiff had finished the carpentry at 9 of the flats and done some preliminary work in all the rest, for which he had received some 16,200 on account, he found that he was in financial difficulties. This difficulties arose partly because the plaintiff had underestimated the cost of doing the work in the first place and partly because of faulty supervision of his work men. The plaintiff and the defendants had a meeting at which the defendants agreed to pay the plaintiff a further 10,300 at a rate of 575 per flat to be paid as each flat was completed. The plaintiff carried on work and finished some 8 further flats but only 1one further payment of 1,500 was made. The plaintiff stopped work and brought an action for damages. The defendant argued that they were not liable as they had simply promised to pay the plaintiff extra for doing what he has in any case obliged to do, that is to finish to the contract. The Court of Appeal might perhaps have found consideration in what Russell LJ described as the replacement of a haphazard method of payment by a more formalised scheme involving the payment of the specified sum on the completion of each flat since it was clear that the under the original contract there was no express agreement for stage payments. 3. Composition with creditors : It has long been a common practise for the creditors of an impecunious debtor to make an arrangement with him where by each agrees to accept a stated percentage of his debt in full satisfaction. The search for a sufficient consideration to support so reasonable an agreement has caused the courts much embarrassments. It would appear at first sight to fall under the ban in Pinnels case, and such was the view adopted in 1804 by Lord Ellenborough. Two alternatives suggestions have been proffered. The first was the second thought of Lord himself. There was consideration for the composition, he suggested in 1812, in the fact that each individual creditor agreed to forgo part of his debt on the hypothesis that all the other creditors would do the ame. A moments reflection will expose the weakness of this argument. Such a consideration would, no doubt, suffice to support the agreement as between the creditors themselves. But, if the debtor sought to rely upon it, he would be met by the immediate objection that he himself had furnished to return for the creditors promises to him, and, as already observed, it is a cardinal rule of the law that the consideration must move from the prom isee. A second solution is to say that no creditor will be allowed to go behind the composition agreement, to the prejudice either of the other creditors or of the debtor himself, because this would be a fraud upon all the parties concerned. The solution was suggested by Lord Tenterden in 1818 and supported by Willes J in 1863, and it has since won general approbation. But it is frankly an argument ab inconvenienti and evades rather than meets the difficulty. Where the plaintiff is bound by an existing contractual duty to a third party : When the plaintiff performs, or promises to perform, an obligation already imposed upon him by a contract previously made, not between him and the defendant, but himself and the third party. The question whether such a promise or a performance affords suficient consideration has provoked a voluminous literature more generous, indeed, then the practical implications would seem to warrant. In a case mentioned here the defendant agreed to pay money to he plaintiff in return for the plaintiff promise (a) to execute a separation deed and b)to pay his debts to a third party. The promise to execute the separation deed raised questions of public policy but was held good consideration.

The Home Depot Essay -- GCSE Business Marketing Coursework

The Home Depot Introduction Retailing building supply stores have become a popular retail industry sector due to increased public awareness and the need of many homeowners for the home improvement products. Back in the 1970s, long before warehouse stores ruled home improvement land, do-it-yourselfers shopped at â€Å"home centers.† These 30,000 square foot stores offered cheaper prices and wider selection of products, about 25,000 more than local hardware stores and eliminated the extra trip to the lumberyard. The dependence of many of these retailers upon the homebuilding industry for much of their business has also been reduced and the warehouse superstores, such as Home Depot, have become more important. The smaller companies in the retail building supply industry are facing economic difficulties as the industry leaders continue to dominate and warehouse super centers are becoming more evident. Company Overview Founded in 1978, The Home Depot is the world largest home improvement retailer and the third largest retailer in the United States followed by Lowe’s Companies, Inc. At the end of fiscal year 1999, the company was operating 930 stores, including 854 Home Depot stores, 15 Expo Design Center stores and 2 Villager’s Hardware stores in the United States; 53 Homes Depot in Canada; 4 Home Depot stores in Chile; and 2 Home Depot stores in Puerto Rico. In addition, they operated wholly owned subsidiaries Apex Supply Company, Georgia Lighting, Maintenance Warehouse and National Blinds and Wallpaper. They approximately employed 201,000 associates at the end of the year. The company has been publicly held since 1981. In 1978 when Bernard Marcus and Arthur Blank, executives with Handy Dan Home Improvement Centers, found themselves out of work after a corporate takeover at Handy Dan. Joined by Ronald Brill another Handy Dan employee; and Pat Farrah, former owner of Homeco, the world’s first home improvement warehouse, they mapped out plan for a bigger and better store catering to the needs of do-it-yourselfers. These Warehouse type stores, each averaging about 130,000 square feet, stock 40,000 to 50,000 home improvement products and are aimed mainly at the do-it-yourself trade. The stores however also attract many professional-building contractors. Products include lumber, floor and wall covering, hardware, paint, plumbing supplies, and tools. Home... ...eferences Lowe’s Companies, Inc. Declares Cash Dividend, PR Newswire, June 12, 2000 In an Expansion Mode, Lowe’s Sharpens its Customer Focus, The Weekly Newspaper for the Home Furnishing Network, June 5, 2000 p19 Lowe’s Companies Inc., The wall Street Journal, June 1, 2000 Lowe’s Outlines Focus on Customers at Annual Meeting, Pr Newswire, May 26, 2000 Lowe’s Eyes Markets for Growth, Corporate Financing Week, April 17, 2000, p3 Retailing building supply industry, The value Line Investment Survey, April 14,2000, p881 Lowe’s Annual Report, Fiscal Year 1999, Available at: http://www.Lowes.com/ Home Depot Annual Report, Fiscal Year 1999, Available at: http://homedepot.com/ Customer Service that is above and beyond, Philadelphia Business Journal, April 7, 2000 p42 We’re No.1 The Market Loves Top Dogs. Should you?, Fortune, March 6,2000 p446 The Home Depot reports 29% Increase in First Quarter Net Earning; Comparable Store Sales up 7%, PR Newswire, May 16, 2000 The Home Depot Looks to Floor Industry; Test Store Opens in Dallas this Summer, The weekly Newspaper for the Home Furnishing Network, March 27, 2000 p1 Carving a New Niche, Do It Yourself Retailing, September 1999, p49

Ethnic Foodways or Ethnic Globalization Essay

Globalization has indeed been a global osmosis of culture that includes dress habits, language and food habits. The melting pot that is often used as an analogy for globalization best describes what happens when several different cultures meet. Each adds its own flavor to local culture and what results is an amalgam that includes elements from all contributing cultures. Globalization results in the movement of factors of production through capital transfers and labor migration. Migration gives rise to a transfer of cultural elements. What has been seen in the recent past is the fast paced globalization through the multi national firm. In the cultural context, this global mix has been seen in the migration of culture through large clothing chains, retail supermarkets and food products. Phillips (2006) talks of how the increase in labor mobility has helped cuisine and food transfer across borders. In the nineteenth century itself, the movement of indentured labor for work in plantations in the West Indies and the Pacific enabled the movement of food habits from Asia to North America. Even earlier it was African cuisine that had gained a foothold in the US. The multinational food chain now ensures that similar food is available in each of its outlets across the world. MacDonald’s USP is indeed that the Big Mac would taste the same in each of its 25000 locations across the world. However, with this standardization is also the need to cater to local markets and take advantage of the local raw material to satisfy local tastes. Sometimes large multinational food chains have to localize to be able to gain larger market shares and that is the reason. In other cases, local tradition dictates nutrients that restaurants may choose and may avoid. Hence the MacDonald outlet in the Middle East does not serve ham while it avoids beef in India. Therefore one can see that globalization results in a two way exchange of cultures by way of food habits and tastes.

Ethical Hacking - 8365 Words

Chapter-1 1.0 Introduction With the tremendous advancement of Internet, different aspects of it are achieving the highest peak of growth. An example of it is e-commerce. More and more computers get connected to the Internet, wireless devices and networks are booming and sooner or later, nearly every electronic device may have its own IP address. The complexity of networks is increasing, the software on devices gets more sophisticated and user friendly – interacting with other devices and people are a main issues. At the same time, the complexity of the involved software grows, life cycles are getting shorter and maintaining high quality is difficult. Most users want (or need) to have access to information from all over the†¦show more content†¦An ethical hacker is therefore a good hacker, somebody who uses the methods and tools of the blackhat [4] community to test the security of networks and servers. The goal of an ethical hack is neither to do damage nor to download any valuable information –it’s more a service for a client to test his environment on how it would withstand a hacker attack. The final output from an ethical hack is mostly a detailed report about the detected problems and vulnerabilities. Many times, the report does even have instructions on how to remove certain abilities. Ethical hacking does perfectly fit into the security life cycle (see figure 1.1). Ethical hacking is a way of doing a security assessment a current situation (from a technical point of view) can be checked. Like all other assessments (or audits), an ethical hack is a random sample and passing an ethical hack doesn’t mean there are no security issues. An ethical hack’s results is a detailed report of the findings as well as a testimony that a hacker with a certain amount of time and skills is or isn’t able to successfully attack a system or get access to certain information.Show MoreRelatedEssay on Ethical Computer Hacking972 Words   |  4 Pagesdele te certain file extensions. But maybe theyre the people sitting hours on end to deploy a fix for that certain virus someone else is writing, or safeguarding a local banks network to make sure that virus cannot access the banks database. Hacking can be ethical by providing the Internet world with a tightened sense of security by detecting and preventing security flaws before it is too late. There are a many types of hacks, and hackers in the cyber world. A hack can be any modification done toRead MoreThe Ethical Hacking Program On Pluralsight.com1488 Words   |  6 Pagesthe class had begun. 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To understand ethical hacking one must be able to define what it means to be a hacker. â€Å"A hacker is an individual who intends to gain unauthorized access to a computer system† (Laudon Traver, 2015). Oxford Dictionaries defines an ethical hacker as â€Å"a person who hacks into a computer network in order to test or evaluate its security, rather than with malicious or criminal intent† (Ethical Hacker, n.d.). In other words, an ethical hacker aims to discover ifRead MoreEthical Hacking Essay849 Words   |  4 PagesEthical hacking, in my opinion, is just as much as an oxymoron as ‘constructive criticism’. Before I go on to show that ‘ethical hacking’ is but an oxymoron only in the literal sense, it is essential for one to understand the words ’ethical’ and â €˜hacking’ - origin, meaning and the misconception. ‘Ethical’ can be defined as ‘working with high professional morals and principles’. The original hacker was a person who liked to tinker with software and hardware alike, enjoying and exploring the way theRead MoreHacking Can Not Be Ethical1681 Words   |  7 PagesHacking cannot be considered ethical due to the fact that it damages a company s reputation. Hackers have no care in the world about the negatives that happen to you. They may not have anything against you but what you stand for. Erickson was the owner of a website known for political debates was hacked and his page on which he spent thousands of dollars on was hacked by Anonymous and became malicious. â€Å"Erickson spent $1,500 to rebuild his site with enhanced security measures. He also spent a considerableRead MoreThe Ethics Of Ethical Hacking1801 Words   |  8 PagesETHICAL HACKING It is a computer based term in which data access by the white hat hacker and give the security to its user and help to improve the cyber system with white hat hacker who love to work for their user with some security products and give the surety from some extent, after that gray hat hacker also work for the nation without any personal gaining motive as compare to other its work high ranking system or done by judiciary of every nation. On the other hand black hat hacker (cyber criminals)