Registered fee simple v Registered mortgage
Eu-Min Teng NEDLANDS PROPERTY Interests Xena Registered fee simple owner. E Bank Registered mortgage, August 2004. Xena v E Bank Registered fee simple v Registered mortgage Although EB's mortgage document was forged by Albert, and thus void, EB's mortgage gains immediate indefeasibility upon registration, provided the mortgagee EB has not participated in the fraud, personally or through an agent: Frazer v Walker, Beatty v ANZ Banking Group The question is whether Theo's conduct was fraudulent and if so, whether his fraud can be brought home to his employer, Jacksons Lawyers and in turn, to the Jacksons' principal, EB. Does Theo's false witnessing of Xena's signature constitute fraud? Beatty asserts that false attestation would be regarded as statutory fraud, even if the mortgagee's agent believed that the signature was genuine, with the result that the mortgage would be defeasible. However, in Russo v Bendigo an agent who knowingly made a false attestation was not regarded as fraudulent. Statutory fraud includes dishonesty, moral turpitude and a wilful and conscious seeking to defeat or disregard another's rights: per Ormiston JA in Russo. Theo had no reason to believe that Xena had not in fact signed the mortgage and seems to lack moral turpitude. Unlike the law clerk Gerada in Russo, Theo is an articled clerk who has professional legal training. The importance
Introduction to the TV market
Introduction to the TV market Part of the leisure industry, the TV broadcasting has a unique market structure. As well as competing with other forms of entertainment, large broadcasters compete with each other for viewers while using different ways to raise revenue. There are three aspects in the TV market in the UK, broadcasting, television production and TV manufacturing. These markets provide goods or services that are complements of each other because complements are in joint demand which means that in demanding one good a consumer is likely to demand another. Here in demanding TV set, a consumer is also likely to demand channels as well. And the demand for television production is derived from the demand for TV channels. Goods have a derived demand when the demand for one good is dependent on the demand for another good. Channels and their broadcasters derives demand for TV production as they need production to make a programme schedule. The market for the viewing of TV is complicated by a number of factors: - There is not a direct price for the purchase of commercial terrestrial TV. - Public terrestrial TV is paid for by the licence fee. - Commercial terrestrial TV is 'free to air' and it is funded through advertising revenues that advertisers pay who in turn receive their money from consumers. - The product is not supplied under the normal market price
what are the problems of trying to compare living standards
a) What are the problems in trying to compare the living standards between countries When comparing living standards between or within countries, many problems can occur while considering factors that are constantly changing in the countries which may determine the living standards of the country. Factors that may effect a countrys living standards for example GDP this comes from the output of different industrial sectors: the primary, secondary and the tertiary. This can be treated as aggreated supply. GDP can then be divided by the countries population to produce GDP per capita which gives an average income value, but this statistic can be very misleading and can disguse important differences e.g resulting in hidden economy. We assume that a higher GDP per capita shows that living standards are better in one country than another. But this is where the problems arise, two countries can have similar GDP's per capita, but one might have a small elite of very high-income earners, with a huge amount of people in dire poverty, while the other country may have fewer extremes and a very large proportion of middle-income families. So the Economic deprivation in large sections of the community can be hidden in the average creating a hidden economy. National income statics are used to compare the living standards of different countries. Apart from the problem of excahnge rate
What is the Classical dichotomy? Under what circumstances of disequilibrium did the Classical economist accept that the dichotomy does not hold?
Edit Sipos Supervision 1, Macro What is the Classical dichotomy? Under what circumstances of disequilibrium did the Classical economist accept that the dichotomy does not hold? Selfishness is a reprehensible human characteristic; yet it is precisely the necessary behavior yielding the greatest possible economic benefit for the entire society according to Classical economics. The dominant economic theory from the 18th to 20th century was of a free market system of continuous competitive exchange equilibrium in which prices and output regulate themselves perfectly until markets achieve the market-clearing price. The Classical system takes place in a closed economy which spontaneously moves toward full-employment equilibrium. The principle fueling such a system is that money wages are flexible, and the employment equilibrium is not affected by the "nominal" amount of money in this dichotomous system. However, there are limitations to the Classical model; mainly that it does not work in the short-run because it fails to account for market dynamism. The theory assumes automatic adjustment of markets from one equilibrium to the next and ignores periods of change, or disequilibrium. Although a static model like the Classic has its downfalls, it is in important indicator of market forces, and is once again gaining popularity as a "Neo-classical" model after its long
The Role Of Zaibatsu.
The Role Of Zaibatsu Zaibatsu, known as the 'money clique', played an important role in the economic modernization of the Japan. The zaibatsu were a group of certain Japanese business houses with extremely widespread interests. The top four are always listed, in order of their size, as Mitsui, Mitsubishi, Sumitomo and Yasuda. In addition, Kawasaki, Asano, Okura, Shibusawa, were also great zaibatsu. The scarcity of capital in early Meiji Japan, the government's willingness to give financial aid and extraordinary privileges to entrepreneurs who gave promise of building up the economy and the sale in the 1880s of government industries to the few in cheap prices- all these factors contributed to enable a relatively small group of business leaders to gain control over a large population of Japan's new industrial economy. The zaibatsu were a group of men with exceptional talent, flexibility, and daring to have emerged so successfully from the economic confusion of the preceding years. Their origins were diverse- Among the urban merchants, only the house of Mitsui made the transition with complete success. This it did under the leadership of Minomura Rizaaemon. He sent five members of the Mitsui family and two employees to the United States to study modern business methods. Mitsui eventually developed into the largest of the zaibatsu firms. On the other hand,, Mitsubishi was
Review of Strong Interest Inventory.
Review of Strong Interest Inventory By Raymond Au General Information The test is to be evaluated is the Strong Interest Inventory(r) (1994). The author is Strong, Edward K., Jr.; Campbell, David P.; Harmon, Lenore W.; Hansen, Jo-Ida C.; Borgen, Fred H.; Hammer, Allen L. (The Strong, in its revision, continued in the established traditions of the Strong Vocational Interest Blank (Strong, 1927) and the Strong-Campbell Interest Inventory (Campbell &Hansen, 1981) while introducing several innovations.) It was published by Consulting Psychologists Press, Inc. in 1994. Time needed to administer is about 30 - 60 minutes. The price is different in different place and for different people. Those for students (about US$ 18) are cheaper than those for adults (about US$ 40). Also, there are different packages for different uses. For example, 10 prepaid profiles cost $75; 10 prepaid interpretive reports cot $235; Strong Applications and Technical Guide costs $72; Strong Profile preview kit costs $18.95; Interpretive report preview kit costs $23.10; 10 client booklets cost $40; 10 prepaid professional reports: $163 and Strong Professional report preview kit costs $26.5. Brief Description of the Purpose and Nature of the Test Strong Interest Inventory (SII) is an interest inventory for an individual to measure their interest and interpret one's best career path. It provides a solid,
The following problem relates firm output decisions, market supply, and market equilibrium in a perfectly competitive market (further referred as PCM), that is, a market in which consumers and producers are price-takers.
Answer Key for Additional Exercise on Costs The following problem relates firm output decisions, market supply, and market equilibrium in a perfectly competitive market (further referred as PCM), that is, a market in which consumers and producers are price-takers. Question 1. Complete the following table for a single firm in the short run. Table 1. Cost accounting table for the firm. Letters in the brackets refer to logic used (see below). Answers are given in italic font. OUTPUT (Q) [unit] TC [$] AVC [$/unit] ATC [$/unit] MC [$/unit] 0 300 - - - 400 00 (d) 400 (b) 00 (e) 2 450 (f) 75 (d) 225 (b) 50 3 510 (g) 70 70 (b) 60 (e) 4 590 72.5 (d) 47.5 (b) 80 (e) 5 700 (f) 80 (d) 40 (b) 10 6 840 (h) 90 (d) 40 40 (e) 7 020 02.85 (d) 45.71 (b) 80 (e) 8 250 (f) 18.75 (d) 56.25 (b) 230 9 540 37.78 (d) 71.11 (b) 290 (e) 0 900 (f) 60 (d) 90 (b) 360 Solution 1: First we need to recall some relationships between various measures of cost accounting in the short run1 and definitions. We will number newly introduced formulas by bold numbers in brackets and then refer to them by number, for convenience. We remember that (1). Definition for average total cost is (2) and for average variable cost - (3). If we divide both sides of equation (1) by quantity produced Q, and account for definitions (2) and (3) we get (4). Also, with
Economics - Environmental warnings.
Economics Conference David Smith - Environment * Environmental warnings * Externalities * Business and the environment * Markets and the environment There is a limit to economic growth, as discussed in unit 2, this is because the world is running out of resources and there is a limit to how long they can last. But, the environment has improved a great deal from 50 years ago; then, there would have been smog clouds over London. Another big factor is, global warming. The hottest years have been in the last century. 1998,2002,2001,1997,1995,1990,1999,1991,2000 have been the warmest years in order and it is expected that 2003 will be the hottest year on record. An externality, this is 3rd party effects from consumption, it effect other people who aren't producing it, e.g. a polluting factory will effect the whole area around it, also fireworks, people get to see them for free (positive side) but people may not like the noise of them (negative side) The policy response * Prohibition of some environmentally-unfriendly productions e.g. lead paint * Prohibition on some consumption * Taxes on production * Taxes on consumption e.g. smoking, alcohol etc. Business and the environment * The climate change levy - pollution tax (more tax for people who use more energy) * The landfill tax - tax on the amount of waste deposited * But, environmental concerns/rules also differ
Effect of New Construction in City Centre Residential Accomodation
The housing market differs from most other market in that the current stocks available dominate over the flow or supply of new buildings produced. Therefore should any changes occur to demand then the increase in supply to bring equilibrium back would take some time. Due to this factor the prices are dedicated more so by the supply of housing that comes on to the market place. Figure 1 Above show how an increase in number of properties sold per month can lead to a reduction in the value of each property, as there is excess supply in the market. However with properties there are outside factor which can influence prices, some of this are * Development works which improve the environment in the city center and encourages people to move to specific locations. o Release of space held vacant By comparison to the rest this will often provide the least number of properties but can provide the quickest solution to short term fluctuations. o Brownfield development this can be done by a changing the use of land to suit the most profitable type of properties possibility residential. This may only provide a few more than the utilization of empty buildings, but can have a time lag when delayed by the planning controls in place by the government. o Release of green fields for development into new properties, given the location of a city centre this might not be approved by the
A study of Cartels.
ECONOMICS 2 TITLE: CARTELS WORDS: 1300 Cartels are usually happen in an oligopoly market, where a few large firms dominate the market. A cartel is when two or more of these firms make a formal agreement to collude, to try and limit competition between them. This can be done in a few ways. Members may have fixed prices that they sell their goods, this may be low to increase sales and stop new entrants or high as the will dominate the market. Cartel members also agree on such factors as market share and advertising expenditure. Quotas are another way firms collude, the member firms will set quotas on the amount a firm will produce (production quota) and sell (sales quota). But how do the firms agree on each members quota? The normal method would be to divide the market between the members according to their current market share. So basically the firms involved in a cartel act as one firm (a monopoly) Why would companies want to do this? Well, to capture the benefits of a monopolist. Diagram 1 shows the benefits that arise from forming and maintaining a cartel. It shows an industry in long-run competitive equilibrium. The price is P1 and the output is Q1. Here there are no economic profits. Now, if the firms that dominate the industry where to form a cartel and reduce output to Qc (production quota), the new price become Pc (cartel price) and profits are equal to CpcAB,
