Study of Efficient Market Hypothesis 04012 Essay

Study of Efficient Market Hypothesis 04012 - Essay Example ns that the bubbles in prices of assets are not possible nor does EMH deny that behavioural and environmental features cannot have deep influences on the required risk premiums and rates of returns (Timmermann and Granger, 2004). EMH declares that shares are constantly traded at their reasonable value, therefore making it impracticable for the investors to purchase the undervalued shares or sell shares for overstated or inflated prices (Borges, 2010). According to this, it may be impossible for the investors to outperform the entire market through market timing or expert share selection. So, the only means for the investor to receive higher or advanced returns is through buying riskier investments. There are three forms of efficiency i.e. weak-form, strong and semi-strong form of efficiency (Morningstar, 2015). In the efficiency of weak-form, it is not possible to predict the future price by analysing the past prices and the surplus returns cannot be received by employing the investment strategies which is based on the historical data (Gupta and Basu, 2011; Moustafa, 2004). In the semi-strong efficiency, stock prices are adjusted to the publicly accessible new information (Ma, 2004). However, the technical o r fundamental analyses are not able to consistently produce surplus returns. In the efficiency of strong-form, share prices reveal all information, private and public and no individual or company can earn surplus returns (Chau and Vayanos, 2008). The most influential argument against EMH is that the securities markets have frequently experienced excessive bubbles. When the market bubble exploded, internet associated stocks lost almost 90% of their value. The related mispricing of securities which are mortgage-backed had excessive consequences for the financial institutions as well as for the economy of entire world. Critics have deemed these incidents to be evident cases of the market inefficiency. The continuation of bubbles in the prices of assets is

In-class essay Example | Topics and Well Written Essays - 500 words

In-class - Essay Example There are those people who interest rests in chemistry and will be content reading materials that delve in bombs, cyanides and other dangerous elements and chemicals. There are others whose interests’ rests in cookbooks, horror novels, politics of the day, and sports amongst other genres. However, it is upon the writer to pen down their writings in coherent, cohesive and accurate manner that does not show a whim of bias. A writer has the ultimate responsibilities to pen down their pieces in an accurate and sober manner without any undue influence from any person or institution. Ultimately, a writer should pen down written pieces to change their readers into better human beings. The writer through their writing should advocate living within the reality and nature of the present existence. Importantly every piece penned down by a writer should be ultimately geared towards inspiring readers, without necessarily being taking sides in competing situations. In fact, it is often said that writers should be the referees of the present world, pointing out wrongs and rights amongst us. Writers provide their readers with wisdom and strength to confront and fight potential troubles. In a way they should help their readers to learn how to have a control over their own destiny. They create and build onto the legacy of the world through writing, through showering tem with hope, love and joy. Writings may have a me ssage that entertains, informs, promotional, educative, ultimately the message needs to be sincere to the ears and eyes of their readers. The real responsibility of a writer out there is to have their message written is inputting the message in a cohesive and coherent manner. At least, good writer should live by this maxim, how else would a writer pen down their piece if it is intended to gather dust in a shelf and rot a way. Poorly written work discourages intuition of the messages intertwined in them, and they end up performing the extreme opposite of

Philippine President Benigno Simeon Essay Example for Free

Philippine President Benigno Simeon Essay Philippine President Benigno Simeon C. Aquino delivered his sixth State of the Nation Address on Monday, July 29, 2015 at the Batasang Pambansa in front of joint session of the Upper and Lower House of the country’s Legislative Branch of Government. Some students will surely give their reaction paper with the Pres. SONA as part of their assignment. The State of the Nation Address (SONA) of President Benigno S. Aquino started at around 4:00 PM (PST) and concluded after two hours and 15 minutes. The SONA 2015 is one of the highly anticipated date of the administration, as the head of state reports his accomplishments and plans for the country. During the entire SONA, the President received a total of .. rounds of applause. President Aquino started his Sixth SONA by issuing an apology that the traditional processional walks was not made because Main Topics for Discussion: Blaming the Previous Administration: President Aquino once again blamed the previous administration of former President Gloria Macapagal Arroyo mentioning the problems he inherited during his earlier days as President such as the NBN ZTE Deal, Hello Garci controversy, questionable bank accounts of Jose Pidal, Maguindanao Massacre, MWSS Bonuses and the NFA anomalies. Highlighting the Achievement of His Cabinet Members: The President applauded the members of his Cabinet for an excellent jobs as members of his Daang Matuwid program. He showcased the achievements of his administration in transportation and communications, tax/revenue, labor and wages, international relations, education, budget and finance, peace, social welfare, justice, calamity and disaster preparedness, national security, economy, infrastructure, governance and reform. Pres. Aquino lauded Commissioner Kim Henares for her tax reforms mentioning the 380 cases filed against tax evaders. The collections of the BIR also went up to P1.3 trillion and this year 2015, the BIR collection went up to P1.5 trillion. Manufacturing Unemployment: Pres. Aquino stated that there’s a 3% average growth in the manufacturing  sector from 2001-2009 but under his administration from 2010 to 2014, the manufacturing sector grew by 8%. The unemployment rate of the Philippines also dropped to 6.8% last year and considered as the lowest ever recorded in a decade. 4Ps and the Education Sector: Pres. Aquino highlighted the ‘Pantawid Pamilyang Pilipino Program’ or 4Ps which now have 4.4 million beneficiaries from 786,523 in 2010. In 2008, there were 2.9 million out of school youth in the country. In 2013, only 1.2 million out of school youth remained. On education sector, PNoy said that Alternative Learning System helped to ensure that even indigenous peoples and street children are not left behind. The requirements for the K to 12 programs – backlogs of 66,800 classrooms, 145,827 teachers, 73.9 million textbooks already provided. For TESDA program of the government, studies show that 71.9% [of TESDA graduates] found employment right away, compared to the 28.5% recorded before. Health and Social Welfare: Around 89.4 million Filipinos are already member of the Philhealth program of the national government and beginning in 2014, the poorest 40 percent of the population were treated in public hospitals for free. In social welfare, PNoy said that in the Sitio Electrification program, 25,257 sitios out of 32,441 were served. Aviation Transportation Sector: In aviation, ICAO lifted the safety concerns it imposed to the Philippines in 2013. The EU Air Safety Committee lifted the travel ban in all local carriers. For the unresolved problem on Metro Rail Transit (MRT), Aquino said plans of purchasing of new MRT train coaches. Armed Forces of the Philippines: In the Armed Forces of the Philippines (AFP) modernization, the government has plan to buy 2 more C-130. There will be additional 6 landing craft utilities and 3 C-295 medium lift transport. President Aquino mentioned the PNP’s project such as their Capability Enhancement Program of which 2,523 patrol jeeps and 577 utility vehicles were purchased. Important Bills and Legislations: Pres. PNoy wish to pass the Bangsamoro Basic Law and his interest on the controversial Anti-Dynasty Law which received the loudest applause from SONA expectators. When he mentioned his interest on Anti-Dynasty Law, it received the loudest applause from SONA expectators. â€Å"Panahon na para ipasa ang isang Anti-Dynasty Law.† PNoy also thanked Congress and Senate for other bills and acts such as Philippine Competition Law, Sin Tax Reform Act and Responsible Parenthood Act. The president also thanked officials of the government for their contributions, sacrifice and wellspring of inspiration to the nation. He lauded Interior and Local Government Secretary Mar Roxas for his contributions to Daang Matuwid. Pres. Aquino ended his speech with the following statement â€Å"Simula pa lang ito. [Palakpakan] Nasa unang yugto pa lang tayo ng dakilang kuwento ng sambayanang Pilipino. Sa gabay ng Panginoong Maykapal, at sa patuloy nating pagtahak sa Daang Matuwid, lalo pang tatayog ang mga pangarap na maaabot natin. Lalo pang lalawak ang kaunlarang tinatamasa natin. Nasasainyo pong mga kamay ang direksiyon natin. Magandang gabi po sa inyong lahat, maraming salamat sa inyong lahat po.† Reactions to President Aquino’s SONA: President Aquino missed so many important topics during his last and final SONA, the entire SONA centered on his administration’s accomplishment and giving credits to his partners on his â€Å"Daang Matuwid.† Some of the important issues that the President failed to mention during his sixth SONA are the following, the controversial PDAF issue, the Mamasapano Massacre, the expansion of Chinese territories in the West Philippine Sea and the Freedom of Information Bill to name a few.

Consumer Decision Process of Nike

Consumer Decision Process of Nike In this century, customers are the potential buyer of products. Most of the companies are focusing on improving the relationship between with customers. The result shows that improving the relationship between companies and customers can retaining customers loyalty and attracting new customers, this relationship is importance to most businesses. If a company having good relationship with customer they understand customer needs and wants and to satisfy the customers. Example: Nike Company have provide good customer services, when customer facing problem of Nike product customer can send e-mail with question relating to purchases and Nike Company will solve the problem within 1 working day or contact to Nike Company telephone lines of customer service to get the solution. Customer can log in Nike website to check the latest Nike products, make ordering, shipping and returns. Customers can solve the problem easily by send e-mail or calling and without going any outlet customers can buy their products through Nike website. COMPANY BACKGROUND Nowadays, Nike Inc is the world largest markets of athletic shoe and apparel, also the world leading company of supplier athletic footwear, accessories, sportswear, and main manufacturer of sports equipments. Nike is worldwide brand and the products that sold in about 110 countries, Nike Company had more than 30,000 employees around the world. In 1962, Philip Knight was track athlete of middle-distance runner team member as an undergraduate at University of Oregon. Philip Knight travelling to Japan communicates with Onitsuka Tiger to import some athletic shoes to United States; Philip Knight believed that Japanese athletic shoes would break the German athletic shoes dominance in United States with Japanese product. In 1964, Philip Knight partnership with Bill Bowerman was track coach at University of Oregon. Bill Bowerman and Philip Knight was the founder of Nike, at the time Nike originated known as Blue Ribbon Sports. In 1968, Bowerman had worked long time to designs and modified of prototype Blue Ribbon Sports, his designed shoe was successful which known the shoe as Cortez. In 1972, Blue Ribbon Sports was manufacturing the products overseas by their own line by themselves and import to United States. At the same time, the company introduced the new symbols with Swoosh trademark and the brand name Nike it mean the Greek goddess of victory. In 1978 Blue Ribbon Sports had rename the company name to Nike Inc. In 1988, Dan Wieden who created the slogan called Just Do It for 1988 ad campaign and nowadays this slogan had became the recognized trademarks. In 1999, Nike had begun selling athletic shoes and other products by used e-commerce and directly selling products to consumer through company website. CONSUMER DECISION PROCESS The consumer decision process (CDP) model is important for making marketing decision; CDP is the stage of consumer goes through before, during, and after buying the product or service in decision making processes. In first stage of CDP starts with need recognition, the buyers understand what their problem or need in between current motivation state and desired motivation state. For example, I saw a commercial for brand new series pair of Nike shoe, to stimulate me that I need a new Nike shoe. Customer may need to pass through the stage step by step in every purchase. However, in daily purchase customer can skip the stage of information search and evaluation straight to purchase decision. For example, I feeling hungry need to buy food and I straight forward to make purchase decision to buy my favourite food McDonald. The next stage of CDP is information search; under information search consumers can search information according to internal or external sources of information. Internal sources of information are the information retrieved knowledge from memory and the information may be based on a person past experience, past conversation, or articles read previously. External sources of information can get from environment can be the new sources of information and include friends, family, salesperson, advertisements, brochures, websites, and media article. The marketers will identify which target markets of information sources are most influential, the impact of these sources of information will depend on the products and customers. For example, I want to buy new pair of shoe and before I buy I will take advice from my friends of their experience on different brands of shoe and search information about the company brand product quality. The third stage of CDP model is evaluation of alternatives, which the consumer evaluation alternative bounds in the choice set by using information. Evaluation is an important determinant of the degree is whether the customers feel involved in the product. By involvement, that means the extent of perceived relevance and importance that accompanies with the own choice. The involvement had categories into low-involvement purchases and high involvement purchases. Low-involvement purchases mean have simple and low expenses in evaluation process. For example, buying soft drink and food in the supermarket is under low-involvement purchases. High involvement purchases are usually branded goods and involve in high expenses or personal risk. For example, doing business, making investment, buying house and car are under high-involvement purchases. Nike shoe is categorising in high-involvement purchases because is branded goods and comparing with other brands Nike much more expensive than usual ly brands. The fourth stage of CDP model is purchase, the stage that consumer actually buy the product. For example, after I read the advertisement Nike shoe, I consider buy the Nike shoe to satisfying my need or want. The buying decision may take place immediately or in few weeks later. The seller may need to attributes the product by compared with the competition with own advantages and giving trial or sampling of the product hope the sale increasing. The final stage of CDP model is post-purchase evaluation, after customers buy the product and used, the customers will compares it with expectation on their past experience either the product is satisfied or not. The cognitive dissonance concept will commonly occur when the customers experience concerns after making purchase decision. Cognitive dissonance mean the customers buy new product is preferable than the product is using and customers may not repurchase the product is using or switching other brands. For example, before I bought Nike shoe I was wearing Bata shoe, I feel like Nike shoe is more comfortable and good quality so I may not repurchase Bata shoe and changing the mind to purchase Nike shoe. To manage the experience success is the job of the marketers to persuade the potential customers to purchase the product will satisfy their needs, for the customers that purchased the product should be encouraged that their decision making is right to repurchase the product and avo id them changing their mind to choose other product. For example, I had bought Nike shoe and wearing it, I feel that Nike shoe giving more comfortable and good quality than other shoe. In future purchase decision I will repurchase the Nike shoe because it satisfies my needs. Psychological core The process of perception, motivation, learning and attitude is under the internal process of psychological core. Perception There are three stages in the process of perception starts with consumer exposure and attention to stimulus the consumer to interpretation. Exposure and attention are state as highly selective mean that consumer only can use small section of the available information. Perception process which we attach meaning to the surrounding world, how consumer affect by the five senses (sight, sound, touch, smell and taste). The first stage, exposure is the extent to people aware stimuli that within range of their sensory receptors. For example, (eyes, ears, nose, mouth, fingers) such common stimuli as sound, colour and smell. Second stage of perception process is attention, attention happen when the stimulus activates the receptor nerves and send the result of sensations go to the brain for processing. For example, Nike has created visual identity with their ads through television, newspaper and to captures consumer attention. The final stage of perception process is interpretation, interpretation mean that people assign to sensory stimuli. Two people doing the same event but their interpretation maybe different with each other. For example, a glass filled with half water, person A say the glass was half full and person B say the was glass half empty. Learning and Memory Learning can defined as relatively permanent change in organization of long-term memory or experienced behaviour or in the content and is the result of information processing. There are two categories memory, short-term memory (STM) and long-term memory (LTM). STM is known as working memory, STM only store information for limited period of time and its capacity limited, to prevent short lived memory must always repeating the information though maintenance rehearsal. For example, to remember the presentation speech in capacity limited I must constantly repeat the speech again and again to prevent the memory in short lived. LTM is allow to store the information for permanently and its unlimited capacity. LTM consist into two type of memory there are semantic memory and episodic memory. Semantic memory refers to the person feeling and knowledge of the concept. Episodic memory is related to the sequence of event that is personally relevant. For example, a young child who has almost drowns and causes the child phobia to the water even when the child grown up. There are two situations in learning and memory which are high and low-involvement learning. The situation of high-involvement learning is motivated to process or learn the data by consumer, and low-involvement which the consumer has little or no motivation to the process or learn in data. Normally consumers learning happen in relatively low involvement contexts. The way of communication should be structured by the customer to expect what they have from different depending on the level of involvement. Motivation There are two motivation theories which are Maslows Hierarchy of needs and McGuires psychological motives. The theory of Maslow has 5 basic motives which general terms and not useful in marketing. McGuire theory is fairly detailed set of motives for specific aspects and developed a classification these theories into 16 categories. Attitude An attitude is define as long-lasting organization of motivation, emotional, perception, and cognitive processes with the learned predisposition to express that person like or dislike to an item and also the way one think, feels, and acts to some aspect of our environment. Attitudes serve four key function for individuals which are knowledge function, value-expressive function, utilitarian function, and ego-defensive function. Knowledge function is the result of need for order, structure or meaning that formed by attitudes. This need is often present when a person is in an ambiguous situation or is confronted with a new product. Value-expressive function attitudes are perform a value-expressive function express the individual central values and self-concept. For example, people who protection the environment they will recycle, reuse, save energy and purchase green product. Utilitarian function is concern to the common principles of punishment or reward. We develop some of our attitudes for these products offer pleasure or pain. For example, A person like to drink Vanilla Coke the person will have the positive attitude for the Vanilla Coke. Ego-defensive function means the attitudes of people that are formed to protect them-self either in internal feeling or external threats. For example, products like Marlboro cigarettes promise to help to man build macho image will attract the consumers who are interest of masculinity. The attitude has three components which are affect, behaviour and cognitive and known as ABC model of attitudes. Affective component consists of the consumer emotion or feeling about specific product or a brand. For example, a man is in sad mood when he see his favourites food, he not interest it. Behaviour component consists of the consumer undertake specific behaviour or action on the attitude object by the consumer tendency or response, and refer the actual action or the intention to buy the particular products. Cognitive component consists of the consumer beliefs about particular product, and expecting form of belief in the future. For example, lower price product mean lower quality. Consumer Environment Culture Nowadays, in the culture most people are concern about their health so those people are preferred to do exercise. Doing exercise they needed exercise accessories and requiring having good quality and comfortable shoes to wear and prefer to Nike products. Subculture http://www.oppapers.com/essays/Nike-Company-History/171750 http://www.megaessays.com/viewpaper/17404.html http://www.fundinguniverse.com/company-histories/NIKE-Inc-Company-History.html http://www.udel.edu/alex/chapt6.html http://html.rincondelvago.com/consumer-decision-process.html http://tutor2u.net/business/marketing/buying_decision_process.asp http://www.wisc-online.com/objects/ViewObject.aspx?ID=OIC2801 http://www.sykronix.com/tsoc/courses/cb/cb_cog.htm BB Chapter Nine : Learning and Memory from BBAdvisor (function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "https://www.scribd.com/javascripts/embed_code/inject.js"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(scribd, s); })()

Brown vs. Board: The Brown Sisters Speak :: papers essays

Brown vs. Board: The Brown Sisters Speak I remember heading over to Foellinger Auditorium with Jessica saying to myself, I have no clue what this event was going to be all about. All Jessica had said to me was that the Brown sisters were going to be speaking. We entered the auditorium to find the first floor surprisingly alive with people talking among each other and seats quickly becoming full. We decided that it would be better to observe from above so we took the stairs up to the balcony and found seats right along the edge. From above, I could see the many people who came out for the event. The crowd contained many scholars and professors as well as a good group of students. I received a call from my friend, who spotted me from her seat in the first floor. She said that she was there to take notes for a class assignment as well. So, I think many students were also there because, just like, had an assignment to accomplish. It was at this point that I had finally put two and two together and realized that the Brown sisters were the daughters of the Reverend Oliver Leon Brown, who is the same person involved in the infamous Brown v. Board case. Jessica laughed at me for my slowness. I, however, began to get excited because this was truly rare and special occasion. I had wished that more people attended the event but looking at the crowd a second time, I was pleased to see the varying ages of the people in the crowd. There were people that looked older than the Brown sisters to young grade school students who came in as a class. Somehow, we were all connected because in one way or another, whether we are young or old, the decision that was passed down by the Supreme Court on Brown v. Board changed many lives. There were many things said by the Brown sisters that ranged from the historical context of the case to what it did for their lives. But one quote stood out in my head, and it was made by Dr.

Digital Divide Essay example -- Access to Technology, Gender Roles

The following comment was written by an anonymous author in response to the digital divide that is so evident in our society today. â€Å"Power is necessarily unequal when one group knows what’s going on and the other group does not. And the powerless, lacking information as they do, almost necessarily function at the bottom of the economic and political pyramid of almost any society† (Racial divide,2010). Whether it is gender, racial, economic or disability related, our nation is segregated by the haves and the have-nots. Digital Divide defined What is meant by Digital Divide? The Digital Divide is the lack of ability for certain groups, usually socio-economic and cultural, to access necessary information and communication technology (ICT) (Gorski, 2001). The lack of access usually includes the unavailability to computer and internet services. As describe by Gorski (2001), the digital divide is further subdivided by gender, race, income and disabilities. Gender With the increase of availability of access to technology in society today, women are still lagging behind their male counterparts (Conversations for a Better World, 2010). Why is this still happening in the Twenty-first Century? Globally, the root cause is the cultural treatment of women. In many cultures worldwide, women are denied access to education let alone technology. Even if they are given the opportunity to use a computer, most often they lack the computer skills to effectively navigate most websites (Digital Gender Divide, n.d.). In America and other developed countries, the digital divide that separates gender is much narrower, and often equal to that of males, depending on the survey. If a digital divide does separate the genders in developed n... .... In summary, the Digital Divide is real and has placed a severe gap between certain groups of people in the American culture. The Land of Opportunity is not necessarily made available to all. In her CNet article, Sonia Arrison (2002), provides a unique perspective as to the reason behind the gap. â€Å"The digital divide is not a crisis, and it is certainly not the civil liberties issue of the 21st century. The real issues are the sorry state of education and the push to raise the taxes that affect lower income families most† (Arrison, 2002). Arrison states that if the Government could improve the education in the American schools and stop luxury taxes on so many services, the Digital Divide could easily be narrowed. By narrowing the divide, more families could afford Internet if so desired, and students could have access to a better education.

Commerce Study Notes Year 9

Commerce Law and Society Laws: * A rule that governs the way you live, with minimal standards. * Protects people and keeps peace. * Have freedoms, resolve disputes, protection. Anarchy: Without order. Mediation: a third person that ultimately decides, outside of court * * Registered person. * Two parties and mediator. * A compromise is made. * Mediations cheaper and voluntary. Matrimonial: property of marriage, everything is shared * * Matrimonial assets. * Court considers contributions of parties. * Child is child of marriage Government in Australia Governments make laws to control us. They set up systems to enforce laws. * Governments set up courts to decide upon breaches of laws. Jury decides whether the person is guilty or not, the judge decides the punishment Democracy: Demo=People, Cracy=State * People elected by the people under a free voting system. All have equal rights. * Provides laws and order, controls economic problems, and protects people / environment. Types of Govern ments * Communism: No private ownership. Government owns everything and provides the needs/ wants of the people. E. G. China, North Korea. Monarchy: The Monarch (king, queen, emperor, empress, sultan) E. G. Kuwait, Saudi Arabia. * Constitutional Monarchy: Powers of the monarch reduced by laws. Governor General represents the Monarch. E. G. Australia operates as a democracy. * Anarchy: Government has broken down. No laws or authority. * Socialism: Ownership of all production (farms and factories) controlled by the people. Government puts responsibility on people. E. G. Sweden * Federation: Involves Federal, State and local governments. Federal Government Issues * Customs * Currency * Defence Immigration/ emigration. * Aboriginal affairs. * Foreign affairs * Social security (makes people feel more secure) * Marriage/ divorce. The Australian Federal government is based on a bicameral system. * * Upper house – Senate76 people * Lower house – house of Reps 150 people State Government * * Each state divided into electorates * 93 electorates in NSW for lower house (legislative assembly- green room). * 43 electorates for upper house. * Voters elect a representative. * Each electorate contains 40,000 to 50,000 people.Jurisdiction * Each state in USA and Aus have legal jurisdiction. (authority in law) * Unity and centrality- POWER * Freedom of speech, same rights (equality), justice. 3 Areas of Power Legislation – parliamentary law – voting politician Executive – carries out law – police Judiciary – courts and judges – statue and case law Judiciary 1st level: Local Court (judge and magistrate) minor matters e. g. shop lifting 2nd District Court (judge)fairly serious matters e. g. armed robbery 3rd level: Supreme Court (Judge/ justices) serious criminal matters e. g. ife in-jailment 4th High Court (Judge) looks at paperwork, no evidence Federal Courts – deal with federal law * Federal magistrates court of Aus tralia * Federal court of Australia e. g. Family Courts Facts * Australian constitution sets out Federal powers. * Federal law prevails over state law. * Trade practices act: Federal * Bankruptcy Hierarchy of Courts in Australia – state courts * High court of Australia (up to 7 judges) * Federal court * Supreme court of appeal * Supreme court * District court * Local court Court Administration 1. Registry: Handles the paperwork of the court.Charges fees. 2. Registrar: Boss of the registry. What impact do fees have on justice? Fees restrict people’s access to the courts causing injustice and can be seen as discrimination. It also reduces the demand on the court system. It also deters frivolous or silly cases. Contracts * A contract is a legally enforceable agreement between parties, outlining the obligations. * Oral/ verbal contract: mouth (spoken). * Signed contract: written (signed by parties). * Most contracts are oral but are signed when involving large sums of mone y. Elements of a contract . Offer: A proposal where the person making an offer must clearly communicate. 2. Acceptance: Occurs when the person making an offer agrees to the proposal. 3. Consideration: Required to form a valid contract. Requires each party to give up something of value. * Implied term: nothing in writing but a code of conduct is established. Cases * PS of Great Britain v BBC Ltd (1953): Customers offer can be refused. (the check out accepts offers) * C v CSB Co. (1893): Misleading advertising can be a contract. (offer at large) * Chappel & Co. V Nestle Co.Ltd (1960): Even with no value something can be passed from one party to another forming a contract. (caveat emptor – buyer beware) The difference between Private law and Public law Private law (civil): laws that regulate people’s behaviour with other individuals. (non-criminal matters e. g. suing for civil wrongs) Public law (criminal): People’s behaviour within society. (criminal law, protects people from other people – e. g. robbery, homicide , drug offences) Courts * Juries are normally involved in serious matters. * For minor matters you only have a local court magistrate.The adversail system: two sides go against each other in an argument or a fight to argue their case. List the main courtroom officials * The judge (your worship) * The judge assistant * The lawyers * The transcript reporter * The jury (6-12 in criminal case) * The barrister * The magistrate (your honour) Robbery: taking property that belongs to someone else using threats/ violence. Civil law Civil law deals with no criminal matters. It allows an individual to sue other people Negligence Trespassing Defamation Nuisance Where a civil law is successfully proven in court, the wronged party will seek damages.The award of legal costs normally goes to the successful party that is either the plaintiff or defendant (but can be refused as these costs are discretionary – up to judge) Civil Law Tes t To prove their test they must win â€Å"the balance of probability† more likely/ no certainty of truth. Criminal Law Test â€Å"Beyond a reasonable doubt† approx. Equal to certainty (protects people from others who do the wrong thing). â€Å"Ignorance of the law is no excuse†. In criminal law you have a Prosecutor: In local courts usually police whereas in the higher courts prosecute is known as the Crown prosecutor. the Crown (R= Regina which means loyalty) v.Defendant In criminal matters the injured party is the State or the Crown. The offence is not against the person that has suffered at the hands of the alleged perpetrator but rather against the State (Crown). In criminal matters the victim cannot decide to punish the offender. This is for the Crown to make. Courtroom acts and definitions Indictable offences: Serious crimes that are determined or tried by a judge or jury. Summary offences: Less serious crimes which are relatively quickly dealt with by a m agistrate in a local court. Manresa: To have a guilty mind. If you are insane you cannot have mensrea.Quasi: Semi criminal. In between civil and criminal. Injunction: Order of the court to stop doing something. E. g. Stop playing loud music. Contempt of Court: Disregarding or breathing an injunction or court order. Statute Law: Law made by parliament. Restitution: paying for damage caused by contempt of court Case/ common law: Law made by judges. How laws are made Statute Law: made by parliament through the passing of a bill or a referendum. Common/ case law: Law is made by the courts of previous cases. 2 houses of parliament (legislative) 1st Lower house (house of reps) 2nd Upper house (senate)If a bill is continuously rejected than a double dissolution can be called meaning the public go to the polls to re-elect senators and representatives in the lower house. A courts primary role is to interpret and apply the laws of the parliament. Common law: A judge can alter common law as it has arisen through the judges in England and then Australia. Alters law when necessary to allow justice. What binds the Common Law Precedent in law means those principles that have been decided in the past that a court can rely on today. Higher courts make a precedent. How a bill becomes law The cabinet draft bills with senior ministers. cabinet is the prime minister) Bill is given to each member of parliament, then it gets read out loud for debate and voted in House of Reps. If majority in favour bill is passed to senate. If passed in senate it goes to executive (governor general) for Royal assent (Is now an ACT of Parliament). If senate rejects bill they send it back as is or with amendments. If rejected for a second time a double dissolution can be called. Common law Develops over time case by case. Each case represents a precedent. Precedent A strong example, defies what has happened before through principles of law. Judges RoleInterpret statute, common law, delegated legislati on (ministerial law), and to enforce laws. Equality: Enforcement of the law should be fair and should result in equal punishments or penalties. A judge cannot lean on the scale (meant to be impartial). Our system is adversarial system (each party represented by a lawyer). Justice: All people are equal before the law. Symbols of justice The blindfold: Justice is impartial (not influenced by wealth, race, sex, ect†¦ ). The scales: Represent the legal system (weighing up both sides of argument). The sword: The punishment to be imposed on any guilty party.