Creditor and Debtor Relationship in Contract Law

Creditor and Debtor Relationship in Contract Law For an agreement to become binding, the parties must show that they supplied consideration; Currie v. Misa (1875)[1], and such consideration may exist of 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. In simple terms, it means that each party must do or give something in return, for what is acquired from the other party. Thus, if a party wishes to sue upon an agreement, it must first show that they themselves provided some form of consideration to the other; Tweddle v Atkinson (1861)[2].   Hence, consideration is an integral component for the implementation of contracts. Pollack, provides a simpler explanation; that it is an act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable[3]. And, it is this very definition which Lord Dunedin emb raced in the House of Lords (HOL), in Pneumatic Tyre Co Ltd v Selfridge and Co Ltd (1915)[4], a seminal case on the issue of consideration. Consequently, it begs to reason that a promise to forbear part of your consideration, as final settlement, does not make much sense in light of Mr. Pollacks definition. Yet, Sir Edward Coke, created a common law exception in Pinnels Case (1602)[5] that where a debtor promises to provide, as final settlement of the debt, a lower sum which the creditor accepts, will only be binding, provided that the creditor accrues some extra benefit, for the loss suffered. This case was affirmed by Baron Alderson in Sibree v Tripp (1846)[6], on the basis that only where the debtor is bound to do something more than what he was already bound to do, in the original contract, can his part payment be considered acceptable. These extra elements, ranged from providing the debt at an earlier date, to providing chattel instead of money and lastly, providing the debt at another location[7], then the one prescribed in the original agreement. The rule in Pinnel was later applied by the HOL in Foakes v. Beer (1 884)[8], where the court upheld the claim of the debtor for the remaining balance of the sum owed, despite, the existence of a promise by the debtor to forgo the balance. The court reiterated that a promise to forgo part of a debt owed cannot itself form enough consideration, to withhold the debtor form exercising his strict legal right. This approach was recently adopted in Re Selectmove Ltd (1995)[9], where the COA held that a reiterated promises to do the same, which you are already bound to do, can only amount to valid consideration if the other party was to receive a practical benefit. These cases opened the gates on the issue of the creditor and debtor relationship and how the law of contract gradually eased its restrictions on debtors. Slowly, yet gradually, equity came to the rescue of the debtors, thus, in the process creating exception to the principles founded in Pinnel. But for the time being where a debtor does not provide an added benefit for his part payment, and the creditor accepts the lesser sum; surely common law, as per the decision in Pinnel Foakes; would not bar the creditor from enforcing his strict legal right, post acceptance of the lesser sum. This very question was the focus of the case, Hughes v Metropolitan Railway Co (1877)[10]; where the equitable doctrine of promissory estoppel came into existence; and subsequently revived, some 70 years later, in the Dicta of Lord Denning as a recognized principle of equity; Central London Property Trust Ltd v High Trees House Ltd (1947)[11]. Hughes involved a tenant, who under contractual obligation, was obliged to keep the premises, in his possession in good repair. The landlord, served the tenant a notice 6 months prior to the termination of the lease; but nearing the end of the lease, negotiations took place between the parties and the tenant informed the landlord that they will not carry out the repair, in the meantime. By the end of the lease, the landlord, claiming that the tenant had not carried out to repair the premises, forfeited the lease. The HOL, applying the principles of equity, held that the landlords behavior implied a promise for the tenants to halt repair till the time the negotiation finished. Thus, the HOL, saw that the time of the 6 months notice ran from the date when the negotiations between the parties finished. Lord Cairns explained that the decision stood for the proposition that where parties, bound by contractual obligation, enter negotiations, their strict legal rights would be held in abeya nce[12]; thus, any party reverting to their strict legal rights would be estoppeled from doing so. This equitable principle saw new heights, in the hand of Lord Denning, often criticized for expanding the principle out of its conventional limits; in Central London Property Trust Ltd v High Trees House Ltd (1947)[13]. The claimant, a landlord, leased part of his property to the defendant; however, war broke out, thus, both parties renegotiated the contracts rent, on temporary basis, till the war lasted. However, once the war ended, the claimant, brought an action against the defendant for the balance of the payment; as agreed upon in the original lease and the reversion to the original rent for the future. Lord Denning, allowed the claimants plea that the rent should revert back to as originally negotiated between the parties, as before the war. He found that, although for the time of suspension, i.e. the time of the war; there existed no consideration for the debtor to accepted the reduced sum. But, he said that the debtor would be obliged due to the equitable principle, which sta tes that a promise intended to be binding, intended to be acted on and in fact acted on, is binding so far as its terms properly apply[14]. In fact, what Denning had done was expand the limits which Hughes had set. Hughes only talk about the suspension of rights, but in High Trees, Denning takes this a bit further, relying on equity, that once a debtor accepts part payment and the creditor relies on the promise; this act destroys the debtors right to recover the rest. Nonetheless, Lord Denning distinguished the decision in High Trees with Foakes on the grounds that a plea of estoppel needs to be specially raised, which was never done in Foakes. Irrespectively, in essence the real implication of this decision was that it was in direct contradiction with Foakes, which restricted part payment of a debt as bad consideration; Hughes, which held that estoppel could not be used to variate the terms of the contract, unless there existed some new consideration to support such variation. In reality, Lord Denning was, often criticized for his expansion of the doctrine, although which remains to be the law. Elizabeth Cooke, claims that Lord Dennings notion of promissory estoppel, single handedly, tries to abolish the debtors strict legal right to recover[15]. Secondly, Denning in High Trees, was also disliked for ignoring the rule in Jorden v. Money (1845)[16] which held that grounds for an estoppel can only be assumed for current or preceding facts, not to those facts which relate to some future conduct. Although, the decision of Jorden is subject to many exceptions; the rule in Hughes being one as well; Lord Denning maintained that High Tress could also be views as an exception to Jorden; thereby beckoning equity as to disallow a party to revert on a promise, once the other party relies on that promise. A few years after the decision in High Trees, Coombe v Coombe [1951][17] illuminated that the doctrine can only be used as a defense to a claim, not the other way around, as the basis for a claim; thus limiting its scope, in equity. However, Lord Denning, in Coombe, did reiterate the position he maintained in High Trees and said that a creditor is not allowed to enforce a debt which he has deliberately agreed to waive if the debtor has carried on business or in some other way changed his position in reliance  [18] of the creditors promise. This case illuminated the factor of reliance as a decider in case of promissory estoppel. Consequently, HOL in Tool Metal Manufacturing Co Ltd v Tungsten Electric Co Ltd (1955) acknowledged Dennings estoppel, and encouraged the view that the doctrine could establish rights, without consideration, based on reliance. The issue involved a manufacturer, who under license of a Patent, produced a certain number of goods. During the war, both parties agreed in letting go of their rights to compensation and awaited new negotiation, at the conclusion of the war. Once, the war settled, the patent owners, on breaking down of negotiations, claimed for the compensation which would have been due from the time that the war finished. The HOL held that the assurance to suspend rights was binding during the period of the war and the owners could, on giving reasonable notice to the manufacture, revert to their old legal regime. Thus, the court established that promissory estoppel merely suspends the rights of the debtor; and only, if the creditor can establish that he could not resume his p revious position; then only can, promissory estoppel suspends that right, completely. Thus, Lord Denning MR, in D C Builders v Rees (1965)[19] dismissing the appeal of the defendants stated that it is worth noticing that the principle may be applied not only so as to suspend strict legal rights but also so as to preclude the enforcement of them, thus reinforcing the idea that promissory estoppel may in certain circumstance extinguish rights all together. He added that, consequently, a creditor may only be restricted from enforcing his strict legal right where it would be inequitable for him to insist upon them[20]. Similarly, Lord Denning, expanding the purview of the doctrine, was reported in Alan Co. Ltd V El Nasr Import Co,[21] stating that the only requisite for the establishment of the doctrine was the fact that one was induced in believing that the other party would not revert back to their strict legal rights. Nonetheless, it must be noted that the HOL has still, yet to date, to give their approval on the doctrine of promissory estoppel. However, in a recent case, Collier v P MJ Wright (Holdings) Ltd [2007] [22]; Arden LJ makes a number of points, enforcing the views established by Lord Denning. She said that where a creditor settles in accepting part payment as full sum, and the debtor pay the part payment, in reliance of the creditors promise; the creditor will be estoppeled from reverting to his strict legal right. Howeve r, interestingly, vindicating the Dictas of Lord Denning in High Trees[23], she stated that because reversion by the creditor would be inequitable; such a move on his part would have the effect of extinguishing his right to the remainder of the debt. Although, it seems that part payment of a debt has became an exception to the rule of consideration, it remains to be seen what stance the HOL would take on the matter. Interestingly, Alexander Trukhtanov[24], argues that Ardens approach is flawed, as it portray the idea that the creditor must establish real reliance, before equity helps, by way of promissory estoppel. He claims that the doctrine of promissory estoppel developed as an answer to the harshness of the rule in Foakes, and the application of this equitable doctrine is not the solution; because any modification to these rules, according to him, requires the legislatures intervention. As far, as the Australian legal system is concerned; they aptly adopted promissory estoppel within their legal system; Waltons Stores v Maher[25], to the extent of recognizing detrimental reliance; where the debtors reliance on the creditors promise causes him to suffer a detriment, it obliges as enough evidence to restrict the creditor from enforcing his strict legal rights. It remains to be seen how the UK legislature views and adopts or either reject, this doctrine. Nevertheless, the legislature must remember the importance of such principles, as correctly stated in Crabb V. Arun DC (1976)[26] that equity comes in to mitigate the rigours of strict lawà ¢Ã¢â€š ¬Ã‚ ¦. Practically speaking, the doctrine of promisor estoppel, is no more than a blessing for debtors, entrapped under debt to their creditor. In conclusion, it seems hard to imagine that, what started as an exception in Hughes, by the help of Lord Denning approach, became a whole new exception to the fact of consideration , and its effects on the enforceability of contracts. (2342 Words) Bibliography Books Articles Casebook on Contract Law by Jill Poole, 13th edition Textbook on Contract Law by Jill Poole, 13th edition. The Modern Law of Estoppel by Elizabeth Cooke (2000). Pollock on Contracts, 8th edition. Foakes v Beer: reform of the common law at the expense of equity By Alexander Trukhtanov, (2008) 124 LQR 364, 366-367. Cases Alan Co. Ltd V El Nasr Import Co. (1972) 2 QB 18 Central London Property Trust v High Trees House Ltd [1947] KB 130 Collier v P MJ Wright (Holdings) Ltd [2007] EWCA Civ 1329 Coombe v Coombe [1951] 2 KB 215 Crabb V. Arun DC (1976) 1 Ch 179 Currie v Misa (1875) LR 10 Ex 153 D C Builders v Rees (1965) 2 QB 617 Foakes v Beer [1884] UKHL 1 Hughes v Metropolitan Railway Co (1877) 2 App Cas 439. Jorden v. Money (1845) 5 H.L.C 185 Pinnels Case (1602) 5 Co Rep 117a Pneumatic Tyre Co Ltd v Selfridge and Co Ltd [1915] AC 847 Selectmove Ltd, Re [1993] EWCA Civ 8 Sibree v Tripp (1846) 15 M W 23 Tweddle v Atkinson (1861) 1 B S 393 Vanbergen v St Edmund Properties [1933] 2 KB 223. Waltons Stores (Interstate) Ltd v Maher [1988] HCA 7 High Court of Australia [1] Currie v Misa (1875) LR 10 Ex 153 [2] Tweddle v Atkinson (1861) 1 B S 393 [3] Pollock on Contracts, 8th ed., p. 175. [4] Pneumatic Tyre Co Ltd v Selfridge and Co Ltd [1915] AC 847 [5] Pinnels Case (1602) 5 Co Rep 117a [6] Sibree v Tripp (1846) 15 M W 23 [7] Vanbergen v St Edmund Properties [1933] 2 KB 223. [8] Foakes v Beer [1884] UKHL 1 [9] Selectmove Ltd, Re [1993] EWCA Civ 8 [10] Hughes v Metropolitan Railway Co (1877) 2 App Cas 439. [11] Central London Property Trust v High Trees House Ltd [1947] KB 130. [12] Ibid at 10 [13] Ibid at 11 [14] Ibid [15] The Modern Law of Estoppel by Elizabeth Cooke (2000) [16] Jorden v. Money (1845) 5 H.L.C 185 [17] Coombe v Coombe [1951] 2 KB 215 [18] Ibid [19] D C Builders v Rees (1965) 2 QB 617 [20] Ibid [21] Alan Co. Ltd V El Nasr Import Co. (1972) 2 QB 18 [22] Collier v P MJ Wright (Holdings) Ltd [2007] EWCA Civ 1329 [23] Ibid Para. 42 [24] Alexander Trukhtanov, Foakes v Beer: reform of the common law at the expense of equity (2008) 124 LQR 364, 366-367 [25] Waltons Stores (Interstate) Ltd v Maher [1988] HCA 7 High Court of Australia [26] Crabb V. Arun DC (1976) 1 Ch 179

Baumol’s “Sales Maximisation Hypothesis?” Essay

To what extent does empirical evidence on corporate objectives support the predictions of Baumol’s â€Å"Sales Maximisation Hypothesis?† In Neo-Classical Economic theory of a firm, the owners of a firm are involved in the day to day running of the firm, and therefore their main desire is profit maximisation. In reality firms are most likely run by managers and not by the owners. Because of this there is a lack of goal congruence between the two. Baumol (1959) suggests that manager controlled firms are more likely to have sales revenue maximisation as their main goals rather than profit maximisation favoured by shareholders. He shows that there are several explanations for the managerial emphasis on sales maximisation rather than maximising profits: sources of debt closely monitor sales of firms and are more willing to finance firms with growing or large sales figures; lay- off necessitated by fall in sales leads to industrial unrest and unfavourable investment climate; and with decreased sales (and consequently decreased market power) the firm enjoys lesser powers to adopt effective competitive tactics. As well as managers’ power and prestige and even salaries are more closely correlated with sales as to profits. Judged in this perspective, sales maximisation can be said to be the independent objective in managerial decision making, where ownership and management are clearly separated. This review of evidence will examine the advantages and limitations of Baumols theory on sales-maximisation. The majority of empirical evidence shows that there little correlation between the remuneration of top managers and the profit performance of their companys, instead sale revenue is seen as the major contributor to the salaries of managers. McGuire et al. (1962) tried to test Baumols contention that managers salaries are much more closely related to scale of operations of the firm than with profitability. They devised simple correlation coefficients between executive income and sales revenue and profits over the seven-year period 1953-9 for 45 of the largest 100 industrial corporations in the US. Their research showed that the correlation between salaries and sales was much greater than with profits. They recognise that there are serious limitations with using simple correlation analysis and the fact that correlation does not necessarily imply causation. Due to this the resear ch they done cannot be proved to be conclusive. D. R. Roberts found that executive earnings are correlated closely with the size of sales and not the level of profits. He used a cross section of 77 american firms for the period 1948-50. This evidence supports Baumols claim that managers have strong reason to pursue expansion of sales rather than increase profits. Conyon and Gregg (1994) produced a study of 177 firms between 1985 and 1990, it showed that pay of the top executives in large companies in the UK was most strongly related to relative sales growth (i.e. relative to competitors). They also found that it was only weakly related to a long term performance measure (total shareholder returns) and not at all to current accounting profit. Furthermore, growth in sales resulting from takeovers was more highly rewarded than internal growth. This evidence supports baumols presumption that sales maximisation is better related than profit, to executive rewards and corporate performance. Profitability and executive pay appear to be largely unrelated, suggesting that other managerial objectives might be given priority e.g. sales revenue. However total remuneration packages for top executives may be linked to profitabilit y, helping to align the interests of managers’ more closely to the interests of shareholders. Shipley (1981), in a major study concluded that only 15.9% of 728 UK firms questioned are true profit maximisers. The majority of the firms answered that the aim of their firms is for satisfactory profits. Hornby (1994) conducted a study off 77 Scottish companies and found that only 25% of the respondents are profit maximisers according to the ‘Shipley test’. And again the majority of the firms preferred satisfactory profits to profit maximisation. Although the study tells us little about sales maximisation, Shipley found that it was ranked fourth among principle pricing objectives, and nearly half the firms included sales revenue as at least part of their set of objectives. Larger companies were the ones that cited sales revenue as their principal goal. Since larger companies have a greater separation between ownership and management control, this lends support to Baumols theory. Marby and Siders (1966/7) computed correlation coefficients between sales and profits over 12 years, 1952-63, for 120 large American organisations. Zero or negative correlations between profits and sales would support Baumols hypothesis. The findings showed positive significant correlations between sales revenues and profits. This does not necessarily contradict Baumols hypothesis as sales and profits are positively correlated in Baumols model up to the point of maximising profits. Even when they concentrated on ‘reliable’ data from 25 companies which they thought had been operating at scales of output beyond the levels corresponding to maximum profit. Correlations between profits and sales were still mostly positive. This evidence is interpreted as refuting the sales-maximisation hypothesis. These studies argue the case for and against Baumols theory of sales-maximisation. Although there have been many studies conducted to test Baumols hypothesis, the empirical evidence is not conclusive in favour for or against the sales-maximisation hypothesis. Many argue that Baumols theory has many flaws, such persons are M H Peston and J R Wildsmith. Behavioural theory opposes the idea of a firm seeking to maximise any objective. Management are more likely to hold a set of minimum targets to hold the various stakeholder groups in balance. In practice, profit maximisation in the long term is a major goal for firms, but sales revenue is an important short term goal, though even here a profit target may still be part of the goal set. A widely used technique in the management of larger firms, portfolio planning, would seem to support the behaviourist view that no single objective will usefully help predict firm behaviour in a given market. In Neo-Classical Economic theory of a firm it suggests, the owners of a firm are involved in the day to day running of the firm, and therefore their main desire is profit maximisation. Managers are supposed to maximise shareholders wealth by investment means such as CAPM, NPV and ARR. This is the traditional means for the modern day manager to increase shareholder wealth. Agency theory explains that shareholders and managers have a relationship which is crucial to the modern firm. Managers run the company on behalf shareholder and shareholders will reward them with high salary. However this is not always the case as human nature dictates that self-interest, wealth, and power will come into the equation. Managers may start building empire, maximise sales and take on long term and complicated projects which only they understand and this will make it difficult for shareholders to sack them. This is typical of most western economies and former chief executive officer of News international James Murdoch argues in Mctaggart lecture 2007, the only reliable perpetual guarantor of independence is profits signalling that maximising profits is the only compass to measure success. This is reflective of the neoclassical economic theory and this essay will examine the advantages and limitations of sales maximisation. . argument for the theory of sales maximisation but there is serious limitations and that is the behavioural difference between long run profit maximisation and sales maximisation that there are no conclusive econometric tests as the difference is very subtle. Therefore there has to be more future research into testing what the key differences are between sales and profits. Also there has to be one to one interviews into the psychology of Managers in the firms that they running as some argue for profits whilst some argue for sales e.g. James Murdoch speech. The use of postal questionnaires for use in studies can bring evidence that is not In summary that is conducted for Baumols hypothesis empirical evidence is not conclusive in favour for and against the sales maximisation hypothesis.

Choosing Good Annotated Bibliography Topics

Choosing Good Annotated Bibliography Topics Among the members of the church announces at the close of the service that he'd like to have the church come back to his home to eat, so many individuals visit the dinner at his residence. As a consequence the schools worry that they're hiring professors with minimal experience and spend more cash on the present faculty to keep them happy. Such statistics include murder prices, concealed-carry permit prices, and assorted others. If you're investigating a topic for the very first time, cause'' may be too hard to pursue, even when you are extremely interested in it. Where to Find Annotated Bibliography Topics Record the right information for your bibliography from every source you find. Moreover, it doesn't matter what the distinct subject area you want, but your annotated bibliography ought to be laconic and right to the point. While an abstract also summarizes a guide, book, Web site or other sort of publication, it's purely descri ptive. An annotated bibliography might be a part of a bigger project or it may also be a stand-alone assignment. The concept that you place into your paper could be paraphrasing the original info or it might be an immediate quotation. Sloane's work will act as my principal supply of information. Project topic on business management lists will allow you to choose what you would like to study. While the majority of the formatting styles are quite alike, there continue to be some differences, which ought to be taken into consideration. Studying greeting cards which are already on the market will provide you with a feel for what consumers and greeting card businesses are interested in. 1 approach to organize information from resources is to produce a notecard for each idea you wish to incorporate into your paper. Your school library website ought to have a list of databases you are able to access. Additionally, students may also obtain different version of a book on our site. The One Thing to Do for Annotated Bibliography Topics You are able to accordingly make extra research and gather knowledge that has not yet been published in the current papers. As a part of corporate social responsibility, the help of on-line bibliography are provided at zero cost to students who cannot afford to cover generating the citations. In reality, an annotated bibliography provides a student the opportunity to dig deeper into the subject of this issue and locate an informational foundation for the research undertaking. It is u sually assigned to students who are conducting a particular type of research, or are searching for a better understanding of a particular topic. To let readers know when you achieve the close of the summary, place a parenthetical citation at the end of the material. Gather the exact same amount of evidence for each side of the argument in order for your article is not going to appear biased. As soon as you enter a specific topic on the site, it will become possible to understand regarding several factors, which can be helpful for the research. It's mandatory on the portion of the student to compose the assignment free from any plagiarism, meaning the material or content shouldn't be copied from any other sources. Annotated Bibliography Topics: the Ultimate Convenience! Being a complete variant of the references page, the Annotated Bibliography is an all-inclusive collection of literature employed in the essay or research paper intended to show the author's point. In the event you're not confident about the several formats like APA, MLA Chicago etc. use a web-based annotated bibliography generator to simplify the approac h. There are lots of standardized formats of APA bibliography which can be found the internet but it's still recommended to check for the precise style and format with professors. The summary is likewise very great. Tape record and take notes to make certain you get every detail down. If you're writing an annotated bibliography with several sources, it might be beneficial to divide the sources into categories. Locate the documents and articles linked to the chosen city and produce a brief annotated bibliography. Both are necessary to compose a well-rounded discursive article. As you probably are aware that it is crucial to incorporate a citation whenever you're quoting from a research supply, it's just as important to incorporate a citation when paraphrasing or summarizing. Proper citations help defend you from committing plagiarism when you compose a paper and apply the ideas from another source you have researched.

Implementation Of Ray Tracing - 1360 Words

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