...constitution of business organisations Capital and the financing of companies Management, administration and regulation of companies Legal implications of companies in difficulty or in crisis Governance and ethical issues relating to business • • • • Chapter 1 The English legal system The English legal system • Criminal law vs Civil law The main English civil courts • • • • House of Lords Court of Appeal County Court High Court of Justice Other courts • • • • Magistrates’ Court Employment Appeal Tribunal European Court of Justice European Court of Human Rights Chapter 2 Sources of English law Sources of English Law Case law Common law Legislation Direct legislation Indirect legislation Equity Sources of English Law • Literal rule • Golden rule • Mischief rule Chapter 3 Human rights Human Rights Act 1998 Purpose Derogation Human Rights Act 1998 Convention law Incompatible with convention Chapter 4 Formation of contracts Definition of contract A valid contract is a legally binding agreement, formed by the mutual consent of two parties. Essentials of a contract Three essential elements: • Agreement made by offer and acceptance • Consideration • Intention to create legal relations Definition of offer An offer is a definite and unequivocal statement of willingness to be bound on specified...
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...Construction Contract Agreement (CCA) w/ Aegean Construction Devt Corp (Debtor/Obligor) for the construction of a 6-storey commercial bldg. To guarantee its full & faithful compliance w/the terms & conditions of the CCA, Aegean posted a performance bond by Manila Insurance Co. (Surety) & Intra Strata Assurance Corp. (Surety). Due to failure of Aegean to comply w/the project, Sps. Amurao filed a Complaint vs. the Sureties to collect on the performance bond at the RTC QC. Manila Ins. filed a (motion to dismiss) M/D seeks to dismiss on grounds: 1) Lack of cause of action vs. Surety that filing of Complaint is premature due to failure to implead principal contractor; and that at the time the Surety Issued the performance bond, CCA was not yet signed; and 2) lack of jurisdiction. During pre-trial, Sureties discovered that the CCA contained an arbitration clause. RTC - denied Sureties M/D and subsequent M/R. It disregarded the fact that CCA was not yet signed at the time Surety issued the performance bond. CA - dismissed the petition. 1) The presence of arbitration clause in the CCA does not merit dismissal of the case; it is only when there are differences in the interpretation that parties may resort to arbitration 2) found no GAD on the part of the RTC, it explained that performance bond was intended to be coterminous w/The construction of the bldg. 3) it pointed out that if delivery of the CCA is contemporaneous w/delivery of the Surety's obligation: a. Each contract becomes...
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...Providing for restraint on employment in the employment contracts of the employees in the form of confidentiality requirement or in the form of restraint on employment with competitors is a common practice. However, this hinders the right of the employee to work and carry out the desired profession. While determining whether such covenant is in restraint of trade, business or profession or not, the courts take a stricter view in employer-employee contracts than in other contracts, such as partnership contracts, collaboration contracts, franchise contracts, agency/distributorship contracts, commercial contracts. The reason being that in the latter kind of contracts, the parties deal with each other on more or less an equal footing, whereas in...
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...Employee voice can take place either directly between employees and management such as employee involvement programs or indirectly through worker representations (Kim, MacDuffle, Pil, 2010). Direct employee voice refers to the degree to which individual employees or groups of employees directly influence key local establishment level decisions that affect their day-to-day work (Kim, MacDuffle, Pil, 2010). Indirect forms of employee voice exert influence on issues affecting employees and their work by using employee representatives such as unions, joint labor-management consultation committees, and employee representation. These indirect arrangements differ from direct employee involvement in how employee influence is expressed alongside the...
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...Lyceum of the Philippines University - Batangas Graduate School | Employment Rights | Trends and Issues | | Ma Chere Gracita C. Reyes-Bilog | 04/25/2015 | Name: Ma Chere Gracita C. Reyes-Bilog C/Y/S: Masters in Business Administration S/T/R/D: MBA 518 / 1-4 PM / SHL 203 / Sat Professor: Dr. Leon R. Ramos, Jr. | Abstract Objectives: A. Cognitive: Identify the different rights of an employee. B. Affective: Develop a better understanding of the rights of the employee. C. Psychomotor: Apply the concepts to real-life situations and work conditions and be guided by the knowledge acquired in developing good corporate governance policies relating the rights of the employees. Definition of terms: Authorized Causes refers to the grounds of dismissal s to the grounds of dismissal that are allowed by law on grounds of business or organizational necessity (Atienza, 2004). Casual Employment refers employment which is neither regular, nor for a fixed period nor seasonal (Labor Code). It is one where an employee is engaged to perform a job, work or service which is merely incidental to the business of the employer, and such ob, work or service, is for a definite period made known to the employer at the time of the employment (Omnibus Rules Implementing the Labor Code). Constitution refers to the standard of validity for all acts, both public and private. It is a written instrument that serves as the fundamental or supreme law of the land (Carmelo...
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...coordinated, barriers to entry are there making it hard for new firms to enter the market, core competency is expanded and access to uneasy distribution channels is gained. I think it can be in a firms interest to outsource its components from competitors rather than producing in-house because (Make Vs Buy Decision) this way the firms can gain economies of scale which is a good amount of saving in costs gained by the increased level of production (the firm being a supplier) whereas in-house production doesn’t gain much economies of scale as the demand would be little. The firm becomes obedient and efficient as they must follow the rules and efficiency as is in the entire market. Buying from the market improves flexibility but some disadvantages of the buy decision are the search costs, incomplete contracting which is transaction costs- under the contracts between parties only certain remedies are covered in case of unknown or unforeseen changes. That contract automatically becomes invalid, they must look into other measures resulting into additional contracting costs. For example, suppose a computer manufacturing firm has to deliver 50 computers to a retailer and they have a contract between themselves but the company is not sure whether they should install Windows in the computers or not as...
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...Principles of Measurement Mosso member of the FASB FASB’s Conceptual Framework project over the period 1973-1985 Define measurement Measurement is the assignment of numerals and other symbols to represent the magnitude of an attribute of a phenomenon Phenomenon A thing or event of interest E.g. a table, a performance, an exam Attribute A characteristic or quality of the phenomenon to be measured Magnitude The extent to which the phenomenon has the attribute Often we can’t directly observe a phenomenon of interest We need to find a substitute Direct observation- the only time we can accurately observe the attribute and phenomenon How happy is the baby? Phenomenon-baby Attribute-happiness Can you measure this attribute directly? NO Smiles per hour Laughter per day Financial Statements: When investors focus on a company’s net income, is net income necessarily the investors’ attribute of interest Firm performance Firm future performance What two things do accounting measures often represent Performance- what have we done? Position- what do we have? Business Strategy and Accounting USSBA Too many teams to manage What is strategy according to Porter? Strategy is creating a fit among an organization’s activities (to enable it to realize its goal or mission). The success of a strategy depends on doing many things well and integrating among them Operational Effectiveness versus Strategic Positioning Operational effectiveness Performing similar activities...
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...Chapter 28 Employee vs. Independent Contractor Employee – If the employer exercises a considerable amount over the details of the work, you have an employee status. If the work is usually done under the employer’s direction, you have an employee status. The employer supplies the tools. If the person is employed for a long period of time, you have a employee status. If the method is by time period, you have an employee status. An employee may not require as much skill as an independent contractor. * Employer exercise a considerable amount over the details of the work * Work is done under employer’s direction * Employer supplies the tools * Worker is employed for a long period of time * Method of payment is by time period * Employee may not require as much skill as an independent contractor * Independent Contractor – The worker is engaged in an occupation or business distinct from that of the employer. If the work is done by a specialist without supervision, you have an independent contractor status. If the worker is employed for a short period of time, you have an independent contractor status. If the payment is made at the completion of the job, you have an independent contractor status. An independent contractor may require more skill than an employee. * Worker is engaged in an occupation or business distinct form that of the employer * Work is done by a specialist without supervision * Worker is employed for a short period...
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...diversifiable risk different activities w/ different levels of risk non diversifiable risk no way of getting rid of the risk. Ex: natural disaster Fundamental risk effects many exposure units at the same time particular risk effects one exposure unit at a time 9 major duties of risk managers buy insurance, identify risk, loss prevention, loss control, contract review, gov't compliance w/ safety issues, risk finance, claims management and litigation support, employee benefits 5 steps of Risk management process mission identification (goal), risk identification, risk analysis, consider alternatives, implement and monitor hazard increases likelihood of losses/bad event. Applies to pure risks. risk factor effects the likelihood/severity of a gain or loss peril actual cause of loss exposure item that's subject to loss. difficulties w/ risk identification (world is changing) new laws, new discoveries, and changing societal attitudes property exposures buildings, vehicles, $. They have a direct and indirect result liability exposure someone else has experienced a loss and now they're suing the person who's fault it was Human Resource Exposures costs relating to employees Bailed property Non-owned: repair shop. Give them your computer. Leased Property Non-owned: things you rent Property on Consignment Non-owned: property someone owns and another person is trying to sell it for them Employee's property Non-owned: employees...
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...and 4. The levy of the tax within territorial limits (subject to treaty stipulations) for the exercise of “effective jurisdiction” (the problem of situs in taxation). (b) Constitutional limitations protection of the laws 1. Due process of law and equal and equal protection of the laws 2. No imprisonment for non-payment of a poll tax 3. Non-impairment of contracts 4. Power of the Prime Minister to veto any particular items in a revenue or tariff bill 5. Uniformity in taxation 6. Authority of prime Minister to fix within specified limits, tariff rates 7. Exemption of charitable institutions, churches, etc. 8. Non-impairment of the jurisdiction of Supreme Court on tax cases Classifications of taxes: (a) According to the purposes for which it is applied 1. General – imposed without predetermined purpose and therefore, may be appropriated for general public purposes. 2. Special – imposed under special laws and the tax collected may not be appropriated or diverted to some purposes other than those provided in the special law. (b) According to who bears the burden of taxation 1. Direct – those collected or demanded from subjects desired or intended by law to be liable, like income tax, etc. 2. Indirect – imposed by law on certain persons...
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...contractual party to promise 2. Risk mgmt. tool: Law sets the framework for risk, it gives you tools to manage the risk * Ex. Insurance, exclusion and limitation clauses, incorporation Dimensions of course 1. 2. Risk mgmt. 3. Legal reasoning: rules and analysis 4. Law/ moral dimensions What is law? * A set of principle and rules that courts will enforce * A way of thinking (or reasoning) about these principles and rules better description. Process determines legal reasoning * It is not just the result of a case that matters. The reasons for the result are where law happens. Law is bound up in the reasoning. So it is important to ask “why” and “how” not just “who won”. Law vs. Mortality Law: formally sanctioned, illegal behaviour Morality: informally sanctioned, moral behaviour 1. 2. Immoral but not illegal * Lying to friends 3. Immoral and illegal * murder 4. Moral but illegal Ethical perspective 1.1 pg.6 Can I watch someone drop without incurring legal liability? If I can legally do it,should i? Ethically is it okay? Ethical reasoning: * Focus on why something is ethically right or wrong, not just whether it is right or wrong 4 types When values collide, we can use different modes of analysis to make good judgments in hard cases 1. Consequences: the greatest good for the greatest number. Moral if consequences are good and vice versa ...
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...program in the construction industry in Alberta. It examines the positive aspects of a safety program vs. the negative situations when one does not exist. The following is a breakdown of what is included in the report: 1. A brief look at what a safety program is and what defines it as successful. 2. The construction industry’s impact on Alberta’s economy, including growth and current trends. 3. Cost impacts on various parts of a construction company, including morale, legal and direct costs and expenses. 4. Implications of not maintaining a program and how that can affect an organization financially. The research includes a variety of information, primarily from Alberta Industry Profiles and personal experience working for a Construction Safety Organization. My personal experiences are supported by publications on principles of construction safety. Thank you for the opportunity to examine the far-reaching impact of safety on the construction industry. Sincerely, TABLE OF CONTENTS INTRODUCTION 1 What is a Safety Program 1 Components of the Industry 1 The Industry in Alberta 2 BENEFITS OF A SUCCESSFUL SAFETY PROGRAM 2 Benefits on Employee Morale and Impact on Organization 2 Legal Benefits and Impact on Organization 3 Cost Benefits and Impact on Organization 3 Workers’ Compensation Benefits and Rebates 4 COST COMPARISON TO PROGRAM VS. NO PROGRAM 5 Legal Implications and Regulations 5 Long-term Impacts of Fines Levied Due to Safety...
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...evaluate what impact they have on the decision making of Human Resource management. As students of Economics and Business it is a vital part of our education to go in depth to actually understand and be able to adapt our theoretical skills in a new country. To do this we will consider the government aspect, with political system and political landscape included and its affect in the context of people management practices. Subsequently, the political economic system and its impact will be reviewed, looking at aspects such as welfare distribution, welfare benefits and unemployment. Closely linked to the aforementioned factors are also employment laws, which have a direct impact on the management practices of HR of any company operating in Sweden. The following section will analyze and evaluate various laws such as employment contract and employment discrimination. The subsequent part will cover the economic position and its...
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...Performance Management Model “is an integrated process of defining, assessing, and reinforcing employee work behaviors and outcomes. Performance management includes: practices and methods for goal setting, performance appraisal, and reward systems” (2009, p. 421) The Performance Management Model brings goal setting, performance appraisals and rewards together with three contextual factors of business strategy, workplace technology, and employee involvement. “Business strategy defines the goals and objectives, policies, and intended relationships between the organization and its environment to compete successfully, and performance management focuses, assesses, and reinforces member work behaviors toward those objectives and intentions.” (2009, p. 422) Workplace technology refers to goal setting, performance appraisals and rewards either at the individual or group level, depending on if the work assignment needs to be performed by the individual or the group. However, it should be noted that even when the work is group-based, it will still be in part dependent on the individuals within the group to complete the overall work assignment. Rather, each group member will have their own individual tasks to manage that will benefit the group’s work assignment overall. Lastly, employee involvement refers to whether the goal setting, performance appraisal, and reward systems require the input from the employee or group in a decentralized or more centralized manner when the input comes from the...
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... To Accompany PROJECT MANAGEMENT: Achieving Competitive Advantage By Jeffrey K. Pinto CHAPTER EIGHT PROJECT PROFILE – Boston’s Central Artery/Tunnel Project: Updated and Complete 8.1 COST MANAGEMENT Direct vs. Indirect Costs Recurring Versus Nonrecurring Costs Fixed Versus Variable Costs Normal versus Expedited Costs 8.2 COST ESTIMATION Learning Curves in Cost Estimation Project Management Research in Brief: Software Cost Estimation Problems with Cost Estimation PROJECT PROFILE – Heathrow Airport’s New Terminal Five Development 8.3 CREATING A BUDGET Top-Down Budgeting Bottom-Up Budgeting Activity-Based Costing 8.4 DEVELOPING BUDGET CONTINGENCIES Summary Key Terms Solved Problems Discussion Questions Problems Case Study 8.1: The Dulhasti Power Plant Case Study 8.2: London’s Millennium Dome Internet Exercises PMP Certification Sample Questions Integrated Project: Developing the Cost Estimates and Budget Bibliography TRANSPARENCIES 8.1 SOURCES OF PROJECT COSTS 1. DIRECT VS. INDIRECT COSTS 2. RECURRING VS. NON-RECURRING COSTS 3. FIXED VS. VARIABLE COSTS 4. NORMAL VS. EXPEDITED COSTS 8.2 LEARNING CURVE MODEL [pic] 8.3 PROBLEMS WITH COST ESTIMATION 1. LOW INITIAL ESTIMATES 2. UNEXPECTED TECHNICAL DIFFICULTIES ...
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