Contemporary Trust Law Assignment Example | Topics and Well Written Essays - 2500 words

Contemporary Trust Law - Assignment Example If there are no beneficiaries with equitable interests in the trust assets, there is in theory no one "in whose favour the court can decree specific performance": Morice v Bishop of Durham (1804) 9 Ves.399. The complexity, of course, with this approach is that it frustrates the requirements of a settler or testator, who may want to profit a legitimate public object or useful social experiment which does not fall stringently within the definition of charity. A trust, for example, for the promotion of a particular sport (such as angling or yacht racing) is not charitable unless linked to education: Re Nottage [1895] 2 Ch. 649 and Re Clifford [1912] 1 Ch. 29. Similarly, a trust to be relevant income for the purposes of research into a proposed new alphabet also falls outside the description of charity: Re Shaw [1957] 1 W.L.R. 729. To what extent, however, is it legitimate to use the mechanism of a trust for the haulage out of mere purposes where there are no beneficiaries vested with equitable ownership in the trust property The law that a valid trust "must be for the benefit of individuals" (Bowman v Secular Society Ltd [1917] A.C. 406, 441, per Lord Parker) is not complete. A trust for charitable purposes is valid even with the absence of an equitable beneficial owner to put into effect the trust. Here, of course, it is the Crown (acting through the Attorney-General or the Charity Commissioners) who takes on the role of parens patriae on behalf of the public at large. Apart from this, there are several well-known "inconsistent" exceptions, classified by Lord Evershed M.R. in Re Endacott [1960] Ch. 232, where the trustee may perform the terms of the trust if he so wishes, but the court will not compel him to do so. These so-called "trusts of imperfect obligation" comprise (1) trusts for the creation of monuments and graves; (2) trusts for the saying of masses; and (3) trusts for the maintenance of particular animals. They will be valid (though unenforceable) provided they do not offend the rule against continuous trusts. Presumably, in the dearth of a beneficiary, the trustee is mutually the legal and beneficial owner of the trust property so that, if he fails or refuses to carry out the trust, the property will relapse back to the testator's residuary estate upon a resulting trust as to both the legal and equitable title. In reality, there is no trust here at all, rather a meagre power to apply for the stated purposes, with a contribution over or a resulting trust in evasion of exercise of the power. There are, of course, other cases where there may be a conviction despite the lack of an equitable owner. The understandable example is that of a discretionary trust in favour of a large class which is too large to list but, nevertheless, theoretically certain in definition. In the same way, there is no equitable title to the estate of a deceased person until such time as the administration is completed. The personal representatives are simply the legal owners during the administration

Healthcare and Business Goals Essay Example | Topics and Well Written Essays - 1000 words

Healthcare and Business Goals - Essay Example Health care managers are appointed to positions of authority in order to shape the organization by making important decisions (The Hastings center, 2012). On a daily basis, they make and coordinate decisions on recruitment and development of staff, service addition or reduction, allocation and utilization of financial resources, and acquisition of equipment and technology. Their role is to ensure that patients and clients receive appropriate services effectively and timely while focusing on achievement of performance targets (Caldwell, Brexler and Gillem, 2000). Health care services tend to be personal in nature, and its impact tends to be felt by the providers and recipients at a point of delivery. Decisions made by hospital managers reflect on ethical and moral values of the administration since they are subjective in nature and have a key effect on the wellbeing of patients, employees, taxpayers and community, individually or collectively (Ache.org, 2012). The decisions of manager s affect people directly or indirectly in both predictable and unpredictable ways and sometimes raise questions of fairness. For example, a hospital may buy equipment at a premium price, but fail to raise wages of personnel to desirable levels. In a different situation, a hospital can be challenged to rationalize the use of money from patients to pay employees whose work is substandard. In yet another case, expenses may rise, and the administration may want to cut budgets of some departments, whatever decision is made, certain patients are bound to be affected (Wheatley, 2006). It is important for the manager to prioritise the obligation to serve patients effectively. Ethical issues such as those highlighted above should be addressed effectively as negligence leads to errors and potentially costly decisions that are harmful to patients, staff, the organization and the community. Where staff is affected negatively by such decisions; it can result in distress which is known to cause p rofessional burn out and staff turnover (Owen, 1990). The management of a health care organization has the duty to nurture a healthy ethical environment (Morrison, 2011). Good ethics improve employee morale, enhance productivity and improve efficiency of the organization. This in turn, improves customer satisfaction and employee retention. There is a clear link between ethics and quality, a health care organization that fails to meet established ethical bench marks, and standards is not likely to deliver high-quality health care. Conversely, institutions that fail to meet minimum quality standards raise ethical concerns with stake holders (Morrison, 2011). A review of practices in the top ranked health care organizations Managers of health care institutions must Endeavour to adopt quality and system improvement programmes in order to improve care delivery and spread new practices across the system. The transformation process requires a clear and sustained strategy and takes time to implement. For example, Henry Ford Health System, a leading health care institution in excellence has been dedicated to quality improvement and achieving strong financial performance for over 20 years. It has sought to put patients first by exploring needs, improving care and overcoming conflicts between its employees. Therefore, strong leadership is critical to maintaining unwavering focus on improving systems and outcomes

Understanding and interpreting financial statements Coursework

Understanding and interpreting financial statements - Coursework Example Understanding and interpreting financial statements Financial Statement Analysis involves the careful selection of data from the financial statements in order to assess and evaluate the firm’s historical financial performance. The study focuses on the performance of Morrison’s and Tesco companies for 2008 and 2009. The financial statement analysis is based on the financial statements of both Morrison’s and Tesco companies. The four groups are Turnover, Solvency, Profitability, and Liquidity. Reasons for using ratio analysis. The financial statement ratio analysis is conducted to compare the financial performance of Morrison’s and Tesco over time (2008 and 2009). Both companies are competitors in the United Kingdom Grocery Chain market segment. The financial statement analysis is used to aid management or any interested party to make more informed decisions. Ratio analysis is a better alternative when compared to using pure hindsight, gut feeling, or plain guesswork in terms of making decisions. According to Gibson (2008), financial statement analysis is useful in improving all decision making activities. Since, the financial statement ratios are taken from both company’s audited financial reports, the analysis is based on actual economic (buy and sell, etc.) conditions occurring in the United Kingdom during 2008 and 2009. Economic conditions include supply, demand, equilibrium, scarcity, opportunity cost, and government (tax and other legal interventions) conditions. (Baumol, 2009). Brief description and justification of the ratios The financial statement ratios used in the Morrison’s research are divided into four sections. Liquidity ratios provide information about the firm’s ability to pay its current obligations and continue operations; In terms of justification, the ratios will indicate whether the company has to find other sources of cash inflows to pay for the company’s maturing obligations. The leverage ratios measure the company’s use of deb t to finance assets and operations; in terms of justification, the ratios would help determine the feasibility of increasing, decreasing, or retaining the company’s current debt structure. The cost management ratios measure how well a company controls cash; in terms of justification, the ratios will be used as a basis for improving current cash management policies. The profitability ratios measure earnings in relation to some base, such as assets, sales, or capital. The profitability ratios will justify if the company passed (reach benchmark in generating profits) or failed (generated loss) in the prior accounting period. Financial statement analysis is profitable complement to other decision making tools (Besley, 2008). Critical evaluation of the Limitations of the Analysis with regards to both the available information and the generic limitations of Ratio Analysis There are limitations on the comparison of the financial statements of the two companies with regards to both t he available information and the generic limitations of ratio analysis. The preparation of financial statement ratios would be a failure. First, the financial statement data of both Morrison’s and Tesco may be erroneous Second, both companies may be using different accounting principles. To remedy the situation, the industry ratio trends can help to

Uberrimae Fides in Marine Insurance Essay Example | Topics and Well Written Essays - 1500 words

Uberrimae Fides in Marine Insurance - Essay Example This has left the concerned authorities to critically analyze the nature, history, application and scope of Uberrima Fides in Marine Insurance. In broader terms Uberrima Fides is used to disclose all the material that is to be traded through marines. For instance, as per this law both the parties i.e. issuer and receiver has to mention all the peculiar details to the insurer in order to certify that the traded material does not violate any of the marine insurance laws. Furthermore, there is full duty to the facts and figures of the disclosed material because majority of the information about enclosed material is kept hidden by the two parties. However, under this law they are obliged to mention each and every detail of the materials enclosed3. A lot of goods including machines, plants, household or commercial products are transported either by land, sea or air4. This merchandize incurs some transportation cost commonly known as fright charges and the law which covers all the indemnit y or destruction of cargo is the Marine Insurance. The Marine Insurance companies either operating privately or in association with the government agencies have to make certain that the goods they are transporting are not violating the rules and regulations of the marine transportation through any means5. For this purpose they make use of Uberrima Fides in order to seek details of the disclosed material from the applicants of marine insurance. Though it seems very simple to mention details about the disclosed material from the insurer’s point of view, yet it is a very complex and highly law governing procedure which needs to be done under the obligations set by Uberrimae Fides6. The duty of Uberrima Fides in Marine Insurance The Duty of Uberrimae Fides in Marine Insurance was created hundreds of years back by the British Marine Forces in order to keep check and ascertain the insurance of transported material through marines. As per the Marine Law, vestigial insurance is used so as to define Uberrimae Fides7. Since insuring the risk of damage and destruction during the cargo transportation is a crucial matter and involves high level of complexities therefore historically Uberrima Fides were used to insure that highest standards of Good Faith are maintained between both the parties. Moreover, on the economic grounds Uberrimae Fides provides protection to the insurers through which they are no longer in danger due to insuring some poor or damageable material8. For instance, when centuries ago British Marines were used to allow transportation of goods through sea there was no law to certify the risks of damage and the associated agencies were forced to rely upon the information provided by the issuer of goods. Hence, if during the sail some damages occurred then insurer had to compensate those damages. Therefore it was found necessary to make laws in order to obtain peculiar information related to the goods to be transported9. Nature of Uberrima Fides The n ature of Uberrimae fides is of pre contractual duty. It is an obligatory procedure by which both the parties have to make certain that the good they are issuing or receiving through marine transportation will not incur unnecessary damages and compensations to the marine insurance companies10. Uberrimae Fides is functioned somewhat in the same way as the misrepresentation is operated in fraudulent

How has McDonald's change in the last 5 years in UK Essay

How has McDonald's change in the last 5 years in UK - Essay Example The major success of McDonalds is based on this franchisee business model. Approximately 70% of McDonald's worldwide restaurant businesses are owned and operated by independent businessmen and women, our franchisees. McDonald's first restaurant in UK was opened in 1974 in the province of Woolwich. This was owned and managed by the company directly. It was in 1986 that McDonalds started franchise model of business by opening franchise restaurant. Since then number of franchise restaurants in UK has been on steady rise. In this paper, we analyze how the structure of the McDonald's business model and how has it changed in UK. Today Big Business has a strength is the market. McDonald was able to make use this big branding image in UK market. It is natural that large business corporations account for major shares of output, employment, investment and trade. This article reviews five aspects of McDonalds during the last five years from 2001-2006. The major points we are going to discuss are 1. role of the large corporation as a feature of the UK economy 2. role of its business leaders 3. the managerial revolution 4. existing business environment and the size of Britain's large companies relative to other parts of the country. The beginning of this period is marked by a real testing periods for many corporates. Companies need to look for new business models to survive in this context. Understanding the managerial practice of McDonald, it will be meaningful to understand the objectives and concepts of re tailing. In the McDonald's franchise business model they will be supported by the world famous McDonald's system, in the areas of operations, training, advertising, and marketing to name but a few. McDonald's franchises restaurants to individuals only. Never to companies, partnerships, family groups or passive investors. Franchisees run their restaurant(s) as an independent business. They are responsible for driving the business forward and all normal business functions i.e. recruiting, marketing, accounting and administration and managing and representing the brand in the local community. Independent companies supply all raw materials, goods and services to each restaurant. All products used in the restaurant should have approval of the parent group. McDonald's Franchise Agreement is for twenty years. The competition in the food retail sector in UK is growing and the future of foodstuff trade belongs most likely to the retail chains. The retail chains in UK are fairly developed, as they do not differ much from the corresponding developing retail formats. The competition has increased with the entry for retail chains. The share of retail chains of the whole retail trade is at the moment estimated to be around seventy percent, they are taking over the markets at a rapid pace at the expense of unorganised forms of trade. The presence of large retail chains has an impact on the production side also. In the food production sector the competition is fierce, as big UK and foreign producers want to ensure their piece of the huge demand potential. Thus the largest producers are relentlessly utilising their size: they invest in big marketing campaigns and are willing to pay high entry fees to retail chains in order to secure a place on the store shelves and build a strong brand also in UK. Information on

AIG Ethics Essay Example | Topics and Well Written Essays - 750 words

AIG Ethics - Essay Example The corporate culture of AIG thrived in a highly deregulated global economy, one where speculation has more than eclipsed any real production (Gupta, 2008). â€Å"Furthermore, the banks would "hedge" the tranches, another way of distributing risk, by purchasing credit default swaps (CDSs) sold by companies like AIG and MBIA. The swaps were a form of insurance. This was seen as a way to make tranches more secure and hence higher rated. For instance, say you're Goldman Sachs and you have $10 million in AAA tranches. You go to AIG to insure it, and the company determines that the risk of default is extremely low so the premium is 1 percent. So you pay AIG $100,000 a year and if the tranche defaults, the company pays you $10 million. But CDSs started getting bought and sold all over the world based on perceived risk. The market grew so large that the underlying debt being insured was $45 trillion—nearly the same size as the annual global economy† (Gupta, 2008). While it was n't just AIG that led to the meltdown, AIG was playing in a world where they were expected to subsidize the entire global economy, with insurance payouts in the trillions. Not only could no company possibly pay this insurance debt, but no country could, not immediately. AIG had violated a primary fiduciary responsibility. It wasn't just the amount being insured, though, but the type of debt. $64 billion of its exposure was to sub-prime packages. These packages, being high-risk, were highly sensitive to changes in their value, which meant that AIG could expect volatile explosions in their assets and responsibilities. To be fair to AIG, it was less than fifty people that brought down a company of thousands (Ferrell and Fraedrich, 200

Research Project Climate Change Essay Example for Free

Research Project Climate Change Essay INTRODUCTION Climate change is the variation of the weather in global scale which include changes in temperature, precipitation, nebulosity and other phenomena. These variations last for an extended period of time (decades to millions of years) and they can be caused by external forces (variations on the solar activity, orbital variations, impact of meteorites), internal forces (volcanic eruptions, plate tectonics, El Nino), or by results of the human activity (global warming). Global Warming There are many questions about global warming, from its causes to its effects, and many people even question whether or not it even exists. Global warming is described as the increase of the average temperature of the Earth caused by increasing concentrations of greenhouse gases produced by human activities, such as deforestation, use of fertilizers, fossil fuel combustion and cement production. According to the global warming theory, the intensification of industrial activities during the twentieth century (based on the fossil fuel combustion such as petrol and coal) increased the concentration of CO2 in the atmosphere. The increase of the global temperature and the new composition of the atmosphere lead to several alterations which affect the elevation of the sea level, heat waves, droughts and heavy rainfall, ocean acidification and species extinctions, to name a few. Greenhouse effect and the emission of CO2 Greenhouse gases keep the Earth warm through a process called the greenhouse effect. If it were not for the greenhouse gases trapping heat in the atmosphere, the Earth would be a very cold place. Greenhouse gases are any of the atmospheric gases that contribute to the greenhouse effect by absorbing infrared radiation produced by solar warming. They include carbon dioxide (CO2), methane (CH4), nitrous oxide (NO2), ozone (O3), and water vapor. Greenhouse gases occur naturally in the atmosphere, but the elevated levels are directly blamed to human activities, specially the production in excess of carbon dioxide when any material containing carbon is burned, such as oil, coal, natural gas, or wood. However it is controversial whether the human activities are to blame for the global warming due to the emission of carbon dioxide. Carbon dioxide represents a very small percentage of the gases in the atmosphere (only 0.032%) and it is immediately absorbed by the vegetation, in all kind of environments, without any possibility of accumulation anywhere. The population that consumes CO2 (plants) is much bigger than the population that is emitting this gas (men and machines). Besides, the energy used in the process of removing CO2 from the atmosphere is endless: the solar energy. Mainly, the determining factors of the climate change are basically the energy of the sun or insulation and the speed of the rotation and translation of the Earth. Is Global Warming Real? Although the whole world is aware of the global warming issue and is afraid of what its impacts could do in the coming future, there are those who still believe global warming is a fiction and does not exist. The global warming debate in many parts of the earth is ranging more than before. One of the world’s best known climate change sceptic John Coleman, who co-founded the Weather Channel, has claimed that the theory of man-made climate change is no longer scientifically credible and rising global temperatures points to a natural phenomenon within a developing eco-system. According to Coleman, global warming has become a political and environment agenda item, but the science is not valid, and efforts to prove the theory that carbon dioxide is a significant greenhouse gas and pollutant causing significant warming or weather effects have failed. â€Å"The impact of humans on climate is not  catastrophic†, he says, â€Å"our planet is not in peril. It is all a scam, the result of bad science.† (John Coleman, 2014) On the other hand, former Vice President Al Gore, who had an award-winning documentary film in 2006 called An Inconvenient Truth which discusses the present and future effects of global warming, continues his fight against global warming and says that â€Å"we simply cannot continue to use the atmosphere as an open sewer for dirty and dangerous global warming pollution that endangers our health and makes storms, floods, mudslides and droughts much more dangerous and threatening.† (Al Gore, 2014). He supports the adoption of renewable energy such as solar and wind power and enforces bold new standards for fuel economy. CONCLUSION Whether global warming is a consequence of human activities or other phenomena (or both), it is real and climate change is happening. We should all do our part to help alter the future path of human-induced warming by adopting a more responsible lifestyle to reduce the amount of CO2 emission by reducing waste, recycling, switching to green power (wind and solar), planting trees, carpooling and so on. Also, less energy use means less dependence on the fossil fuels that create greenhouse gases and contribute to global warming. REFERENCES Climate Change. – Wikipedia, the free encyclopedia. Retrieved from https://en.wikipedia.org/wiki/Climate_change (Online; accessed 14-November-2014). Global Warming. – Wikipedia, the free encyclopedia. Retrieved from https://en.wikipedia.org/wiki/Global_warming (Online; accessed 14-November-2014). Global Warming. – NOAA National Climatic Data Center. Retrieved from http://www.ncdc.noaa.gov/monitoring-references/faq/global-warming.php (Online; accessed 14-November-2014). Coleman, J. (2014) Global Warming Greatest Scam in History! – Global Warming And The Climate. Retrieved from http://www.global-warming-and-the-climate.com/ arguments-against-global-warming.htm Gore, A. (June 18, 2014) The Turning Point: New Hope for the Climate. Rolling Stone. Retrieved from http://www.rollingstone.com/politics/news/ the-turning-point-new-hope-for-the- climate-20140618 Statement by Former Vice President Gore on Australias climate policy. July 17, 2014. Retrieved from blog.algore.com (Online; accessed 19-November-2014).