BHPs Share Valuation and Analysis

Question: Describe about the BHPs Share Valuation and Analysis. Answer: Company/Industry Description BHP Billiton Limited is among the leading oil, gas, and metal producers. The company has diversified income streams regarding geographies and business lines. It operates through Iron Ore, Petroleum and Potash, Coal, and copper segments. The Iron Ore sector is tasked with the exploration, development, and production of Iron ore. Petroleum and Potash segment, on the other hand, is responsible for both the production of gas and oil and the pre-development of Potash. The coal sector, which is among the companys most significant segments, mines both thermal and metallurgical coal. The final segment mines copper, lead, zinc, silver, uranium, molybdenum, and gold. BHP Billiton has production processes primarily located in Australia and America but products sold worldwide, through marketing businesses strategically located near the consumers. Singapore houses the companys primary marketing business because 72% of the companys sales are in Asia (Bhpbilliton.com, 2015). Other marketing businesses are in Houston, United States, reflecting the fact that more than half of the companys gas and oil is sold to North America. The company also has many regional marketers positioned in proximity to customers. BHPs core strength is in the fact that its energy and mineral supplies are crucial at every stage of economic growth (Bhpbilliton.com, 2015). Emerging economies need construction materials such as steel for their expanding populations, heavy industries and new cities. As the economy continues to grow, and individuals become wealthier, demand for steel slows. Demand for consumer materials such as copper begins to pick up. As income rises further, demand for agricultural products such as Potash increases. BHPs strategy is take the ownership and operate large, expendable, long-life, and low-cost upstream resources broadened by geography, market, and commodity. The strategy has helped the company to deliver superior margins throughout various commodity and economic cycles (Bhpbilliton.com, 2016). Its low cost, and diversified, tier one asset base increases the resilience of the cash flow. It helps to minimize the exposure to a single currency or one commodity and assists in providing a more robust and predictable financial performance, which enables it to grow its business throughout product cycles and deliver greater long-term value to the shareholders. The company is continually developing and growing its diversified assets to continue meeting the changing customers needs. Its products play a critical role in not only fueling todays growth but the growth to occur a century from now. The companys aim is to maximize the economic and social benefits of its operations, minimize its environmental footprint, and add to economic development through productivity, innovation, and technology (Bhpbilliton.com, 2016). BHP has in place a portfolio of growth options to help it plan for both the short and long-term and continue creating value for its shareholders. For the quarter ending September, the company is expected to record an 87% growth in share earnings to around 86 cents per share. Market-wide Influences Affecting the Company and its Shares BHP runs in a vibrant environment that has seldom exact and complete information. The company primarily manages the risk outlined in this section under their portfolio management approach, which hugely depends on the outcomes of diversification rather than the management of individual risks. Some of the marketing-wide influences that affect the companys shares include commodity prices, exchange rate fluctuations, interest rates, health, safety, and environmental issues, world political events such as war, natural disasters, and calamities, and alternative energy sources. Others include intense competition, investor sentiment, and January effect. Commodity prices are one of the major influences affecting the company and its shares. For example, in the Financial Year 2012, commodity prices were substantially impacted by the ongoing gradual economic slowdown in China, debt concerns in Europe, and uncertainty about US recovery (Bhpbilliton.com, 2012). With the shrinking Chinese demand growth for steel making materials combined expanding supply growth from seaborne sources, the raw material prices for that year greatly dropped from the previous years level. Geopolitical tensions provided price support for Petroleum segment, while the declining gas prices in the US dealt a big blow to the Coal sector as manufacturers switched to the now cheaper gas. As the Chinese economy continues to recover, the commodity prices are expected to increase in the future. BHPs operations could be profoundly impacted by government regulations such as import and export prices, control in imports, among others. Increased regulatory requirements, social and environmental approvals have the potential to delay the construction, significantly impact the economies of the new gas and oil projects, and constraint the expansion of existing operations. Any future tax changes in Australia have the potential to impact on BHPs financial performance. BHP has operations in almost every continent. One of its resources-oil- is found in regions that are prone to conflicts. The company operates in emerging markets, which poses additional risk to the profitability of its operations. Some of the risks associated with oil demand and supply include the possible war between Israel and Arab Nations, the insurgency in Nigeria, and possible terror attacks in emerging or OECD nations. There is also the possibility of civil unrest due to the nationalization of assets, high inflation, nullification or renegotiation of current contract deals, changes in laws, and other unforeseeable risks. There is another risk of corruption and interference from the government in many developing nations. Any of the abovementioned risks may influence BHPs demand and supply situation and eventually have an effect on its financial performance. During the global financial crises, many economies face an additional burden of funding debt obligations and may need additional resources and revenues. They may adjust the royalties and impose additional taxes on a level where exploration becomes unviable. While BHP Billiton may cut supply, raise prices, and recover the revenues, such a development has greater chances of negatively impacting the companys financial standing and reduce the projected earnings and potential investments in those nations. Most of BHPs oil facilities are in areas with high risk of hazard. The company has its exploration, manufacturing, processing, production, and logistical operations in many offshore and onshore geographical locations. Its operational processes are prone to accidents such as fire and explosion, shipping and port incidents, loss of oil control, among others. The companys operations and geographical locations are prone to natural catastrophes such as hurricanes, floods, earthquakes, and tsunamis. Such events may create disruptions in production. The facilities lost could be more than premiums saved, and this could adversely affect the companys prospects and financial results. Demand and supply imbalances may affect both the short-term and long-term prices. When the supply is disrupted, such as after the 2005 Rita and Katrina hurricanes, short-term supply may fall short of short-term demand of resources, thereby exerting upward pressure on prices. The high prices may discourage consumption thereby affecting the companys short-term revenues. The rising demand for oil in the recent years has seen an increased production of crude. Due to latest developments, reserves have depleted at an alarming rate. Considerable BHPs revenues are tied to oil production. Therefore, the companys financial condition is directly dependent on the success of its acquisition efforts, and its capacity to substitute the current reserves. There are also severe uncertainties surrounding the estimation of gas and oil fields. Technical, geological, and economic postulations are only applicable at the time of evaluation. Estimations may considerably change as soon as new information gets available. Developments in the global market such as the international financial crisis may significantly impact the reserves economic estimation to the extent that they may require restatements, which have the potential to negatively affect the companys financial results, conditions, and prospects. The company faces severe competition in the mining and metal industry. Competitors are cropping up every passing day, and the industry is now tending towards concentration. Large multinationals dominate within each segment. Moreover, the cyclical nature of the industry suggests that the high growth rate is not sustainable in the long-term. The industry is exposed to changes in energy prices, as one of its initial costs. As aforementioned, its margins are highly vulnerable to variations in the costs of raw materials. Intense competition can potentially lead to the loss of market share and exert pressure on the companys margins. BHP is subject to extensive regulations regarding the safety and health of the people and the environment. With the evolving safety standards and community rules, the company is subject to unforeseen environmental expenses and compliant taxes (Wouters, 2015). A good example is the now defunct carbon tax in Australia, which was not in operation some few years ago. Just like any other listed company, BHPs share price is subject to investors sentiment. Investors sentiment refers to the general mood of investors in the stock market (Gao, 2011). Since stock valuations reflect expectations, the BHPs stock may not be correlated with the companys financial condition. The price may rise if investors expect the companys financial status to improve in the future. BHPs Share Valuation and Analysis Share valuation is the calculation of the hypothetical value of the company and its stocks (Stowe, McLeavey Pinto, 2012). Assessment helps to predict the stocks potential/future market prices and profit from price movement. Shares that are undervalued are bought, while those that are overvalued are sold, in the anticipation that overvalued shares will decrease in value over time, while undervalued shares will appreciate in value in the future (Beneish Nichols, 2013). In BHPs case, we will use NTA backing method, CAPM, earning capitalization model, dividend discount model, and Future Cash Flows to determine whether the shares are overvalued or undervalued. NTA Backing Method Net Tangible Asset Backing, otherwise known as Net Tangible Asset per share is a method used to determine the amount each shareholder would receive if at a particular point in time, the company is forced into liquidation and all the assets are sold (Greco, Cricelli Grimaldi, 2013). Net tangible assets refer to the companys total assets less par value of preferred stock, any liabilities, and intangible assets such as patents, goodwill, and trademarks. The amount is then divided by the number of outstanding shares to get net tangible assets per share. NTA = total assets par value of preferred stock- total liabilities - intangible assets NTA/share = net tangible assets number of shares on issue As at June 2016, the consolidated balance sheet for BHP Billiton had total assets of US $ 118,953 million; total liabilities stood at US$ 58,882 million. The total intangible assets were US $ 4,119. At the same time, the company had US $0 million of preferred stock. Consolidated Balance Sheet as at 30 June 2016 30 June 2016 US$M 30 June 2015 US$M Current Assets Cash and cash equivalents 10,319 6,753 Trade and other receivables 3,155 4,321 Other financial assets 121 83 Inventories 3,411 4,292 Current tax assets 567 658 Other 141 262 Total current assets 17,714 16,369 Trade and other receivables 867 1,499 Other financial assets 2,680 1,159 Inventories 764 466 Property, plant and equipment 83,975 94,072 Intangible assets 4,119 4,292 Investments accounted for using the equity method 2,575 3,712 Deferred tax assets 6,147 2,861 Other 112 150 Total non-current assets 101,239 108,211 Total assets 118,953 124,580 LIABILITIES Current liabilities Trade and other payables 5,389 7,389 Interest bearing liabilities 4,653 3,201 Other financial liabilities 5 251 Current tax payable 451 207 Provisions 1,765 1,676 Deferred income 77 129 Total current liabilities 12,340 12,853 Non-current liabilities Trade and other payables 13 29 Interest bearing liabilities 31,768 27,969 Other financial liabilities 1,778 1,031 Deferred tax liabilities 4,324 4,542 Provisions 8,381 7,306 Deferred income 278 305 Total non-current liabilities 46,542 41,182 Total liabilities 58,882 54,035 (BHP Billiton Results for the Year Ended 30 June 2016, 2016) NTA= 118, 953- 0- 58,882-4, 119 Net Tangible Assets= US$ 55,952 million NTA/Share= 55, 952, 000, 000 No of shares on issue = 55,952,000,000 2, 661, 000, 000 NTA/Share= $21.026 Conclusion The current market price of BHP Billiton shares is $21.55. So, the shares are currently overvalued. Recommendation As per the NTA backing method, investors currently holding the shares are better off selling them now since the prices are bound to drop in the future. The major weakness of this method is that it does not take into consideration the intangible assets. Capital Asset Pricing Model (CAPM) The model is built on the idea that the stocks future cash flows should be discounted by taking into consideration the riskiness of the said cash flows, with the risk measured by a beta factor (Kelleher, 2010). The market is assumed to have a beta of one. So, a portfolio or a company with a beta of greater than one is considered riskier than the market. A company with a beta of less than one is less risky than the market. The sum of risk-free security and risk premium gives the expected return of the stock. The risk premium is determined by the beta for the stock. If the required return is less than the expected return, then the investment should not be made. TheCAPM formulais: ra= rrf+ Ba(rm-rrf) Where: ra= the rate of return of the risky asset rrf= therate of returnfor a risk-free asset rm= the broadmarket's expected rate of return Ba=betaof theasset The rrf is usually 2.4 percent, which is the Australian 10-year government bond rate. The beta (risk measure of stock) can be obtained from an online broker (based on historical data). The beta for BHP Billiton is 1.38. We get the broad markets expected rate of return by adding the Australias historical risk premium to the risk-free rate. Australias historical risk premium is 6.5 percent. So, the expected rate of return is 8.9 percent (6.5+2.4). So, the ra for BHP Billiton comes to: ra= 2.4% +(1.38(8.9%-2.4)) = 11.37% Conclusion The rate of return of the share is 11.37%, as opposed to the markets expected rate of return of 8.9. So, BHPs share would give higher returns than the overall market. Recommendation One should consider investing in it but with assumptions that the trade will be without taxation and transaction costs, and traders are price takers. However, when investing, there is the need to consider the fact that the asset is riskier than the market (beta of more than 1, therefore, the returns are not guaranteed) Discounted Cash Flow Method Under this method, we use the CAPM to calculate the fair price of an investment (Gorman, 2013). The fair value of an investment is obtained from the risky asset rate of return by getting the PV of investments future cash flows. By extension, one can compare the shares fair value by its market price to determine whether the share is overvalued or undervalued. Consider the share overvalued if the price estimate is higher. If lower, consider it undervalued. Earning Capitalization Model Capitalization of earnings is most appropriate when the firm is expanding or when the earnings of the company are stable (Damodaran, 2012). The companys earnings will only be stable when it neither employs external financing nor retains any earnings. In such a case, b will be 0, and the growth rate (given by br) will also be 0. Furthermore, when there is no retention, Earnings (Eo) will be equal to the dividend (Do). The value per share in such scenario will be given by: Po = Eo (1-b) Ke- br Assuming that BHP Billiton has investment opportunities generating internal rate r equal to equity capitalization rate, we have: Po= Eo Ke Theoretical value of BHP shares will be: Po= - 1.2 11.37% = -1.2 0.1137 Po= - 10.554 Conclusion and Recommendation The reported earnings per share for BHP Billiton for the financial year 2016 are -$1.2 (maybe due to the fact that earnings were not stable). Since that the theoretical value of shares is too less than the market value, you refrain from investing in the stock. Overall Conclusion and Recommendation Based on the four the above four models, BHP Billitons share appears overvalued. Though the rate of the return of the companys shares is 11.37% (which is higher than the broad market expected rate of return), it would be risky to invest in the stock since it has a beta value of greater than 1 (1.39). An investor currently holding BHP Billitons stock should consider selling it because the prices are likely to drop in the future. But with 2017 fiscal estimates of $1.36 per share, and with the companys earnings expected to rise almost 60% in comparison to an average growth of about five percent for SP 500 (SPX) corporations, its shares may surpass price targets and the earning expectations. References Beneish, M. and Nichols, D. (2013). Identifying Overvalued Equity. SSRN Electronic Journal. Bhpbilliton.com. (2015). BHP Billiton | Overview of assets Marketing. [online] Available at: https://www.bhpbilliton.com/investors/annual-reporting-2016/overview-of-assets-and-marketing [Accessed 23 Sep. 2016]. Bhpbilliton.com. (2016). BHP Billiton | BHP Billiton | Strategy. [Online] Available at: https://www.bhpbilliton.com/aboutus/strategy [Accessed 24 Sep. 2016]. Bhpbilliton.com. (2012). BHP Billiton | BHP Billiton | Strategy. [Online] Available at: https://www.bhpbilliton.com/aboutus/strategy [Accessed 24 Sep. 2016]. BHP Billiton Results For the Year Ended 30 June 2016. (2016b). 1st ed. [pdf] Brisbane: BHP Billiton, p.31. Available at: https://www.bhpbilliton.com/~/media/bhp/documents/investors/news/2016/160816_bhpbillitonresultsyearended30june2016.pdf?la=en [Accessed 25 Sep. 2016]. Damodaran, A. (2012). The little book $ of valuation. Hoboken, N.J.: John Wiley Sons. Kelleher, J. (2010). Equity valuation for analysts investors. New York: McGraw-Hill. Gao, Z. (2011). Expected Earnings Growth, Stock Valuation and Investor Sentiment. SSRN Electronic Journal. Greco, M., Cricelli, L. and Grimaldi, M. (2013). A strategic management framework of tangible and intangible assets. European Management Journal, 31(1), pp.55-66. Gorman, L. (2013). An Internally Consistent Approach to Common Stock Valuation. SSRN Electronic Journal. Stowe, J., McLeavey, D. and Pinto, J. (2012). Share Repurchases and Stock Valuation Models. SSRN Electronic Journal. Wouters, C. (2015). Towards a regulatory framework for microgridsThe Singapore experience. Sustainable Cities and Society, 15, pp.22-32.

Baroque Literature Essay Example

Baroque Literature Paper The Black Death Greatly Improved the European Society Throughout history, many unforgettable events have affected the literature of the time: wars, revolutions, industrialization, and disease.Although many critics very quickly point out the changes in literature that the industrial revolution caused, not many of those critics are willing to dig any deeper into the past.However, the fourteenth century contained changes in literature that were just as dramatic.The repeated outbreaks of the Bubonic Plague in that century led to many significant changes in European society that therefore deeply enhanced the content, quantity, and the moral values of the audience of medieval literature. The Bubonic Plague, also known as the Black Death, killed one third of the population of Europe during its reign in the 13th and 14th centuries.The impact of this mass killer caused enormous havoc to the medieval society because of its unknown origin, the unknown causes and preventions, and most signifi cantly its deathly results.Changes in the content of literature occurred drastically, not only the complete change of the language, but also moral values began to be taught, rather than solely literature written for entertainment.In a book, The Courtier, Baldassare Castiglione described the proper manners for gentlemen and ladies to live by (Chambers et al, 357).This change in moral codes of society also brought about changes in the curriculums taught in schools. Education began to include an attempt to improve physical, moral, and social development (Chambers et al, 356). Children were now taught social graces, including dancing and courteous manners, and were also taught riding and fencing to aid in the improvement in the physical fitness aspect of education. Printing Presses became contemporaries of the darkest of the plague years (Herrlihy, 50).Johannes Gutenberg was thefirst to prove this, and his alloy is still th

How to optimize your job listings for Google searches

How to optimize your job listings for Google searches By now, you’re probably pretty familiar with terms like â€Å"search engine optimization† (SEO), and have been working toward getting the most keyword bang for your buck in your organization’s job posts. As a rule, Google has made us all think more about how to get what we want out of a search, or how to make sure our content is near the top of the list. Now Google is unleashing the next phase of that: Google for Jobs, a dedicated search tool for job seekers.lWhat is Google for Jobs, exactly?Google for Jobs is a search tool first rolled out in 2017, continually growing and expanding as Google adds new features. It’s an enhanced search algorithm that aggregates active job listings from career sites and job boards, cherry-picking them to match your search criteria. Users can filter jobs based on the job category, location, date posted, and the company information. The search function doesn’t (yet?) have the capability of helping the user to apply for said jobs, but instead directs the user to apply through either job sites (where one might already have an account/saved resume) or directly at the company itself.Google for Jobs gets updated job listing information through â€Å"crawls,† or automated searches conducted by Google. The crawl searches company career sites directly, as well as job boards and other recruiting forums.How can organizations optimize their listings?If you want your jobs to feature prominently in user searches, that means more than maxing out your SEO keywords.Be visible.The first step is making sure that Google’s webcrawling robots can find your job listings to include them in users’ search results. One way to do this is to integrate directly with Google, if your company has its own Careers site. You should make sure that your site is not protected by a robots.txt file or robots meta tag, and that Googlebots can crawl your site.hbspt.cta.load(2785852, '9e52c197-5b5b-45e6-af34-d56403f973 c5', {});Make sure you have enough information in your listings.At a minimum, Google for Jobs requires the following info in a job listing in order to include it in search results:Company nameSpecific job title (like â€Å"Waiter† or â€Å"Feline Aerodynamics Engineer†)Job description, at least one paragraph in length and formatted in HTMLJob locationPosting dateExpiration date of the posting (if applicable)Without that information, your listing is not going to make the cut. If you want to take your listings to the next level, best practices should also include:Type of employment (full-time, part-time, contract basis, etc.)Salary range or a specific number, including currency typeThe job’s requisition number in your Application Tracking System (ATS)Check your reputation.Google is rolling out new Google for Jobs features all the time, and recently that has included pulling company reviews from sites like Glassdoor. If you haven’t already, it’s time to do a survey of what people are saying about your company on employment review sites. Poor reviews can affect your Google for Jobs performance, and discourage potential applicants as well.Standardize your logoThis is especially important if you’re going through third-party sites. You want to make sure that you’re uploading consistent, high-quality images of your logo to any sites that are going to be included in Google for Jobs crawls. Big, clear logos look much better in search results than small and/or blurry ones, and you want to stand out for all the right reasons.If you’re looking for a way to boost the visibility of your job listings, Google for Jobs is a great way to do that. By making some minimal tech tweaks and investing time in your recruitment narrative, this is a feature that will help you reach the applicants you want.

Free Essays on The Actions Of Eudora Welty’s “A Worn Path”

Eudora Welty’s â€Å"A Worn Path† has actions similar to the actions of a Phoenix. Phoenix Jackson is a old women walking through the woods to get to town for her grandson. Phoenix Jackson is intruded with so many obstacles ,but she keeps going on. A Phoenix is a bird that lived forever by regenerating itself. The similarities of Phoenix Jackson and a phoenix are shown in so many ways. Phoenix Jackson in â€Å"A Worn Path† is worthy of her name through her background, description, and characteristics. The background of a Phoenix reflect upon the background of Phoenix Jackson. â€Å"The Phoenix is a bird that, according to legend, lived for hundreds of years, burned itself to ashes on a funeral pyre, and then rose from the ashes to live again†(312). Phoenix Jackson is similar in so many ways. She is a old women who feels like she lives forever like a Phoenix. Phoenix Jackson started her morning off just like a Phoenix. She always had her cane with her so she could tap the ground in front of her. According to the narrator, â€Å"This made a grave and persistent noise in the still air, that seemed meditative like the chirping of a solitary little bird† (306). A Phoenix would always start its morning off with chirping songs. Even though they are different they are alike in so many ways. Phoenix Jackson has a description similar to a Phoenix. A Phoenix is made up of bright colors. It is made up of red, yellow, gold, and black. The narrator uses similar colors of describing Phoenix Jackson. She is being described like a Phoenix: â€Å"A golden color ran underneath, and the two knobs of her cheeks were illuminated by a yellow burning under the dark. Under the red rag her hair came down on her neck in the frailest of ringlets, still black, and with an odor like copper†(306). The colors used to described the appearance of Phoenix Jackson are the colors of a Phoenix. Even though she is not a bird she is similar in many ways ... Free Essays on The Actions Of Eudora Welty’s â€Å"A Worn Path† Free Essays on The Actions Of Eudora Welty’s â€Å"A Worn Path† Eudora Welty’s â€Å"A Worn Path† has actions similar to the actions of a Phoenix. Phoenix Jackson is a old women walking through the woods to get to town for her grandson. Phoenix Jackson is intruded with so many obstacles ,but she keeps going on. A Phoenix is a bird that lived forever by regenerating itself. The similarities of Phoenix Jackson and a phoenix are shown in so many ways. Phoenix Jackson in â€Å"A Worn Path† is worthy of her name through her background, description, and characteristics. The background of a Phoenix reflect upon the background of Phoenix Jackson. â€Å"The Phoenix is a bird that, according to legend, lived for hundreds of years, burned itself to ashes on a funeral pyre, and then rose from the ashes to live again†(312). Phoenix Jackson is similar in so many ways. She is a old women who feels like she lives forever like a Phoenix. Phoenix Jackson started her morning off just like a Phoenix. She always had her cane with her so she could tap the ground in front of her. According to the narrator, â€Å"This made a grave and persistent noise in the still air, that seemed meditative like the chirping of a solitary little bird† (306). A Phoenix would always start its morning off with chirping songs. Even though they are different they are alike in so many ways. Phoenix Jackson has a description similar to a Phoenix. A Phoenix is made up of bright colors. It is made up of red, yellow, gold, and black. The narrator uses similar colors of describing Phoenix Jackson. She is being described like a Phoenix: â€Å"A golden color ran underneath, and the two knobs of her cheeks were illuminated by a yellow burning under the dark. Under the red rag her hair came down on her neck in the frailest of ringlets, still black, and with an odor like copper†(306). The colors used to described the appearance of Phoenix Jackson are the colors of a Phoenix. Even though she is not a bird she is similar in many ways ...

Contract law problem question Essay Example | Topics and Well Written Essays - 2500 words

Contract law problem question - Essay Example that even though it may have seemed to Jane that they were entering into a separate valid contract they never actually intended to conclude any such contract and the work done by Jayne was part of the original contract. Jane on the other hand will argue the opposite and claim that this particular trip was not part of the main contract and that this trip was as a result of a separate contract. This raises another subsidiary issue here which is not very clear on the facts available. She attended the conference as a part of the terms of her contract in September 2007. It remains ambiguous what the contract says in terms of her discretion is choosing to go to the conference and her entitlement of the bonus or any additional money. We shall not dwelve into this much due to the lack of clear instructions but shall proceed on the assumption that the contract remains silent on these issues. It is pertinent to mention here that the general rule adopted by the courts is that they will look at the intention of the parties objectively. This was decided in the case of Centrovincial Estates plc v. Merchant Investors Assurance Company Limited [1983]. In this case the claimants let premises to the defendants at a yearly rent of 68,320 but when they received the written acceptance they quickly informed the defendants that they intended 126,000. The courts held that there was a valid contract and that it was contrary to well-established principles that after the acceptance in the way stipulated by the contract, that the claimants turn around and say that they made a mistake which the offeree neither knew nor could reasonably have known when he accepted it. Here, Jayne can argue that while making the representation she could not have reasonably known that SE was making a mistake and that they never intended to make a separate contract. However, critics like Professor Atiyah basin g their argument on the case of The Hannah Blumenthal [1983] argue that a subjective approach should be adopted and that without any detriment to the offeree, the courts should not hold this to be a valid contract. In our situation the idea of detriment to Jayne is questionable. First, it is true that in admitting her son to the Westbrook Academy and paying the first year's fees of 5,000, she had acted to her detriment. The matter that is doubtful is whether she would have done that anyways or was it solely based on the expectation of a bonus of 4,000. The courts will probably also look at the fact that there was a difference of 1,000 between the fees and the bonus. But this is an evidential matter. The courts adopting an objective approach will look at what the objective man would have done in this situation and implement their own view. The courts will however also look at a subjective view if evidence could be led that Jayne somehow knew that the company was making a mistake or that the money will never be paid to her, this can be done on the pretext of SE's approach with reference to other employees experiences that Jayne knew about or her own previous experiences with SE (Scriven Bros. v. Hindley [1913]). It is however concluded

Reflection and Research Essay Paper Example | Topics and Well Written Essays - 1750 words

Reflection and Essay - Research Paper Example In this way, more lives would end up being rescued. Nevertheless, many philosophers deviate with the method of killing of one healthy man to save lives. John Harris had tried to imagine an environment where in case anyone was in need of any kind of transplant it could be easily and successfully done2. It does not have to take long while people are in search of the organ. This means no one will ever have to kick the bucket simply because the organ she or he needs seem not reachable in any part of the world. This was a radiant thought considered seriously since the majority will get saved from death, but the fact that one person’s life has to be killed, makes the idea rather inappropriate to be put into consideration. They believe in the existence of a moral difference between killing and leaving to die. They claim that the dying and the existence of a life should be chances that human needs not to interfere with, though they have a duty that makes endurance of the maximum numbe rs of lives possible while dealing with life. It is suggested that the institutions of survival lottery have not gone so far to mitigate the harmful side effects in terms of terror and distress of the victims. Witnesses and the society would be occasioned by the doctors simply by snatching passers–by off the street and disorganizing them for the benefit of the less fortunate. The lottery scheme would give the option of life and death decision to the medical practitioners, and eliminate the possibility of such authority falling into the hands of a human being, though the fear and suffering would still remain. This would be considered a wrong deed biblically since the power of life and death does not reality on human hands. The doctors should do their level best in trying to save a life, but not kill the healthy for the option of the ill. Those that kick the bucket due to lack of organs should be considered to be Gods. There exist some legislative/judicial decisions that create a legal obligation and right in the lottery. The most prominent legislative rule is referred to as a defense of the survival lottery on utilitarian and Lockean grounds3. For the purpose of this concept, the operations will be perfect and that the society can make omniscient decisions and suggest that the use of computers, although the means are considered extraneous. By scheming an essential processing unit algorithm, pitfalls in the scheme would be prevented. The difficulties that arise from the elderly having a high demand for organs would be collected by introducing age into the algorithm. Overdrinking and smoking should be considered. The processor would be planned in order to maximize utility, and each exchange would result in the development just by definition4. Another key point of the second treatise of government is intolerance for arbitrary decision; the survival lottery is random in choosing who will give life to others in scenery. It should be uncovered that the lottery is not arbitrary is random. Finally, Locke requires that either the citizens to be consent to the system, tactically or explicitly through the legislature if the lottery survival is a non-arbitrary the overall preservation of the society with the consent of the majority5. He agrees that a soldier has the responsibility to protect local individuals of a certain boundaries or

Arthur Miller wrote the play Essay Example for Free

Arthur Miller wrote the play Essay What Miller does do to excellent effect is keep the pace of the plot speeding along and twisting in different directions all the time, at one time the focal point is on Danforth and his control of the court, then at another it is Abigail and the girls feigning that Mary Warrens spirit has possessed them. Throughout this extract he keeps the dramatic effect by having many different plot lines run into each other at this point; Proctors attempt to save Elizabeth, Mary Warrens declaration that the girls are putting on a show and Abigail Williams and the girls dramatic role-play claiming Mary Warren is sending her spirit out on them. All of these plot lines are intertwined in the court room scene and are exposed in John Proctors announcement that he is guilty of lechery. Some of the central themes and concerns in The Crucible are evident in this extract intolerance, being a society run strictly by a theocracy means that Salem is run by strict laws and religion. Any wavering outside these rules or religious thoughts is unacceptable. Danforth is intolerant when listening to Proctor and Giles Coreys attempted reasoning and proposals. Salem at this time was intolerant of any un-natural endeavours, just as America in the 1950s was intolerant of any un-American activities or communists. Acts of search and arrest became known as McCarthyism, led by Senator John McCarthy. Hanging those who were accused was seen as restoring purity to the theocracy in Salem. Another recurring theme in The Crucible is that of personal reputation. In this extract Proctor seeks to keep his name from being tarnished by giving testament against Abigail claiming that she is delivering her accusations through jealousy of his wife Elizabeth, and by announcing that he has committed adultery through his affair with Abigail. Reverend Parris acts only on what he thinks is best for his reputation throughout the whole play, particularly in this extract when he lies about seeing the girls naked dancing in the woods, I do not deny they danced, but I never saw any of them naked. Parris lies in order to keep his reputation, for if it were released that he had found his daughter and many other girls dancing naked in the woods and compacting with the devil then he would be driven from his office as the reverend of Salem. Judges Danforth and Hathorne are both unwilling to accept that Proctor is innocent and do not want to admit to being deceived by a bunch of girls claiming witchcraft and are therefore forced to charge John Proctor to keep their own reputations, making the interrogation partial towards the young girls and unfair on Proctor. The other central theme of the play is the role that hysteria can play in societies. The lies by Abigail all the way through the play and particularly in this extract easily manipulate the judges and the residents of Salem to turn against the accused which ultimately leads to their executions. Miller has linked this hysterical theme to the McCarthyism period in which he lived in the 1950s, the hysteria led by Senator Joseph McCarthy and his hunt for communists and communist sympathisers in post WWII America and during the Cold War. Miller seems to have based his character Judge Danforth on the individual Senator Joseph McCarthy: both are over-seeing the hysteria of the communities and are leading the search for the accused and presiding over their trials.