the 3M- Company Essay Example

the 3M- Company Essay Case study-The 3M Company Insert name Insert institution Insert instructors name Insert the date Initially known as the Minnesota Mining and Manufacturing Company, this company was pioneered in 1902 at Minnesota near Lake Superior. It was set up to sell mineral deposits which were later proved to be valueless and this initiated early research and development of this company while in Duluth. This saw its success in selling sandpaper products. The company later increased its efficiency in quality production and supply chain. Innovations saw the development of waterproof sandpapers, the asking tape (this initiated the companys prospects towards diversification) sold under the name Scotch Pressure-sensitive Tapes and even was contracted in the production of defense materials in World War II. The company was later to diversify its product portfolio to include the photographic products, electro-mechanical products, pharmaceuticals, radiology and the Post-it Notes that revolutionized communication and organization. In the late 1990s, the total sales of the company reached a $15 billion mark and the assessment of its 2010 public filings has reached a profit mark of 30 billion dollars (NoAuthorFound, 2002). The company today is a multinational conglomerate with a diversified product portfolio of at least 55,000 products. It operates under a franchise distribution system whereby some of its products are available for purchase in more than 200 countries from distributors and retailers; however, most of 3M products are available online directly from the company. We will write a custom essay sample on the 3M- Company specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on the 3M- Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on the 3M- Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The company is enlisted in the New York stock exchange and the US Securities and Exchange Commission where its SEC filings can be obtained. These can be used to assess the companys quarterly and annual returns and even its erformance as pertaining to: (A)lmpact of Globalization and Technology Any multinational company today in most adversely affected by globalization and technology: 3M Company is not an exception to this. The company continuously adapts to changing trends in technology and globalization through marker research and development. RD globalization is a fast evolving process and is more and more recently being kept at one center of opportunity in most contemporary corporations. RD globalization provides a platform for the easy control of 3M Companys critical resources and assets over wide geographical location. Globalization and technology ave led to the Companys increased understanding of RD and innovation. The company unaerstanas transnatlonal RD ana Innovatlon Tor stronger consollaatlon and budgetary and even more methods of managerial restraints (Bertho Crawford, 2008). Globalization and technology have increased the rate detailed analysis undertaken on world product responsibilities and global technology responsibilities within transnational corporations at locations outside their home country. 3M Company has set up effective centers abroad that drive innovation and new business initiatives for company strengthening thanks to globalization and technology. Globalization has also served in addressing ownership and control issues for 3M Companys international intellectual capital and property and has helped the understanding of their effects on corporate responsiveness. Companies that orient themselves towards the market through the understanding of the effects of globalization and technology on corporate functions are more likely to develop and sustain their market scope and margins of profitability. The flow of information within a multinational conglomerate corporation like 3M Company is vital to its development (Bertho Crawford, 2008). For example, customers can use the internet technology to purchase 3M products online and pay through MasterCard or PayPal. (B) Application of industrial organization model and resource-based model for better returns 3M Company can employ the industrial organization and resource-based model to facilitate its efficiency and thus increase it market performance and profit margin gains. The competitive advantage of a corporation firm lies primarily in the initiation of a bundle of valuable tangible and intangible resources at companys disposal globally. Through the resource based strategy the 3M Company can identify and lassify the corporations worldwide resources and appraise their strengths and weaknesses and relate this to the companys competitors by addressing their characteristic trends. Identify the opportunities for better utilization of resources. Then 3M Company shall embark on identifying the corporations capabilities and efficiency against its competitors. The company shall identify resource inputs for each capability and complexity of each capability. Thirdly, the company shall appraise its resources for rent-generating capabilities as pertaining to its potential to sustain the competitive landscape and the appropriability of its returns. The company shall then strategize on the best way to exploit its resources and capabilities in relation to the companys external opportunities. Lastly in the employment of the resource-based model, the company shall identify resource gaps that need to be filled and lay down future plans to augment, upgrade and replenish the 3M Companys resource base (Heracleous, 2003). In the industrial organization model, 3M Company shall embark upon the examination of its structure for better demarcation between the company and its market portfolio and demands. This evaluation shall increase the companys ompetitiveness and alleviate barriers that lead to imperfect competition. This initiative baseline shall be to analyze and determinants of the firm and market organization to better competition and adapt to government actions. For instance, 3Ms recent 2012 organization alignment for better consistency in its strategy of building pertinent market presence shall serve to increase its presence in future global markets and customers. The new structure was to comprise five business groups (consumer, Inaustrlal, nealtncare, saTety ana grapnlcs ana Electronics ana energy. These initiatives shall ensure better market and industry interface and erformance (NoAuthorFound, 2002). C) 3Ms vision and mission influence of its market success The companys mission statement states that the company is committed to actively contribute to sustainable development through environmental protection, social responsibility and economic progress. This has oriented the companys employees towards the satisfaction of this mission statement. The company earns customer loyalty and respect when it effectively differentiates its competition and communicates and reinforces the 3M brand strategy (NoAuthorFound, 2002). The companys vision is to contribute to societys move to sustainable development. To 3M, sustainable development refers to the ability to satisfy the companys customers today whilst respecting the capabilities of future generations and thus be able to meet their needs. Thus, both the vision statement and mission statement increase customer and investor loyalty and this enables the companys activities to proceed uninhibited thus ensuring its success. A companys mission and vision perspectives that are customer safety oriented gather and acclaim positive accord and support (NoAuthorFound, 2002). D) Influence of Stakeholders to 3Ms success 3Ms healthy relationship with its stakeholders determines the companys viability nd success. This relationship if sustained shall ensure future companys prospects are successful. Some of the key 3M stakeholder interaction include but are not limited to (Rubinfeld, 2005): Investor: The Company maintains a healthy relationship with its investors by time ly and profitable dividends. The New York exchange and the companys SEC filings report have reported up to 3 dollars dividends per share. The companys enlisting in the US Securities and Exchange Commission reenergizes investor confidence and thus draws in more investors than ever before bearing in mind that this is an international corporation. Employer, employee and customer relationship: The Company has improved it relationship with its employees. Better salaries and working conditions have made the company employees loyal and hard working towards meeting the companys mission, vision and customer needs. There has been a wide forum for better customer-company interaction and relationship. This has made the company very competitive in its scope of the world market and has seen the company retain its hold in the market. The government and community. The company has complied with all the US government corporative laws for foreign nd internal operations. This has enables the company to progress smoothly without inhibitions from the US government. The company also earns community trust and respect by contributing to research and innovations that lead to the production of health products that help protect the environment and reduce harm to the customer and world communities at large. For example, the production of sandpaper that do not produce air contaminants during use. This has seen the company even earn an award by the US government. (E)Conclusions To sum it up, the 3M Company has risen from a small time company at a lake hore to a multinational conglomerate that sells its products worldwide. In India, it is the only public foreign company that does not operate a franchise system of OlstrlDutlon t at n OITTerentlatlng It wlt n coca cola. I ne SEC Tlllng 0T tne company a US Securities and Exchange Commission website show that the company is progressing viably. The most recent employment of industrial organization model ensures the companys sustainability in the contemporary world market dynamic competitiveness (Rubinfeld, (2005). Its diversified product portfolio enables the companys success world wide since it does not have to rely on marketing one roduct to a diversified community of customers who also have dynamic tastes and preferences. These aspects prove the economic viability of 3M now and in the future. Reference Bertho, M. Crawford, B. (2008). The impact of globalization on the United States. Westport, Conn: Praeger. Heracleous, L. (2003). Strategy and organization: realizing strategic management. Cambridge New York: Cambridge University Press. NoAuthorFound. (2002). A century of innovation: the 3M story. St. Paul, MN: 3M Co. Rubinfeld, D. L. (2005). 3Ms Bundled Rebates: An Economic Perspective. The University of Chicago law Review, 72(1), 243-264.

Transitional Fossils - Evolution Definition

Transitional Fossils - Evolution Definition Since Charles Darwin first came up with the Theory of Evolution and his idea of natural selection, evolution has been a controversial subject for many people. While supporters of the Theory point to the seemingly unending mountain of evidence for evolution, critics still deny that evolution is truly a fact. One of the most common arguments against evolution is that there are many gaps or missing links within the fossil record. These missing links would be what scientists consider to be transitional fossils. Transitional fossils are remnants of an organism that came in between a known version of a species and the current species. Allegedly, transitional fossils would be evidence for evolution because it would show intermediate forms of a species and they changed and accumulated adaptations at a slow pace. Unfortunately, since the fossil record is incomplete, there are many missing transitional fossils that could silence the critics of evolution. Without this evidence, opponents of the Theory claim that these transitional forms must not have existed and that means evolution is not correct. However, there are other ways to explain the absence of some of the transitional fossils. One explanation is found in the way fossils are made. It is very rare that a dead organism becomes a fossil. First, the organism has to die in the right area. This area must have some sort of water with sediments like mud or clay, or the organism must be preserved in tar, amber, or ice. Then even if it is in the right location, it is not guaranteed it will become fossilized. Intense heat and pressure over very long periods of time is needed to encase the organism within a sedimentary rock that will eventually become the fossil. Also, only hard parts of the body like bones and teeth are conducive to surviving this process to become a fossil. Even if a fossil of a transitional organism did happen to be made, that fossil may not survive geological changes on Earth over time. Rocks are constantly being broken, melted, and changed into different types of rocks in the rock cycle. This includes any sedimentary rocks that may have had fossils in them at one time. Also, layers of rock are laid down over top of one another. The Law of Superposition asserts that the older layers of rock are on the bottom of the pile, while the newer or younger layers of sedimentary rock that are laid down by external forces like wind and rain are closer to the top. Considering some of the transitional fossils that have yet to be found are millions of years old, it could be that they just have yet to be found. The transitional fossils could be out there still, but scientists just have not dug down deep enough to get to them. These transitional fossils may also be found in an area that has not yet been explored and excavated. There is still a possibility that someone will yet discover these missing links as more of the Earth gets explored by paleontologists and archaeologists in the field. Another possible explanation for a lack of transitional fossils would be one of the hypotheses as to how fast evolution happens. While Darwin asserted these adaptations and mutations happened and built up slowly in a process called gradualism, other scientists believe in the idea large changes that happened all at once suddenly, or punctuated equilibrium. If the correct pattern of evolution is punctuated equilibrium, then there would be no transitional organisms to leave transitional fossils. Therefore, the fabled missing link would not exist and this argument against evolution would no longer be valid.

Audit Assurance and Compliance Case Study

As per the specific roles and responsibilities of independent auditors, it can be said that the independent auditors have the accountability to prepare as well as present financial declarations based on the accurate historical data of the organization and by considering the company’s financial as well as trading standpoints (Glover et al. 2014). However, the financial announcements of the company need to replicate the actual financial condition of the firm during a particular period of time founded on the flows of cash, functional results, incomes as well as gains along with income and profits (Kend et al. 2014). Nevertheless, in certain cases, particular events or else circumstances might crop up after the specific date of authorizing and declaring the pecuniary reports of the firm. Therefore, it becomes important to adjust and incorporate the effects of these events in the financial declarations in the upcoming financial reports that is to be declared by the corporation. In addition to this, the independent auditors also have the need to attach significance to the events that take place prior to the process of preparation as well presentation of the financial declarations and take into account the material impacts of the events on the preparation of the financial statements related to the organization (Schmidt et al. 2016). Thus, there is pressing need for conducting obligatory adjustments for the purpose of disclosing several critical facts regarding the financial soundness of the organization during the specific period of time. As per the effective adjustments in the financial statements made during the period September 2002, the incidences triggered by the disclosures or else non disclosures can be indicated to the consequent events that involved several parties. As per the case study, it can be hereby ascertained that EFL had to bear huge amount of losses owing to the bankruptcy of the corporation Impulse. It can further inferred that this specific loss is mostly caused due to the non-disclosure of proper financial information of Impulse by the auditing and accounting firm King & Queen of Impulse Pty Ltd. Based on the norms and principles of auditing, it can be hereby inferred that the actions steered by the auditing firm King & Queen was immensely unethical. Consequently the auditing firm is accountable to the financing company EFL for the losses it has suffered by disbursing huge amount of loans to the company Impulse based on the financial reports of the firm (Messier Jr 2016). B.The analysis of the case study reveals the fact that King & Queen might not face legal charges based on certain condition. The independent auditing company would not face any legal charges in case if it delivered the right information concerning the financial condition of the firm Impulse to the EFL at the time when EFL asked about written explanation in quest of advice from King & Queen related to the financial condition of the firm. King & Queen had the need to provide credible financial information regarding the firm Impulse to the financing firm EFL if it had clearly written regarding their decision for disbursement of loan based on the financial announcements presented by the King & Queen. However, if EFL agreed to disburse loans to Impulse even after receiving and knowing the actual financial information regarding the company Impulse, then EFL cannot hold King & Queen responsible for the bitter consequences. However, as per the conditions stipulated under the â€Å"paragraph s (93 to 97) of â€Å"PCAOB Auditing Standard No 5†, the auditing corporation King & Queen had the need to undertake an assimilated audit of the financial announcement of the company Impulse in a bid to generate an appropriate financial statement of the firm and to declare about the real health and financial soundness of the company (Moroney et al. 2014). In addition to this, there was also need for maintenance of internal control related to the particular approach of the firm regarding auditing. The maintenance of internal control can help in delivering the direction associated to the consequent events as mentioned in the in the case study. The internal control in organization can also help in proper audit of financial reports and provide proper advice to the auditors. The right guidance to the auditing firm King & Queen can help in averting different liabilities that are associated to the different consequences of events as stated above. The auditing therefor, also needs to abide by the guidelines related to the associated to auditing standards for undertaking the practices of audit as well as their approaches of audit (Stuart 2012). The auditing firm such as King & Queen can adhere to the stipulations conditioned under the Australian Auditing Standards mentioned under the Section 336 of the Corporation Act (William Jr et al. 2016). In this case, King & Queen, the firm performing audit needs to review and audit of financial reports in addition to other financial information as per the conditions laid under the ASQC 1. In addition to this, they also need to maintain compliance with the ASA 102 that mentions the ethical obligations that need to be satisfied at the time of performance of audit, reviews as well as other types of assurance engagement of the firm (Eilifsen et al. 2013). Furthermore, the King & Queen also had the need to comply with the stipulations provided as per the section ASA 220 for maintenance of quality control of a particular audit of a financial statement together with other historical information (financial information) (Auasb.gov.au 2016). In addition to this, the auditors also need to maintain compliance with the directives mentioned under ASA240 for understanding the responsibilities of the auditors associated to fraudulent actions in a specific audit of financial declaration and take into consideration the regulations of ASA 250 for understanding the laws of auditing a financial report (Auasb.gov.au 2016). C.As rightly indicated by Glover et al. (2014), auditing independence deals with two wide aspects that can be discussed for comprehending the nature as well as characteristics of auditors. As such, there remains difference between the actual independence and perceived independence of auditing when considered in terms of appearance. Therefore, in a bid to attain goals as well as objectives of auditing, both the actual as well as the perceived independence is imperative from the viewpoint of the contributions of auditing. Louwers et al.   (2013) asserts that actual independence refers to the operations of the auditors that get impacted by the thinking potential. To put it simply, the actual independence of auditing is primarily reliant on the in dependent state of mind of the particular auditors. The state of the mind of the auditors exert considerable impact on the functioning as well as approaches of different auditors. This in turn affects the way auditors deal with particular sit uations associated to their auditing practices (Arens et al. 2012). Thus, freedom in the decision making can be observed during the time when directors of firms tries to negotiate positions of the auditors. The actual independence of auditing that depends on mental state of individuals is very difficult to enumerate. Therefore, this can be very challenging to gauge the objectivity of particular auditors. However, perceived independence of auditing can be considered as the grey area between the normal black and white aspects of the auditing and is based mainly on perceptions (Duncan and Whittington 2014). D.As rightly mentioned by Carson et al.   (2013), there are several important regulatory requirements along with auditing standards associated to the process of auditing as developed by Australian Securities and Investment Commission (ASIC). There are several directives as well as regulations stated in the regulations of ASIC that the independent auditors take into consideration for undertaking their actions (O’Donnell K. et al.   2015).    As mentioned in the first scenario, Bob has duplicated and at the same time used the financial information provided in the books of the company â€Å"Club Casino† in a bid to prepare university assignment task. Bob essentially removed the probable references that are related to the Club Casino that has the probabilities of breach of audit as Bob did not notify Clun Casino for any such kind of practices. Thus, it can be said that Bob is an independent auditor who needs to get approval from Club casino regarding the utilization and employment of financial information for satisfying the primary educational requirements. Bob also need to comply with the ethical requirement as stipulated under the ASA 102 (Auasb.gov.au 2016). Bob needs to adhere to the regulations in order to comply with ethical obligations during the performance of audit of firms. The second scenario explicates in detail the involvement of Wendy to the company Ace Limited. The company have the need for the auditor rotation as per the stipulations of ASIC. In addition, it is also imperative for the auditor to maintain adherence to the stipulations mentioned under ASA 220 Quality Control Aus A6.1 that specifies about the requirement of the auditor rotation (Auasb.gov.au 2016). The Corporation 2001 also mentions about the requirements of the rotation requirements necessary for meeting the ethical obligations of auditors (Auasb.gov.au 2016). Again, as per the guidelines of ASIC, there are several enforceable regulations for the auditors responsible for preparation as well as presentation of reports for main areas of different business actions and if the corporation is operating for more than 5 years. The third scenario refers to the assignment of Leo in the auditing procedure of organization Precision Machinery Limited. The scenario can help in comprehending the features of appointment that need to meet the capability and effectiveness levels. This is related to the quality assessment programs together with different disciplinary procedures of the professional accounting bodies. Therefore, it is important to adhere to the directives stipulated under ASA 220 for quality control of audit and assessment of quality of the particular audit evidence and ASA 510 Audit Engagement rules and regulations (Auasb.gov.au 2016). The fourth scenario indicates towards the occurrence particularly between Chan & Associates and the Classic Reproduction Pty Ltd. The present scenario refers to the application of registration requirements in the most suitable manner (Stuart 2012). Thus, it calls for the need of arrangement of full settlement actions for the particular claims related to the fees of auditing firm Chan & Associates. In addition to this, the present scenario also talks about the relation with Classic Reproductions for not fulfilling specific auditing requirements. Arens, A.A., Elder, R.J. and Beasley, M.S., 2012. Auditing and assurance services: an integrated approach. Prentice Hall. Auasb.gov.au. 2016. Auditing and Assurance Standards Board (AUASB) - Home. [online] Available at: https://www.auasb.gov.au/ [Accessed 15 Dec. 2016]. Carson, E., Simnett, R. and Vanstraelen, A., 2013, September. Auditing the auditors: An international analysis of the effectiveness of national inspection regimes on audit quality. In The University of Auckland Business School Seminar. Duncan, B. and Whittington, M., 2014, September. Compliance with standards, assurance and audit: does this equal security?. In Proceedings of the 7th International Conference on Security of Information and Networks (p. 77). ACM. Eilifsen, A., Messier, W.F., Glover, S.M. and Prawitt, D.F., 2013. Auditing and assurance services. McGraw-Hill. Glover, S.M., Prawitt, D.F. and Messier, W.F., 2014. Auditing & assurance services: a systematic approach. McGraw-Hill Education. Glover, S.M., Prawitt, D.F. and Messier, W.F., 2014. Auditing & assurance services: a systematic approach. McGraw-Hill Education. Kend, M., Houghton, K. and Jubb, C., 2014. Competition issues in the market for audit and assurance services: are the concerns justified?. Australian Accounting Review, 24(4), pp.313-320. Louwers, T.J., Ramsay, R.J., Sinason, D.H., Strawser, J.R. and Thibodeau, J.C., 2013. Auditing and assurance services. New York, NY: McGraw-Hill/Irwin. Messier Jr, W., 2016. Auditing & assurance services: A systematic approach. McGraw-Hill Higher Education. Moroney, R., Campbell, F., Hamilton, J. and Warren, V., 2014. Auditing: A Practical Approach. Wiley Global Education. O’Donnell, K., Hicks, B., Streeter, J. and Shantapriyan, P., 2015. Getting it right: directors’ assessment of information. Managerial Auditing Journal, 30(2), pp.117-131. Schmidt, P.J., Wood, J.T. and Grabski, S.V., 2016. Business in the Cloud: Research Questions on Governance, Audit and Assurance. Journal of Information Systems. Stuart, I., 2012. Auditing and assurance services: an applied approach. McGraw-Hill/Irwin. William Jr, M., Glover, S. and Prawitt, D., 2016. Auditing and Assurance Services: A Systematic Approach. Auditing and Assurance Services: A Systematic Approach. Looking for an answer 'who will do my essay for cheap',

Housing Market in Australia Essay Example | Topics and Well Written Essays - 1500 words

Housing Market in Australia - Essay Example Bourassa (1996) has stated that the measures required for identifying the affordability of housing-ownership is primarily based upon the accumulated data but it is required to ignore the distribution of wealth and income as well as the ranges of housing prices. For analyzing the trend of housing pattern in Australia, Bourassa (1996) builds a study based upon the previous research of Grigsby and Rosenburg. The study then, proposes a method of Borrowing Constraint. The method of Borrowing Constraint was applied from the year 1989 to 1990 for household survey data for Melbourne and Sydney, Australia. The results concluded that there are hypothetical changes in interest rates and deposit requirements are kept minimum. Along with these results, furthermore, it had been concluded that under any given scenario, there is very diminutive percentage of people who are living in rented households to afford private ownership without putting themselves into the circle of poverty (Bourassa). Anothe r study conducted by Beer (1999) stated that there have been many changes in the private rental sector within the housing system of Australia. It has moved itself from the tenure of transition that is primarily comprised of saving of young household. Increase in the prices of real houses, increasing interest rates, increase in the rate of deaths of household through separation and divorces, changes in the pays of workers and inability to maintain the position of the tenure. Moreover, Beer (1999) also stated that there has been decline in access to public housing. Research conducted by Beer (1999) had emphasized on the changing dimensions of the private rental housing within Australia. The nature of investors and the size of investment in the sector of housing stocks had also been examined. Furthermore, the impact of the investment strategies on the housing sector market of Australia was also highlighted (Beer). Hayward (2008) conducted a study to determine whether the property owner s in Australia are reluctant or not. The paper covered the history of public housing and property owner in Australia. The study conducted by Hayward (2008) revealed that the golden era of public housing in Australia was from 1945 to 1956. During this time, the Commonwealth State Housing Agreement (CSHA) laid a foundation for making public housing system more viable in Australia. After that, the history of public housing started to cripple in this country. Emphasis on housing policy shifted from rentals to home ownership. Despite of viewing the development of State Housing Authorities, some people claim that this decade was not as substantial nor it was that decade where it would be favorable to return. In long run, the history of Australia is the one where the Government has been best reluctant landlords. The era from 1945 to 1956 is considered as best understood in this general trend (Hayward). The paper presented by Wulff and Maher (2010) examined the housing characteristics of pr ivate renters in Australia in long run. The study comprised of a sample of 4677 private renters. The sample had been drawn from ABS Survey of Rental Tenants 1994. The results revealed that 40% of the renters were long-term renters, having rented their property for more than 10 years, which shows that there has been substantial trend of rented household in Australia. Long-term conditions were further divided into

Modular Approach to Building your ISE Essay Example | Topics and Well Written Essays - 500 words

Modular Approach to Building your ISE - Essay Example A piping designer is capable of using ShipConstructor on top of an instance of AutoCAD P&ID and hence both toolsets are available in the ShipConstructor environment. Similarly, the AutoCAD software is also beneficial for a structural designer as he can take advantages of AutoCAD Mechanical while working with ShipConstructor. In other words, the ShipConstructor software bears the benefits of the AutoCAD system as it is installed on top of the AutoCAD software. This modular approach to building an Integrated Shipbuilding Environment (ISE) would bear notable benefits as modern shipyards widely practice this technique. Since the ShipConstructor software uses a specific geometry model, it is easy to integrate different concepts. Accuracy is another potential benefit of using the ShipConstructor software. By using this system, designer can shape a shipyard to a given scale in accordance with specific requirements. The most fascinating feature of this system is that it is cost effective as the newly designed products can be easily integrated into the existing design of the shipyard.

So, How Smart are you? :: Narrative Intelligence Education Essays

So, How Smart are you? If I could give you anything†¦anything you wanted at all, what would it be? For many, the immediate response is: â€Å"I want to be smarter!!!† Why smarter? If you are very smart, what do you do with all this smartness? Is there such a thing as being too smart? My younger brother, Ian, is a fourteen-year-old junior in high school. Clearly precocious for his age and stature, there are many who envy his ability and talent to understand academic concepts with relative ease. At this tender age, where most fourteen-year-olds are simply entering high school and trying to adapt to their awkward teenage bodies, my little brother is tackling the challenges of college applications, refining his resume, and perfecting his standardized test scores. His schoolmates joke with him about being younger than everyone else in his grade and about entering college at the age of sixteen without knowing how to drive. There was even talk about how he was going to get to the prom: Would his date have to drive him? Although these events seem superficially comical, one must look at the repercussions of always being seen as â€Å"the little kid in class†. I wonder if there is a true solution to this situation. At a young age my brother demonstrated great skill and adeptness for understanding. Enrolled in a Montesorri preparatory school where students were encouraged to learn at their own pace, Ian was reading and doing long division in kindergarten. Later that year, when my family moved, my brother and I were transferred to another school system. Ian was placed in a kindergarten class filled with five-year-olds and it was clear he did not fit in. Finishing the assigned work within 15 minutes, he sat around fidgeting and causing trouble. The teacher, already overwhelmed with too many students, did not know how to handle the situation and sent him to the principal’s office. Faced with this dilemma, the principal offered my parents the option for Ian to test out of successive grades until we determined which academic level was appropriate for him. My brother took the exams and tested out of kindergarten, 1st, and 2nd g rade.

Takem’s Appliances and Electronics

LLCAuthor: Ashraf Bani Domi February 16, 2018 ACCT 511 – Advanced Business Law for Accountants Professor: Dean Poirier Liberty University Abstract I would like to start my research paper and point out the legality and the validity of the contract that Takem's Appliances and Electronics LLC. used to sell their electronics as he had this new idea of selling them door-to-door which was a success and that lead to take advantage of this success by increasing his prices to 30% more if he delivers them to the customer's house. Also, I will explain the ethical consequences that the procedure Takem used in the region he lived in. Also, explaining the meaning of breach of the contract and what constitutes the lowest requirements in search of remedies in these kinds of circumstances. And for the sales to be permissible, they must encounter every sector of the legal criteria. Also, Takem must have ethical accountability that takes place under the social responsibility to the small community he lives in. The legal case of Sally Walker vs. Takem's Appliances and Electronics, LLC will be analyzed and investigated regarding weather if the conclusion of this case is it legal, is it moral/ethical? IntroductionThe world of commerce and most business relationships are initiated on a contract. Understanding of contract law is crucial for all businesspeople, owners, and managers. Since most commercial arrangements are constructed on contractual relationships. A decent preliminary point would be an empirical definition of a contract. Contracts include more than an arrangement or an agreement between two or more parties. â€Å"A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty† (Restatement (Second) of contract chapter 1 meaning of the term).The contract can be simply described as a voluntary exchange of promises, creating obligations that, if defaulted on or failed to pay, can be enforced and remedied by the courts. It is imperative that we understand as when agreeing to terms of a contract, entities are created and defining their particular rules and obligations. This differs from other areas of the law, such as torts, where rules and obligations are imposed on them.Furthermore, a valid contract can create a situation in which parties to the contract can predict, with some certainty, their upcoming relationship because each party knows that the courts will hold them to their agreement. Despite the fact courts will enforce a valid contract after it has been created, what the parties agree to in the first place in commonly unrestricted. Mr. Takem's Business Model is it Legal?When we study contract law, the focus is usually on the problems that can arise. It may therefore appear that most contractual relationship experiences complications. In fact, most contracts are privileged or resolved to the mutual satisfaction of the parties, and the courts become elaborate in a slight amount of contractual agreements, when an unfeasible dispute arises. Hence, addressing our case study in this project we need to outline some basic terminology that we discussed above and trying to apply it to our client, named Takem's Appliances and Electronics, LLC. Takem's Appliances and Electronics, LLC owned and operated by Tommy Takem. Tommy Takem owns Takem's Appliances and Electronics, LLC that participates in what might give the impression to some to be a very profitable business. However, we need to read through the surrounding circumstances and the case scenario to see and advise our client what are the best business practice he could proceed with his business, and whether we agree with his business practices or not, our constrain her in this case is to provide a legal guiding in this section and then will see how to evaluate, and explain to him the legal consequences as well as his potentials, nevertheless from the first glance and the studying we can see that most of our client Mr. Takem and his business activities obeying to law, but still need to be examined, and also we to talk about some ethics practice that could prime unexpected results. Which is something we will cover in more detail later, in our case study. Takem's business (Takem's Appliances and Electronics, LLC) is located in a rural area of Southwest Virginia, and the majority of its customers are poorer residents of the Appalachian regions of Virginia, Tennessee, Kentucky, and West Virginia. According to our case, Sally Walker vs. Takem's Appliances and Electronics, LLC, our client, Tommy Takem. interested in concentrate his business around these rural areas because due to different reasons, there isn't much competition for his business which was an opportunity for his business. But the disadvantage was, most of the people who lived in these areas were relatively uneducated enough to understand, poor credit, unsophisticated, and other reasons. Moreover, there was a demand for appliances and electronics. And because there weren't many appliances stores around those areas, people needed to buy them. Tommy took advantage of that and increased his prices between 10-20%. This process adapted by our client is widening the precise meaning of the contractual law. Tommy's business has been doing so well after the increase in the prices. Tommy newly came up with an idea for expanding his business. He decided to begin selling his appliances and electronics door-to-door in the above-described regions. Until recently, it had been working great. He hired some great salespeople who really know how to â€Å"apply the pressure and turn up the heat.† Further, since he is providing a service to these societies by transporting the goods to their homes, he charges about 30% more than he would if the customers came to the store. Apparently, the salespeople do not mention this fact to the customers. Lately, Tommy received a letter from a disgruntled customer named Sally Walker (an elderly widow lady who lives alone in the hills of Southwest Virginia—her children and grandchildren have all moved out of the area.) She has fallen behind on her payments on her new laptop computer, and Tommy had started collection efforts. He had not yet referred it to a lawyer. The letter is very well written (which would be unexpected since Sally is not very well educated.) It indicates that her granddaughter, who recently graduated with an MS in Accounting from Liberty University Online helped her with it. It argues that the entire deal is unconscionable and therefore unenforceable.Moreover, the letter emphasizes that Sally has paid enough for the computer that she purchased and will not pay any more. Finally, the letter indicates that if Tommy pushes the matter more, Sally threatens to sue for punitive damages and write letters to the editors of various local papers throughout the region to ruin his reputation. As we can see from the above surrounding circumstances and from the definition of the contract, our client has been operating with the compliance in accordance with the law and legality in most of his business transaction, as general roles, â€Å"The foundations of Corporate Governance demand that organizational practice follows the legal requirements. In current times, news reviews of industry wrongdoings have forged uncertainty on the bottom line that submission is definitely the widespread procedure. â€Å"(Realistic Hypothetical Legal Scenarios Business Law for Accountants†, 2013) despite the allegation letter from Ms. Walker, and despite the ethical conduct regarding the transparency in the new adapted policy and increase of 30% on the delivered items in this section, but there is however still an exception to the legality of the later mentioned of the 30% this should be communicated to the other partiers of the contract. Whether the Argument in the Letter has any Merit?In response to a letter recently received which was written by Sally Walker's granddaughter of one of his customer, from lawyer standpoint of view, the indication of Sally's letter concerning and arguing the unconscionable act of our client (Takem's Appliances and Electronics, LLC) by excessively charging their customers. In analyzing the precedent there could thee potential legal obligations: first one, if Ms. Walker is serious enough about bringing this case to the court, the court may look upon the contract from the unconscionability part of it, while court applies this point very scarcely, but still feasible defense to the plaintiff side due to Ms. Walker conditions. The second one is that Ms. Walker could recall for the punitive damage claim, as explained below.The third one is regarding the undisclosed charges for the delivery services.Typically, court will enforce a valid contract after it has been formed, â€Å"In deciding the validity of consideration, courts will not look to the amount or type of considerations or the relative bargaining power of the parties (except in the rare case of a contract so burdensome on one party as to indicate unconscionability)† (ABLA, 2017). My concern here is to provide my client with a reasonable and accurate sound legal standpoint and preventing him from a further and a future legal consequence. On the other hand, when Ms. Walker's proclaimed that the installment and the amount she has paid for the computer so far, is enough, I see this all was agreed upon before forming the agreement with her. Obviously, I would advise that each one of us should read and go through any kind of contract in a way that can clear and remove any ambiguous completely, read through your paper one two or whatsoever, moreover, always seek for an expertise advise in most of your relationship areas, and save yourself of being an unexpected position. Should he Take the Threats Seriously?As react with caution in determining whether my client should take Ms. Walker's letter in a serious manner because we are afraid that the court might rule to her advantage. â€Å"When it is claimed or appears to the court that the contract or any clause thereof may be unconscionable the parties shall be afforded a reasonable opportunity to present evidence as to its commercial setting, purpose and effect to aid the court in making the determination. (106). The Restatement also has a similar rule which tracks the UCC provision. (107) The purpose of the unconscionability doctrine is to expressly allow courts to police contracts for terms they deem unconscionable. (108) Though â€Å"unconscionable† is not defined by the UCC, some definitions give a feel for what the originators of the doctrine may have intended. One court has defined it as â€Å"that which ‘affronts the sense of decency.'† (109) One dictionary definition is â€Å"lying outside the limits of what is reasonable or acceptable: shockingly unfair, harsh, or unjust.† (110)† (Bar-Gill, O., Ben-Shahar, O., ; Marotta-Wurgler, F. 2017).Another word from the law that needs to be added here is that the procedure in which my client (Takem's Appliances and Electronics, LLC) following by charges 30% more to delivering the appliances and electronics to the customer's door-to-door and the fact that his salespeople intended or might have been instructed by Mr. Takem not to mention it to the customers. Despite the fact that my client, Mr. Takem, intentionally instructed them to mention the 30% increase or not, while he is the owner of the business and all of his employees should follow his instructions. The court might obtain this conclusion from his business conduct and count this against him as a form of misleading, uncommunicated as one of the criteria to validate a contract, misrepresentation, misrepresentation fraudulent or other entrance to breach this contract or similar contract since the court will incline for the advantage of the plaintiff (Ms. Walker) party of this contract against my client (Mr. Takem). As we go more through Ms. Walker's letter while she emphasizes that she is going to sue for punitive damages, whereas, punitive damages cannot normally be granted in contract disputes, here I wouldn't worry about this phrase either my client (Mr. Takem), as this is merely a threaten word in Ms. Walker's letter. However, this part in some case could be unpredictable, and because they are usually compensated in addition of the plaintiff's demonstrable injuries, and are awarded only in distinct cases, but to act as a prudent defends of my client (Mr. Takem) we need to supply him with the sound of law regarding this point, as a part of a lawyer due diligence where â€Å"Jurors award punitive damages too often. The amounts they award are erratic and unpredictable, even though they start from shared moral intuitions about the reprehensibility of defendants' conduct. And when they deliberate and decide as juries, both the size and variability of the awards increase.† Feigenson, N. R. 2003). It's ambiguities which need to be corrected proximately before any serious consequences superficial. Furthermore, the major ambiguity in the business operated in this case is the lack of transparency in its transactions with their customers; this absence of transparency is most deceptive in the prices and the percentages of charge that they put on their products and their services. This lack of transparency, when visible, could cause serious issues to any business, and, an educated customer could very easily take them to court for misconduct and misleading if they don't change their method and honestly advise their customers of their business perfect. Should he Proceed with the Collection? To give my legal advice, I would recommend that my client (Takem's Appliances and Electronics, LLC) not to proceed with any further steps in collecting the remaining payments from Ms. Walker. However, this might result in having other customers doing the same as Ms. Walker. Which is refusing to pay and threatening Mr. Takem again by suing his business and sending letters to media to ruin his business reputation. We would advise that Mr. Takem take longer period of time than usual before making any efforts for future collection in general, I would propose that Mr. Takem take an initial step by offering a payment discount for certain customers with some certain conditions with that he can plan ahead of time for his future project of establishing his own financing company, in main time this will participate in reshape his reputation in the area and encourage his customers to pay one time. â€Å"Keeping the aforementioned trends, Takem needs to go beyond the literal meaning of the law and let go of unfair and /or fraudulent corporate conduct; this includes false advertising and/or ambiguous sales deals† â€Å"(Realistic Hypothetical Legal Scenarios Business Law for Accountants†, 2013) Would Mr. Takem Set up a Financing Company? And what Should he do to Protect himself?I would strongly recommend that Mr. Takem should go ahead in adopting this step, in order to prevent and protect his business from any future consequences. But the best would be if he can collaborate with an outside financing company to take over this portion of his business, in a separate entity form, to avoid and mitigate future obligations and losing his customers. Alternatively, seeking for an external collection agency to handle in arrears or uncollected payments. â€Å"Seeking a collection agency-or evaluating the one you have-can improve bottom-line results while maintaining your professional image. Overall, be sure to find a company that delivers results and matches the image you want to project. Use this list as a guide of what to expect† (Anonymous, 2015). With this step-in mind Mr. Takem should put more consideration to the law that regulates and the requirement to establish this kind of business from the participation of the comprehensive openness, full disclosure and the complete condition associated with any arrangement. Finally, he wants to Know What do you Think About his Business Model- Regardless of whether you Conclude that it is Legal, is it Moral/Ethical?I believe the majority of us will agree in response to Mr. Takem's ethics, and the way he is conducting his business is unethical, according to the given case events. Unethical behavior that is not illegal frequently falls in a grey area between right and wrong that makes it difficult to decide what to do when it is encountered. Furthermore, different people have different perspectives regarding what is ethical and what is unethical. Though, there is sometimes a difference between behaviors that are unethical and activities that are actually illegal. â€Å"The definition of business ethics and the answer to the question of â€Å"What is Business Ethics in Sales?† is the principles, morals and standards that guide the behavior in the world of business and in sales relationships too (Spro, 2013). Ethics in sales is receiving a lot of attention over recent years even more so, as it is the correct way to conduct business in the long term and produce long-term sales results for the company and for the sales team. Moreover, â€Å"Business ethics in sales can either come from the company itself, this means that the companies ethics guidelines are written into their policies and therefore can be reflected or reproduced through their sales team management and then the sales team too† (Ivan, C. D. 2014). Therefore, â€Å"Doubt regarding corporate commitment to ethical obligations has always existed, particularly when maximization of profits might be at risk. However, despite such doubt two views have singled hope. First, a view has persisted that corporations at least feel compelled to comply with the law. At times violations of law might occur. However, this was not thought to be the pattern of behavior for corporations generally. Conscious violation of law was not the behavior expected. Second, a view has begun to be echoed that business corporations are increasingly cognizant of ethical obligations beyond literal compliance with law, and increasingly feel compelled to act accordingly† (Di Lorenzo, V. J Bus Ethics, 2007).