International business law Coursework Example | Topics and Well Written Essays - 1750 words

International business law - Coursework Example In relation to international business law, law of contract serves as an important element for ensuring fair international trade and transactions. Law of contract is an essential element that aid in protecting the interest of parties involved in an agreement. In this regard, ‘Offer’, ‘Agreement’, ‘Acceptance’, ‘Consideration’ and ‘Intention to create legal relations’ are ascertained to be important element related to law of contract. Correspondingly, this paper intends to discuss about the concept consideration and critically evaluates the two statements regarding consideration (Jenks, 2012). Definition and Explanation of Consideration In relation to the law of contract, the term consideration is understood as a very important element which is required while making a contract. In its simple meaning, the doctrine of consideration is regarded as the principle way of deciding whether an agreement that has resulted from the exchange of offer and acceptance should be legally enforceable. The doctrine of consideration may include a promise for the performance of a particular act and may also consist of statements to refrain from the performance of certain tasks or acts that someone has the legal authority to do. The doctrine of consideration is looked as detriment for the party performing his part of agreement and benefit for the other party. The doctrine of consideration on the other hand, can also be understood as the mode of connection which brings together different parties under a single contract (Jenks, 2012; Wilshart, 2012; Taylor & Taylor, 2007). (a) Consideration Must Be Sufficient but Does Not Have to Be Adequate The above statement i.e. consideration must be sufficient but does not have to be adequate lays broad importance in the overall context of law of contract. It is essential that consideration must be sufficient. This means that what is being put forwarded in the agreement by the parties entering into it must be something which can be recognized as legally capable of constituting consideration. This aspect provides the maximum amount of weightage because consideration is the root to establishment of long term and short term business relationship. Also, the consideration gives birth to the establishment of contract between multiple parties. As consideration is an essential part of a contract, it derives primary importance in the overall context of law and when the contract gets breached in any case it also accounts for punishment. Taking this aspect into concern, it can be stated that the consideration must be sufficient. Therefore, before the establishment of any contract, the primary importance needs to be delivered in making a consideration sufficient. In addition, consideration plays a very important role for the formation of business in the international landscape as well. This factor lays primary importance because in order to form international business chann els, there are various factors that are needed to be taken into concern and consideration between the parties in a contract being the most important (Charman, 2013; Goode & Goode, 2011). If a consideration is sufficient then it will also lead to start up of a contract in an ideal manner. It will lead to proper functioning of a contract in a legalized form. All these aspects combined will lead

The Costs, Benefits and Unintended Consequences of the Sarbanes-Oxley Essay

The Costs, Benefits and Unintended Consequences of the Sarbanes-Oxley Act 2002 - Essay Example The Sarbanes-Oxley Act, which was enacted by the congress on 30th July 2002, benefited the corporate sector but not without posing certain challenges to public companies that was required to implement it. The Sarbanes-Oxley Act aimed at restoring the investors’ confidence, which had been extinguished by the numerous frauds that had affected or even led to collapse of different companies. This paper is a critical review of Gebremichaels’s article and will give a summary of the article, critically evaluate the arguments in the article by analyzing the weaknesses, limitations, and problems of the article. Additionally, the paper will focus on the strengths and usefulness of the article particularly for study purposes. Summary Gebremichael’s (2012) article â€Å"The Costs, Benefits, and Unintended Consequences of the Sarbanes-Oxley Act 2002† claims that Sarbanes-Oxley (Sox) Act of 2002 is the most discussed legislation in the capital market. The research was c arried out with the aim of evaluating how implementation of the SOX Act had affected the capital markets, economy, and entire corporate sector in the United States. The study focused on aspects of the SOX Act such as the benefits, consequences, and cost of its implementation. Gebremichael attributes the importance associated with the SOX Act to the consequences the act continues to have on United States public company as well as the entire economy. According to the article, the Act was enacted to curb accounting frauds, and regain the investors’ confidence by bringing transparency in the United States stock markets. The Act would do this by improving the way companies conduct their financial transactions through introducing corporate financial reporting in addition to modifying the way public companies are audited. The article finds section 404- Management Assessment of Internal Controls to be the most important and expensive provision to implement. This is because complete i mplementation of this section will have on companies. The article claims that the costs of implementing section 404 are too high while the benefits are minimal. This has already led to withdrawal of some foreign companies from the United States stock market. According to the article, holding executives, auditors, accountants, attorneys, as well as director responsible for financial regulation would help reduce cases of frauds. The article gives an account of Enron, one of the companies that collapsed due to auditing problems. The auditing problems led to bankruptcy and eventual collapse of the company. The account is important since frauds within Enron Company and Worldcom are among the companies that triggered the enactment of the SOX Act. Strengths, Problems, and Weaknesses of the Arguments in the Article The article puts forward a number of issues to demonstrate that the SOX Act has had both beneficial in addition to negative impacts on the United States public companies and the entire economy. Gebremichael argues that implementation of the SOX Act has enforced extra costs on companies. Most of the costs are attributable to practices such as audition as well as processing of financial reports, which are some of the requirements that public companies must meet. The major costs are in the time that managers must dedicate to overseeing that financial statements are processed accurately. This is a significant argument since directors and Chief Executive

World Wide Web and the Internet Relationship

World Wide Web and the Internet Relationship 1. WHAT IS THE INTERNET? The internet can be defined as one which is productive and connects computers and other electronic signal receptors anytime and anywhere, helping to share and acquire information. [6](Jillana Enteen. (2006)). The internet has made a revolution where it is one which helps us confirm our beliefs and has made our life less monotonous by surfing on it. It is an electronic realm filled with infinite opportunity.[3] (Jamison, Elizabeth. (2001)). Like the supercomputer, the Internet began as an idea to tie several computers to a supercomputer. Today, it ties more than 64 million computers together[12] (Windom, Jarvis F. (2002)). The Arpanet was the first name given to this network as only a few restricted persons were getting access to this network. It then got the name Internet when this network became popular and was known internationally. [3] (Jamison, Elizabeth. (2001)). Word count:139 2. WHAT IS THE WORLD WIDE WEB? The world Wide Web is a hypermedia-based system that offers a graphic representation of, and access to, the resources available on the Internet. WWW information is accessed through these computers using browser software, such as Netscape Navigator.[4] (Jean-Stephen Pichà ©. (1998)). This is a concept introduced by Tim Berners-Lee, Tim suggested three main technologies that meant all computers could understand each other (HTML, URL and HTTP) (Retrieved from http://www.bbc.co.uk/guides/z2nbgk7). The Web page that are accessible on the web usually contain hypertext links and are sometimes called links. These links connect to other pages that are store on the same or even a different server; these servers can be in any location throughout the World. This system of interlinked documents is known as hypertext (Dummies.com, 2010). Word count:124 3. WHAT IS THE RELATIONSHIP BETWEEN THE WORLD WIDE WEB AND THE INTERNET? Without the Internet, the WWW would not have existed. ThefirstWorld Wide Web (WWW)program debuted onthe Internetinthesummer of 1991.[7] ( Kaplain, Karen. (1998)). The WWW is a very genius way of accessing information using the Internet. The Web shortened word for the World Wide Web is only an aspect which forms part of the Internet. The need of finding information instantaneously has developed the WWW to access all the needed information found on the Internet. The WWW as its name invokes says that it must be worldwide but this can only be done through the Internet which connects computers globally. [5] (Jetter, John A. (1996)). Now, though, theWorld Wide Web, with its search engines and hypertext links, has made theInternet accessible even to those who know next to nothing about it. ((1996). How theWorld Wide WebsimplifiesInternetsearches,73,181. Retrieved from http://search.proquest.com.dbgw.lis.curtin.edu.au/docview/227758920?accountid=10382) Word count:152 4. WHAT ARE THREE PURPORTED DIFFERENCES BETWEEN THE WORLD WIDE WEB AS IT FIRST EMERGED, AND THE MORE RECENT WEB 2.0? The world wide web (WWW) as it first emerged had only the characteristic of making people accept what they were given on the Web. The  early  web  provided a limited user interactions or content contributions and only allowed to searchtheinformation and read it. The Web 2.0 has made a change where theusers ofweb 2.0have more interaction with less control.[10](San Murugesan (2007)) . By using the Web 2.0 nowadays, people are allowed to communicate online through social networking. The notion of Social Software is normally used for systems, by which humans communicate, collaborate or interact in any other way.[1] (Alby, T (2007)) Through the Web 2.0 people can even create their blogs and have full participation. The user is an integral part in the production process of content, tastes, emotions, goods, contacts, relevance, reputation, feedback, storage and server capacity, connectivity, and intelligence. [8](Pascu et al. (2007)) Word count:154 5. WHAT IS RSS AND WHY IS IT SIGNIFICANT TO THE WEB 2.0? Really Simple Syndication (RSS) uses extensive markup language (XML) to constantly scan the content of Web sites for updates, which will then be delivered to subscribers desktops or mobile devices through an RSS feed. [11](Wendy G, Jie. (2007)). People are up to date with just one click. The RSS is an easy way to condense information into a digestible form. People can take a quick glance at the feeds and there is no need to visit the web page if not interested. The updates can then be displayed in the newsreader in a similar way to e-mail, enabling users to skim hundreds of headlines each day, with the aim of improving productivity. [2] (Bradbury, Danny. (2006)). The Web 2.0 is an ideology which is used to benefit power. An example is Ebay which is a platform where people buy things online. For example, if someone likes vintage t-shirts, he can set up an  RSS  feed and have all auction detail that matches his search criteria sent directly to his desktop. [9] (Rioux, Mike. (2008)). Word count:176 Reference list: Alby, T. Web 2.0. Konzepte, Anwendungen, Technologien; Hanser: Mà ¼nchen, Germany, 2007. Retrieved from Future Internet 2010, 2, 41-59; doi:10.3390/fi2010041. Bradbury, Danny. (2006). MightRSShelp to solve yourwebmess? INFORMATION OVERLOAD: Danny Bradbury reports on a tool that could help to structure your incoming information:[SURVEYS EDITION]. Financial Times. Retrieved from http://search.proquest.com.dbgw.lis.curtin.edu.au/docview/249913821?accountid=10382. Jamison, Elizabeth. (2001). What is the internet? Retrieved from http://search.proquest.com.dbgw.lis.curtin.edu.au/docview/204772152?accountid=10382. Jean-Stephen Pichà ©. (1998). Doing Whats Possible with What Weve Got: Using the World Wide Web to Integrate Archival Functions. The American Archivist,61,106-122 . Jetter, John A. (1996). The World Wide Web: Interface on the Internet, 10, 4-5. Retrieved from http://search.proquest.com.dbgw.lis.curtin.edu.au/docview/194694597?accountid=10382. Jillana Enteen. (2006). Spatial conceptions of URLs: Tamil Eelam networks ontheworldwideweb. New media society,8, 229-249. Kaplain, Karen. (1998). THECUTTING EDGE; Father Figures; Early Architects ofthe InternetandWebLook totheFuture; Tim Berners-Lee:Theman who createdthe World Wide Websaysthebest is yet to come. Retrieved  from http://search.proquest.com.dbgw.lis.curtin.edu.au/docview/421269139?accountid=10382. Pascu, C.; Osimo, D.; Ulbrich, M.; Turlea, G.; Burgelman, J.-C. The potential disruptive impact of Internet 2 based technologies. First Monday, 2007, 3. Rioux, Mike. (2008). The World ofWeb 2.0. Electrical wholesaling, 89, (44-45, 62, 5). Retrieved from  http://search.proquest.com.dbgw.lis.curtin.edu.au/docview/209774207?accountid=10382. San, Murugesan (2007), UnderstandingWeb 2.0, Journal IT Professional. Retrieved from http://search.proquest.com.dbgw.lis.curtin.edu.au/docview/1013810326?accountid=10382. Wu, Wendy G;Li, Jie. (2007). RSS made easy: a basic guide for librarians. Medical Reference Quarterly, 26, 37-50. Retrieved  from http://x.doi.org.dbgw.lis.curtin.edu.au/10.1300/J115v26n01_04. Windom, Jarvis F.  (2002). Internet; History. Retrieved from  http://search.proquest.com.dbgw.lis.curtin.edu.au/docview/232337957?accountid=10382

An Early Start to Foreign Language Learning Essay -- Language

Today there are between six and seven thousand languages being spoken around the world. Millions of children all over the world are learning a second or even third language beginning before they reach high school. For instance, China has more than two hundred million students studying English in elementary school, while the United States has a mere twenty-four thousand learning Chinese (Glod 1). The lack of bilingualism has become an ever-increasing problem in the United States’ ability to compete globally with other economically powerful countries. Satellite programming, increased international travel, and the use of the Internet in different parts of the world have created a global community. No single country can produce all the goods and services that are needed to exist autonomously. Because of this, children have the opportunity to become powerful political and business leaders of the future. Therefore, the need for a second language has become progressively more impera tive. Through many studies and reports, experts have determined that the best time to learn a foreign language is during elementary school. However, according to the U.S Department of Education, in the United States only 24% of public elementary schools report teaching a foreign language during this time. This being said, a problem exists. Only 44% of high school students are currently enrolled in foreign language classes. While Spanish comprises 69% and French makes up additional 18% of their enrollment (Department of Education). Less than 1% combined of these students study languages such as Arabic, Chinese, Farsi, Japanese, Korean, and Russian. During George W. Bush’s presidency, Bush addressed the issue and determined that the United States needs more ... ...hildren have the opportunity to broaden their horizons personally and professionally. Works Cited Cognitive Benefits of Learning Language. American Council on the Teaching of Foreign Language, Fall 2007. Web. 1 June 2012. Glod, Maria. â€Å"Schools Try Elementary Approach To Teaching Foreign Languages.† Washington Post 8 Aug. 2006. Print. Marcos, Kathleen. Why, How, and When Should My Child Learn a Second Language? Kids Source, 26 July 2000. Web. 2 June 2012. Raab, Nina. â€Å"The Cognitive Benefits of Learning a Second Language.† Fusion Huntington Beach. N.p., 27 Nov. 2011. Web. 1 June 2012. Snuggs, Carla, ed. Foreign Language in Preschool: The Benefits of Teaching Multiple Languages in Daycare or Preschool. Suite 101, 28 Jan. 2008. Web. 30 May 2012. Why We Need to Learn a Foreign Language Young! Cracking the Learning Code, n.d. Web. 30 May 2012.

Learning Diary Essay

All students from IBS, IT and tourism sat together in the conference room. We were introduced to many friendly tutors and teachers. I was very interested in the speech of Mr Juola- Head of the Rantaviitikka campus. We were also introduced a very useful book called study guide. After finished the class, I decided to created my own library card with my friend’s help. * 4th September 2012: The first look about IBS programme. At 10. 00 am, IBS coordinator-Mrs Anzelika Krastina introduced to IBS12 group of 40 international students. I was satisfied with this introduction because I knew about: study methods, course contents and project work and practical training issues. After lunch, we were introduced to IT & ICT course by Mrs Tuijja Kuisma. We also met IBS11 and IBS10 groups. I had many useful advices from Mrs Tuijja Kuisma. * 5th September 2012: Planning International evening project. From 8. 30-10. 00, we got together with friends from IT and Tourism. They makes me feel like there are no distance between different degree programmes. After that, we continued to discuss about the International evening project. Because we have 40 international students from about 8 different countries so our coordinator decided to divide the class into 4 groups. As a result, we will 4 performances from IBS12 group. After lunch, we came to room c117 to learn about education principles and policies. We were also presented a new study method called: problems based learning. this was a completely new experience for me and I was really excited to start with this study method. * 6th September 2012: A memorable day. We started later than the other days. At 11. 30 am, we gathered at Borealis auditorium to listen to Ms Ritva Ala-Louko, Head of language center talk about the topic called â€Å" Adapting to a new culture †. all the information given was very worthwhile for me because I knew how to adapt to new life, new culture without the help of family. At 13. 00 pm, the new students walked together to the University of Lapland for the information session â€Å"Getting to know Rovaniemi†. The session began with a video about Rovaniemi. It was so funny because I had seen this video when I searched information about Rovaniemi. After that, the presentation was about Finnish Law and Regulations; Permits and Licenses for Foreigners; Rovaniemi Congregation; sport services at RAMK and ULapland. The information provided me a general look about Rovaniemi. * 7th September 2012: Opening ceremony. That day, I got up early to prepare for the opening ceremony. Exactly, all first-year student officially entered the school gates and we were welcome by Mr Martti Lampela-the principal of Rovaniemi University of Applied Sciences. We listened his speech and also received some cute gifts from Ramk’s tutors. When the speech finished, the new academic year officially began. After lunch, the student tutors leaded students to the river bank by Pohjanhovi, the venue of traditional Rovaniemi UAS vs University of Lapland rowing test. Although, the RAMK’s team won easily but we had happy moments together. The day culminated in a party at night club Doris. Unfortunately, I was under 18 years old at that time so I could not participate in the party. * 10th september 2012: the first day of academic year 2012-2013. The first class was introduction to IT. Mrs Tuija Kuisma taught us to use the basic computer system in school and some useful tools like: optima, win-hawille as well. I had to keep them in mind because they would related to my future study. After lunch, i continued with †Cross-cultural Man† class. I was confused because Krastina’s voice was quite small. Unfortunately, i sat at the back of class. but i could understand the main point of the lesson. Mrs Krastina also so gave us the information about the Problem Based Learning method. At the end of the day, we did not have to have an English test because it was cancelled. * 11th september 2012: The orientation course and Cross-cultural Man class. The orientation course was about information literacy. We learned to use the e-library to search books, information, ect. We were given a form to fill in to create a library card but i already had this card. The important of the class was to provide students with the knowledge of e-library. After lunch, we studied about teamwork and PBL method in Cross-cultural Man class. in my group, we had to solve a real problem in teamwork. After discusing, we came up with the best solution and we had to write an essay about the importance of teamwork in school for the learning task. In my country, i did not have enough opportunities to work in a team so when i worked in a group i was not confident. I will improve myself in the near future. * 12th september 2012: Knowledge about reference and academic writing. Mrs Johanna made me feel very comfortable because of her enthusiam. She was always ready to help students to finish the reference. In the future, i will write many essays so i have to remind myself to study hard all the time. Pham Xuan Tung.

Beer Economics †Supply and Demand Essay

The laws of Supply and Demand may be a simple concept except when it comes to beer. Two large beer companies have formed an Oligopoly and have taken the power from the people. Income high, or income low, beer will be purchased even if the price is not always right. A social gathering is not social without the presence of beer. Beer has been a growing industry year after year. The craft, or microbrewery industry, has grown tremendously since the early 1980s, and the Brewers’ Association reckons that there are now over 1,500 brewing companies in the country, a level not seen since Prohibition was introduced in 1919 (Krafoff, 1). Pabst Blue Ribbon, in 1890 the most popular beer in the U. S. , has seen its market share drop to 2. 8%, but it has enjoyed a resurgence due to its cheap price, decent taste, and new-found cachet among urban hipsters (Krafoff, 1). The beer market is a completely open market. Anyone with a marketing idea and a recipe can get a contract brewery to make the product (Krafoff, 1). Almost every bar has a dozen taps with independent and local brews, but there are two definite brands you won’t ever have to look hard for: Coors and Budweiser. As recently as 2004, 64 percent of the global beer market ownership was fragmented among ten beer corporations (Anderson, 5). In 2008 the merger of Anheuser-Busch (A-B) and global giant InBev created the world’s largest brewer: Anheuser-Busch InBev (ABI), followed by SABMiller (second-largest) and Molson Coors Brewing Company (fifth-largest) (Anderson, 5). To better compete with ABI’s growing world beer market share, SABMiller and Molson Coors combined their U. S. and Puerto Rico operations to establish their joint venture, MillerCoors LCC (Anderson, 5). With these massive consolidations, the two beer giants (ABI and MillerCoors) now have combined control of more than 40 percent of the world beer market and 80 percent of the United States beer market (Anderson, 5). MolsonCoors operates in the United States, Canada and the United Kingdom. Their products include Coors Light, Coors, Keystone Light, Blue Moon, MGD 64 and many other recognizable beers. Their number one competitor is Anheuser-Busch. Their products include Budweiser, Bud Light, Michelob, Shock Top and many others. The beer market has formed into a classic oligopoly: a market with just a few firms dominating the industry. Both MolsonCoors and Anheuser-Busch have substantial market power and control over beer prices. They are mutually interdependent. MolsonCoors can’t raise the price of Coors Light unless Anheuser-Busch raises the price of Bud Light. Both companies are forced into the game theory. They have to play a guessing game of what the other company is going to do and lower or raise their prices based upon their assumptions. It may seem easy for them to just agree to the same price and share the market. Unfortunately, that is called a cartel, and is illegal in the United States. Their products have few substitutes and complements. A substitute of beer is wine as the cross-price elasticity is . 23. A complement to beer is hard liquor as the cross-price elasticity is -0. 11. Beer is an elastic product because it is not a necessity. Demand is highly affected by price. An example of this is highly popular discount brands such as Keystone Light. MolsonCoors products are equally as elastic as their competitor Anheuser-Busch. They offer discount beers as well as microbrew style beers. Beer is an inferior good. As income falls, quantity of beer demanded falls. Beer has a negative income elasticity of demand of -0. 09. This is because when society becomes richer (income rises); things such as fine wines and spirits are substituted for beer. Beer has a couple factors working in its favor. First, the United States is in a recession, thus income is low, and the quantity demanded of beer is high. Second the marginal utility of beer increases as more is consumed. The utility of one beer is high but increases with every added beer. This is a major advantage to the two beer giants and their profits. There is not an infinite supply of a given beer. This seems unimportant when no one wants said beer, but is important when it is in high demand. Ideally, the amount of beer will meet (or come close to meeting) the desire for it, meeting a market equilibrium. It may not taste like it, but our beer is actually in danger. The popularity of corn-based ethanol has already caused a tight market for malt, one of beer’s three critical ingredients, as farmers increasingly forgo the barley crops used to make it in favor of more profitable corn (Boyer, 1). This has caused a worldwide shortage in hops, thus a large increase in price. Barley has risen from $157. 6 USD per metric ton in March 2007 to $202. 53 USD per metric ton. The other key ingredient in beer (along with water), hops is a flower that gives beer flavor and aroma (Boyer, 1). The shortage comes after a decade-long surplus discouraged farmers from planting the crop, which grows on trestles and can take years to mature (Boyer, 1). Since 1994, the amount of farm acreage planted in hops worldwide has declined by about half (Boyer, 1). Together, the two mean the beer industry now faces a 10 to 15 percent shortage (Boyer, 1). On the upside, water, aluminum and yeast are widely available and have stable prices. According to MolsonCoors financials, their total revenue (p x q) is $3,254,000. We can assume that they sell every beer at about $3 which would make their quantity sold at approximately 1,084,667 cans. That’s billions! This business model seems to be working. Molson Coors is currently earning economic profits. Their current net income is 670 million dollars. The stockholders’ equity is currently 7,779. The current prime rate is 3. 5% so by multiplying that by the stockholders’ equity we can assume the owner’s implicit costs are approximately 272. 7 million dollars. MolsonCoors generates profits of about 397. 03 million dollars per year. Beer is a profitable product because it is widely sold in many markets and, despite rising costs, fairly inexpensive to produce. Since MolsonCoors has been a company for many years, they have low long run average total costs. Over the years they have been able to decrease their operating costs and increase production and in doing so, reaching a point of economies of scale. Below is a fictitious example of how as quantity rises, total costs only rise a little bit.