Charpy Impact Test Of Polypropylene At Various Temperatures

Charpy Impact Test Of Polypropylene At Various Temperatures This experiment examined the impact of polypropylene at various temperatures through the Charpy test. Three different forms of specimens including unnotched ones, blunt-notched and sharp-notched were tested to measure the impact energy. Results showed that low temperature resulted in the decrease of impact energy. These results have important implications for human designed applications concerning the toughness of polymers at different temperatures. The study of impact test has become an important aspect of toughness. Some progress has been made to understanding the mechanical characteristics of various polymers, especially toughness. Toughness, ability of a material to absorb energy and deform plastically before fracturing [1], is a concept most people have been accepted. It can be calculated by the areas under a stress-strain curve. Impact test, which describes the response of materials to a sudden high-speed force, can be divided into two different methods. One test method uses an instrument where a pendulum of known energy strikes a sample of defined size and shape. The other one test way uses an instrument where weights or others are allowed to fall freely through known heights on to specimens. [2] The first method mentioned above can be also separated from two kinds, which involve in cantilever (Izod) test and supported beam (Charpy) test. The illustrations of two tests are shown in Fig. 1.The distinct difference between the two methods is the fact that a specimen tested in the Izod is fixed in the horizontal direction instead of vertical direction tested in the Charpy. Fig.1 Izod and Charpy Impact Test (b) Charpy (a) Izod Temperature has an obvious influence in the behavior of polymers, such as tensile strength, shear stress, toughness, etc, because temperature affects the micro-structure of polymers. Among the changes, the inherent toughness is definitely dependent on temperature, structural orientation, stress concentration effects and rate of loading [3]. However, there have been few published reports directly addressing the problem of the effect on polypropylene at various temperatures. This experiment was to make clear of the relationship between the impact strength of polypropylene and temperature referenced in Charpy test. Experimental Equipment The equipment photograph is shown in Fig. 2 and the parameters of it are figured out in Table 1. Fig.2 Charpy impact test system Location: S.2.10 Table 1. Parametres of Charpy Impact Test Equipment Hammer Velocity Hammer Weight Hammer standard 2.9m/s 1.189kg ISO 2. Specimens A number of different rectangular-section standard polypropylene (PP) Charpy test samples including sharp notched, blunt notched and unnotched ones were tested at different temperature conditions. The different specimens are shown in Table 2. which also involves in the sizes (width and thickness) of the testing specimens. à ¢Ã¢â‚¬ ¦Ã‚  ,à ¢Ã¢â‚¬ ¦Ã‚ ¡,and à ¢Ã¢â‚¬ ¦Ã‚ ¢ in Table 2 are the four different dimensions separately. Table 2 Parameters of the specimens Room temperature Experimental Procedures: The specimens are divided into two parts, and one of the parts was put into the freezer before being tested. All of the data of an unnotched specimen at room temperature were input into the via keypad, and the sample was held onto the proper position of the equipment. A pendulum was raised to a specified height and then released when the equipment was started. Then the specimen was separated by the high-velocity pendulum. The impact energy was recorded in the Charpy impact test equipment. Steps 2 to 4 were repeated for each of the unnotched specimens to achieve a series of data. Steps 2 to 5 were repeated for all of the blunt-notched samples and then the sharp-notched samples. Steps 2 to 6 were repeated for the unnotched, the blunt-notched and the sharp-notched at -20à ¢Ã¢â‚¬Å¾Ã†â€™. Results and Discussion 1. Tabulate the individual values and average value of impact energy absorbed by the specimens for each test temperature. The individual data and average values of impact energy absorbed by the specimens for both two temperatures are listed in the two tables below. Table 3 illustrates the data at room temperature, and Table 4 exhibits the data at -20à ¢Ã¢â‚¬Å¾Ã†â€™. 2. Discuss the effect of temperature on impact energy for sharp notched, blunt notched and unnotched samples. Since the impact strength is dependent on the energy absorbed, a structure that is much easier to move will respond better to the impact [4].Therefore, the impact strength will increase with the increase of temperature and rubbery state has higher impact strength than glassy state. The higher the temperature is, the more severely the molecular chains will move. As a result, the impact energy is significantly lower at -20à ¢Ã¢â‚¬Å¾Ã†â€™ than that at room temperature. It can also be found in Table 4. 3. Analyze experimental error (a) When the parameters of specimens were measured, the apparatus error of vernier calipers could not be avoided. At the same time, the location of specimens was changeable, which was an operation error existed. (b) The sharp-notched samples were cut artificially, thus the factitious errors could not be ignored. (c) For the low temperature test, the frozen specimens were moved from a freezer to atmosphere, which might lead to the rising of temperature. As a result, the impact energy got a slight increase. (d) The errors of Charpy impact test equipment could not be ignored. Movement in the clamp and energy imparted to broken fragments might be the factors of the remaining energy of the pendulum and therefore the impact energy increased. [5] 4. Explain the cause of the whitening observed in some of the fractured samples. All kinds of the samples are listed in the Fig.3. Fig.3 The tested samples Through the observing of all different kinds of specimens, whitening is the most obvious in the unnotched samples. Many reasons listed lead to this phenomenon. Stress-whitening crazing usually can be observed for thermoplastics at levels of stress that below those required for large scale yielding. [6]When there is a sudden load to the sample, fracture crazes will be developed. Most of the time, it occurs in amorphous, brittle polymers and generally consist of an open network of polymer fibrils between 10 and 40nm in diameter, interspersed by void of about 10-20nm. [6] Conclusions After the experiment completed, many benefits of toughness and impact test have been listed below. There is a large variety of methods to measure impact energy of polymers and the most common used test is the Charpy test. With the decrease of temperature, the impact energy of same shaped specimens has a significant decline. The whitening of polymers is easier to be observed in the unnotched samples than that in sharp-notched and blunt-notched.

Faulkners Condemnation of the South in Absalom, Absalom Essay

Faulkner's Condemnation of the South in Absalom, Absalom       William Faulkner came from an old, proud, and distinguished Mississippi family, which included a governor, a colonel in the Confederate army, and notable business pioneers.   Through his experiences from growing up in the old South, Faulkner has been able to express the values of the South through his characters. William Faulkner's Absalom, Absalom offers a strong condemnation of the mores and morals of the South.      Ã‚  Ã‚  Ã‚  Ã‚   Faulkner's strong condemnation of the values of the South emanates from the actual story of the Sutpen family whose history must be seen as connected to the history of the South (Bloom 74).   Quentin tells this story in response to a Northerner's question:   "What is the South like?"  Ã‚   As the novel progresses, Quentin is explaining the story of the Sutpen myth and revealing it to the reader.   Faulkner says that the duty of an author, as an artist, is to depict the human heart in conflict with itself.   This attitude is revealed in the conflicts that Henry Sutpen undergoes in Absalom, Absalom.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Thomas Sutpen is the son of a poor mountain farmer who founded the Sutpen estate.   Thomas Sutpen stands for all the great and noble qualities of the South, and at the same time represents the failure of the South by rejecting the past and committing the same types of acts that his ancestors did (Connelly 34).   He rejects his own father to adopt a plantation owner as his surrogate father, who acts as a model of what a man is supposed to be.   When the plantation owner tells Sutpen to use the back door instead of the front door, Faulkner is using ... ...).    Works Cited    Aswell, Duncan. "The Puzzling Design of Absalom, Absalom!" Muhlenfeld 93-108    Bloom, Harold, ed.  Ã‚   Absalom, Absalom! Modern Critical Interpretations.   New York: Chelsea.  Ã‚  Ã‚   1987.    Connelly, Don.   "The History and Truth in Absalom, Absalom!" Northwestern University, 1991.    Faulkner, William.   Absalom, Absalom!   New York: Vintage, 1972    Levins, Lynn.   "The Four Narrative Perspectives in Absalom, Absalom!"   Austin: U of Texas,   1971.    Muhlenfeld, Elizabeth, ed. William Faulkner's Absalom, Absalom!: A Critical Casebook. New York: Garland, 1984.    Rollyson, Carl. "The Re-creation of the Past in Absalom, Absalom!"   Mississippi Quarterly 29 (1976): 361-74    Searle Leroy. "Opening the Door: Truth in Faulkner's Absalom, Absalom!" Unpublished essay. N.d.

A Womans Awakening :: essays research papers

The novel The Awakening by Kate Chopin tells the story of a woman who is married and has an awaking of her true feelings. The situation is very complex and Edna cannot handle the complexity of it. In the end she commits suicide. The novel The Awakening by Edna is described as a woman who is strong and able to persue her dreams. The novel also shows how people should live their lives for themselves instead of other people. Chopin uses characterization and symbolism to develop the meaning of the novel The Awakening. Ethan From is seen as a tragic person. He dreams of escaping his farm and living a life outside of Starkfield. Ethan was forced to leave college to care for his aging and ailing parents. He married Zeena because he feared loneliness and felt he owed her something for her help with his parents. Ethans character is described in the beginning of the novel as a man in his fifties, disabled, silent, and a farmer. Physically Ehtan is tall and bent-looking. His circumstances have made him weak. Ethan is a man of bad luck who is in his current situation due to circumstances and not by choice.   Ã‚  Ã‚  Ã‚  Ã‚   Edith Wharton portrays the land in Starkfield as harsh, the people are hard and unfriendly, and poverty as a mean way of life.She uses the landscape to reflect the personality of the characters. Her choice of winter is a symbol of the barrenness of the characters' lives. They are cold and isolated, like the temperature outside. The situations and conflicts are represented by Frome's stony landscape, the old apple trees, and the graveyard. In conclusion, Kate Chopin uses characterization and symbolism to develop the meaning of the novel The Awakening.

Socialism: What is the Ideal?

As a Salesman myself, I feel that I can relate to Death of a Salesman, to the extent of understanding what the job entails. In this essay, I shall depict the effects that socialism had on the characters of Death of a Salesman. I will include the social struggle of society, the contradictions involved, and the ideas of success, the character’s goals, and Willy’s downfall. I shall also include how Socialism has affected the real world and our nation’s society. Willy Loman’s world enticed him to become something he was not. Society placed a burden upon Willy’s head, of which he could not bare. But he was agonized by his awareness of being in a false position, so constantly haunted by the hollowness of all he had placed his faith in, so aware, in short, that he must somehow be filled in his spirit or fly apart, that he staked his very life on the ultimate assertion† (Miller 1594). Miller’s statement implies that Willy was in such a rut, knowing that he could not afford to pay for his appliances or even for his automobile, that he risked everything to succeed. The government however, in Willy’s world, defined what succeeding really is. Socialism means the substitution of governmental judgment for that of the individual and for individual ambition as well† (Myers 3). Willy’s ambitions involved obtaining a new career closer to his family and being able to afford all of his material objects. â€Å"Committed himself so completely to the counterfeits of dignity and the fake coinage embodied in his idea of success that he can prove his existence only by bestowing ‘power’ on his posterity, a power deriving from the sale of his last asset, himself† (Miller 1594). It is clear that the government played a major role in creating those ambitions. Biff’s social struggle included living up to his father’s expectations, of which his father did not necessarily approve of, until the end of the playwright. The government as a whole decided what was acceptable in society, and what was not, which is true to this day. Society has demanded a great deal from its inhabitants for thousands of years, especially in the United States. We soak up the governments and large corporation’s idealism everyday through nearly every source of entertainment we consume. A good example of true socialism would be a class-system, such as in central Asia, specifically China and India. For many years the Chinese and Indians have accepted a socialistic way of life, judging and ranking their citizens merely by blood-line and skin-color. For instance, both countries considered lighter (paler) skinned individuals as having a higher status compared to darker-skinned individuals. Therefore, even today, the sales of large amounts of skin-lightening creams exist in the Asian market. The largest contradiction I have come to understand is that exerting too much effort into an ideal ultimately ends in disaster. We witness this by examining Willy Loman. He, as a salesman, has an extremely stressful lifestyle. He ponders as to what he will do about his son Biff, and how he will be able to afford his bills. His lust for existence drove him mad, and eventually became the exact thing that invoked his demise. The ideas of success vary between characters in Death of a Salesman. Happy understood success as being able to provide for his family, more than merely financially. He always made statements on how him and Biff would open a sporting goods store, and be successful. Willy’s idea of success, in my opinion, was confirming his existence in society as a hard-working, honorable American. He however, drove himself mad as life-events spiraled downwards. Biff pursued to do something with his life, making his father happy in the process. Biff provides evidence of struggle by suggesting â€Å"When all you really desire is to be outdoors, with your shirt off. And always to have to get ahead of the next fella. And still – that’s how you build a future† (Miller 1429). That statement defines a key point in the story, because it symbolizes how each character yearns to get ahead and be successful. Miller’s playwrights were heavily influenced with Socialism, as Helge Nilsen states, â€Å"Human beings are sacrificed to economic interests in ways that are not only immoral, but even criminal in nature† (1608). That statement suggests that Miller purposely set each character up, in order to have a certain Socialistic ideal embodied within their personalities. Biff, however, has begun to rebel against his father’s ideas and to feel his way towards different standards, meaning those that Miller associates with the socialist society† (Nilsen 1609). The value of success is very difficult to measure. Each and every individual has their own understanding of success, as did Biff, Happy, and Willy. Society, for the most part, has labeled success as obtaining financial well-being. If someone were to be well off financially, then they are considered successful to the majority. Socialism has embedded that concept in our minds, from childhood to the present day. The socialist mentality is usually also an atheistic mentality, where atheism is understood not so much as the disbelief in God as the hatred of God – an attitude as precarious logically as it has been destructive in practice† (Kimball 16). That statement indicates that Socialism is equivalent to brainwashing an individual’s values. Willy’s goal in life, in my opinion, was to be successful enough to instill the correct ideals in his children’s mind, and to also recognize his own existence. Biff’s situation, in Willy’s mind, was a major conflict in his life. Without Biff becoming successful and making something out of his life, Willy would not exist and live up to his own ideals. Biff’s goals however, were filled with confusion and insecurity. Biff exclaims, â€Å"I’ve always made a point of not wasting my life, and every time I come back here I know that all I’ve done is waste my life† (Miller 1429). From that statement, I presume that Biff would like to fulfill his father’s request of not wasting his life. We witness that towards the end of the playwright, when Biff begins to sob and then embraces Willy. That moment in the play contributes a large amount to the irony towards the moral of the play, to exist is to meet one’s ideals. Willy’s realization however, brought upon his demise. Death of a Salesman’s overall plot and theme brings out a powerful message to today’s society. In our country today, individuals do not necessarily seek certain prospects out of pure joy, but rather out of financial greed. For example, class-systems still exist to this day in some countries, and diminish the value of overall life for the less fortunate. The ultimate downfall of Willy was that he consumed himself of his true values. His urge to make money and be a great salesman drove him wild. He did not realize what Biff was attempting to do until it was too late. As Nilsen stated, â€Å"But Biff continues his attempt to break through to his father’s feelings and establish a genuine connection and respect between them. Hence his plaintive cry: ‘Pop, I’m nothing†¦I’m just what I am, that’s all’† (1611). Since Biff did not abide by the socialist ideals of the time, Willy was determined to correct it. I believe Willy could not handle the pressures of life, and therefore ended up where he did. In this essay I have written about the effects of Socialism on the characters of Death of a Salesman. I described the effects social struggle, contradiction, ideas on success, their goals and Willy’s ultimate downfall. Writing on this topic was quite interesting, because it made me open my eyes on the current situations of our nation. Overall I believe Socialism is expressed greatly in this playwright, and that it teaches the reader that certain ideals such as financial prosperity are not always the answer to life.

Basic Concepts in the Law of Contracts

LGST 612 Prof. Kevin Werbach BASIC CONCEPTS IN THE LAW OF CONTRACTS Contracts are essential to business. They are a legal mechanism used in every industry and every part of the world to structure relationships among firms, and with customers, partners, and suppliers. Over several centuries, the law governing contracts has developed a large number of doctrines. Most are consistent with common sense, but unless you know what the rules are, you can easily make a mistake. This document introduces the fundamentals of contract law most relevant to businesspeople.Important legal terms are italicized. What is a Contract? And what is Contract Law? Legally, a contract is a set of promises that the law will enforce. We make promises all the time. Only some of them – the ones that meet the contract formation requirements listed below – are legally enforceable. That means the legal system, in the form of courts, can step in to order some action or payment for violation of the contra ct. Contracts are therefore private deals with the possibility of public (governmental) enforcement.Of course, there are many reasons to fulfill promises other than legal obligations. Reneging on promises may be unethical, or may result in a loss of goodwill or reputation as costly or more so than anything a court can impose. The general principles of contract law are fairly universal around the world. However, specific rules vary from country to country. In common law countries such as the United States and Great Britain, most of the legal doctrines governing contracts have been developed by courts over the centuries.In civil law countries such as those in Continental Europe, most of the terms of contract law are specified through comprehensive legislative codes. Even in the U. S. , some aspects of contract law are regulated by legislation. Certain classes of contracts involving employment, securities transactions, health care, and consumer financial transactions are subject to reg ulations that supersede the general principles of common law. Commercial contracts for the sale of goods (as opposed to services like consulting) are covered in virtually every state in the U. S. y the Uniform Commercial Code, which imposes specific statutory requirements. And certain contracts are made unenforceable by the Constitution: for example, a provision that a house may not be sold to a certain racial or ethnic group. Parties negotiating a contract each believe they will benefit from the agreement. For example, a corporation purchasing a license for enterprise software believes the benefit from the software will exceed the price it pays, and the software vendor believes the price will exceed sum of expected costs for providing access to its product.When parties enter into a contract, therefore, they generally do not expect it to be breached (violated), or to resort to the legal system. However, they recognize that sometimes a partner may make a promise with good intentions, and later fail to fulfill it, or that circumstances may chance in some way. When evaluating contracts, courts will generally not consider whether the deal was a good one for either side. The standard view is that no one forced the parties to enter into the contract; they should be held to the bargain they struck.Another way to think of a contract is as a legal hedge against uncertainty or risk. The contract gives each party confidence that if the other fails to perform, they can receive compensation through the courts. It also allows parties to specify how specific situations in the future may be addressed. For example, in the software license described above, what happens if the buyer decides to modify some of the software code and resell it? Rather than wait for the confusion if that happens, the parties can specify ahead of time how the situation will be handled, by adding provisions to the contract.LGST 612 (Prof. Werbach) Page 2 Contemporary legal systems focus on two things i n contracts cases: intent and reliance. If the evidence shows that all parties acted as though they intended to be legally bound to a contract, and the plaintiff (the one filing the lawsuit) reasonably relied on the defendant to follow through with the contract, the courts will generally enforce it. To do otherwise would be unfair to the party that was harmed by honoring their commitments. In modern contract law, intent and reasonable reliance often trump formalities.A contract may generally be enforced even if it not signed, written, or even expressly made. For example, if a fishmonger delivers fresh fish to a restaurant every Monday for a year and receives the same payment each time, there may be an implied contract even if the parties never explicitly spoke about it. The plaintiff still needs to convince the judge or jury in court, which is much harder to do based on oral testimony than documentary evidence. Unwritten contracts also leave significant gaps for courts to fill in.Th e implied contract between the restaurant and the fishmonger, for example, could be terminated at any time by the parties, because there is no explicit term guaranteeing how long it will last. Remedies What a court awards to a successful plaintiff for breach of contract is known as the remedy. In contract law, the sole purpose of the remedy is to adequately compensate for the breach. You cannot receive additional â€Å"punitive† damages to punish someone for breach of contract, as you might under a tort claim such as products liability. The same facts, however, might give rise to both kinds of claims, as when a party deliberately breaks a contract in order to harm the other party’s business. ) In most contracts cases, the remedy is a payment of money, known as damages. There are three main ways that courts may calculate the level of damages: †¢ Expectation is the preferred formula. Whenever possible, this is what courts will use. Expectation means that the plainti ff (who did not breach the contract) gets the â€Å"benefit of the bargain. † In other words, they receive compensation to put them in the position they would have been in, had the contract been performed.For example, if an airline enters into a futures contract to purchase jet fuel in one year at $4/gallon, and at the time of performance the fuel company breaches because the spot market price is now $7/gallon, the expectation remedy would be $3/gallon times the number of gallons. In other words, it is the difference between the market and contract price. That way, the airline can buy the fuel from someone else at the market price, and still get the benefit of the contract. Reliance is used when expectation damages cannot be calculated because the amounts are too uncertain, or there is some other reason not to give expectation damages.Under this formula, the plaintiff gets back any costs he or she has expected by relying on the contract, so they are no worse off than before t he agreement. Generally, this will be a smaller amount than the expectation remedy. Restitution is used in rare situations where even reliance damages are not feasible to determine. Under this formula, the defendant (who breached the contract) must give back whatever benefit he or she received from the plaintiff, even if this does not fully cover the plaintiff’s reliance.For example, if the plaintiff paid money to the defendant for some services, the defendant must give it back. †¢ †¢ Courts may also consider awarding incidental and consequential damages. These are other costs the plaintiff can demonstrate, which go beyond his or her expectation under the contract. For example, imagine a factory owner contracts for a $50,000 piece of machinery to power a production line, and LGST 612 (Prof. Werbach) Page 3 the supplier breaches the contract. It takes a month before the factory can obtain an equivalent machine from another supplier (also for $50,000).As a result, the factory loses one month of production, which produces financial losses of $500,000 and causes its customers to terminate future orders worth several million dollars. All those costs are considered consequential damages. Whether they can be recovered depends on how foreseeable they were, and on the terms of the contract itself. On the one hand, those are actual losses the plaintiff suffered; on the other hand, was it reasonable to think the defendant took on millions of dollars of potential liability when it sold a $50,000 machine?In limited situations, monetary damages are not sufficient to give the plaintiff an adequate remedy. In such cases, a court may order an injunction (forbidding the defendant from some course of action) or specific performance (affirmatively ordering the defendant to go through with the transaction). Specific performance is only available for unique objects, where the money to purchase a similar object is not considered sufficient. This includes things such as works of art and real estate. Breach Failing to follow through on the legal obligations of a contract is called a breach.A breach might mean one party totally ignored its contractual obligations, or that it failed to perform some of them (such as completing the contracted-for services within a specified time), or that it did so in an inadequate manner. Whether something constitutes a breach is a factual decision for the court. The decision may be easier if the contract itself specifies conditions for breach, or whether a failure to perform specific responsibilities constitutes a breach of the whole agreement.As mentioned above, breaching a contract is not the same thing as breaking a promise, because law and ethics are not identical. In particular, sometimes a breach is, economically at least, a good thing. Imagine that an architect contracts with a cabinetmaker for custom-designed built-in furniture in a renovated house. However, the owner of the house changes her mind before f inalizing her contract with the architect, and he loses the commission. The cabinetmaker has not yet started to manufacture the furniture.It would be wasteful to force the architect to go through with the contract, when he knows the cabinets will be useless. It is more efficient for the architect to breach the agreement. So long as the architect pays sufficient compensation to the cabinetmaker (voluntarily or in the form of monetary damages or a voluntary payment), there is nothing unethical in his breach. Contract Formation There are five required elements for a legally binding contract. In other words, a plaintiff suing for breach of contract must first show that all five were met. Then they must show the contract was breached, and they are entitled to a remedy. ) 1. 2. 3. 4. 5. Offer Acceptance Consideration Legality Capacity The first two requirements, offer and acceptance, are sometimes lumped together and called â€Å"mutual assent. † They are typically the most difficu lt and important elements to establish. LGST 612 (Prof. Werbach) Offer Page 4 An offer is a proposal that manifests intent to enter into a contract. It is distinguished from an invitation, which is merely a proposal to enter into negotiations and therefore not legally binding.The party that makes an offer is called the offeror and the party that receives it is called the offeree. For the offer to be valid, the offeror must: 1. Manifest the intent to enter into a contract 2. Be definite and certain regarding the essential terms of the proposed contract 3. Communicate the offer to the offeree Suppose you are at a used-car dealer's lot. You see a care you like with the price listed as $9,995. You ask the salesperson what he’d take for the car; he doesn't answer you, but responds by asking you what you would offer.If you then say, â€Å"I wouldn't pay the list price, but I might pay $8,000 if I could finance it,† have you made an offer? In considering questions of this typ e, courts will look to â€Å"objective† manifestations of intent. Would a reasonable (ordinary, average) person, listening to your conversation in context, think that you intended to bound into a contract if the salesperson accepted? Again, reasonable reliance is what the courts look to protect, so your subjective mental state, even if it could be reliably determined, is irrelevant. Courts do, however, consider the context.You might offer to purchase a candy bar simply by holding out a dollar bill to a cashier, but an offer to enter into a multi-million dollar merger agreement might require significantly greater formalities. Similarly, if it would be clear to a reasonable observer that a statement was made as a joke, or in a social setting that does not involve contractual obligations, such as a wedding invitation, there is no binding offer. All these, however, are factual questions that courts might assess by hearing witnesses, looking at evidence, and listening to experts.A cceptance An acceptance is the mirror of an offer. If the offeree (the one receiving the offer) objectively manifests intent to be bound, the other elements below are met, and the offer is still valid, a contract comes into being at that moment. Intent is evaluated the same way for acceptance as for the offer. For the acceptance, however, courts are more sensitive to situations where someone takes actions that indicate acceptance (such as signing a document), but does not in fact understand the obligations they are undertaking.In such cases, courts generally look to whether this is the sort of contract that is typically accepted in that manner, and whether the offeree had a reasonable opportunity to analyze the contract but chose not to. Many business-to-consumer agreements are so-called contracts of adhesion or form contracts, where the consumer has no real opportunity to negotiate the specific terms – think of a rental-car agreement – but acceptance is still generall y considered valid because there are other means to protect the consumers and the alternative would be extremely inefficient and cumbersome.There are four ways that an offer may no longer be valid: 1. The offeror may generally revoke the offer by communicating that to the other party at any moment before acceptance. 2. If the one receiving the offer rejects it, which includes making a counter-offer, the original offer is considered no longer binding. 3. After some reasonable period of time, determined by the court based on the context, offers lapse. You cannot walk into a used-car dealer and say you are accepting the list price of a car advertised two years before. 4. Death or incapacitation of an offeror generally cancels an offer.One exception to the rule about revocation of offers is the option contract. This is essentially a contract that binds only one party. For example, a property owner might grant a real estate investor LGST 612 (Prof. Werbach) Page 5 an option to purchase a building for $15 million within a period of 90 days. If the investor comes forward with the $15 million, the owner must sell the building. The investor, however, is under no obligation to do anything. (Options on stocks operate the same way; the price for the put or call is the payment for the option. ) Under U. S. aw, there must be a separate payment for holding open the option, even if it is specified in the same document as the purchase terms. In other words, in the real estate example, if the building owner promised to keep the offer open for 90 days, but received no compensation for that promise, it would technically be free to sell to someone else. In many other countries, a party that promises an option must keep it open for a reasonable period of time, even without payment. The acceptance must mirror the offer. That means the offeree must comply with any conditions the offeror placed on the offer.If, for example, the offer states that payment must be made in cash, or that t hose wishing to accept the offer must show up in person at a certain location, those conditions must be met for a valid acceptance. If the offeror does not specify, the offeree may use any reasonable means. This may even include actions rather than words. If I ask a friend to bring me a sandwich from the cafe downstairs, which I’ll pay for, and she immediately goes to purchase it without saying a word, her actions would likely be a sufficient manifestation of intent.As always, context matters. In a complex commercial negotiation, it may be reasonable to exchange numerous very specific drafts, which are not formally accepted until the final version is signed off on by senior executives. Consideration Consideration means that each party has committed to giving up something of value to induce the promise or action of the other party. It is the way the law distinguishes an enforceable contractual bargain from a gift. If someone promises to give you a gift, and then reneges on the promise, you cannot sue them for breach of contract.There was no contract to begin with, because you did not have to give anything up in return for the gift. In most contracts, consideration will be money in exchange for some goods or services. However, it can be anything of legal value, including property or voluntarily giving up a legal right to act in a certain way. In a famous case, a court held that an uncle’s promise to pay money to his nephew if the nephew gave up smoking and drinking was enforceable, because the nephew stopped doing something he was legally entitled to do. The consideration must, however, be needed to induce the promise.If your action or inaction wasn’t what motivated the other party, there is no consideration. The amount of consideration need not match the value of what the party receives in return. A contract to pay $100 for a computer worth $1,000 may be a bad deal, but it has sufficient consideration. The main question is whether there is something of value exchanged to demonstrate the agreement is not a gift. In business agreements, this sometimes means a recital (a contractual provision that simply states a fact) along the lines of, â€Å"in exchange for good and valuable onsideration of one dollar†¦Ã¢â‚¬  to ensure consideration is found. Legality Contracts that are made for an illegal purpose will not be enforceable in a court of law. An agreement with a hit man to kill a disfavored relative may meet all of the formalities of a contract, but it should be obvious that you could not sue him for failing to go through with it. More realistically, an agreement to engage in bribery or to restrain market competition in violation of antitrust laws would be unenforceable.Capacity All parties to a contract must have the legal capacity to enter into a binding agreement. In other words, they must have what the law considers sufficient mental fortitude to understand and commit to LGST 612 (Prof. Werbach) Page 6 the obl igations involved. Two main classes of people who do not have capacity are children and those under significant mental disability or impairment. Children are generally not allowed to become legally bound by contracts. (The specific age cutoff and other considerations vary from jurisdiction to jurisdiction. If an adult contracts with a child, the child can void the contract at will, but the adult is still bound if the child wishes to enforce the agreement. The other situations in which capacity becomes an issue are when a party either has a significant disability that prevents them from understanding contractual obligations, or they are too severely impaired by drugs, alcohol, or another factor. Capacity is judged objectively: would a reasonable observer think the party was in a state that made it impossible to express intent to contract?If so, the party at that moment lacks the legal capacity. It is important to note that capacity is not the same thing as capability or authority. A bank may not actually have the financial wherewithal to provide the financing that it contracts for, but this does not mean it is incapable of entering into any contract. If it fails to provide the financing that the other party reasonably relied on, it is in breach of contract, whether or not it actually has the resources needed to perform. Similarly, an agent may or may not have the legal authority to speak for a firm.If a sales representative (or someone claiming to be a sales representative) commits a company to an agreement with a customer that the company does not in fact wish to honor, that has no bearing on the legal capacity to contract. In that situation, the court must determine whether it is appropriate to bind the company. If the salesperson did not in fact have actual authority to sign off on such contracts, courts would look to whether it was reasonable for the customer to think that they did, especially without communicating with corporate headquarters.Whether a Cont ract Must be in Writing (â€Å"Statute of Frauds†) As mentioned above, there is no general requirement that contracts be in writing. It is generally a good idea to write contracts down, because that provides clear evidence of their existence and terms if they are ever breached. Fundamentally, though, an oral agreement, or an unsigned written agreement, is a valid contract, except in two broad cases. The first is when there is a statutory or regulatory requirement to put a certain agreement in writing. This is often the case, for example, with financial and healthcare agreements.The second is if the contract is under the statute of frauds. The Statute of Frauds was a 17th century English law that required some contracts to be in writing, because otherwise there would be too much risk of witnesses lying (the â€Å"fraud†) in their oral testimony in court. Today, the term refers mostly to common law principles that impose a writing requirement, plus provisions of certain modern statutes (such as the Uniform Commercial Code) that impose similar obligations. Saying that a contract is â€Å"under the statute of frauds† means that it has to be in writing.There are several categories of contracts that fall under the statute of frauds, including suretyship (promising to pay someone else’s debts) and contracts in consideration of marriage (such as prenuptial agreements). The three categories most likely to arise in a business context are: †¢ †¢ Sale of land. This also includes interests in land, such as a mortgage. Sales of goods worth $500 or more. Note that contracts for services, such as consulting or financial advice, are not covered under this provision. The $500 figure comes from the Uniform Commercial Code, and is an arbitrary figure, not pegged to inflation.LGST 612 (Prof. Werbach) Page 7 †¢ Promises not performable in one year. In other words, there is no way the contract could be successfully performed within a year. If the contract does not specify a term of longer than a year, and there is come conceivable scenario in which both parties would discharge their responsibilities before the end of the year, it need not be in writing. If a contract falls under the statute of frauds, a sufficient â€Å"writing† is a document that identifies the parties, describes the basic obligations of the contract, and is signed by the party to be charged.As with any written contract, if there are specific details not set out in the document, the court can interpret the language or fill in reasonable terms as necessary to enforce it. If, however, the writing is missing a material term – for example, the price in most sales contracts – it is not enforceable. Basically, the court needs enough information to determine a remedy. If the contract is not under the statute of frauds, the courts can look to other written evidence or oral testimony to find a material term. However, if the parties simply failed to agree on such an essential point, the contract is unenforceable.Note that when the statute of frauds applies, only one party is required to sign the agreement: the party who is being sued to enforce it (the defendant). The signature of the other party may still be useful to prove there was intent to enter into a binding agreement. Excuses to Performance In some circumstances, a party will not be held to an agreement, even when it met all the legal requirements for a valid contract. The most common excuses to performance are: Fraud. If one party induces a contract by lying to the other party, it is not enforceable even when the form of the contract is perfectly good.Duress. If a party felt it was forced to enter into a contract against its will, it can claim the contract is unenforceable due to duress. This means something more than a difficult situation or a tough negotiating partner on the other side. For example, if there is only one supplier for an important input with sufficient production capacity, buying from that supplier is not duress. There must generally be some misconduct, involving threats to engage in illegal conduct or breach other obligations, which convinces the other party it has no choice. Unconscionability.As noted above, a contract will not be considered unenforceable because it is unfair, or because there is unequal bargaining power (as is typically the case in business-to-consumer interactions). However, if one party has no reasonable opportunity to understand the obligations they are undertaking, or there are terms in the agreement so manifestly unfair that they â€Å"shock the conscience,† courts can declare specific provisions or whole contracts as unconscionable. This doctrine is successfully invoked infrequently, and then typically when there is unfairness in the process, rather than the substantive terms.Mutual mistake. If both parties were mistaken about the fundamental subject matter of the contract, such that th ey never truly had an agreement, the contract can be declared unenforceable. If the mistake is simply a bad business decision, such as an assumption that the price of a good will not increase substantially, it will not excuse performance. Impossibility/frustration of purpose. If circumstances change so dramatically that either a contract is effectively impossible to perform, or it would be pointless to complete it, courts can excuse performance.As with the other doctrines, courts will not release parties from their obligations if performance is merely more difficult or costly than they expected. – – – – LGST 612 (Prof. Werbach) Page 8 These excuses are considered by courts after the fact. In such situations, there is a contract, but there is no legal remedy for a breach. Sometimes, the result is merely to sever a problematic provision of the contract. For example, a contract may be enforceable minus the specific term the court considered unconscionable.Re covery Outside of Contract (â€Å"Promissory Estoppel†) Modern contract law makes it relatively easy for parties to enter into contracts, to specify the terms of those contracts, and to be excused from contractual obligations when fundamental fairness dictates. Consequently, the legal system generally focuses on whether the procedural obligations of contract law described above have been met, rather than on whether the outcome is just. After all, the parties were free to act differently, yet chose to structure their agreement in a certain way.Why should the courts interfere with their decisions? In a host of cases, this freedom-based view of contracts fails to account for reality. Inequalities in access to information or bargaining power may so warp the relationship between parties that the formal structure of an agreement may not actually reflect the intent of at least one of them. Or there may be significant public policy concerns, such as avoiding mistreatment of patients or retail investors, which counsel for heightened obligations beyond those of common-law contract doctrines.Another category cuts in the opposite direction. Sometimes the un-enforceability of an agreement is unfair. If one party reasonably relies on the other party, yet has no remedy because the agreement is unenforceable, it can create a situation in which the courts view themselves as parties to an injustice. The legal doctrine known as promissory estoppel arose to allow for recovery of damages in court, even when there is no enforceable contract between the parties.The Restatement (Second) of Contracts, a collection of â€Å"best practices† in contract law written by leading legal experts in the field, describes promissory estoppel as follows: â€Å"A promise which the promisor should reasonably expect to induce action or forbearance on the part of the promisee or a third person and which does induce such action or forbearance is binding if injustice can be avoided only b y enforcement of the promise. The remedy granted for breach may be limited as justice requires. † Most commonly this doctrine is invoked for charitable gifts.For example, imagine that a donor to Wharton promises the school $100 million for a new building bearing her name, the school builds the building in reliance on the gift, and the donor then reneges on the promise. There is no enforceable contract, because there is no consideration. (The school’s expenditure in building the building was a response to the promised gift; it is not what induced the promise, as required for consideration. ) In such a situation, if a court feels it would be an â€Å"injustice† that Wharton receives no compensation, it can award damages on a promissory estoppel theory.Courts have applied promissory estoppel in other situations where, because of some legal quirk, a party reasonably relies on a contract and yet has no adequate remedy. Note that promissory estoppel is a distinct legal claim, not a lawsuit based on a valid contract. One consequence is that damages are generally limited to reliance. In the donation example in the previous paragraph, this means that Wharton might recover the amount it spent on constructing the building, but not the full $100 million that was promised. And remember that the court can decline to award anything if it does not feel that an injustice has occurred.

Admission essay

I am a current student of Pasadena City College in California studying electrical engineering. I am a national of China and resident of United States of America for the past 2 years. I would like to apply for mathematics divisional wards in your university so that I can pursue a graduate program in mathematics after I complete my certificate program at this college. I hope to score grade B and above in the final examination. The courses I have undertaken include electrical technology, electrical power circuits’ generation and control, applied algebra, applied mathematics for electronics, principles of electrical verses electronics, programmable controls, electrical inspection and codes as well as engineering graphics. My interest in undertaking mathematics course in the University is because I intend to develop skills in physical science and engineering, skills in management science and skills in problem solving in engineering field as well as solving computing related problems. This will enable me to have critical thinking necessary to help me advance my career in the fields of actuarial science and management consulting. The courses I expect to broaden my knowledge in this area include differential calculus, linear and applied algebra, differential equations, projectory calculus, differential   integration, integration and infinite series, programming, microeconomic and macroeconomic theory, principles of economics, principles of accounting, analysis, probability theory, applied statistics and geometric series analysis. I hope to pursue further studies in applied mathematics in this university. The services provided by the university such as group discussions, availability of tutorial services, counseling, credit transfers, research opportunities, academic career advancement in system engineering and management science makes this university my ideal place to nurture my career goals. The university is also well equipped with other resources such as academic staff, housing, financial support, and diverse student population. It also has a good learning environment for all students. This is without the unique teaching dissemination of curriculum and extensive experience in teaching. The university also offers an international recognition that is well reputed worldwide. I am also an active participant in extra-curricular activities such as taekwondo, fitness, hockey, ice-skating and athletics. I have participated in fitness school competition and won several awards. I have also competed in taekwondo and won id different categories. I have participated in charity and community service within the community and back at home. I usually visit orphanages and volunteer donations such as foodstuffs and essential items to the orphans. My interest in this field has been due to the exposure I have received since my childhood where my parents live in the one of the largest industrial cities in China, Shanghai. I hope that when I graduate I will be able to get employment in one of the industries. I also intend to start my own firm that deals with management consultancy in actuarial science. During summer holidays I  Ã‚   have been worked in several engineering companies as electrical technician where I have done system installation of electrical equipments, worked as safety and electrical appliances maintenance in alternate energy sources. This exposure has helped to me expand my understanding and given me the urge to look for more knowledge and skills for future career. This will be achieved when I get the scholarship and admission to this university. I hope I will be able to acquire this valuable asset. REFERENCE Pasadena City College, Electrical engineering. Retrieved 23 April 2008, from http://mis.pasadena.edu/webcms/display_program.asp?program_id=28 University College Los Angeles. (2008). Graduate programs. Retrieved 23 April 2008, from   http://www.gdnet.ucla.edu/asis/infoserv/faq.html Admission Essay Doctor of Pharmacy Program at Massachusetts College of Pharmacy and Health SciencesThe Doctor of Pharmacy Program at the Massachusetts College of Pharmacy and Health Sciences produces dedicated and erudite pharmacists. Alumni of this college are not only expert practitioners of this intricate art, but are also skilled researchers. The faculty is comprised of some of the best academics and researchers in pharmacy in the world (Doctor of Pharmacy , 2007).This college utilizes the latest technologies, and this ensures that its students are familiar with the latest developments in pharmacy and communications. This is of immense benefit to students. They could become pharmacists; pharmacy administrators in a hospital or the government or pursue advanced studies in this fascinating field. Everyone is beset by doubts at some stage or the other in their academic life. The academic support of this college renders all possible assistance to students, in order to help them to perform at their p eak efficiency. This is one of the distinguishing features of this college, which makes it very attractive to the students (Doctor of Pharmacy , 2007).In the year 1630, Boston was granted the position of a town, by its development was such that by the year 1822, it was deemed to be a city. It constitutes New England’s cultural and economic centre. This city is one of the best educational centers in the world. It is replete with internationally famous institutions of higher learning. In addition, some of the best hospitals in the world are located in Boston.   (Visitors, About Boston, 2007).I was fortunate to make it to the US from Vietnam, when I was ten years old. This country and its inhabitants have been very kind to me. I owe much to this great country. On one occasion, my friend had to be admitted to a hospital, due to injuries sustained in an accident. I soon realized that his physical pain, trauma and danger of infection had been mitigated drastically by the drugs ad ministered to him. This incident served to enhance my fascination with the manner in which drugs affect the human body, in addition to revealing the extraordinarily beneficial effect of drugs, to me.My extent of my close association with medicines can be evaluated from the fact that despite adhering to a very busy schedule, in my day to day life, I actively participate in the activities of the PILS or the Pre-pharmacy Informational Learning Society and the AASA or the Asian American Student Association. Under the aegis of these dedicated institutions, I was fortunate to participate in a number of drugs distribution drives, organized by them. In addition, for the past three years, I have been employed as a pharmacist at a retail pharmacy. Thus I am no novice to drugs.I never rest satisfied with the general answer to a question. I always search for the full particulars about anything. This attitude will be of immense use to me in academics, as I will be eminently suited for research.I have always been involved with alleviating the trials and tribulations, brought on by ailments, of patients. I have paid close attention, both at home and outside, to the various medications that sick people imbibe, in order to obtain relief. I was extremely proficient at remembering the medication that people had taken for a particular disease. This interest increased over a period of time and it has become my life’s aim to excel in the field of pharmacy. My principal objective in life is to become a successful, competent and erudite pharmacist and this college’s exceptional pharmacy program will help me to realize this dream.ReferencesDoctor of Pharmacy . (2007). Retrieved January 23, 2008, from Massachusetts College of Pharmacy and Healt Sciences: http://www.mcphs.edu/academics/programs/pharmaceutical_sciences/accelerated_pharmd/Visitors, About Boston. (2007). Retrieved January 23, 2008, from City of Boston.gov: http://www.cityofboston.gov/visitors/about.asp Admission Essay There are several reasons why I would like to get hold of an Advanced Certificate in Health Care Management: my passion and dedication for my job, promotion/personal growth, willingness to learn more, I want to lead the organization someday, and because I may want to change careers someday.My primary motivation is my job. See, I am a caseworker of the Department of Health and Human Services. I love my job too much that I would like to further what I currently know to be able to better serve the families, children, other individuals that I am engaged with.The skills that I have, for instance, in: 1) communication, 2) statistical analysis, 3) research, 4) etc will be enhanced and polished as well through the aforementioned program.Second, I also want to the best in my chosen field and so I will strive hard and do everything to be in top shape. In relation to that, I also want to get promoted to a better position, which in turn will provide me with increased reparation. This of course w ill not only help me keep up with life, it will also help me assist my family to experience better life.Third has something to do with my attitude. I simply have the willingness to learn and I always crave for more and for something new. I want to learn new things. In fact, I have always been curious about health economics, long-term care, as well as, the business facets of managed care and I really look forward to going over those topics.Fourth, honestly I would also want to become a manager someday. If I obtain an Advanced Certificate in Health Care Management, I will have the necessary managerial training that will make be become effective as a manager in leading day to day operations especially when it comes to the demanding tasks of planning and budgeting.Last but not least, in case I would like to move on to another health-related career, then I can easily do that as well because an Advanced Certificate in Health Care Management entails sub-courses that help individuals like m e with various concentrations and needs.Reference* No reference will be provided for this because this entails personal statements. Admission essay I am a current student of Pasadena City College in California studying electrical engineering. I am a national of China and resident of United States of America for the past 2 years. I would like to apply for mathematics divisional wards in your university so that I can pursue a graduate program in mathematics after I complete my certificate program at this college. I hope to score grade B and above in the final examination. The courses I have undertaken include electrical technology, electrical power circuits’ generation and control, applied algebra, applied mathematics for electronics, principles of electrical verses electronics, programmable controls, electrical inspection and codes as well as engineering graphics. My interest in undertaking mathematics course in the University is because I intend to develop skills in physical science and engineering, skills in management science and skills in problem solving in engineering field as well as solving computing related problems. This will enable me to have critical thinking necessary to help me advance my career in the fields of actuarial science and management consulting. The courses I expect to broaden my knowledge in this area include differential calculus, linear and applied algebra, differential equations, projectory calculus, differential   integration, integration and infinite series, programming, microeconomic and macroeconomic theory, principles of economics, principles of accounting, analysis, probability theory, applied statistics and geometric series analysis. I hope to pursue further studies in applied mathematics in this university. The services provided by the university such as group discussions, availability of tutorial services, counseling, credit transfers, research opportunities, academic career advancement in system engineering and management science makes this university my ideal place to nurture my career goals. The university is also well equipped with other resources such as academic staff, housing, financial support, and diverse student population. It also has a good learning environment for all students. This is without the unique teaching dissemination of curriculum and extensive experience in teaching. The university also offers an international recognition that is well reputed worldwide. I am also an active participant in extra-curricular activities such as taekwondo, fitness, hockey, ice-skating and athletics. I have participated in fitness school competition and won several awards. I have also competed in taekwondo and won id different categories. I have participated in charity and community service within the community and back at home. I usually visit orphanages and volunteer donations such as foodstuffs and essential items to the orphans. My interest in this field has been due to the exposure I have received since my childhood where my parents live in the one of the largest industrial cities in China, Shanghai. I hope that when I graduate I will be able to get employment in one of the industries. I also intend to start my own firm that deals with management consultancy in actuarial science. During summer holidays I  Ã‚   have been worked in several engineering companies as electrical technician where I have done system installation of electrical equipments, worked as safety and electrical appliances maintenance in alternate energy sources. This exposure has helped to me expand my understanding and given me the urge to look for more knowledge and skills for future career. This will be achieved when I get the scholarship and admission to this university. I hope I will be able to acquire this valuable asset. REFERENCE Pasadena City College, Electrical engineering. Retrieved 23 April 2008, from http://mis.pasadena.edu/webcms/display_program.asp?program_id=28 University College Los Angeles. (2008). Graduate programs. Retrieved 23 April 2008, from   http://www.gdnet.ucla.edu/asis/infoserv/faq.html Admission Essay Doctor of Pharmacy Program at Massachusetts College of Pharmacy and Health SciencesThe Doctor of Pharmacy Program at the Massachusetts College of Pharmacy and Health Sciences produces dedicated and erudite pharmacists. Alumni of this college are not only expert practitioners of this intricate art, but are also skilled researchers. The faculty is comprised of some of the best academics and researchers in pharmacy in the world (Doctor of Pharmacy , 2007).This college utilizes the latest technologies, and this ensures that its students are familiar with the latest developments in pharmacy and communications. This is of immense benefit to students. They could become pharmacists; pharmacy administrators in a hospital or the government or pursue advanced studies in this fascinating field. Everyone is beset by doubts at some stage or the other in their academic life. The academic support of this college renders all possible assistance to students, in order to help them to perform at their p eak efficiency. This is one of the distinguishing features of this college, which makes it very attractive to the students (Doctor of Pharmacy , 2007).In the year 1630, Boston was granted the position of a town, by its development was such that by the year 1822, it was deemed to be a city. It constitutes New England’s cultural and economic centre. This city is one of the best educational centers in the world. It is replete with internationally famous institutions of higher learning. In addition, some of the best hospitals in the world are located in Boston.   (Visitors, About Boston, 2007).I was fortunate to make it to the US from Vietnam, when I was ten years old. This country and its inhabitants have been very kind to me. I owe much to this great country. On one occasion, my friend had to be admitted to a hospital, due to injuries sustained in an accident. I soon realized that his physical pain, trauma and danger of infection had been mitigated drastically by the drugs ad ministered to him. This incident served to enhance my fascination with the manner in which drugs affect the human body, in addition to revealing the extraordinarily beneficial effect of drugs, to me.My extent of my close association with medicines can be evaluated from the fact that despite adhering to a very busy schedule, in my day to day life, I actively participate in the activities of the PILS or the Pre-pharmacy Informational Learning Society and the AASA or the Asian American Student Association. Under the aegis of these dedicated institutions, I was fortunate to participate in a number of drugs distribution drives, organized by them. In addition, for the past three years, I have been employed as a pharmacist at a retail pharmacy. Thus I am no novice to drugs.I never rest satisfied with the general answer to a question. I always search for the full particulars about anything. This attitude will be of immense use to me in academics, as I will be eminently suited for research.I have always been involved with alleviating the trials and tribulations, brought on by ailments, of patients. I have paid close attention, both at home and outside, to the various medications that sick people imbibe, in order to obtain relief. I was extremely proficient at remembering the medication that people had taken for a particular disease. This interest increased over a period of time and it has become my life’s aim to excel in the field of pharmacy. My principal objective in life is to become a successful, competent and erudite pharmacist and this college’s exceptional pharmacy program will help me to realize this dream.ReferencesDoctor of Pharmacy . (2007). Retrieved January 23, 2008, from Massachusetts College of Pharmacy and Healt Sciences: http://www.mcphs.edu/academics/programs/pharmaceutical_sciences/accelerated_pharmd/Visitors, About Boston. (2007). Retrieved January 23, 2008, from City of Boston.gov: http://www.cityofboston.gov/visitors/about.asp

Does It Pay Off

Compare/ assess HSBC and Citi-corps IT strategies. Do they invest in IT primarily as a way of cutting costs and improving their operational efficiencies, or do they invest strategically with a view to entrench their competitive positions? As noted in the conclusion of the article written by the Asia Case Research Center and the University of Hong Kong HCBC and Citigroup have both developed into global financial institutions.Both organizations have heavily invested in Information Technology and, as is self-reported in both companies’ financial statements, both are committed to using IT to gain a competitive advantage. That is where the similarities end. When we examine the details it is obvious that although both firms have heavily invested in IT advancements the types of projects and overall approach are very different. Let us first look at HSBC. The Hong Kong and Shanghai Banking Corporation was founded by Thomas Southerland in 1865 with branches in London Shanghai, and San F rancisco.By the year 2007 the company had grown to have 9500 offices, 200,000 shareholders, 310,000 employees and over 125 million customers spanning 76 countries. HSBC built their business based on the philosophy of managing for value from 1998 through 2003 with the objective of providing a satisfactory return on shareholder capital. One of the primary ways HSBC attempted to accomplish this strategy was through its approach to leveraging technology.An example of the company’s technology strategy is found in a statement which was part of the company’s 1996 annual report. In this report the company described its IT policy as a strategy based on harnessing the power of new technology to provide new and better services for their customers while simultaneously improving the banks operational efficiencies. Then stated the challenge they saw as a global financial services organization factored highly around their ability to link different parts of the group more closely toge ther.As one progress’s further into the details of HSBC’s information technology approach numerous examples of this 1996 strategy are apparent in the organizations approach to the use of information technology. HSBC’s history appears dotted with instances of the development of ground breaking Independent systems, outsourcing to save costs, and acquisitions of emerging technologies. Despite the hefty price tag the company remained focused on providing innovate value added products and services to both current and prospective customers. Outsourcing is one key to the operational efficiency approach mentioned in its 1996 annual report.HSBC opened its first offshore processing center in China in 1996 and by 2007 had more than 18,000 employees across Asia spanning ten (10) Asian countries. HSBC estimated that by transferring its back office processing to India and China it saved the organization approximately 30 million U. S dollars annually. Further savings were real ized in 2003 when the bank merged and consolidated HSBC and HSBC Finance’s technology service teams later leading to the offshoring of the HSBC Group Service Center creating another 67 million in annual savings.In total HSBC claims that offshoring provides the bank an estimated cost savings of over 100 million U. S dollars annually. Meanwhile HSBC took on more IT staff to support service improvement projects and online banking. Heavily investing in platforms and applications designed to extend or streamline the online process HSBC fully embraced ecommerce. Beginning in 1998 with their successful Y2K testing and implementation HSBC heavily invested in the internet as a means of reaching new customers and deepening current customer relationships.Some of the projects were internally innovated however, most were a product of strategic acquisitions and/or partnerships with other organizations HSBC is very focused on innovation the company has used its innovative focus to successfu lly leverage the power of the internet to reach customers around the world. To create the world’s most inclusive efficient internet portal the company has worked with several different organizations that could assist in furthering its digital capabilities Some examples of these partnerships are:.Working with Compaq to design an internet payment gateway, partnering with HTK to enable merchants to set up online store fronts, working with MasterCard to develop and launch Asia’s first electronic wallet, cooperating with IBM to develop multichannel banking services, teaming up with Sky digital satellite to launch the UK’s first television banking system, and finally a joint venture with Merrill Lynch to introduce online brokerage services. At the same time the bank was partnering with multiple organizations developing several technology offerings things were also being innovated internally.HSBC developed and delivered many value added products and services like launc hing mobile banking and secure net payments for merchants in 1999, the creation of Ibusinesscorporation. com and HSBC. com. HSBC. com which was designed to create a common presentation of all HSBC’s services at any time anywhere to any of its customers was the crown jewel of the technology strategy. Overall the company dedicated a large percentage of its IT budget time and focus on the development, expansion, functionality and inclusiveness of creating a comprehensive online presence.HSBC spent 164 million dollars on the website hsbc. com in 2001 alone. The internet strategy seemed to pay off for HSBC creating large gains in number of customers and transactions. Overall gains were seen in commercial and consumer banking with increases in customer numbers in both divisions. Overall the bank saw its customer number increase 24% with online transactions increasing a whopping 116%. however this massive push online left the company with 26 websites and over 1. 1 billion dollars in expenses.In contrast to the HSBC’s strategies for utilization of IT recourses Citicorp followed the diversified financial services model built on the belief that different financial service products should be conglomerated to balance earnings and to create less earnings volatility. The company believed it was more cost effective to cross sell financial products in one go than to sell them separately. Different than the wide corporate structure found within HSBC Citicorp only consists of three major business groups all primarily supported by standard corporate infrastructure. While both banks focused on lobal growth HSBC focused on innovation and leveraging the internet to reach current and potential customers Citi corps approach was that of growth, commonality, and local control. Unlike HSBC, Citigroup took an integrated approach to its IT governance worldwide. By using a combination of packaged and customized software to develop group wide platforms Citigroup enhanced the s trength of its extensive international branch network to facilitate knowledge exchange across borders. Since IT projects at Citi were often initiated with a local business unit typically they were designed with local solutions in mind.The only truly global requirement placed on the innovating branch were that the local system be capable of effectively and efficiently being linked with Citi groups existing system and that security arrangements could be made. The key for Citi was the consistent platform and the ability to share knowledge across space not necessarily that it was internet driven and deployable to the whole world. Also in stark contrast to the HSBC strategy of cost savings through outsourcing, Citigroup pursued IT outsourcing only in a very limited way and not for strategic initiatives.While HSBC was building strategic initiatives with numerous external companies Citigroup took on projects like the 750 million dollar project in the 90’s to integrate the banks 60,0 00 personal computer and 2,000 LAN’s worldwide into a common global network and system infrastructure. The power of its integrated technology platform would later be demonstrated by the rapid integration of the 750 branch CitiFinancial system By 2000 Citigroup had leveraged its strong common technology platform and its international branch presence to launch its own online presence, Citi on the net.Directly related to their standard technology and growth platforms by the end of the year 2000 Citigroup had over 800 million online accounts in an effort to deliver convenience and value to its clients. Citigroup created new internet units including e-commerce, e-business, and e-capital markets to empower the existing business lines while simultaneously creating an internet operating group to drive the corporate internet strategy and again use it to coordinate efforts across divisions. By 2002 Citi on the net had been replaced by â€Å"my citi. om† providing the platform ne cessary to allow the bank the ability to make online banking available in over 90 countries ultimately leading to processing over 39 million transactions around the world in rout to being named â€Å"best of the web 2003† The banking giants internally driven internet strategy seemed to culminate with the launch of Citibank direct in 2006 and nearly 10 billion dollars in deposits. Overall in my perception of the IT strategies of both Citi and HSBC their direction of IT investment does not appear to fit into one black or white strategy however appears more likely to exist on a continuum.I believe there are examples of both HSBC and CITI investing in IT as a way of cutting costs and improving their operational efficiencies. With HSBC one example of this is outsourcing. With regard to Citi one example is the focus on standard systems providing local solutions. Additionally, I believe both organizations also used technology effectively as strategies to entrench their competitive p ositions. HSBC as a platform to cost effectively expand its global reach without the costly build-out of constructing an extensive global brick and mortar branch network through the use of the internet.In contrast, for CITI to be able to provide local solutions by leveraging its global knowledge, services, and offerings to provide value added products and services to current and prospective clients. In closing not addressed directly in the article but appears to be relevant as I look at the different IT approaches taken by both Citi and HSBC is where they started. Both companies come from different backgrounds created in different environments for the purpose of serving different clients.Although eventually their worlds collided their roots seems quite different. I can’t help but wonder, to what degree were the different approach to types and amounts of investment in IT between the two global banking giants has to be attributed to (1) Different business strategy’s with each company recognizing its own path of least resistance to accomplish their organizations goals. (2) The best way to leverage the current asset base of each individual organization. 2. In your assessment, which one of the companies do you think was cleverer in its IT investments?Both organizations appear to have shown the ability to differentiate one’s organization through the use of technology when technology that can complement their overall business strategy comes available. For Citibank this availability arose through an increase in recourses by the organization; conversely, for HSBC through technological advancements made in the market place. My perception is that both companies utilized IT investments like a vehicle, to get from where they were to where they wanted to be.The numbers provided in the back of this report show the companies are strikingly similar in many ways despite their very different beginnings and historical decisions regarding investment in IT. Fiv e factors compared n the report are compiled below that both demonstrate their striking similarity but also provide clues to who at least for now is winning the battle for global banking clients. Category(2006)| Citi-Bank| HSBC| Leader| #of Employees| 325,000| 312,000| Citi-Bank| IT expenditures| 3762| 4810| Citibank| Net-Profit| 21538| 16358| Citi-Bank| Total Assets| 1,884,318| 1,712,627| Citi-Bank|Market Capitalization| 269. 1| 212| Citi-Bank| | ROA| 1. 14%| 0. 96%| By doing some basic calculations using the numbers above it is easy to see that as of the time of this report the company with the best history of performance was clearly Citi-Bank. Although total assets and number of employees are strikingly similar the difference in the organizations is clearly found in three areas. Net profit, IT expenditure’s, and market capitalization. ROA for HSBC is . 96% which signifies it is destroying shareholder capital by losing 4 cents for every dollar invested.Conversely, Citi-Bank with an ROA of 1. 14% is creating value by transforming every 1$ invested in the company into 1. 14 cents providing a 14% return annually. Another metric not common in finance but appears pertinent here would be an employee to IT expenditure’s ratio where HSBC spent $15,416. 67 per employee and Citi-Bank spent $11,575. 38. The second ratio that appears to point to an adjusted IT strategy for HSBC is a total asset to IT expenditure ratio in which again HSBC spends 28% of its total assets on. IT where Citibank again has a better ratio at 20% of its total assets.Neither of these last two ratios is very common but both appear to be where HSBC could attempt to close the Gap in financial performance between the two companies. Finally of note needs to be the difference in market cap Assuming both companies have a fairly equal amount of issued common equity the fact that Citi-Banks market cap is 57 billion dollars higher that HSBC demonstrates to me that when the marginal investor c ompares the perceived future performance comparing both companies current business plan investors believe with more confidence that Citi-Bank will generate I higher return on investment and stronger cash flows than will HSBC.Despite HSBC’s efforts to cut costs be on the forefront of banking innovation Citicorp clearly was able to leverage its vast global network of fixed assets in a standardized approach more successfully than HSBC was able to leverage the internet to increase its profitability through global expansion. In closing I again wonder if part of the increased performance Citicorp sees beyond that which is seen by HSBC is related to cultural bias Simple current consumer preference in the majority of the cultures in which both firms operate.In conclusion, the writer would like to briefly mention potential factors that came to mind while reading this article. Thinking outside the numbers part of me believes that although trends are less prevalent than they have been f or generations past, several groups of people, are particularly fond of being able to bank at a physical location. Some don’t believe in banking at all. Like the trail that amazon is blazing in the online retail market place online banking platforms are different than most people are used to.Change is often strange and sometimes difficult but if HSBC’s IT strategy is ever to pay off it must hope like amazon that as time passes if more people become comfortable with the idea of online banking their model may thrive. However, until that time unless it were to drastically change its business model and begin to invest in a global network of physical bank branches HSBC’s best strategy may be to stay the course of investing in driving customers more towards the feeling of convenience than perceived safety.