Business Law Assignment Example | Topics and Well Written Essays - 1000 words - 4

Business Law - Assignment Example If so, what was the condition of the offer and who was to claim it? It has always been assumed that a notice like that goes all the way to the world and anybody can claim it so long as the terms are met. This is similar to the case of Carlill and Carbolic Smoke Ball Company (1893) 1 QB256. The claimant after meeting all the conditions put fore by Carbolic Smoke Ball Company was being denied the claim by the company. This attracted the intervention of the court which rewarded her claim. According to the law of contracts, an offer is simply an expression of willingness and ability to contract on given specific terms. It can be written oral or both. The offer can also be unilateral or bilateral, the latter mostly being in commercial businesses. In the case of Leila vs. Julie, the offer was unilateral since the former had in one of the dailies, printed a notice of the same targeting the whole public (Bouvier, 1856). The clear message was that whoever came across and returned the gold locket and the chain previously lost was to be rewarded $ 50. In a unilateral contract, once the offeror makes a promise in exchange of an act by another person, if this other person acts on the offerer’s promise then the latter is obligated to fulfill the promise (Austen-Baker, 2002). The ideal condition is that the information about the reward must have been in the knowledge of the offferee before presenting his actions. In this case, Julie was knowledgeable of the information about the reward for the return made by Leila. Whichever form of communication/ notification she chose, it was within the context. According to the notice, the offerer gave her address as well as her number meaning you could choose any to communicate and Julie happened to choose the physical contact. In my opinion, she qualified to be rewarded as the contract was binding. However, it should be noted that just like the case of (Household fire and carriage accident Insurance

Unemployment and its Effect on Consumer Spending Term Paper

Unemployment and its Effect on Consumer Spending - Term Paper Example Unemployment and its effect on Consumer Spending Unemployment has been a major issue that has been prevailing in every country’s economy since the global economic recession hit the world during the year 2007.This is calculated by the dividing the total number of unemployed population with that of the employed ones in the country. Unemployment within a country can bring upon many different negative issues within an economy and this could further deteriorate the country’s performance. Consumer spending is an issue that is considered to have an inverse relationship with unemployment. This relation can be graphically presented as follows: Consumer spending is the total aggregate demand of goods and services within an economy. Consumer spending, in simpler terms, can be referred to as the expenditure made by an individual. Consumer spending usually gets affected by different factors prevailing within an economy. There are many different factors that can vary the level of consumer spending. Unemployment has brought upon sev ere effects on consumer spending within the entire world. An increase in the level of unemployment was seen when the recession hit within the 2007, although this recession is considered to be the second recession within the same decade i.e. 2000 – 2010, it had severe negative effects. The reason that the 1st recession was less damaging was because during that period i.e. 2001-2002, people carried out their respective expenditure trends because they availed the mortgage facility. On the other hand, consumer spending was severely affected during the second recession period i.e. 2007.... Although the Bureau of Labor Statistics within the United States showed a reduction in the unemployment rate i.e. a fall of 0.4%, people still find it really difficult to find jobs within the country. According to many different commentators, the figures provided by the Bureau of Labor Statistics do not prove to be closer to reality. According to these commentators, an average unemployed worker approximately needs 33 weeks to find a job for himself. Such fall back and deteriorating facts contrast the figures provided by the Bureau of Labor Statistics and it is for this reason that many commentators have considered it to be bias (Jacob, 2011). The recent unemployment rate within the United States can be graphically shown as below (WSJ, 2012) This increase in the rate of unemployment has led to a reduction in the consumer spending level within the United States. Unemployment and consumer spending have contrasting issues i.e. they are inversely proportional. An increase in the level of unemployment would definitely reduce the level of consumer spending within an economy. Consumer spending is a necessary element that is required to stimulate an economy and it is for this reason, many governments try to put in proper monetary and fiscal policies that may increase consumer spending in order to reduce inflation and maintain other economic factors within a country. The United States consumer spending level has not been pleasing during the past few years. According to the US Commerce Department, the consumer spending has risen by just a minute 0.1%. This increase has been considered to be really low as opposed to the predictions made by the US Commerce department. The United States