Jay Macleod s Ethnography Ain t No Makin It, Sheds...

Jay Macleod’s ethnography, Ain’t No Makin It, sheds light on the institute of education in America and how the country’s capital economy both mirrors and produces inequality by creating hierarchies that make social mobility obsolete. He does this through the use of two groups of predominantly Caucasian and predominantly African American youth who reside in the same low income neighborhood and attend the same school. He soon learned that in contrast to the Hallway Hangers, the predominantly white group who for the majority believed that there was no escape from their socioeconomic background, the Brothers, the predominantly African American group do aspire to hold middle class jobs in the future that provided stable incomes and commit to long term relationships with significant others. However, in his pursuit to conclude his research on the two groups MacLeod found that with the exception of one or two, members from neither of the groups were able to climb up the social ladder and bring about change to their status. Although the two groups did share a common upbringing, they differed in race, beliefs, ideas, and attitudes and therefore their failure to achieve success cannot be seen as mutual. Discouraged by the loss of the male population in their neighborhood due to either prisons or death, the Hallway Hangers acquire a spirit of defeat and hopelessness for their future. The desire to graduate high school and attend college is nonexistent and instead, they decide that

Influences of Civil War Technology - 1432 Words

War is something that everyone knows about. it is very prominent and chances are throughout the history of the world there is always someone effected by it during any point in time. Wars come and go leaving many good and bad things behind, whichever light it is looked at from, weaponry is always one of those things. War time is notorious for pushing technology to the edge, this including weaponry. There have been several wars that impacted future weaponry but the Civil War is on the farthest away that you can still see a prominent major impact even with modern day weaponry. The Civil war took many existing weapon technologies and improved them as well as standardizing them. Around this time period new weaponry technology were also†¦show more content†¦Nortons original version was just a cylindrical bullet with a hollow base on one end.(historynet.com) After the original invention of Norton there were various other type of minie balls that were created to improve on the prev ious versions. The first improvement came from a man named William Greener a man from London who in 1836 created a more oval shaped bullet with a flat bottom.(Historynet.com) In 1849 two French army captains, Claude-ETienne Minie and Henri-Gustave Delvigne, created the more well know shape of the minie ball made from soft led with four rings that would work with the rifled that had a riffled barrel that they made.(Historynet.com) The name for the Minie ball comes from one of the creators of the official minie ball Claude-Etienne Minie. Lastly before its use in the civil war James Burton adapted it with a hollow base for easier use in mass production and less cost. The impact the previous versions of the minie ball had on wars prior to the Civil shows how much influence the design has. It went through many steps to become its final product during the civil war, the design was improved so much that it become one of the reasons so many people ended up being killed instead of being jus t injured. The design let the rifle be loaded much faster, shoot farther, and be more deadly.Show MoreRelatedThe Effect of Rock and Roll on American Society694 Words   |  3 Pagesbreak out of the more conservative American mold, increased the use of technology in daily life, as well as implemented civil rights movements that bolstered minority groups and races. Rock and roll helped break many people out of the pre-war mindset and into a new, fresh one. Although many adults detested rock, the younger generation felt that it symbolized a break from the war and the â€Å"age of anxiety† that the previous World War had caused. In addition, it promoted a promiscuous lifestyle thatRead MoreSteam Engine1055 Words   |  5 PagesThe Steam Engine and the Civil War Question: How did the Steam Engine influence the Civil War and America in itself? Throughout the Civil War, there were many people and inventions that positively influenced The Civil War, but none other than the steam engine. The steam engine was one of the most influential inventions of the Civil War and America in itself. Before the Steam Engine trade was limited and the American economy was doing very poorly. The causes of this were the rules of trade andRead MorePost Civil War Businesses Influenced Politics and the Economy in America724 Words   |  3 PagesAfter the civil war, businesses began to become big, they grew significantly in size, number and mostly in influence. 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Warranties and Innominate Terms

Question: Discuss about the Warranties and Innominate Terms. Answer: Introduction: Rights and duties related to the parties to the contract are stated in the terms of that contract and these terms can be in two ways express or implied. Express terms are those terms which are stated by parties whether in oral form or written form and implied terms are those which are stated by common law and other statues. As stated above, express terms are stated by parties before entering into contract. In case of written contract it is easy to identify these terms but in other situations these terms are less clear. In some situations it is classification of the oral or written statement is difficult which are made before entering into contract. For example- a party might think twice before purchasing the second hand computer after know that computer had one previous owner or computer was manufactured in 2012. What are the consequences false statements and whether they constitute any contractual breach or misrepresentation? For constituting the terms of the contract parties must be intended to be promissory in nature. In other words parties must have intention to create legal relations, and in this context intention of parties is determined objectively. What was thought by reasonable person was considered as intention in the situation[1]. In case Ellul and Ellul v Oakes (1972) 3 SASR 377, Supreme Court of South Australia stated if party made representation while entering into contract for the purpose of inducing the other party to act according to that representation then it is considered as term of the contract. In the present case, Mikaela owns and runs a cake shop and she purchased all ingredients for her shop from business entity called Tower Flours. One day she called in Tower Flours and raise question about their almond flour. For this purpose she talked to Rickie and specifically told him that her customers need gluten free cakes, and asked whether their almond flour is gluten free and Rickie replied yes. Therefore, in this case Mikaela clearly represents that she need gluten free flour which means that gluten free almond flour is the term of the contract. Implied terms are those which are imposed by law into the contract and these terms are not discussed by the parties before entering into the contract. There are some cases in contract under which standard terms are implied by common law because for these types of contracts they are considered as normal incident. Common law consider some terms as normal incident in some categories of contract such as in contract of sale of goods, there is an implied term that goodsmust be fit for the purpose they are manufactured and contract for providing professional service, there is animplied term that services must be provided with reasonable care. The implications related to these terms are subject to exception that these terms will not be applied in case when contract clearly shows the evidences of contrary intention. For example in case contract clearly state that there is no promise given which state that either expressly or by implication that it is not necessary that goods fit for particular purpose, then court cannot implied the term of goods fit for particular purpose. Ad hoc implied terms- implied terms are imposed by the common law on the basis of actual or presumed intention of the parties, and it is necessary that such terms must be give efficacy to the business contract. Such terms can be result from course of dealing or may arise from any custom or trade usage. In case Codelfa Construction Pty Ltd v State Rail Authority of NSW (1982) 149 CLR 337, Justice Mason stated some conditions which must be fulfill for the purpose of implied a term, and those conditions are stated below: Term stated in the contract must be reasonable and equitable nature. It must provide efficacy to the contract of business, and if contract is effective without such term then it is not considered as implied term. Implied term must be so obvious in nature that no need to convey it. Implied term must be that capable that it provide clear expression. Implied term must not be contradicted with any express term of the contract. Court discussed the basis of implication of term and stated in case of implied term the reason of deficiency in the expression of the consensual agreement is failure of parties in directing their mind to particular event and for making explicit provision for it. In the present case, there is implied term between the Dan and Jacobs contract with Mikaela because such term is reasonable and capable of clear expression. Contract between parties include different types of terms either said or written, and there are some terms which are more important and they are known as conditions of the contract and other terms are known as warranties. Conditions are so important in the contract that without them it is not possible to enforce the contract. In case of breach of condition or to make a falsely condition parties have option to end the contract. In other words parties can rescind the performance of the contract or make the contract void in case of breach of condition. In case of breach of warranty parties to the contract can only claimmonetary damages for any loss suffered by parties butparties to the contract cannot end the contract. In case of breach of warranty contract is binding on both the parties. Each case is considered by court on the basis of its own merits, and after considered all the surroundings court decided whether term is condition or warranty court also consider the consequences if contract is not binding on the parties, and court also determine intentions of the parties at the time of entering into contract. It is not necessary that if term is described as condition or warranty in the contract by the terms then court is also considered as condition or warranty. In the present case, there is condition between the parties because color of icing is the most important term of the contract. As stated above conditions are the most important terms of any contract and without conditions there is no valid contract between the parties whereas warranties are those terms which are not that much important to the contract and contract is valid if warranties are not present in the contract. In case of breach of conditions in contract parties to the contract have option to make the contract void. In other words, if any party to the contract breach the conditions of the contract then other party to the contract has right to end the contract but situations in case of warranty is different because in this party does not have option to cancel the contract but they can claim monetary damages only. In case Poussard v Spiers (1876) 1 QBD 410[9], Madame Poussard entered into contract with entity as an open singer for the time period of three months, but she falls sick just five days before the opening night and she was not able to perform for the first four nights. Later spiers replaced her with new singer. Spiers stated that Madame breached the condition in the contract and now they were entitled to end the contract because she missed the opening night of the event and this night was the most important night for the purpose of critics and other type of publicity. In the present case, Kimiko comes to Mikaelas shop to place an order for a cake. They discuss all of the details: Kimikoorders a round, chocolate cake covered with blue and purple colored icing but Mikaela put wrong color icing on the cake. Color of icing is considered as condition of the contract and Mikaela breach the condition which means Kimiko have right to end the contract. References: ACL. Terms of a contract. Available at: https://www.australiancontractlaw.com/law/scope-terms.html#pre. Accessed on 30th march 2017. Ellul and Ellul v Oakes (1972) 3 SASR 377. Codelfa Construction Pty Ltd v State Rail Authority of NSW (1982) 149 CLR 337. Legal vision, (2015). Implied terms in an employment contract. Available at: https://legalvision.com.au/implied-terms-in-an-employment-contract/. Accessed on 30th March 2017. E-resources.com. Conditions, warranties innominate terms. Available at: https://e-lawresources.co.uk/Conditions,-warranties-and-innominate-terms.php. Accessed on 30th March 2017. Law Handbook, (2016). The terms of a contract. Available at: https://www.lawhandbook.org.au/07_01_03_the_terms_of_a_contract/. Accessed on 30th March 2017. Wang, S. Briers, D. Reinecke, I. (2012). Enforcing promises by implying terms in commercial contracts. Available at: https://www.claytonutz.com/knowledge/2012/december/enforcing-promises-by-implying-terms-in-commercial-contracts. Accessed on 30th March 2017. Mcdonald, J. Condition Vs Warranty in a Contract. Available at: https://www.jacmac.com.au/uploaded/News/publications/201204_Condition_vs_Warranty_in_a_Contract.pdf. Accessed on 30th March 2017. Poussard v Spiers (1876) 1 QBD 410..

Corporate Financial Management and Superannuation Contribution

Question: Discuss about the Corporate Financial Management Superannuation Contribution. Answer: Superannuation Contribution Superannuation contribution is the contribution provided by the employee, as well as the employee that strives to provide help to the employee after their retirement. This is done by way of deduction of a prescribed sum from the salary or personal contributions are provided. In the normal scenario, the contribution is done by way of deduction from the salary as it lessens the employees taxable income and reduces the payment of tax (Damodaran, 2012). The later life of the employees demands a balanced and comfortable life, and the best answer for that is investing and saving in policies providing with retirement benefits which are very actively promoted b y each and every country. The amount being invested under the superannuation contributions is increasing every year as a result of the governments regulations which strictly bind an employee to make such investments, which will result as a boon to the employees at the time of retirement. It is the duty of the financial institutions de aling with such investments to earn positive results in the form of returns from them as to highlight the agenda and most importantly to keep up the cause of the superannuation contributions (Graham Smart, 2012). Availability of the cash is the most important necessity of company with which the deal for superannuation contributions is tied so a lot of facts and figures have to keep in mind by the fund managers for keeping the money ready for an employee after retirement. However, it forms a prominent part of the organization as it deals with the benefit of the employee. Primary, secondary and tertiary are namely the three sectors into which the whole economic sector is divided. These are the most relevant sectors. Any occurrence of root level is first identified by the tertiary employees first, so it becomes a duty of this sector to help out the other sectors by sharing its productivity and wisdom (Melville, 2013). To guarantee a positive retirement to the employees the government came out with the idea of compulsory contributions to be made by the employees, which had a rate of 3 percent which was later revised and reestablished to 5 percent by the government in the year 2005. This idea of superannuation contributions has proved to be a boon for the investors and also to the state by decreasing the burden of social security because it includes a systematic management of allocations and funding (Ferris et. al, 2010). It is also necessary and a matter to be paid attention that to which return providing sector the money has been invested. Saving recor ded over the entire year of employment is actually the returns earned from such superannuation funds. It should also be kept in mind that the sum paid to the employee during the time of retirement should be enough and it highlights that there should be the availability of cash and more important factor are discussed below. Defined Benefit Plan and Investment Choice Plan Defined Benefit Plan and Investment Choice Plan are the two main parts into which the superannuation plans are classified. Unisuper Limited is a company providing offers and services to the employees of the third sector. It is one of the biggest and a superannuation based company. It can be considered as a revolution in the industry of superannuation contributions that the employees are free to choose the type of investments they want to make, opting for a retirement option that suits them among various offers, enhanced and integrated flexibility in choosing the correct type of assets for investment in the superannuation funds contributions (Guerard, 2013). For the employees who belong to the tertiary sector and adhere to the Defined benefit plan, the contributions to superannuation are combined and invested in a portfolio of assets that is controlled by the trustees of the fund. The final advantage is determined by the formula that is the performance of the assets divided by the por tfolio of investment. However, the risk of investment does not relate to the employee as the entire responsibility is taken by the fund managers. These strikes a notion that the employee does not benefit from the gain earn by the portfolio that exceeds the requirement to meet the targets and hence, fund trustees should have a flair for investment and utilizing the benefits garnered through such assets. A brief description of all the features of all types of funds is highlighted below. Age of the employee, last drawn salary, the number of years of service, etc is the details which are taken into account while paying the amount at the end of retirement to the respective employee, as per the rules of the Defined Benefits Plan. In the case of this type of investment, the final amount is decided by a simple formula and is not affected by the portfolio returns and is not considered by the investor, but is to be view by the managers and trustees so as to guarantee that sufficient amount is available for payment of the employee (Marsh, 2009). (DB, 2017) In the case of the second type that is Investment Choice Superannuation Fund, all the amount at the end of the year including the return from portfolios are stored in an accumulating account and the management expenses are also dealt with the same account. This type of investment requires strategies and the employees are more prone towards suffering superannuation contribution risks (Northington, 2011). Factors that needs to be considered There is a marked difference between Defined Benefit Plan and Investment Choice Plan. Under the terms set up by Defined Benefit Plan an employee gets a fixed sum after retirement and the fixed sum is not at all affected by the changing returns, on the contrary that means under the Investment Choice Plan, the investors should have faith in their own analysis and also the analysis made by the company regarding the fluctuations of the returns to get higher returns. It is important to have a confident nature and an appetite for risk for the employees investing under Investment Choice Plan (Parrino et. al, 2012). The Defined Benefit Plan is designated as a much safer option for the employees with respect to the Investment Choice Plan. As per Vaitilingam (2010) it is totally in the hands of the investor to invest the money in such a plan that suits the employee. If the employee is skillful and keeps through knowledge about the rates and returns going on in the market and is capable enough to set up strategies then the one can opt for Investment Choice Plan. While the ones who are not ready to suffer any losses and are not capable enough to skillfully manage their own investments can choose Defined Benefit Plan and can designate their investment to reputed institutions to handle their money and to prevent any future losses (Matt Simon, 2014). If the employee is prone to some additional work generating assets then they can opt for Investment Choice Plan, the ones not having any additional assets should go on with Defined Benefit Plan. Value and Concept of Money consideration Future cash flows and the future values of the investments being made are generally and most importantly put under consideration of Time Value of Money. Considering the case of investments there is always some opportunity cost involved in it. It should be clearly understood that a certain amount of money like for example $50,000 is not at all going to be the same one at the time of retirement, it is possible that it can get depreciated so it is an important matter to consider all the factors for making decisions for investments (Brigham Daves, 2012). On the other hand, it should be kept it mind that chosen investment should grow as per the rate of return in the market because money grows with time. It is also the duty of the employee to understand the importance of time value of money and to choose the investment pattern wisely. This is due to the fact that the time value of money comes into consideration and the same money at the present scenario will have a different value after a period of time or in the near future. They should be thoroughly informed of the performance of the portfolio for the past years and should also take the advice of the experts in regard to such matters (Brealey et. al, 2011). It is vital for the employees to understand the future value of the currently invested amount and to make proper decisions as the contributions are life times earning. However, it needs to be noted that the selection of the plan whether defined retirement plans or investment choice plans depends entirely upon the risk taking the ability of the employee. The risk appetite depends on various factors such as salary earned, the age of the employee, working years left, promotions, etc. Hence, it is recommended that the employee must go for the plan that suits the profile and strengthens the savings. Moreover, it should not be done at a high level of risk rather risk and return must be equally blended. Efficient Market Hypothesis The efficient market hypothesis is assumed to be perfect. The reason being it inculcates all the available market information and the reactions of the market to calculate the most efficient stock price. However, there are many factors which prove that this hypothesis is not correct. The investors have an unpredictable psychology and they always do not show the correct price level (Bodie et. al, 2014). Also, the markets always do not behave rationally so it is only a myth that the markets show the fair price. If one assumes that the stock markets are performing in a proper manner then it is believed to be in line with random walk theory (Berk et.al, 2015). However, in real life, the investors are mostly rational however the uncertainty lies in the situations and the events. As there are various shortcomings as mentioned above it does not gets easy for the fund managers to select a portfolio at a time. There are several reasons for the same. A fund manager has always a defined benchmark of meeting certain risk and return goals. However, the stock market has always proved that anticipated, unanticipated and the expected risks of the portfolio cannot be controlled. As each and every stock is different with respect to the capital structure, financial potential, volatility, market competition, etc. hence the market will not suit the requirements of all the stocks. The market size for the stocks of smaller companies is relatively lower if compared to those of higher companies. The portfolio might be open to risks which do not yield rewards as it might not have been designed properly. Hence individual investors might face huge risks in respect of such portfolios (Ross et. al, 2014). As there are inherent limitations to statistical analysis, so it is a mere coi ncidence that the market performance is in line with the efficient market hypothesis. It might not be considered as a risky venture to resort to efficient market hypothesis when the investors have their major investment in riskless assets which are already yielding higher rewards otherwise such portfolios do have a high beta depending upon individuals risk preferences. One should select the portfolio based on perfect calculation and following a proper system. It has been proved that the markets have no memory and also that it is not easy to make money out of the stock markets (Arnold, 2010). Also, there are different types of risks involved in the case of long-term interest rates as compared to short-term interest rates. After discussing the various factors it is very clear that one cannot select a portfolio with great ease. There are various significant jobs which the fund managers are required to perform in order to select a perfect portfolio. The portfolio should be designed in such a manner that the advantage of special tax laws and the pension funds can be taken. If such options are provided then it becomes easier to increase the returns of the portfolio and that too without increasing the risk. Although a large number of stocks in the portfolio do not ensure proper diversification however the fund manager must ensure a diversified portfolio. References Arnold, G 2010, The Financial Times Guide to Investing, Prentice Hall. Berk, J, DeMarzo, P Stangeland, D 2015, Corporate Finance, Canadian Toronto: Pearson Canada. Bodie, Z, Kane, A. Marcus, A. J 2014, Investments, McGraw Hill Brealey, R., Myers, S. Allen, F 2011, Principles of corporate finance, New York: McGraw-Hill/Irwin. Brigham, E Daves, P 2012, Intermediate Financial Management , USA: Cengage DB 2017, Compare Defined Benefit vs Defined Contribution Plans, viewed 18 May 2017 https://www.dedicated-db.com/compare-defined-benefit-vs-defined-contribution-plans/ Damodaran, A 2012, Investment Valuation, New York: John Wiley Sons. Ferris, S.P, Noronha, G. Unlu, E 2010, The more, merrier: an international analysis of the frequency of dividend payment, Journal of Business Finance and Accounting, vol. 37, no. 1, pp. 14870. Graham, J Smart, S 2012, Introduction to corporate finance, Australia: South-Western Cengage Learning. Guerard, J. 2013,Introduction to financial forecasting in investment analysis, New York, NY: Springer. Marsh, C 2009, Mastering financial management, Harlow: Financial Times Prentice Hall. Matt B Simon P 2014, Accounting and Finance For Managers, Kogan Page Limited Melville, A 2013, International Financial Reporting A Practical Guide, 4th edition, Pearson, Education Limited, UK Northington, S 2011, Finance, New York, NY: Ferguson's. Parrino, R, Kidwell, D. Bates, T 2012, Fundamentals of corporate finance, Hoboken Ross, S, Christensen, M, Drew, M Bianchi, R., Westerfield, R Jordan, B, 2014, Fundamentals of Corporate Finance, 7th ed. North Ryde: McGraw-Hill Australia Pty Ltd. Vaitilingam, R 2010, The Financial Times Guide to Using the Financial Pages, London: FT Prentice Hall.