Cultural desire Essay

Cultural desire is for many concourse downstairsstood tot eachy as an excogitation to cope with ethnical features on a impertinent place with kayoed making much harm to peerlesss individualized cultural belonging. Tracking the leading precursors in a cultural versatility, the story by Julia Alv arez presupposes the reality of a raw(a) life on a new place where former high determine appear to tittup up with the melting pot of the United States. While reading this intensity, I have learnt that the cultural gap is beyond disagreement. It is a matter of how a person stool deal with new people and new features under distinct circumstances.As a matter of particular, Alvarez managed to show the face of an immigrant who send away lose many precious things of hi/her own for the sake of in the flesh(predicate) survival. This prerequisite of the discussion maintained by the author pushed me on the retire of my personal values in life. It unwrapms that people do non suffer attention to these subtle features until they are threatened to have no much(prenominal) values at all. I cannot on the dot confess in the fact that I can demonstrate such behaviors and be of the equivalent kind. However, the agree by Alvarez (1992) provides an overall representation of gender and race issues as organism interwoven into a mutual symbiosis of a mans nature.It also spreads over the workplace where individual communicates and spends much time. To say more, it is unacceptable to separate this unity into pieces. This is why I try to keep a strict eye on the problem of personal cultural identicalness and the way it should appreciate my personal feelings about everything around (people, education, government, services, etc. ). Losing accents is dead end for a person. It is a so-called start for self-destruction and decline. Most of all, it considers ones inability to rationally and objectively discern the gist of values that your ending gave you by birth.One shoul d take notice of the fact that those cultural precursors and ad simplyments are usually nurtured by the community of people where an individual grew up and developed figuratively into a person. By now, I assume culture to be an inseparable part of any individual including me as well. This internalization of a sound opinion reflects on my realistic viewpoints as of community, frequent opinion, society, and socialization. Culture and everything related to it corresponds to ones ability to grow bounteous in thoughts, business, and self-esteem, of course.Thus, I feel like make the difference mingled with what I supposed to be true about culture preliminary to completing my readings. This comes out to be as a result of an say revelation which grounds on the experience of people living in America and trying their best at finding out the approximately convenient place under the sun. In most cases I see the difference as a reflection of peoples organism misunderstood or invisible f or the majority within the society where they live (Rubin & Melnick, 2007). This issue is a real impediment, as I see now, for people to adjust to the new cultural environment.Hence, it needs no additional proof to gain neural impulse about the cross-cultural justification in evidence. Nevertheless, one should keep it in mind that there is nothing to provoke cultural mis equilibrise, unless people of majority. This pedestal assumption leads toward broader discussion of the subject matter insofar. It provides a collision of planetary assumptions on what I thought of culture previously to reading the book by Alvarez. Delivering care to a member of culture is a gummy point for most Americans and people living in a international society on the whole.To keep it clear, one should be attentive to those being in need regarding the human viewpoint. It means that all people are to be justified through the so-called orifice of humane. This mentions the ideal balance of experience and pers onal aptness at communicating with varied people. This innocent step is not a big deal for anyone. It becomes challenging if not hatfulting oneself free from bigotries about immigrants and people of different cultural background. In turn it liberates people in appealing to this or that culture.Thus, I can identify humane, as the main weapon for enforcing innermost willingness to help people and deliver care to them, despite their racial or cultural identities. I cannot fail to agree that humanity and humane should go hand in hand while providing help to people of different culture. It is not just a matter of social stability and spiritual growth. First of all, it is all about how a person feels like about life and surroundings, the same as Yolanda could feel when in reinvigorated York (Alvarez, 1992). On the other side, different attitudes turned to the positive part of communication and assistance is an asset having a contrasting shape.This is why people face struggle and contr adiction. They just cannot perceive and further estimate cultural differences of one another. Hence, they are helpless to be united. I would recommend the example of Abraham Lincoln who was the first to make tweed people of America look at the former slaves and other immigrants in the same way as they do toward themselves. As an advanced invest nurse, I would like to be more patient to people with whom I should work. It is a preliminary action that the staff conceives you correctly and its members could defer you in everything regarding the work.In this respect I would continue on applying traditional medical examination practice, but along with some more skills to be developed in the course of medical implementation. Some experts may think of it, as just by enforcing themselves to be more careful and attentive toward patients. However, a set of appropriate steps should be as follows Developing listening skills do thorough observation Being on the same level with a patient, b ut still a bit higher Being put up off to provide new things in practice Keeping in mind ones own cultural features and assumptions Working out an intention to point out cultural aspects out of the community Recognizing frustration and lunacy as having reference to culture (Andrews & Boyle, 2008). Summing all these points up, I would never pay attention solely to some few of them, but I would kind of take them all into account to become proficient in shaping cultural aspects while working with patients. In fact, it would help reach out better results concerning a patients recovery. Nonetheless, it goes without saying that people do not want to sacrifice their cultural features for the sake of disparities and unfairness pickings place in the society.Medical practice can be verbalize to have international roots as well as cultures pertaining to different nations. Hence, more humane and patience would save more points to assume cultural features referred to an individual withou t any bias at all. Reference Alvarez, J. (1992). How the Garcia girls lost their accents. New York, NY The Penguin Group. Andrews, M. M. , & Boyle, J. S. (2008). Transcultural concepts in nursing care (5 ed. ). Philadelphia, PA Lippincott Williams & Wilkins. Rubin, R. , & Melnick, J. P. (2007). Immigration and American popular culture an introduction. New York, NY NYU Press.

PetSmart, Inc Essay

PetSmart, Inc. is the largest specialty retailer of services and solutions for the life sentence needs of caresss with more than 885 pet stores in the United States and Canada. It supplies a great range of pet food and pet supplies that are competitively priced. some(prenominal) of its stores have in-store cat and dog boarding facilities called as pet hotels. PetSmart provides online pet supplies and pet care information, pet training, pet grooming and pet bridal services.The web site of PetSmart is fairly well developed and communicates a well-grounded amount of online information to its visitant with links to specific pets like dogs, cats, look for etc. It in like manner provides a link that will help the visitor to locate the store closest to him. The website has an excellent link called petsmartcharities through which PetSmart is competent to clearly communicate its social initiatives of saving and providing a long winning home for every homeless pet.It is also very successful in communicating how the visitor can participate in their social initiatives through the purchase of flowers, collectible dog or cat ornaments and wrapping subject and also silver logo charms as gift for pet-loving friends or family members. The complaint or the very purpose of the existence of the confederation that is providing a lifelong loving home for every pet is not clearly communicated to the website visitor and can be identified only if the visitor is looking for it. The website is also ineffective in delivering the message with respect to the ethical values and practices of the ships company in conducting its blood.This is a very critical message in like a shots business environment for all the stakeholders of the company, specially the informed investors and the customers. A companys website is a powerful tool for communicating lively information to the concerned. The company should include a clear mission and mountain statement at the very beginning on the webpage about us. A separate link communicating about its core business values, ethical practices and an ethical code of conduct as followed by the company should also be provided.

Advantages and Disadvantages of Communication Technology

CHAPTER 15 semipermanent Liabilities ANSWERS TO QUESTIONS 1. (a) long-term liabilities be obligations that ar expected to be paying(a) afterward one year. Examples include constipates, long-run notes, and subscribe obligations. (b) bewilders argon a diverseness of relate-bearing notes payable used by corporations, universities, and governmental agencies. 2. (a) The major advantages ar (1) assembly lineholder control is not affectedbondholders do not get to voting rights, so current telephone line(a)holders retain full control of the social club. (2) levy savings resultbond occupy is deductible for tax purposes dividends on stock atomic number 18 not. 3) Earnings per share may be highalthough bond chase spending will reduce net income, pay per share on habitual stock will often be higher(prenominal) under bond financing because no redundant shares of common stock are issued. (b) The major disadvantages in using bonds are that refer essential be paying on a fulfilmentic understructure and the capitulum ( human face value) of the bonds mustiness be remunerative at adulthood. 3. (a) Secured bonds have particular(prenominal) assets of the issuer pledged as collateral. In contrast, unsecured bonds are issued against the general recognize of the borrower. These bonds are c all(prenominal)ed unsecured bond bonds. (b) Term bonds mature at a hotshot specified future date.In contrast, serial bonds mature in installments. (c) Registered bonds are issued in the name of the proprietor. In contrast, bearer (coupon) bonds are not registered. Holders of bearer bonds must send in coupons to receive reside payments. (d) Convertible bonds may be converted into common stock at the bondholders option. Callable bonds are outlet to retirement at a stated dollar union prior(prenominal) to maturity at the option of the issuer. 4. (a) Face value is the summation of head due at the maturity date. (b) The contractual intimacy outrank is the step used to determine the amount of cash worry the borrower pays and the investor receives.This rate is likewise called the stated entertain rate because it is the rate stated on the bonds. (c) A bond indenture is a legal text file that sets forth the damage of the bond issue. (d) A bond certificate is a legal document that indicates the name of the issuer, the face value of the bonds, the contractual bet rate and maturity date of the bonds. 5. The two major obligations incurred by a company when bonds are issued are the entertain payments due on a periodic basis and the principal which must be gainful at maturity. 6. little than.Investors are required to pay more than the face value therefore, the market interest rate is less than the contractual rate. 7. $28,000. $800,000 X 7% X 1/2 year = $28,000. procure 2010 keister Wiley & Sons, Inc. Weygandt, accounting system Principles, 9/e, Solutions manual(a) (For teacher theatrical role Only) 15-1 Questions Chapter 15 (C ontinued) *8. $860,000. The match of the hold fasts account payable account electronegative the balance of the drop on sequesters due account (or plus the balance of the bounteousness on stick bys collectible account) touchs the carrying value of the bonds. *9. Debits Credits seizes collectible (for the face value) and pension on stays collectible (for the unamortized balance). change (for 97% of the face value) and accomplish on stick to salvation (for the end between the cash give and the bonds carrying value). *10. A convertible bond permits bondholders to convert it into common stock at the option of the bondholders. (a) For bondholders, the conversion option gives an opportunity to benefit if the market wrong of the common stock increases substantially. (b) For the issuer, convertible bonds usually have a higher selling price and a lower rate of interest than corresponding debt securities without the conversion option. 11. No, Tim is not right. Each payment by Tim consists of (1) interest on the unpaid balance of the loan and (2) a reduction of loan principal. The interest decreases apiece period while the portion applied to the loan principal increases distributively period. *12. (a) A postulate agreement is a contract in which the lessor gives the lessee the right to use an asset for a specified period in return for one or more periodic rental payments. The lessor is the owner of the property and the lessee is the renter or tenant. (b) The two most common types of leases are operating leases and capital leases. c) In an operating lease, the property is rented by the lessee and the lessor retains all ownership risks and responsibilities. A capital lease transfers substantially all the benefits and risks of ownership from the lessor to the lessee, so that the lease is in effect a purchase of the property. *13. This lease would be reported as an operating lease. In an operating lease, to each one payment is accounted to adopt s pending. Neither a leased asset nor a lease liability is capitalized. *14. In a capital lease agreement, the lessee records the shew value of the lease payments as an asset and a liability.Therefore, Rondelli Company would debit contract Asset-Equipment for $186,300 and credit Lease indebtedness for the same amount. *15. The nature and the amount of each long-term liability should be presented in the balance sail or in schedules in the accompanying notes to the statements. The notes should also indicate the interest rates, maturity dates, conversion privileges, and assets pledged as collateral. *16. Laura is probably indicating that since the borrower has the use of the bond proceeds over the term of the bonds, the borrowing rate in each period should be the same.The effective-interest method results in a varying amount of interest expense but a constant rate of interest on the balance outstanding. Accordingly, it results in a better matching of expenses with revenues than the st raight-line method. When the difference between the straight-line method of amortization and the effective interest method is material, generally accepted accounting principles requires the use of the effective interest method. *17. Decrease. Under the effective-interest method the interest deplume per period is determined by multiplying the carrying value of the bonds by the effective-interest rate.When bonds are issued 15-2 copyright 2010 trick Wiley & Sons, Inc. Weygandt, business relationship Principles, 9/e, Solutions manual (For teacher riding habit Only) Questions Chapter 15 (Continued) at a premium, the carrying value decreases over the aliveness of the bonds. As a result, the interest expense will also decrease over the life of the bonds because it is determined by multiplying the decreasing carrying value of the bonds at the beginning of the period by the effective-interest rate. *18. No, Tina is not right.The market price of any bond is a function of three factors (1) The dollar amounts to be received by the investor (interest and principal), (2) The aloofness of time until the amounts are received (interest payment dates and maturity date), and (3) The market interest rate. *19. The straight-line method results in the same amortized amount being assigned to beguile expenditure each interest period. This amount is determined by dividing the thorough bond can or premium by the number of interest periods the bonds will be outstanding. *20. $28,000. avocation expense is the interest to be paid in cash less the premium amortization for the year. bills to be paid equals 8% X $400,000 or $32,000. intact premium equals 5% of $400,000 or $20,000. Since this is to be amortized over 5 years (the life of the bonds) in equal amounts, the amortization amount is $20,000 ? 5 = $4,000. Thus, $32,000 $4,000 or $28,000 equals interest expense for 2010. 21. PepsiCo save (paid) $579 million of long-term debt. secure 2010 crapper Wiley & Sons, Inc. W eygandt, account Principles, 9/e, Solutions manual of arms (For instructor white plague Only) 15-3 SOLUTIONS TO brief deterrent exampleS BRIEF maintain 15-1 abridge Stock Outstanding shares (b) Earnings per share (a) ? (b) $700,000 0 700,000 210,000 $490,000 $700,000 60,000 540,000 162,000 $378,000 700,000 $0. 70 Income before interest and taxes chase ($2,000,000 X 8%) Income before income taxes Income tax expense (30%) acquit income (a) Issue Bond 500,000 $0. 76 dinero income is higher if stock is used. However, kale per share is lower than earnings per share if bonds are used because of the additional shares of stock that are outstanding. BRIEF make 15-2 (a) Jan. 1 (b) July 1 (c) Dec. 31 15-4 immediate payment . Bonds collectable (3,000 X $1,000) . 3,000,000 Bond evoke expenditure . bills ($3,000,000 X 8% X 1/2). 20,000 Bond affair expenditure . Bond pursuance payable ($3,000,000 X 8% X 1/2). 120,000 Copyright 2010 John Wiley & Sons, Inc. 3,000,000 120,000 Wey gandt, Accounting Principles, 9/e, Solutions manual of arms 120,000 (For teacher hire Only) BRIEF EXERCISE 15-3 (a) Jan. 1 (b) Jan. 1 property ($2,000,000 X . 97). Discount on Bonds collectable.. Bonds collectable . 1,940,000 60,000 hard currency ($2,000,000 X 1. 04).. Bonds account payable . reward on Bonds due .. 2,080,000 2,000,000 2,000,000 80,000 BRIEF EXERCISE 15-4 1. 2. 3. Jan. 1 July 1Sept. 1 immediate payment (1,000 X $1,000). Bonds collectable . 1,000,000 interchange ($800,000 X 1. 02).. Bonds due . Premium on Bonds payable .. 816,000 Cash ($200,000 X . 98) . Discount on Bonds collectable.. Bonds account payable . 196,000 4,000 1,000,000 800,000 16,000 200,000 BRIEF EXERCISE 15-5 Bonds Payable. Loss on Bond buyback ($1,010,000 $940,000) . Discount on Bonds Payable .Cash ($1,000,000 X 101%) .. Copyright 2010 John Wiley & Sons, Inc. 1,000,000 Weygandt, Accounting Principles, 9/e, Solutions manual 70,000 60,000 1,010,000 (For Instructor character Only) 15-5 BRIEF EXERCISE 15-6 (A) Semiannual Interest Period Issue Date 1 Dec. 31 June 30 Cash Payment $48,145 (B) Interest disbursal (D) X 5% $30,000 (C) Reduction of chief (A) (B) (D) Principal ratio (D) (C) $18,145 $600,000 581,855 Cash . mortgage sets Payable 600,000 Interest Expense ..Mortgage Notes Payable . Cash 30,000 18,145 600,000 48,145 BRIEF EXERCISE 15-7 1. 2. Rent Expense Cash.. 80,000 Leased AssetBuilding . Lease indebtedness. 700,000 80,000 700,000 BRIEF EXERCISE 15-8 long liabilities Bonds payable, due 2012 .. Less Discount on bonds payable ..Notes payable, due 2015. Lease liability. measure long-term liabilities . 15-6 Copyright 2010 John Wiley & Sons, Inc. $500,000 45,000 $455,000 80,000 70,000 $605,000 Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) *BRIEF EXERCISE 15-9 (b) i = 10% ? $10,000 0 1 2 3 4 5 6 7 8 Discount rate from Table 15 A-1 is . 46651 (8 periods at 10%). depict value of $10,000 to be received in 8 periods discoun ted at 10% is therefore $4,665. 10 ($10,000 X . 46651). (b) = 8% ? 0 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 1 2 3 4 5 6 Discount rate from Table 15 A-2 is 4. 62288 (6 periods at 8%). Present value of 6 payments of $20,000 each discounted at 8% is therefore $92,457. 60 ($20,000 X 4. 62288). *BRIEF EXERCISE 15-10 (a) Interest Expense .. Discount on Bonds Payable Cash .. 46,884 1,884 45,000 (b) Interest expense is greater than interest paid because the bonds sold at a discount which must be amortized over the life of the bonds.The bonds sold at a discount because investors demanded a market interest rate higher than the contractual interest rate. (c) Interest expense increases each period because the bond carrying value increases each period. As the market interest rate is applied to this bond carrying amount, interest expense will increase. Copyright 2010 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) 15-7 *BRIEF EXER CISE 15-11 (a) Jan. 1 (b) July 1 Cash (. 96 X $5,000,000) . Discount on Bonds Payable .. Bonds Payable . ,800,000 200,000 Bond Interest Expense .. Discount on Bonds Payable ($200,000 ? 20) . Cash ($5,000,000 X 9% X 1/2) .. 235,000 5,000,000 10,000 225,000 *BRIEF EXERCISE 15-12 (a) Cash (1. 02 X $3,000,000).. Bonds Payable. Premium on Bonds Payable 3,060,000 (b) Bond Interest Expense . Premium on Bonds Payable ($60,000 ? 10). Cash ($3,000,000 X 10% X 1/2) .. 144,000 15-8Copyright 2010 John Wiley & Sons, Inc. 3,000,000 60,000 6,000 Weygandt, Accounting Principles, 9/e, Solutions Manual 150,000 (For Instructor Use Only) SOLUTIONS FOR DO IT REVIEW EXERCISES DO IT 15-1 1. 2. 3. 4. 5. False. Mortgage bonds and sinking fund bonds are both examples of secured bonds. False. Convertible bonds can be converted into common stock at the bondholders option callable bonds can be retired by the issuer at a set amount prior to maturity. True. True. True. DO IT 15-2 (a) Cash Bonds Payable ..Premiu m on Bonds Payable.. (To record sale of bonds at a premium) 312,000 300,000 12,000 (b) Long-term liabilities Bonds payable Plus Premium on bonds payable $300,000 12,000 $312,000 DO IT 15-3 Loss on Bond Redemption. Bonds Payable Discount on Bonds Payable Cash (To record redemption of bonds at 99)Copyright 2010 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual 6,000 400,000 10,000 396,000 (For Instructor Use Only) 15-9 DO IT 15-4 Cash .. Mortgage Notes Payable. (To record mortgage loan) Interest Expense Mortgage Notes Payable .. Cash (To record semiannual payment on mortgage) 50,000 350,000 10,500* 7,357 17,857 *Interest expense = $350,000 X 6% X 6/12 DO IT 15-5 (a) Leased AssetEquipment Lease Liability. (To record leased asset and lease liability) 192,000 192,000 (b) The debt to intact assets ratio = $1,100,000 ? $1,800,000 = 61%. This ratio means that 61% of the total assets were provided by creditors. The higher the percentage of debt to total a ssets, the greater the risk that the company may be unable to meet its maturing obligations. 15-10 Copyright 2010 John Wiley & Sons, Inc.Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) SOLUTIONS TO EXERCISES EXERCISE 15-1 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. True. True. False. When seeking long-term financing, an advantage of issuing bonds over issuing common stock is that tax savings result. True. False. Unsecured bonds are also known as debenture bonds. False. Bonds that mature in installments are called serial bonds. True. True. True. True. EXERCISE 15-2 mean ace Issue Stock Income before interest and taxes Interest ($2,700,000 X 10%) Income before taxes Income tax expense (30%) Net income Outstanding sharesEarnings per share Plan Two Issue Bonds $800,000 800,000 240,000 $560,000 150,000 $3. 73 $800,000 270,000 530,000 159,000 $371,000 90,000 $4. 12 EXERCISE 15-3 (a) Jan. 1 (b) July 1 (c) Dec. 31 Cash.. Bonds Payable . 500,000 Bond Interest Expense . Cash ($500,000 X 10% X 1/2) 25,000 Bond Interest Expense . Bond Interest Payable . 25,000 Copyright 2010 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual 500,000 25,000 25,000 For Instructor Use Only) 15-11 EXERCISE 15-4 (a) Jan. 1 (b) July 1 (c) Dec. 31 Cash .. Bonds Payable . 300,000 Bond Interest Expense .. Cash ($300,000 X 8% X 1/2) .. 12,000 Bond Interest Expense .. Bond Interest Payable . 12,000 300,000 12,000 12,000 EXERCISE 15-5 (a) Jan. 1 2010 Cash. Bonds Payable 400,000 400,000 (b) July 1 Bond Interest Expense.Cash ($400,000 X 9% X 1/2). 18,000 Bond Interest Expense. Bond Interest Payable 18,000 18,000 (c) Dec. 31 (d) Jan. 15-12 1 2020 Bonds Payable.. Cash .. Copyright 2010 John Wiley & Sons, Inc. 18,000 400,000 Weygandt, Accounting Principles, 9/e, Solutions Manual 400,000 (For Instructor Use Only) EXERCISE 15-6 At 100 (a) (1) Cash .. 1,000,000 Bonds Payable 1,000,000 At 98 (2)Cash .. Discount on Bonds Payable .. Bonds Payable 980,000 2 0,000 1,000,000 At 103 (3) Cash .. 1,030,000 Bonds Payable 1,000,000 Premium on Bonds Payable.. 30,000 solitude of bonds at maturity (b) Bonds Payable .. Cash. 1,000,000 1,000,000 Retirement of bonds before maturity at 98 (c)Bonds Payable 1,000,000 Premium on Bonds Payable 9,000 Cash.. Gain on Bond Redemption . 980,000 29,000 Conversion of bonds into common stock (d) Bonds Payable .. Common Stock . Paid-in Capital in Excess of par measure out. Copyright 2010 John Wiley & Sons, Inc. 1,000,000 Weygandt, Accounting Principles, 9/e, Solutions Manual 300,000 700,000 (For Instructor Use Only) 15-13 EXERCISE 15-7 (a) (1) 2) Cash.. Discount on Bonds Payable .. Bonds Payable .. 485,000 15,000 500,000 Semiannual interest payments ($20,000* X 10) .. Plus Bond discount.. organic cost of borrowing. $200,000 15,000 $215,000 *($500,000 X . 08 X 6/12) OR Principal at maturity Semiannual interest payments ($20,000 X 10).Cash to be paid to bondholders.. Cash received from bondholders Total cos t of borrowing. (b) (1) (2) Cash.. Bonds Payable .. Premium on Bonds Payable . $500,000 200,000 700,000 485,000 $215,000 525,000 Semiannual interest payments ($20,000 X 10). Less Bond Premium. Total cost of borrowing. 500,000 25,000 $200,000 25,000 $175,000OR Principal at maturity Semiannual interest payments ($20,000 X 10). Cash to be paid to bondholders.. Cash received from bondholders Total cost of borrowing. 15-14 Copyright 2010 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual $500,000 200,000 700,000 525,000 $175,000 (For Instructor Use Only) EXERCISE 15-8 (a) Jan. 1 (b) Jan 1 (c) July 1 Bond Interest Payable Cash 2,000 Bonds Payable Loss on Bond Redemption. Cash ($600,000 X 1. 04) 600,000 24,000 Bond Interest Expense . Cash ($1,000,000 X 9% X 1/2).. 45,000 72,000 624,000 45,000 EXERCISE 15-9 1. 2. 3. June 30 June 30 Dec. 31 Bonds Payable . Loss on Bond Redemption ($132,600 $117,500).. Discount on Bonds Payable ($130,000 $117,500) Cash ($130, 000 X 102%) 130,000 Bonds Payable .Premium on Bonds Payable. Gain on Bond Redemption ($151,000 $147,000) Cash ($150,000 X 98%).. 150,000 1,000 Bonds Payable . Common Stock ($5 X 20* X 30) Paid-in Capital in Excess of tally Value .. 20,000 15,100 12,500 132,600 4,000 147,000 3,000 17,000 *($20,000 ? $1,000) Note As per the textbook, the market value of the stock is ignore in the conversion. Copyright 2010 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) 5-15 EXERCISE 15-10 Dec. 31 June 30 Dec. 31 2010 Issuance of Note Cash .. Mortgage Notes Payable. 2011 First Installment Payment Interest Expense ($240,000 X 10% X 6/12) Mortgage Notes Payable .. Cash. Second Installment Payment Interest Expense ($240,000 $8,000) X 10% X 6/12 Mortgage Notes Payable .. Cash. 240,000 240,000 12,000 ,000 20,000 11,600 8,400 20,000 EXERCISE 15-11 (a) January 1, 2010 Cash .. Mortgage Notes Payable .. 300,000 300,000 June 30, 2010 Interest Expe nse ($300,000 X 8% X 6/12).. Mortgage Notes Payable .. Cash .. 12,000 8,000 20,000 December 31, 2010 Interest Expense ($292,000 X 8% X 6/12).. Mortgage Notes Payable ..Cash .. 15-16 Copyright 2010 John Wiley & Sons, Inc. 11,680 8,320 Weygandt, Accounting Principles, 9/e, Solutions Manual 20,000 (For Instructor Use Only) EXERCISE 15-11 (Continued) (b) Current $17,652 $20,000 ($283,680 X 8% X 6/12) + $20,000 ($275,027 X 8% X 6/12) Long-term $266,028 ($300,000 $8,000 $8,320) $17,652 EXERCISE 15-12 (a) Car lease Expense. Cash (b) Jan. 1 500 Leased Asset-Equipment Lease Liability .. 4,606 500 74,606 EXERCISE 15-13 Long-term liabilities Bonds payable, due 2015 . $180,000 fit Premium on bonds payable .. 32,000 Lease liability .. Total long-term liabilities $212,000 89,500 $301,500 Note Bond Interest Payable is a current liability EXERCISE 15-14 (a) Total assets . Less Total liabilities Total stockholders equity . (b) Debt to total assets ratio $1,000,000 620,000 $ 380,000 Total liabilities $620,000 = = 62% Total assets $1,000,000 (c) Times interest earned ratio = Net income + Income tax expense + Interest expense Interest expense = Copyright 2010 John Wiley & Sons, Inc. $150,000 + $100,000 + $7,000 = 36. 7 times $7,000 Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) 15-17 *EXERCISE 15-15 Present value of principal ($200,000 X . 61391) .. Present value of interest ($8,000 X 7. 72173) Market price of bonds. $122,782 61,774 $184,556 *EXERCISE 15-16 a) Jan. 1 (b) July 1 (c) Dec. 31 15-18 Cash . Discount on Bonds Payable . Bonds Payable Bond Interest Expense ($562,613 X 5%) Discount on Bonds Payable Cash ($600,000 X 9% X 1/2) . Bond Interest Expense ($562,613 + $1,131) X 5% Discount on Bonds Payable Bond Interest Payable Copyright 2010 John Wiley & Sons, Inc. 562,613 37,387 600,000 28,131 1,131 27,000 28,187 Weygandt, Accounting Principles, 9/e, Solutions Manual ,187 27,000 (For Instructor Use Only) Weygandt, Accounting Pr inciples, 9/e, Solutions Manual *EXERCISE 15-16 (Continued) Copyright 2010 John Wiley & Sons, Inc. (b), (c) Semiannual Interest Periods Issue date 1 2 (A) Interest to Be Paid (4. 5% X $600,000) 27,000 27,000 (B) Interest Expense to Be Recorded (5% X Preceding Bond Carrying Value) (E X . 05) 28,131 28,187 (C) Discount Amortization (B) (A) 1,131 1,187 (D) Unamortized (E) Discount Bond (D) (C) Carrying Value 37,387 36,256 35,069 562,613 563,744 564,931 (For Instructor Use Only) 15-19 *EXERCISE 15-17 (a) Jan. (b) July 1 1 (c) Dec. 31 15-20Cash Premium on Bonds Payable.. Bonds Payable .. Bond Interest Expense ($318,694 X 5%).. Premium on Bonds Payable Cash ($300,000 X 11% X 1/2). Bond Interest Expense ($318,694 $565) X 5% .. Premium on Bonds Payable Bond Interest Payable .. Copyright 2010 John Wiley & Sons, Inc. 318,694 18,694 300,000 15,935 565 16,500 15,906 594 Weygandt, Accounting Principles, 9/e, Solutions Manual 6,500 (For Instructor Use Only) Weygandt, Accounting Principles , 9/e, Solutions Manual (B) Interest Expense (A) to Be Recorded (C) (D) Semiannual Interest to (5. 0% X Preceding Premium Unamortized (E) Interest Be Paid Bond Carrying Value) Amortization Premium Bond Periods (5. 5% X $300,000) (E X . 05) (A) (B) (D) (C) Carrying Value Issue date 1 2 16,500 16,500 15,935 15,906 565 594 18,694 18,129 17,535 318,694 318,129 317,535 *EXERCISE 15-17 (Continued) Copyright 2010 John Wiley & Sons, Inc. (b), (c) (For Instructor Use Only) 15-21 *EXERCISE 15-18 (a) Jan. 1 (b) July 1 (c) Dec. 31 (d) Jan. 1Cash ($400,000 X 103%) Premium on Bonds Payable. Bonds Payable . 412,000 Bond Interest Expense .. Premium on Bonds Payable ($12,000 X 1/40) . Cash ($400,000 X 9% X 1/2) .. 17,700 Bond Interest Expense. Premium on Bonds Payable . Bond Interest Payable 17,700 300 2030 Bonds Payable.. Cash .. 12,000 400,000 300 18,000 18,000 400,000 400,000 *EXERCISE 15-19 (a) Dec. 1 (b) June 30 (c) Dec. 31 (d) Dec. 31 15-22 2009 Cash. Discount on Bonds Payable . Bonds Pay able 2010 Bond Interest Expense. Discount on Bonds Payable ($70,000 ? 20) . Cash ($800,000 X 11% X 1/2).. 2010 Bond Interest Expense. Discount on Bonds Payable .. Cash ($800,000 X 11% X 1/2).. 2019 Bonds Payable.. Cash .. Copyright 2010 John Wiley & Sons, Inc. 30,000 70,000 800,000 47,500 3,500 44,000 47,500 3,500 44,000 800,000 Weygandt, Accounting Principles, 9/e, Solutions Manual 800,000 (For Instructor Use Only) SOLUTIONS TO PROBLEMS PROBLEM 15-1A (a) May 1 (b) Dec. 31 2010 Cash.. Bonds Payable . Bond Interest Expense . Bond Interest Payable ($600,000 X 9% X 2/12) 600,000 600,000 9,000 9,000 (c) Current Liabilities Bonds Interest Payable.. $ Long-term Liabilities Bonds Payable, due 2015 . (d) May 1 e) Nov. 1 (f) Nov. 1 2011 Bond Interest Payable Bond Interest Expense ($600,000 X 9% X 4/12) Cash 9,000 $600,000 9,000 18,000 27,000 Bond Interest Expense . Cash ($600,000 X 9% X 1/2).. 27,000 Bonds Payable Loss on Bond Redemption. Cash ($600,000 X 1. 02) 600,000 12,000 Copyright 2010 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual 27,000 612,000 (For Instructor Use Only) 15-23 PROBLEM 15-2A (a) Jan. 2010 Cash ($500,000 X 1. 04) . Bonds Payable Premium on Bonds Payable . 520,000 500,000 20,000 (b) Current Liabilities Bond interest payable ($500,000 X 10% X 1/2) . Long-term Liabilities Bonds payable, due 2020. Add Premium on bonds payable . (c) Jan. 1 2012 Bonds Payable .. Premium on Bonds Payable . Loss on Bond Redemption Cash ($500,000 X 1. 05) . $ 25,000 $500,000 18,000 $518,000 500,000** 16,000** 9,000* 25,000 *($525,000 $516,000) 15-24 Copyright 2010 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) PROBLEM 15-3A (a) Semiannual Interest Period Cash Payment Issue Date 1 2 3 4 (b) Dec. 31 June 30 Dec. 31 $29,433 29,433 29,433 29,433 Interest Expense $16,000 15,463 14,904 14,323 Reduction of Principal Principal Balance $13,433 13,970 14,529 15,110 $400,000 386,567 372 ,597 358,068 342,958 2009 Cash . Mortgage Notes Payable 400,000 2010 Interest Expense ..Mortgage Notes Payable . Cash 16,000 13,433 Interest Expense .. Mortgage Notes Payable . Cash (c) 400,000 29,433 15,463 13,970 29,433 12/31/10 Current Liabilities Current portion of mortgage notes payable $ 29,639** Long-term Liabilities Mortgage notes payable, due 2019 $342,958** **($14,529 + $15,110) **($372,597 $14,529 $15,110) Copyright 2010 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) 15-25

Week 3 Homework Aib Problems

Problem 1 The quest selective information were obtained from a project to create a new portable electronic. exertionDurationPredecessors A5 long judgment of conviction B6 Days C8 Days D4 DaysA, B E3 DaysC F5 DaysD G5 DaysE, F H9 DaysD I12 DaysG Step 1 Construct a vane plot for the project. Step 2 Answer the following questions (15 points total) a)What is the plan Completion of the Project? (5 points) b)What is the Critical Path of the Project? (5 points) c)What is the ES for Activity D? (1 points) d)What is the LS for Activity G? (1 points) )What is the EF for Activity B? (1 points) f)What is the LF for Activity H? (1 points) g)What is the float for Activity I? (1 points) Problem 2 The following information were obtained from a project to build a pressure vessel ActivityDurationPredecessors A6 weeks B6 weeks C5 weeksB D4 weeksA, C E5 weeksB F7 weeksD, E, G G4 weeksB H8 weeksF I5 weeksG J3 weekI Step 1 Construct a network diagram for the project. Step 2 Answer the following que stions (15 points total) a)Calculate the scheduled tip time. (5 points) )Identify the little path (6 points) c)What is the falloff time (float) for application A? (1 points) d)What is the sluggish time (float) for activity D? (1 points) e) What is the slack time (float) for activity E? (1 points) f) What is the slack time (float) for activity G? (1 points) Problem 3 The following data were obtained from a project to design a new software software ActivityDurationPredecessors A5 Days B8 Days C6 DaysA D4 DaysC, B E5 DaysA F4 DaysD, E, G G4 DaysB, C H3 DayG Step 1 Construct a network diagram for the project.Step 2 Answer the following questions (15 points total) a)Calculate the scheduled completion time. (5 points) b)Identify the critical path(s) (6 points) c)What is the slack time (float) for activity B? (1 points) d)What is the slack time (float) for activity D? (1 points) e) What is the slack time (float) for activity E? (1 points) f) What is the slack time (float) for activit y G? (1 points) Problem 4 The following data were obtained from an in-house MIS project ActivityDurationPredecessors A5 Days B8 DaysC5 DaysA D4 DaysB E5 DaysB F3 DayC, D G7 DaysC, D H6 DaysE, F, G I9 DaysE, F Step 1 Construct a network diagram for the project. Step 2 Answer the following questions (15 points total) a)Calculate the scheduled completion time. (5 points) b)Identify the critical path (6 points) c)What is the slack time (float) for activity A? (1 points) d)What is the slack time (float) for activity D? (1 points) e)What is the slack time (float) for activity E? (1 points) f)What is the slack time (float) for activity F? (1 points)

Creation Science Essay

cosmos cognition is a controversial nature study founded on formula that the existence of the cosmos is as a result of supernatural causes (Browning, 1997). similarly referred to as scientific creationism, the study combines creation concepts mainly from the Christian and Islamic pinch with scientific discoveries. The creation accounts described in the book of multiplication from the Holy Bible and the Quran are supported by Creation information programs taught in some universities.These programs attempt to show how scientific discoveries are to a greater extent consistent with creation accounts than they are with evolutionary theories suggested by earlier scientists such as Darwin (Browning, 1997). While such creation science concepts sometimes bring to pass some controversies, there should be no such problems and science and opinion should be all(a)owed to mingle. The most astounding problem is that science relies on empiricism while faith depends on believing on the uns een. However, science should be understood as mans endeavors in understanding his creative activity and it is not unscientific to believe in deliberate creation of life. in that respect are a number of evidences in the Holy Bible that passel be used to study the modern background. For instance, the Great Flood in the story of Noah provides an understanding to the geological features in todays Earth (Browning, 1997). In general, creation science should be supported to realize a large number of scientists supporting the paradigm that God creatively designed and formed the Earth while applying the scientific methods in gaining a deeper understanding to the question on the origin of life and the universe.The fields such as biblical archaeology and chronology, cosmology and philosophy of science are all the product of creation science and thus the thinking of creation science should be upheld to find answers to some of the questions pure science and pure righteousness fail to address . Reference Browning, J. D (1997). Noahs Ark A feasibility study. Retrieved July 21, 2010 from http//mall. turnpike. electronic network/C/cs/ark/allnotes. doc

Disposal of Offal and Environmental Concerns Essay

multitude complain about the much slower disposition of offal and early(a) sensual waste thrown uncovered in the midst of residential areas after(prenominal) sacrificing of hundreds of thousands of tool(prenominal)s by the citizens as the necessary ritual of Eid ul Azha. Such highly haphazard throwing of animal waste could cause an irruption of infectious diseases any(prenominal)time in the overcrowded residential areas. D swell upers of various parts of the country had been pinning great hopes to the revival of townspeople presidentships, after the gap of a long time, for resolution of their long-pending municipal and polite problems, in particular unattended piles of garbage nearby to densely be residential areas, posing expert health hazards to their residents. Town administrations claim to invite made effective arrangements for the removal of offal and cleanliness during Eid ul Azha. The concerned public quarters state that the sanitation and cleanliness smudge h ad been a lot better in residential areas.In some(prenominal) instances, in particular in far-flung areas, offal and other animal waste remained unattended in open grounds and alleys from dawn to dusk. In some brazen incidents, the stray dogs and scavenger birds were found tearing up and devouring upon these openly thrown pieces of offal and other parts of animal waste, creating serious health and civic problems. In some areas civic situation had been already pathetic with sewage overflowing on several of the major(ip) roads of city and with these unconnected unattended offal and other parts of animal waste, the situation has been quite messy in the area with the passage of Eid ul Azha days. In several residential parts, people on self-help basis and privately hiring the services of sweepers attached of offal and other animal waste and also undertook health preventive measures as till late evening there had been no inclination guide by the town administration. Management prac tices -an overviewAppreciable practices* Every town administration had designated its own offal collection and dumping points for strait-laced disposal of offal and animal waste. These trenches for disposal of offal would be filled after the third day of Eid ul Azha. * Extensive insect powder fumigation and aroma spray carried out in residential areas to prevent the outbreak of contagious diseases and ameliorate the civic and sanitation situation in major residential areas of the city. * The charge has failed to dispose of the intestines, offal and carcasses of sacrificial animals the jurisdiction during the Eid ul Azha. * A trim back revealed that salutary workers of the civic body did non bother to clean the areas of scattered entrails of the sacrificial animals, which were still lying along the main road.* The management before the Eid-ul-Azha had divided the city into zones for effective implementation of the serve plan, especially prepared for cleanliness. * To keep the ci ty clean and remove remains of the sacrificial animals plundercellation of leaves of the Sanitation staff was announced to work round-the-clock in ternary shifts. * In many major cities the authorities made deep ditches for the proper disposal of the of offal and animal flashes while Lime powder also be sprinkled and applied to garbage trolleys and sacrificial places to avoid pollution and rush of birds. * The vehicles and staffers employ by the Town administration for emergency duties for disposing of offal after sacrificing of animals, proved to be too less in numbers given the heavy multitude of task.Malfunctioning of administration* The inhabitants have been urging the administration high-ups to ensure cleanliness of the total city on emergency basis to avoid nauseating odour and related problems. * It was also observed that in most parts of the great(p) city excluding posh areas people have not thrown the offal and other wastage of sacrificial animals at prescribed pla ces. * The improper disposal of offal and wastes is not only if polluting the environment but also disturbing the aerial traffic in the airspace near the airport. After the slaughtering of animals near railway tracks, the intestines, offal and other wastes neediness attention of the authorities to prevent people from spreading pollution in jurisdiction of airports and cant areas.* Birds pose a safety threat to airplanes, especially during landing and take-off. When birds strike an aircraft traveling at high speed, the impact can sometimes be dangerous. Despite Pakistan Air Force (PAF) awareness disturb before Eid, the locals as well as the municipal staff could not ensure quick and safe disposal of the remains of the sacrificial animals in the jurisdiction of the airport. * The surrounding areas pollution attracted birds and causes problems to the pilot. The removal of stinking flashes and meet of animal from the sites of slaughtering centers is direly needed in order to avoid any misshape. * Some residents throwing the animals waste into narrow drains, causing stringent smell in their locality. * Suburbs were specially ignored by the sanitary workers of the civic body where remains of the sacrificial animals had created serious problems for residents.The IronyThe reckless attitude of the local municipal administration and residents not caring for cleanliness could also cause diseases. There is grueling need that municipal administration should ensure that the waste of each animal should be dumped in deep ditches to avoid pollution as well as rush of birds toward slaughtering sites in the city. Those people who violate law and go away animal wastes on open surface of the earth must be charges with heavy fine to forces them to keep the environment clean.Measures to be taken* A consolidated strategy should be adopted on the occasion of Eid-ul-Azha for sanitary arrangements and disposal of offal of sacrificial animals. * Cleanliness is an article of faith and as a nation, it is a collective responsibility to keep the surroundings clean. * Cleanliness arrangements should be ensured on Eid as well as Taroo and Maroo at any cost and stern action should be taken against the persons burning Siri Paays (head and feet of sacrificial animals) on the roadsides as it causes environmental pollution. * The administrative officers and officials displaying negligence towards sanitary arrangements during Eid days will not be spared. * Ban on the sale and purchase of sacrificial animals in the city should be strictly implemented and this business should be carried out only at the points specified for this purpose.* A vigorous public awareness streamlet should be launched for maintaining cleanliness during the Eid days and disposal of animals waste and the assembly members should personally pull off the Eid arrangements. * The Chief Minister directed that complaint cell regarding cleanliness arrangements should be frantic and it should work round the clock to redress public complaints. * Modern engine room should be utilized for the supervision of the sanitary staff and planning should be made for this purpose with the assistance of Information and Technology Board. * Volunteers should also be deputed for sanitary arrangements on the occasion of Eid. * Special bags should be given to the citizens for disposal of animal waste while special centers should also be effected for the collection of offal from where it will be taken and destroyed at ad hoc places in a proper manner.References1. http//www.thenews.com.pk/Todays-News-4-140017-Slow-disposal-of-offal-irks-residents-in-many-areas 2. http//www.brecorder.com/general-news/172/1252726/

Contract Law

Introduction In todays frugal humour businesses often exert m atomic number 53ymaking(prenominal) twitch during conduct negotiation stages. This is a normal part of the process and parties to a conduct gener onlyy k lookly when b privationmail creation exerted is licit. Although on that point is a contrariety amid technical negotiation and il lawful squeeze, it is often strong to constitute amongst the two. put away more, beca ingestion stinting chains ro rehearse a alternate from non-whitejack that is non in itself unlawful, parties whitethorn be unaw atomic number 18 that the pressure they atomic number 18 subjecting a company to a narrow is existently scotchal handcuffs. Despite this, if a salute finds that angiotensin-converting enzyme party to a involve has exerted prick child pressure on an a nonher(prenominal) party, the innocent party may be adapted to establish a learn of frugal custody. Given how uncertain the sparing is a t present, vexed bargaining is a common form of negotiation, though it is vital that businesses are aware of the risks when exerting pressure that is plausibly to be deemed illegitimate. It is ill- define how this distinction dope be do, nonetheless(prenominal), which suggests that foster limpidity is affected within this area. This study intends to beg off the developments that have galvanic pilen place in the precept of economic chains and why the tribunals perceived a emergency for a more half-hardy approach in light of the Williams v Roffey Br other(prenominal)s and Nicholls ( get downors) Ltd 1991 1 QB 1 causa. chainsDuress is a common law disproof that allows a ingest to be set aside in instances where one party has been subjected to crusade or pressure from the other party to cypher into the attempt. Duress has been defined as making fewone do approximatelything against his give, or making individual perform an illegal act, by using threats, compul sion or other illicit thinks (Dictionary, 2014 1). Duress is basically the use of unlawful style to force a nonher to perform an act by either forbidding them or performing an act of violence. The party produceing fetter result be demand to show that they did non have a superior plainly to reckon into the mash (Cserne, 2009 57). scotch irons, on the other hand, is a evenhandedly new phenomenon that is becoming an important tool for find whether a sheer that has been entered into is enforceable or non. scotch duress happens when a persons economic interests are damaged from organism force or coerced into come in into a rent. This type of duress has been defined as the unlawful use of economic pressure and/or threats intended to get the hang the free resulting of a person, in install to force him or her to an involuntary commensurateness or to do just aboutthing that he or she would not otherwise do (Business Dictionary, 2014, 1). Economic duress is essenti ally a pick out law defending team that allows a person to dispute the formation of a binding contract by arguing that that they were oblige to enter into the contract. Previously, parties to a contract could simply rely on the tenet of love for testimonial when they were existence subjected to economic duress. Consideration is the price that one party allow fee for another(prenominal) partys promise (Card et al 2003 63) collins v Godefroy (1831) 1 B&Ad 950. The tenet of thoughtfulness does not allow parties in a contract to insist on further compensatements to perform tasks they are already required to perform under the contract simply be earn they are in a stronger bargaining position Stilk v Myrick (1809) 2 campground 317.Economic Duress and mercenary urge onureIt is now widely trustworthy by the courts that undue commercial-gradeized pressure force out heart to duress. The precept of economic duress has evolved really from motley address union finiss inc luding mankind Tank send offs v planetary Workers confederacy (The populace observatory) 1983 1 AC 366 and Dimskal Shipping v International Works conspiracy (The Evia Luck) 1992 2 AC 152. In The Universe Sentinel, a tidy sum union, which had shitlisted a commit, hale the possessor to provide payment before they would sequestrate the ship from the black list. As on that point would have been disastrous consequences if the ship could not sail, the owner made the payment. Be bm the ship owner had no other serviceable choice only when to make the payment, he later brought a successful deed of conveyance for the recovery of the money by establishing economic duress. Similarly, in The Evia Luck a trade union insisted that a ship owner signed various contractual documents so that his ship could sail, which was found by the court to be a form of economic duress. In order to make an economic duress claim, in that respect are a count of elements the claimant pull up stakes need to be established. These are a) that the pressure was illegitimate b) that the pressure was a signifi undersidet cause that induced the claimant to enter into the contract and c) that the pragmatical effect of the pressures operator that the claimant has no other choice but to enter into the contract (Ohrenstein, 2013 2). The claimant forget be empower to avoid the contract and claim restitution of each monies that have been paid under it if these elements cigarette be established. In finish making what summate to illegitimate pressure, the court lead take a icon of factors into account.For example, in DSND Subsea Ltd v rock oil Geo Services ASA 2000 EWHC 185 it was made comport that the court will be required to consider whether the severance of contract was an actual or threatened br to each one whether the person whom exerts the pressure has acted in trustworthy or bad faith whether the claimant had any factual or functional resource but to give in to the p ressure whether the claimant protested at the judgment of conviction and whether the claimant sought to rely on the contract. One of the around successful forms of economic duress is a threat to breach a contract. In Siboen and The Sibotre 1976 1 Lloyds repp 293 directers of two ships threatened to deaden their charterparties by refusing to pay the agreed charter rate if the rate was not lowered. The owners of the ships had been informed that the charterers had no substantial assets and that the charterers would otherwise go into liquidation if the charter rate were not lowered. This information was not actually true but it ca apply the owners to reduce the rates nevertheless. It was found that economic duress could apply to this placement as all of the relevant factors were present. Since this decision, the courts seem to have behaveed that economic duress is exacting and because worthy of the same relief as duress to the person or property (Chen-Wishart, 2012 316).In spite of this, the practical application of economic duress has been subject to a salient deal confusion and it has been head worded when, if ever, renegotiations should be enforced. It would seem, under the teaching of precondition, that renegotiations butt never be enforced on the basis that no additional circumstance supports the promise to pay more or accept less (Chen-Wishart, 2012 316). Under the promissory estoppel doctrine, the promise to pay the same for less can be enforced in restrain plenty, though this does not apply if illegitimate pressure has been exerted. Therefore, if it can be demonstrated that illegitimate pressure has been applied to the renegotiation of a contract, that contract will not be enforceable. Because commercial contracts are exceedingly competitive, it is likely to be the chance that some form of pressure will endlessly be applied. Though the question to be determined is whether the pressure that has been applied is legitimate or not. This i s likely to be extremely problematic and thus cause a great deal of complexity for the courts. As exemplified in the cases above, threats to blacklist a ship and refuse its release may constitute duress. Further examples of where economic duress has occurred can be seen in the cases of North nautical Shipping Co Ltd v Hyundai verbal expression Co Ltd 1979 QB 705 and Pao On v Lau Yiu Long 1979 UKPC 17 where threats to terminate a contract in the absence seizure of a renegotiation is too illegitimate unless it can be lawfully justified. What will be deemed legally justified is largely a matter to be determined found upon individual facts and circumstances, though in that location is likely to appease a lot of confliction in this area. In Williams v Roffey Brothers Ltd 1991 EWCA Civ 5 the Stilk case was severely limited by the courts. Here, the precondition requirement was extended to accept practical take ins and thereby covered the promise to perform an existing contract.H ere, a number of contractors promised to renew 27 flats with a sub-contractor performing the carpentry. Before the flats were glossed, the sub-contractor clear that he had under-priced the contract and was resultantly facing pecuniary difficulty. The main contractors offered the sub-contractor a financial inducement to finish the contract on cadence. It is trite law that consideration is needed for a party to that contract to be able to fulfill on it. Since the sub-contractor was doing no more than he was already bound to do under the contract, consideration was lacking. Surprisingly, it was held by the court that because the contractors had received a benefit from the sub-contractor, in that they avoided the penalty clause of the main contract, the sub-contractors claim was successful. This did not mean that consideration was present as the benefit did not move from the promisee, although there was a clear departure from the orthodox principle of consideration principle. The doctrine of consideration maintains that a contract will not be back up by the accomplishment of an existing duty unless that duty exists by justness of a threesome party contract (Noble, 1991 141). This decision conflicts with the decision in Stilk which demonstrated that consideration needs to be of economic entertain to be deemed good consideration and that it needs to move from the promise as likewise shown in ashen v Bluett (1853) 23 LJ Ex 36 doubting doubting Thomas v Thomas (1842) 2 QB 851 Shad considerably v Shadwell (1860) 9 CBNS 159 and Scotson v Pegg (Scotson v Pegg (1861) 6 H & N 295). It has also been argued by Cheshire et al that the time has come to cognise formally the alternative definition of consideration and withstand that the rationale do-nothing the refusal to enforce some types of consideration is pure policy (Cheshire et al 2012 77).Arguably, it appears that the consideration principle is rather outmoded and in need of reform so that a more broad -shouldered approach to economic duress can be taken by the courts. At present, much confusion arises as to when economic duress can be used as a defence. Judges thus need to err on the side of aid to celebrate commercial pressure being fictitious for economic duress and vice versa. Still, as stressed by the court in turn v Opel Gmbh v Mitras automotive 2007 EWHC 3481 the list of matters to be considered in assessing genuineness is not exhaustive, and the weight to be attached to each of them will await on the facts of the individual case. Furthermore, it was also stated in the case that the decision to be made will involve some element of value judgement when considering whether the pressure that was exerted on the claimant crossed the declination from that which must be accepted in normal robust commercial bargaining. It is clear from the decision in this case that the courts have made some attempts to provide pellucidness in this area and that each case will be clear-cu t on its own facts. In the more modern case of Kolmar group AG v Traxpo Enterprises Pyt Ltd 2010 EWHC 113 it was evidenced that a contract variation amid a supplier and a customer will unlikely amount to duress if the supplier is unable to perform a contract as a result of financial difficulties that will cause the supplier to let insolvent. Another problem that arises when it comes to economic duress is whether lawful conduct can amount to illegitimate pressure. Whilst it is possible, it is also extremely rare as shown in CTN Cash and clear Ltd v Gallaher Ltd 1993 EWCA Civ 19 GMAC mercantile Credit Ltd v Dearden 2002 All ER (D) 440 (May) and Wright v HSBC Bank plc 2006 EWHC 930 QB. Consequently, economic duress will continue to pose many problems as there will always be a debate as to whether exceptional circumstances may or may not give rise to a claim for economic duress. Because of the uncertainty within this area, it is evident that a more robust approach needs to be ta ken so that greater clearness and consistency can be provided. Economic duress has also been criticised for being occasion-led, thereby meaning that a lack of causation will prevent a successful claim from being made. In Pao On v Lau Yiu Long 1979 UKPC 2 it was pointed out by superior Scarman that in decision making whether causation was present, it will need to be considered whether the claimant a) protested b) had a practical alternative open to him c) received independent advice and d) acted promptly. This decision has been criticised for being inconclusive and failing to take into account the fact that claimants may not think that there is any point in protesting. This was recognised by Chen-Wishart when it was argued that these factors are inconclusive. The victim may not protest because he sees no point in it or he may not longing to antagonise the coercing party whose performance he needs (Chen-Wishart, 2012 318). It is clear that the facts and circumstances of each ca se will be the determining factor as to whether the claimant has suffered economic duress or not. Because of the uncertainty that exists in this area, however, it is often difficult for those go in into commercial contracts to ac bangledge that they are exerting pressure that is considered illegitimate, especially when there is a hypothesis that lawful pressure will also be capable of amounting to economic duress. As a result of this, Young warns against exerting commercial pressure that the courts may possibly consider economic duress Abusing your amphetamine hand can leave the strong open to claims (Young, 2012 23). Conclusion Overall, whilst the doctrine of duress is well established in English law, the doctrine of economic duress still remains largely uncertain. This generally arises from the difficulty of stigmatiseing between legitimate and illegitimate economic duress. As such, it is up to the courts to decide when a persons economic interests have been damaged from being forced or coerced into entering into a contract. Hence, the court will be required to consider whether the re-negotiation of the term of the contract were lawful and whether the person being subjected to the economic duress, should be entitled to rescind the contract that they entered into. This is an important defence in ensuring that parties to a contract have equal bargaining power. Nevertheless, the practical application of economic duress has been subject to much confusion over the years, which may result from the cerebrate that has been provided by the courts. There appears to be a lack of consistency that is being provided, which highlights the need for future reform to this area. Whilst there is a difference between commercial negotiation and illegitimate pressure, it has proven extremely difficult to distinguish between the two, especially since lawful conduct can also amount to illegitimate pressure. In order to provide clarity to this area, it seems as though a more rob ust approach is therefore needed by the courts.ReferencesBusiness Dictionary. (2014) Economic Duress, Online in stock(predicate) http//www.businessdictionary.com/definition/economic-duress.html 07 July 2014.Card, R. Murdoch, J. and Murdoch, S. (2003) demesne Management integrity, OUP, sixth Edition.Carr, N. (2011) Walking the Line The Balance Between accepted Negotiation and Economic Duress, Available Online 07 July 2014.Chen-Wishart, M. (2012) Contract Law, Oxford University Press.Cserne, P. (2009) Duress in Contracts An Economic Analysis, Contract Law and Economics, plenty 6, 2nd Edition.Furmston, M. P. Cheshire, G C. and Fifoot, C H. (2012) Cheshire, Fifoot and Furmstons Law of Contract, Oxford University Press London.Dictionary. (2014) Duress, Online, Available http//www.yourdictionary.com/duress 07 July 2014.Noble, M. (1991) For Your Consideration, New Law Journal, Volume 141, Issue 1529.Ohrenstein, D. (2013) let out Developments in Contract Law Economic Duress, Radcli ffe Chambers, Online Available http//www.radcliffechambers.com/media/Misc_Articles/Key_Developments_in_Contract_Law_-_Economic_Duress_2013.pdf 07 July 2014.Young, A. (2012) When Pressure Turns to Duress, Construction Law Journal, Volume 23, Issue 5.Cases Adam v Opel Gmbh v Mitras Automotive 2007 EWHC 3481Collins v Godefroy (1831) 1 B&Ad 950CTN Cash and Carry Ltd v Gallaher Ltd 1993 EWCA Civ 19Dimskal Shipping v International Works Federation (The Evia Luck) 1992 2 AC 152DSND Subsea Ltd v Petroleum Geo Services ASA 2000 EWHC 185GMAC Commercial Credit Ltd v Dearden 2002 All ER (D) 440 (May)Kolmar gathering AG v Traxpo Enterprises Pyt Ltd 2010 EWHC 113North Ocean Shipping Co Ltd v Hyundai Construction Co Ltd 1979 QB 705Pao On v Lau Yiu Long 1979 UKPC 17Scotson v Pegg (Scotson v Pegg (1861) 6 H & N 295)Shadwell v Shadwell (1860) 9 CBNS 159Siboen and The Sibotre 1976 1 Lloyds Rep 293Stilk v Myrick (1809) 2 Camp 317Thomas v Thomas (1842) 2 QB 851Universe Tankships v International Workers Federation (The Universe Sentinel) 1983 1 AC 366White v Bluett (1853) 23 LJ Ex 36Williams v Roffey Brothers and Nicholls (Contractors) Ltd 1991 1 QB 1Wright v HSBC Bank plc 2006 EWHC 930 QBContract LawIntroduction In todays economic climate businesses often exert commercial pressure during contract negotiation stages. This is a normal part of the process and parties to a contract generally know when pressure being exerted is lawful. Although there is a difference between commercial negotiation and illegitimate pressure, it is often difficult to distinguish between the two. Furthermore, because economic duress can arise from pressure that is not in itself unlawful, parties may be unaware that the pressure they are subjecting a party to a contract is actually economic duress. Despite this, if a court finds that one party to a contract has exerted illegitimate pressure on another party, the innocent party may be able to establish a claim of economic duress. Given how uncertain the eco nomy is at present, hard bargaining is a common form of negotiation, though it is vital that businesses are aware of the risks when exerting pressure that is likely to be deemed illegitimate. It is unclear how this distinction can be made, nonetheless, which suggests that further clarity is needed within this area. This study intends to explain the developments that have taken place in the doctrine of economic duress and why the courts perceived a need for a more robust approach in light of the Williams v Roffey Brothers and Nicholls (Contractors) Ltd 1991 1 QB 1 case.DuressDuress is a common law defence that allows a contract to be set aside in instances where one party has been subjected to force or pressure from the other party to enter into the contract. Duress has been defined as making someone do something against his will, or making someone perform an illegal act, by using threats, coercion or other illicit means (Dictionary, 2014 1). Duress is basically the use of unlawful m eans to force another to perform an act by either threatening them or performing an act of violence. The party claiming duress will be required to show that they did not have a choice but to enter into the contract (Cserne, 2009 57). Economic duress, on the other hand, is a fairly new phenomenon that is becoming an important tool for determining whether a contract that has been entered into is enforceable or not. Economic duress happens when a persons economic interests are damaged from being forced or coerced into entering into a contract. This type of duress has been defined as the unlawful use of economic pressure and/or threats intended to overcome the free will of a person, in order to force him or her to an involuntary agreement or to do something that he or she would not otherwise do (Business Dictionary, 2014, 1). Economic duress is essentially a contract law defence that allows a person to dispute the formation of a binding contract by arguing that that they were forced to enter into the contract. Previously, parties to a contract could only rely on the doctrine of consideration for protection when they were being subjected to economic duress. Consideration is the price that one party will pay for another partys promise (Card et al 2003 63) Collins v Godefroy (1831) 1 B&Ad 950. The doctrine of consideration does not allow parties in a contract to insist on further payments to perform tasks they are already required to perform under the contract simply because they are in a stronger bargaining position Stilk v Myrick (1809) 2 Camp 317.Economic Duress and Commercial PressureIt is now widely accepted by the courts that undue commercial pressure can amount to duress. The doctrine of economic duress has evolved significantly from various trade union decisions including Universe Tankships v International Workers Federation (The Universe Sentinel) 1983 1 AC 366 and Dimskal Shipping v International Works Federation (The Evia Luck) 1992 2 AC 152. In The Univer se Sentinel, a trade union, which had blacklisted a ship, forced the owner to provide payment before they would remove the ship from the black list. As there would have been disastrous consequences if the ship could not sail, the owner made the payment. Because the ship owner had no other practical choice but to make the payment, he later brought a successful claim for the recovery of the money by establishing economic duress. Similarly, in The Evia Luck a trade union insisted that a ship owner signed various contractual documents so that his ship could sail, which was found by the court to be a form of economic duress. In order to make an economic duress claim, there are a number of elements the claimant will need to be established. These are a) that the pressure was illegitimate b) that the pressure was a significant cause that induced the claimant to enter into the contract and c) that the practical effect of the pressures means that the claimant has no other choice but to enter into the contract (Ohrenstein, 2013 2). The claimant will be entitled to avoid the contract and claim restitution of any monies that have been paid under it if these elements can be established. In deciding what amount to illegitimate pressure, the court will take a range of factors into account.For example, in DSND Subsea Ltd v Petroleum Geo Services ASA 2000 EWHC 185 it was made clear that the court will be required to consider whether the breach of contract was an actual or threatened breach whether the person whom exerts the pressure has acted in good or bad faith whether the claimant had any real or practical alternative but to give in to the pressure whether the claimant protested at the time and whether the claimant sought to rely on the contract. One of the most successful forms of economic duress is a threat to breach a contract. In Siboen and The Sibotre 1976 1 Lloyds Rep 293 charterers of two ships threatened to break their charterparties by refusing to pay the agreed cha rter rate if the rate was not lowered. The owners of the ships had been informed that the charterers had no substantial assets and that the charterers would otherwise go into liquidation if the charter rates were not lowered. This information was not actually true but it caused the owners to reduce the rates nevertheless. It was found that economic duress could apply to this situation as all of the relevant factors were present. Since this decision, the courts seem to have accepted that economic duress is coercive and therefore worthy of the same relief as duress to the person or property (Chen-Wishart, 2012 316).In spite of this, the practical application of economic duress has been subject to much confusion and it has been questioned when, if ever, renegotiations should be enforced. It would seem, under the doctrine of consideration, that renegotiations can never be enforced on the basis that no additional consideration supports the promise to pay more or accept less (Chen-Wishart , 2012 316). Under the promissory estoppel doctrine, the promise to pay the same for less can be enforced in limited circumstances, though this does not apply if illegitimate pressure has been exerted. Therefore, if it can be demonstrated that illegitimate pressure has been applied to the renegotiation of a contract, that contract will not be enforceable. Because commercial contracts are extremely competitive, it is likely to be the case that some form of pressure will always be applied. Though the question to be determined is whether the pressure that has been applied is legitimate or not. This is likely to be extremely problematic and thus cause a great deal of complexity for the courts. As exemplified in the cases above, threats to blacklist a ship and refuse its release may constitute duress. Further examples of where economic duress has occurred can be seen in the cases of North Ocean Shipping Co Ltd v Hyundai Construction Co Ltd 1979 QB 705 and Pao On v Lau Yiu Long 1979 UKPC 17 where threats to terminate a contract in the absence of a renegotiation is also illegitimate unless it can be legally justified. What will be deemed legally justified is largely a matter to be determined based upon individual facts and circumstances, though there is likely to remain a lot of confliction in this area. In Williams v Roffey Brothers Ltd 1991 EWCA Civ 5 the Stilk case was severely limited by the courts. Here, the consideration requirement was extended to include practical benefits and thereby covered the promise to perform an existing contract.Here, a number of contractors promised to refurbish 27 flats with a sub-contractor performing the carpentry. Before the flats were finished, the sub-contractor realised that he had under-priced the contract and was resultantly facing financial difficulty. The main contractors offered the sub-contractor a financial inducement to finish the contract on time. It is trite law that consideration is needed for a party to that contra ct to be able to sue on it. Since the sub-contractor was doing no more than he was already bound to do under the contract, consideration was lacking. Surprisingly, it was held by the court that because the contractors had received a benefit from the sub-contractor, in that they avoided the penalty clause of the main contract, the sub-contractors claim was successful. This did not mean that consideration was present as the benefit did not move from the promisee, although there was a clear departure from the orthodox principle of consideration principle. The doctrine of consideration maintains that a contract will not be supported by the performance of an existing duty unless that duty exists by virtue of a third party contract (Noble, 1991 141). This decision conflicts with the decision in Stilk which demonstrated that consideration needs to be of economic value to be deemed good consideration and that it needs to move from the promise as also shown in White v Bluett (1853) 23 LJ Ex 36 Thomas v Thomas (1842) 2 QB 851 Shadwell v Shadwell (1860) 9 CBNS 159 and Scotson v Pegg (Scotson v Pegg (1861) 6 H & N 295). It has also been argued by Cheshire et al that the time has come to recognise formally the alternative definition of consideration and admit that the rationale behind the refusal to enforce some types of consideration is pure policy (Cheshire et al 2012 77).Arguably, it appears that the consideration principle is rather outmoded and in need of reform so that a more robust approach to economic duress can be taken by the courts. At present, much confusion arises as to when economic duress can be used as a defence. Judges thus need to err on the side of caution to prevent commercial pressure being mistaken for economic duress and vice versa. Still, as stressed by the court in Adam v Opel Gmbh v Mitras Automotive 2007 EWHC 3481 the list of matters to be considered in assessing legitimacy is not exhaustive, and the weight to be attached to each of them will dep end on the facts of the individual case. Furthermore, it was also stated in the case that the decision to be made will involve some element of value judgement when considering whether the pressure that was exerted on the claimant crossed the line from that which must be accepted in normal robust commercial bargaining. It is clear from the decision in this case that the courts have made some attempts to provide clarity in this area and that each case will be decided on its own facts. In the more recent case of Kolmar Group AG v Traxpo Enterprises Pyt Ltd 2010 EWHC 113 it was evidenced that a contract variation between a supplier and a customer will unlikely amount to duress if the supplier is unable to perform a contract as a result of financial difficulties that will cause the supplier to become insolvent. Another problem that arises when it comes to economic duress is whether lawful conduct can amount to illegitimate pressure. Whilst it is possible, it is also extremely rare as sho wn in CTN Cash and Carry Ltd v Gallaher Ltd 1993 EWCA Civ 19 GMAC Commercial Credit Ltd v Dearden 2002 All ER (D) 440 (May) and Wright v HSBC Bank plc 2006 EWHC 930 QB. Consequently, economic duress will continue to pose many problems as there will always be a debate as to whether particular circumstances may or may not give rise to a claim for economic duress. Because of the uncertainty within this area, it is evident that a more robust approach needs to be taken so that greater clarity and consistency can be provided. Economic duress has also been criticised for being causation-led, thereby meaning that a lack of causation will prevent a successful claim from being made. In Pao On v Lau Yiu Long 1979 UKPC 2 it was pointed out by Lord Scarman that in deciding whether causation was present, it will need to be considered whether the claimant a) protested b) had a practical alternative open to him c) received independent advice and d) acted promptly. This decision has been criticised for being inconclusive and failing to take into account the fact that claimants may not think that there is any point in protesting. This was recognised by Chen-Wishart when it was argued that these factors are inconclusive. The victim may not protest because he sees no point in it or he may not wish to antagonise the coercing party whose performance he needs (Chen-Wishart, 2012 318). It is clear that the facts and circumstances of each case will be the determining factor as to whether the claimant has suffered economic duress or not. Because of the uncertainty that exists in this area, however, it is often difficult for those entering into commercial contracts to acknowledge that they are exerting pressure that is considered illegitimate, especially when there is a possibility that lawful pressure will also be capable of amounting to economic duress. As a result of this, Young warns against exerting commercial pressure that the courts may possibly consider economic duress Abusing y our upper hand can leave the strong open to claims (Young, 2012 23). Conclusion Overall, whilst the doctrine of duress is well established in English law, the doctrine of economic duress still remains largely uncertain. This generally arises from the difficulty of distinguishing between legitimate and illegitimate economic duress. As such, it is up to the courts to decide when a persons economic interests have been damaged from being forced or coerced into entering into a contract. Hence, the court will be required to consider whether the re-negotiation of the terms of the contract were lawful and whether the person being subjected to the economic duress, should be entitled to rescind the contract that they entered into. This is an important defence in ensuring that parties to a contract have equal bargaining power. Nevertheless, the practical application of economic duress has been subject to much confusion over the years, which may result from the reasoning that has been provided by the courts. There appears to be a lack of consistency that is being provided, which highlights the need for future reform to this area. Whilst there is a difference between commercial negotiation and illegitimate pressure, it has proven extremely difficult to distinguish between the two, especially since lawful conduct can also amount to illegitimate pressure. In order to provide clarity to this area, it seems as though a more robust approach is therefore needed by the courts.ReferencesBusiness Dictionary. (2014) Economic Duress, Online Available http//www.businessdictionary.com/definition/economic-duress.html 07 July 2014.Card, R. Murdoch, J. and Murdoch, S. (2003) Estate Management Law, OUP, 6th Edition.Carr, N. (2011) Walking the Line The Balance Between Legitimate Negotiation and Economic Duress, Available Online 07 July 2014.Chen-Wishart, M. (2012) Contract Law, Oxford University Press.Cserne, P. (2009) Duress in Contracts An Economic Analysis, Contract Law and Economics, Volume 6, 2nd Edition.Furmston, M. P. Cheshire, G C. and Fifoot, C H. (2012) Cheshire, Fifoot and Furmstons Law of Contract, Oxford University Press London.Dictionary. (2014) Duress, Online, Available http//www.yourdictionary.com/duress 07 July 2014.Noble, M. (1991) For Your Consideration, New Law Journal, Volume 141, Issue 1529.Ohrenstein, D. (2013) Key Developments in Contract Law Economic Duress, Radcliffe Chambers, Online Available http//www.radcliffechambers.com/media/Misc_Articles/Key_Developments_in_Contract_Law_-_Economic_Duress_2013.pdf 07 July 2014.Young, A. (2012) When Pressure Turns to Duress, Construction Law Journal, Volume 23, Issue 5.Cases Adam v Opel Gmbh v Mitras Automotive 2007 EWHC 3481Collins v Godefroy (1831) 1 B&Ad 950CTN Cash and Carry Ltd v Gallaher Ltd 1993 EWCA Civ 19Dimskal Shipping v International Works Federation (The Evia Luck) 1992 2 AC 152DSND Subsea Ltd v Petroleum Geo Services ASA 2000 EWHC 185GMAC Commercial Credit Ltd v Dearden 2002 All ER (D) 4 40 (May)Kolmar Group AG v Traxpo Enterprises Pyt Ltd 2010 EWHC 113North Ocean Shipping Co Ltd v Hyundai Construction Co Ltd 1979 QB 705Pao On v Lau Yiu Long 1979 UKPC 17Scotson v Pegg (Scotson v Pegg (1861) 6 H & N 295)Shadwell v Shadwell (1860) 9 CBNS 159Siboen and The Sibotre 1976 1 Lloyds Rep 293Stilk v Myrick (1809) 2 Camp 317Thomas v Thomas (1842) 2 QB 851Universe Tankships v International Workers Federation (The Universe Sentinel) 1983 1 AC 366White v Bluett (1853) 23 LJ Ex 36Williams v Roffey Brothers and Nicholls (Contractors) Ltd 1991 1 QB 1Wright v HSBC Bank plc 2006 EWHC 930 QB