Consideration Adequate or Commercially Realistic

Question: Discuss about the Consideration Adequate or Commercially Realistic. Answer: Introduction In Australia, to make any valid contract, the basic ingredients that are required are agreement (offer plus acceptance), consideration, legal intention and capacity of the parties. Though all elements are very important but amongst all consideration is one of the significant elements which are required in any contract formation[1]. In this present essay, the definition of consideration is evaluated. An attempt is also made to understand as what a valid consideration comprises off. Whether it is sufficiency of the consideration that makes it valid or whether it is its adequacy that makes any consideration legal in law? This theme of the essay is grounded with case laws and various primary and secondary sources of law. Now, the foremost issue that requires analysis is the brief understating on the law of consideration. Elements of contract One of the significant Element of Law - Consideration As already discussed the basic ingredients that are required are agreement (offer plus acceptance), consideration, legal intention and capacity of the parties. Consideration is one of the significant elements in contract formation. The concept of consideration was evaluated in English cases which were later followed by the Australian courts in order to give edge to the contract and their enforceability. In Currie v Misa[2], Lush J submitted that consideration can be some kind of profit, interest, rights or benefit which can be gained by one party or it can be some kind of detriment, forbearance, responsibility or loss which is endured by some other party[3]. In Australia, the basic requirements for the presence of valid considerations are; Firstly, a consideration of past nature is invalid in law[4]; secondly, it must always move from the promisee or claimant[5]; Thirdly, every kind of consideration should not be against the policy of the public, immoral or illegal[6]; Fourthly, the promisor must always make some kind of request to the promisee; Fifthly, there must be sufficiency of consideration. In Carlill v. Carbolic Smoke Ball Co[7], it was analyzed that any gain to the promisor or any loss to the promisee is consideration regardless of its adequacy. The only requirement is that it must have some value in the eyes of law; Sixthly, performance of an existing duty is not a valid consideration in law[8].[9] So, it can be submitted that consideration is nothing but something of value in the eyes of law which is moved from the promisor to the promisee to support the promises that are exchanged amid the parties. Every valid consideration causes some kind of loss to the promisee for which the promisor is promising to pay some kind of gain or benefit. From the above essentials it is clear that consideration must be sufficed but need not be adequate. But, to authenticate this statement with the help of case laws, it is first important to understand some fundamental terminologies that are related to the word consideration, that is, nominal, illusionary, inadequate, sufficient consideration. All these terms will help in understating the true nature of the term consideration. Nature of consideration whether it is sufficiency or adequacy Illusionary and inadequate consideration As already discussed, in the leading case of Currie v Misa[10] consideration was defined as some kind of profit, interest, rights or benefit which can be gained by one party or it can be some kind of detriment, forbearance, responsibility or loss which is endured by some other party[11]. Thus, the consideration must move at the desire of the claimant or the promisee. From the basic understanding on the elements of consideration, it is also crystal clear that a consideration should not be illegal, immoral or against public policy. In law, any promise to act or not to act which is based on consideration should be of some kind of substance. A consideration should not be illusionary, such as, a promise to do an act which is legally imposed[12] or to perform an existing duty[13] or uncertain or vague promise[14]. It is settled law in Wigan v Edwards[15] that any consideration which is illusionary in nature and which has no substance in law has no relevance and is not a consideration in la w at all. Thus, an illusionary consideration is neither sufficient nor adequate; rather it is no consideration at all[16]. Thus, it is clear that illusionary consideration has no relevance in law. It is neither sufficient nor adequate to gave meaning to the conceit that what kind of consideration is valid in law, it is sufficient or adequate, because an illusionary consideration is no consideration at all. However, an illusionary consideration is different from inadequate consideration.As an illusionary consideration is no consideration at all, an inadequate consideration is something which is not equivalent to the actual price for the act or forbearance. But, whether an inadequate consideration is valid or not is discussed in Woolworths Ltd v Kelly[17] where it was held that the courts are not interested in the inadequacy of the consideration. The only requirement is that the consideration should be legal and not illusionary. Thus, that means that the courts are submitting that there is no requirement for any adequacy of the consideration. Does that mean that the only requirement is that consideration should be sufficient? This statement can only be evaluated by understating the fundamental principle behind nominal consideration and then moving ion to analyze the when sufficient considerations were held to be valid. Nominal consideration In the contract law, a consideration should not be illusionary or illegal but a nominal consideration was held to be valid in the eyes of law. The court has held that the feelings, emotions, etc are not good consideration in the eyes of law. But, even a nominal or small amount of consideration to support the promises was held to be valid in law. In Thomas v Thomas[18], the court has held the repairs and rent even though are very negligible but still hold good consideration to support the promises that are exchanged amid the promisor and the promisee. It was held that a nominal consideration is valid in law and is enforceable in law[19]. So, after having a brief analyzing that a consideration can be nominal but cannot be illusionary and considering the fact that the courts are not interested in taking any kind of heed on the inadequacy of the consideration, it is now time to actually understand as to what amounts to a valid consideration. When a consideration is legal in law, only when it is adequate or only a sufficient consideration is also enough to support a contract and make it enforceable. Sufficiency of consideration - valid in law A consideration is a significant element in the formation of contract. It is a must to make any contract enforceable. But, it has been found with the help of series of cases that the courts are not reluctant in establishing that a sufficient consideration is enough to make a contract valid. But what is sufficient consideration in law. Sufficiency of consideration submits that the consideration have some value in law regardless of the fact what its monetary value is? The consideration to support the promises may not be equivalent to the actual price of the contract but till the time the consideration has some value in the eyes of law, it was held to be sufficient and is enough to make the contract enforceable. A promise to support another promise is found to a valid sufficient consideration to make the contracts enforceable[20]. Validity of sufficiency of consideration is not a new concept and can be found in an age old principle which was decided in 1602 in a popular case called Pinnels case, wherein it was decided by the courts that if any party pay a nominal amount of money for the settlement of the full claim then the same can also be regarded as enough consideration to make the promises enforceable in law. There is no requirement for the consideration to be adequate to support the promises. The courts have given legality to the concept of sufficiency of consideration[21]. The rule was reciprocated in 1880 and courts has given due recognition when a nominal amount is considered to be sufficient consideration against the settlement of full amount[22]. But, later, the sufficiency of consideration is not restricted to some nominal amount of money. But, the courts have given regard to the acts of the promisee to be considered as sufficient consideration to support the contracts. The court held that if one pa rty loses his liberty against an agreed amount then the act of losing liberty is considered to be sufficient consideration in eyes of law even though it is not adequate[23]. Also, a minimal amount to lure the promisee to carry out tasks was held to be sufficient consideration in the eyes of law and to hold the contract valid amid the parties. a consideration of 1 per week by the promisor to the promisee so that promisee takes care of the child was found sufficient though not adequate in the eyes of law[24]. The concept of sufficient was given due recognition in 1960 in the leading case of Chappel v Nestles[25]. In this case, one company submitted that if any person provides a postal order of1 shilling along with three shillings, then, that will amount to be sufficient consideration and such person will get a prize of a record. The court established that even though the wrappers are worthless and is not an adequate consideration but still it has sufficiency and holds valid in the eyes of law. All the above cases proves one significant point, that is, in law, in order to consider any consideration valid, what is required is not the adequacy of the consideration as the same is very subjective in nature and varies with person to person, but, what is required is the sufficiency of consideration and is more than enough to hold any contract valid in the eyes of law. But, even the concept of sufficiency has its own loopholes which are submitted herein below. Concerns over the current law The major concern over the current law on consideration, that is, there is no need for adequacy of consideration rather a sufficient consideration is enough to hold the contract valid in law, can be evaluated by discussing two major cases. In Chappel v Nestles Ward v Byham case, the courts submitted that even a sufficient consideration is valid in law (chocolate wrappers were found to be a valid consideration and a very small quantity amount of money for the happiness of the child). But, a promise to stop another party from complaining is not found to be sufficient consideration to hold the contract valid[26].So, the courts are themselves are not unanimous in their own approach[27]. Conclusion It is thus concluded that consideration can be some kind of profit, interest, rights or benefit which can be gained by one party or it can be some kind of detriment, forbearance, responsibility or loss which is endured by some other party. The presence of consideration is must to hold any contract valid in the eyes of law. It is one of the significant elements in the eyes of law. But, the true nature of consideration is what makes it valid in the eyes of law. From the series of cases it is concluded that a valid consideration need not be adequate in the eyes of law. What is required is that the consideration should have some sufficiency in the eyes of law even when the same is not equivalent to the promises that are exchanged amid the parties. It is not important that the consideration must be much or adequate in nature, the only requirements is that it has some relevance in the eyes of law to make it valid and enforceable in law. References Books/Articles/Journals E Clark, Cyber Law in Australia (2010), Kluwer Law International. LA Bygrave, consideration, 2013, JUS5260 Spring 2013 Consideration . McKendrick Liu, Contract Law: Australian Edition (2015), p 89, Palgrave Macmillan. The law Teacher, Analysing The Doctrine Of Consideration In Law 2016. Tutorhunt, should consideration be abolished?, 2017. Case Laws Alliance Bank Ltd v. Broom (1864). Carlill v Carbolic Smoke Ball Co [1893]. Collins vGodefrey (1831) 1 B Ad 950 Chappel v Nestles [1960]. Currie v Misa (1875) LR 10 Ex 153. Dunton v Dunton (1892)Pinnel's Case (1602). Roscorla v. Thomas (1842) Stilk v Myrick[1809] EWHC KB J58 Tweddle v. Atkinson (1861). Thomas v Thomas (1842). Wyatt v. Kreglinger and Fernau (1933). Williams v. Williams (1957). Ward v Byham [1956] Woolworths Ltd v Kelly (1991) 22 NSWLR 189. White v Bluett(1853) 23 LJ Ex 36 Wigan v Edwards (1973) 47 ALJR 586. E Clark, Cyber Law in Australia (2010), Kluwer Law International. Currie v Misa (1875) LR 10 Ex 153. McKendrick Liu, Contract Law: Australian Edition (2015), p 89, Palgrave Macmillan. Roscorla v. Thomas (1842). Tweddle v. Atkinson (1861). Wyatt v. Kreglinger and Fernau (1933). Carlill v. Carbolic Smoke Ball Co. (1893). Williams v. Williams (1957). LA Bygrave, consideration, 2013, JUS5260 Spring 2013 Consideration. Currie v Misa (1875) LR 10 Ex 153. Collins vGodefrey (1831) 1 B Ad 950. Stilk v Myrick[1809] EWHC KB J58. White v Bluett(1853) 23 LJ Ex 36. Wigan v Edwards (1973) 47 ALJR 586. W Twyford, The Doctrine of Consideration 2002, University of technology, Sydney. Woolworths Ltd v Kelly (1991) 22 NSWLR 189. Thomas v Thomas (1842). The law Teacher, Analysing The Doctrine Of Consideration In Law 2016. Alliance Bank Ltd v. Broom (1864). Pinnel's Case (1602)[22] Couldery v Bartrum (1880).[23] Dunton v Dunton (1892). Ward v Byham [1956] Chappel v Nestles [1960]. White v Bluett(1853) 23 LJ Ex 36. Tutorhunt, should consideration be abolished?, 2017.

A Difficult Decision Essay Example For Students

A Difficult Decision Essay Word Count: 309Steve Bayne1/31/00English IVMr. LarsonPersuasive EssayThroughout each of our lives, we go through many trials. Life seems like a big smack in the face at times. Anyone can relate to this, because no one has had a perfect life, a life without blemish. Hardships are a part of life, without them we wouldnt learn the difference between hot and cold or right and wrong. The decisions we make now will affect us for the rest of our lives. Ive had my share of hardships in the first 17 years of my life. Ive faced some difficult times, nothing compared to the future Im sure. At the moment I am torn in a decision that could affect my whole life. This decision could make me a wealthy, prosperous man one way and another it could increase my health and standard of living. It could also make me very unhealthy and even place me on the very lowest of the social scale. You wonder What in the world could be so dramatic that it could affect someones life so drastically? Its simply a choice between Scott Bathroom Tissue or Soft N Gentle Bathroom Tissue. Remember that the decision you make could bless your life, or damage it. You may think that this topic is unusual and rather out of bounds, but if you think about it, it really is a big controversy. You shouldnt think about how you feel about this, you should take into account your bottoms feelings, because basically thats the usual area its used. We should take this decision into depth, shall we? Scott Bathroom Tissue is in the lower class of toilet paper. If bathroom tissue had a social scale similar to ours, then Scott tissue would be the hobo bums that live on the streetstill worth somet

19 Colleges With the Lowest Acceptance Rates

19 Colleges With the Lowest Acceptance Rates SAT / ACT Prep Online Guides and Tips Acceptance rates are an important factor to consider when deciding where to apply to college. A school’s acceptance rate is often considered a measurement of its quality. While this is accurate in many cases, some schools have low acceptance rates for reasons unrelated to the academic excellence of admitted students. In this article, I’ll tell you what the lowest college acceptance rate is, explain why some colleges have such low acceptance rates, and list the colleges with the lowest acceptance rates. Why Do Some Colleges Have Such Low Acceptance Rates? A college can have a low acceptance rate for a variety of reasons. The most common reason for a low acceptance rate is a combination of high academic standards and popularity among prospective students. This happens at Ivy League schools and schools such as Stanford and MIT, which have strong name recognition both in the US and internationally. As a result of their reputations, these schools get huge numbers of applicants every year. They end up with low acceptance rates because they need to turn away the vast majority of applicants in order to maintain their reputations for academic excellence. Only the most qualified students are admitted, and even those who technically meet academic standards might be rejected depending on their other credentials. In 2017, an impressive 47,450 students applied to Stanford- and only 2,040 were accepted! That's an acceptance rate of just 4.3%, giving Stanford one of the lowest college acceptance rates. Low acceptance rates also happen at schools that have very specific criteria for admission and are popular for other reasons. Military schools such as West Point and the US Naval Academy have low acceptance rates because they require applicants to meet other strict criteria besides academic qualifications. Meanwhile, music schools such as Juilliard might have especially low acceptance rates because they’re only willing to accept extremely talented students in a very specific area of study. There are also schools where students are offered free tuition or must meet financial need qualifications in order to be accepted. This means that these schools are popular (everyone wants to avoid paying for college!), but only a small subset of applicants make the cut. In the next two sections, I’ll go through a list of the schools with the lowest acceptance rates in the country; these fall into both the "non-specialized popular and academically rigorous" category and the "popular and specialized" category. How I imagine auditions for Juilliard. Non-Specialized Colleges With Low Acceptance Rates This is a list of schools that do not cater to a specific subset of students and have acceptance rates of less than 10%. These schools include Ivy League institutions and other colleges that have extremely high academic standards and widespread popularity. Keep in mind that you can’t necessarily expect to be accepted just because you meet the average academic requirements. These schools receive many applicants who are academically competitive, but acceptance isn’t a sure thing unless you’ve done something incredible in high school. Any college that has an acceptance rate of less than 15% is a reach school for all students. School Name # of Applicants* Acceptance Rate Average SAT Average ACT Stanford 47,452 4.8% 1465 33 Harvard 42,749 5.2% 1520 34 Columbia 40,203 6.1% 1515 34 Yale 35,307 6.3% 1505 34 Princeton 35,370 6.4% 1500 33 MIT 21,706 7.2% 1528 34 Caltech 8,208 7.7% 1560 35 Pomona 10,245 8.4% 1450 32 UChicago 32,283 8.7% 1530 34 Claremont McKenna 6,272 9.0% 1490 32 Northwestern 40,425 9.2% 1490 33 Brown 35,437 9.3% 1488 32 Penn 44,491 9.3% 1490 33 *Based on fall 2017 admissions data as reported in the College Board's BigFuture database To me, the most intimidating aspect of this building is that the engraved "Us" looks like "Vs." That's how you know something is prestigious. Specialized Colleges With Low Acceptance Rates This is a list of schools that are geared toward specific types of students and have acceptance rates of 15% or less. This includes music schools, military schools, and schools with special financial stipulations that lead to selectivity and popularity. Curtis Institute of Music Undergraduate Enrollment: ~175 Number of Applicants: Not reported Acceptance Rate: 4% Average GPA: Not reported Average SAT/ACT: Not reported Why Is the Acceptance Rate So Low? Admission at the Curtis Institute of Music is, as the website emphasizes, "based on artistic promise alone." Only the most talented student musicians are accepted, and spots are highly limited (only 40 students were accepted for 2017-18). The school also provides a full-tuition scholarship to each of its students. The Juilliard School Undergraduate Enrollment: 566 Number of Applicants: 4,045 Acceptance Rate: 5.9% Average GPA: Not reported Average SAT/ACT: Not reported Why Is the Acceptance Rate So Low? Like the Curtis Institute of Music, Juilliard is looking for a very specific, very talented subset of students. Applicants must audition for faculty members as a part of the application process, and performance standards are extraordinarily high. US Naval Academy Undergraduate Enrollment: 4,495 Number of Applicants: 16,086 Acceptance Rate: 8.5% Average GPA: 3.94 Average SAT/ACT: 1410 / 31 Why Is the Acceptance Rate So Low? In order to attend the US Naval Academy, students must apply for and receive a nomination from a representative, a senator, or the vice president. Applicants must also pass a physical fitness assessment and medical examination to be eligible for admission. Academic standards are high as well. All these factors combined make for a very low acceptance rate. US Military Academy (West Point) Undergraduate Enrollment: 4,491 Number of Applicants: 12,294 Acceptance Rate: 9.6% Average GPA: 3.73 Average SAT/ACT: 1300 / 25 Why Is the Acceptance Rate So Low? West Point has such a low acceptance rate because it requires students to excel in other ways besides earning high test scores and grades. Like applicants to the US Naval Academy, students must complete a physical fitness assessment and apply for a nomination from a congressperson, a senator, or the vice president. The Cooper Union for the Advancement of Science and Art Undergraduate Enrollment: 867 Number of Applicants: 2,574 Acceptance Rate: 13.1% Average GPA: 3.50 Average SAT/ACT: 1393 / 31 Why Is the Acceptance Rate So Low? At the all-honors college Cooper Union, every student not only gets a half-tuition scholarship but is also automatically considered for extra merit scholarships. In addition, the school is home to some highly specialized programs in architecture, fine arts, and engineering. Students applying to the Cooper Union must take "home tests" designed by the school as a way to determine students' individual skill levels. Admission is based significantly on creative abilities as well as academic achievement. Franklin W. Olin College of Engineering Undergraduate Enrollment: 380 Number of Applicants: 878 Acceptance Rate: 13.4% Average GPA: 3.90 Average SAT/ACT: 1497 / 34 Why Is the Acceptance Rate So Low? Olin is an extremely small engineering school that gives a half-tuition scholarship to every student. With Olin also pledging to meet 100% of demonstrated financial need, competition is fierce for the approximately 90 spots each year. Students must not only demonstrate overall academic achievement but also excel in fields such as calculus and physics. At Olin, students have the opportunity to take classes at neighboring schools such as Babson, Brandeis, and Wellesley. You get to wear a cool hat if you graduate from West Point. How to Get Into Colleges With Low Acceptance Rates If you’re hoping to attend one of these colleges, you’ll have to do quite a bit of legwork in high school. For the first group of selective schools, you'll be expected to maintain a very high GPA and earn elite standardized test scores to meet admissions standards. On top of that, you should think about what your true academic and extracurricular passions are and try to translate those into concrete accomplishments. To stand out from the crowd, you’ll need to show these schools that you’re capable of more than just high grades and test scores. Their goal is to admit students who will make a strong, positive impact on the world. We give you more tips in our expert guide on how to get into the most selective schools. For the colleges with low acceptance rates on the second list, the key to acceptance (for the most part) is effective planning and an understanding of exactly what it takes to get in. If you’re looking at a high-caliber music school, for example, you’ll need to be extremely dedicated to practicing music every day and preparing for your audition. For the military schools, you’ll need to apply for your nomination from a government official well before the application deadline. All these schools are challenging to get into, but not impossible if you plan ahead and play your cards right. Just remember that such lofty goals will require lots of dedication and effort! I'm sure you'll ace the college application process. If not, you can always become a professional poker player. From what I've seen, the qualifications are just owning a pair of sunglasses and being severely emotionally stunted. What's Next? If you're interested in schools with low acceptance rates, you'll almost certainly have to have a high GPA. Read this article on how to get good grades in high school for some tips and strategies! Are you a little intimidated by the college application process for competitive schools? Check out our complete guide on how to apply to college. Extracurricular activities can go a long way toward strengthening your application beyond grades and test scores. Learn more about your extracurricular options and why they matter. Want to improve your SAT score by 160 points or your ACT score by 4 points? We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Sample Writing Essay For Internship Application

Sample Writing Essay For Internship ApplicationIf you are considering submitting a sample writing essay for internship application, you will need to have the right kind of samples for that. As it is, most students have no idea about what kind of writing essays they need and are reluctant to have their work presented to them. The thing with this sample is that it has to be written by you and not somebody else and is meant to give you an idea of what is needed. This is something very important if you are applying for an internship for the first time and want to learn what it involves.This article will show you a few tips on how to get a sample writing essay for internship application. Firstly, make sure that it is from a student who is well versed in all the basics of writing essays. This includes knowing the vocabulary and grammar. It also includes knowing how to structure a topic and what kind of styles you can use. As an example, you may want to write about a few areas of your exper tise or about one particular career that you are looking into.Make sure that the essay is thoughtful and creative and reflects your opinion and outlook about the essay topic. Also make sure that it reflects all the information and the opinions of the writer. Another tip is to keep the essay short and focused. This means that it should not be over two hundred words long as it would be silly to read an essay with hundred words.Don't try to save any grammatical errors that might appear on the paper. In fact, you would be greatly rewarded for being kind to the grammar and making it look good. Next, make sure that you are putting your signature somewhere in the back of the paper. This is because of the NDA policy and it is your way of stating that you agree to be interviewed if they decide to make you an offer.Don't be too nervous about getting this submission done. Take it in your stride and know that you are going to do it and take a deep breath before doing so. There are many students who give up before they even have a chance to go through with it.You must also make sure that you write the essay at the same time every day, two or three times. When you have the opportunity to study, it will be helpful to do this too. This way, you would learn how to edit the paper and ensure that it flows well.As a last tip, you should keep this writing essay for internship application simple and easy to understand. As an example, don't use too many vocabulary words since it would make the subject difficult to understand. Also don't overwhelm the reader by having too much information. As a result, the essay will be more likely to be accepted as well as accepted faster than if you were to provide too much information in the essay.

How to Identify the Larch Pine Tree

How to Identify the Larch Pine Tree Larches are conifers in the genus  Larix, in the family  Pinaceae. They are native to much of the cooler temperate northern hemisphere, on lowlands in the far north, and high on mountains further south. Larches are among the dominant plants in the immense boreal forests of Russia and Canada. These trees can be identified by their coniferous needles and dimorphic shoots which bear singular buds within clusters of needles. However, larches are also deciduous, meaning that they lose their needles in the fall, which is rare for coniferous trees. North American larches are typically observed as either tamarack  or western larch and can be found in many parts of North Americas lush deciduous  forests. Other conifers include bald cypress, cedar, Douglas-fir, hemlock, pine, redwood, and spruce. How to Identify Larches Most common larches in North America can be identified by their coniferous needles and single cone per shoot of needle clusters, but also by the larches deciduous quality wherein they lose these needles and cones in the autumn, unlike most evergreen conifers. The female cones are uniquely green or purple but ripen to brown five to eight months after pollination, however, northern and southern larches differ in cone size - those in colder northern climates have small cones while those in southern climates tend to have much longer cones. These differing cone sizes use to taxonomize this species into two sections - the Larix for the shorter and Multiserialis  for the long bracts, but recent genetic evidence discovered suggests these traits are merely adaptations to climate conditions. Other Conifers and Distinctions Larches arent the most common conifers in North America, cedars, firs, pines, and spruces - which also all happen to be evergreen - are much more common throughout Canada and the United States due to their ability to survive in harsher and warmer climates. These species also differ from larches in the way their shoots, cones, and needles are shaped and grouped.  Cedar  trees, for instance, have much longer needles and often bear cones in clusters with shoots containing multiple clusters. Firs, on the other hand, have much thinner needles and also bear one cone per shoot. Bald cypres,  hemlock, pine, and  spruce  are also included in the same family of coniferous plants, each of which is also evergreen - with only a few exceptions in the redwood family, which only contains a few larch-like genus.

Credit Crunch Assignment Example | Topics and Well Written Essays - 1500 words

Credit Crunch - Assignment Example The focus throughout this paper would be on assessing the response of Russia and India to combat the fallout of the global financial crisis as well as examining where they differed and why they differed. The emphasis of this paper is on seeking the underlying theory behind the responses from a macroeconomic perspective. It has been said that the rules of the game have changed after the onset of the global financial crisis and many have even said that it is the end of the world as we know it. This paper tries to understand the responses of Russia and India to the crisis from the unique perspective of the policy makers as presented in the sources that have been consulted for this paper. Russia’s Response to the GFC When examining Russia’s response to the global financial crisis, it would be pertinent to note that above all, the Russian economy is heavily dependent on exports of oil and this forms a significant percentage of the GDP for Russia. Since the Russian economy al so has a dual financial system, which consisted of one part serving the households and the other part serving the corporates and foreign markets, the Russian response were a twofold and two pronged calibrated one. This two pronged approach is explained further in the succeeding paragraphs. It needs to be mentioned that Russia was relatively â€Å"prepared† for the global financial crisis and hence it’s response to the crisis must be seen in this context (Sestanovich, 2008). On one hand, Russia opted for step-wise devaluation of its currency so as to bolster the real effective exchange rate. As mentioned above, since the Russian economy was heavily dependent on exports of oil, the exchange rate at which oil was exported had to be â€Å"adjusted† to take into account the fall in exports. Hence, the Rouble was devalued in a phased manner to make the necessary revaluation of the exchange rate so that the real rate at which oil was exported would be competitive to Ru ssian exporters of oil. The merits of a gradual depreciation of the Rouble as opposed to a one-off devaluation can be argued from the theoretical perspective of a steep fall in the value of a Rouble to a calibrated fall thus giving economic agents ample time to adjust their assets (Sutela, 2010). The second part of Russia’s response was to release the contingency fund or the reserve fund to support the financial system that was reeling under the impact of outflow of funds and which was dependent on foreign markets for business. The point to note here is that the debt held by these banks was mainly short term in nature; the reserve fund was never intended for longer term stabilization and was mainly geared towards softening the fall in fiscal revenue for the banks and the financial system. Further, the central bank could do little by way of monetary policy and it fell to the fiscal policy to support the financial system (Sutela, 2010). India’s Response to the GFC The In dian response to the Global Financial crisis was to provide stimulus and support to the economy by enacting three stimulus packages, one in December 2008 and two more in Jan and Feb of 2009. â€Å"The stimulus packages were also designed to rebuild confidence in the economy by: easing the

Johannes Vermeer Essay Example | Topics and Well Written Essays - 500 words

Johannes Vermeer - Essay Example Conservatorsremoved the added paint to restore it to its original size. In the 1660s Vermeer painted pearls in two layers: first a thin, diffused grayish glaze, followed by a thick stroke on top to create a specular highlight. He may have experimented with a camera obscura to achieve these optical effects. Vermeer maintained extraordinary control over his paints, working effectively with both dense impastos and thin glazes. The effect of soft light is achieved through subtle modulations in paint handling. Under high magnification, we can analyze how Vermeer represented light on different surfaces. Click on the three squares for a closer look. The balance traditionally symbolizes justice--after all, to judge is to weigh. With nothing in its pans, it is not quite symmetrical, yet almost at equilibrium. In an exquisite passage of visual poetry, the woman's little finger echoes the horizontal arm of the balance and picture frame. The woman with her blue robe expresses serenity. Her eyes are downcast; her gaze seems to be inward. Golden light falls on her ample belly, further emphasized by a yellow streak. Some contemporary authors speculate that the woman is pregnant, while others conclude that her costume--a short jacket, a bodice, and a thickly padded skirt--reflects a style of dress current in the early to mid-1660s. In the Last Judgment, Christ in majesty judges the souls below in thi