LAW 122 Chapter Notes - Chapter 11: Cheque, Condition Subsequent, Debit Card

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28 Feb 2018

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A contract is discharged when the parties are relieved of the need to do anything more under the contract. Performance: occurs when the parties fulfill all the obligations contained in the contract. In some situations, however, time is of the essence. If so, late performance can be refused, and if that happens, the contract will not be discharged by performance. The method of tendering payment must be reasonable. It cannot occur at an inconvenient time or under inconvenient circumstances: unless a contract says otherwise, a creditor can insist on receiving legal tender a payment of notes (bills) and coins to a certain value. Consequently, a creditor generally does not have to accept payment by way of a cheque or electronic debit. Nor does it have to accept payment from a disgruntled customer who tries to pay with an enormous bag of pennies. Advantage: it is absolute; recipient of money has nothing more to do.

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Plastic Co Pte Ltd (‘Plastico’) is a Fiji company. The company has issued and paid up capital of $250,000 held in equal parts by two brothers. The company’s business involves making plastic products for the local market.

The brothers are planning to emigrate to New Zealand and wish to sell the company. An agreement in principle is reached for X to buy the company for $1 million. This is a cash sale.

Presume that you are wealthy and a longtime friend of X.

X comes to see you. She explains that she has in hand $800,000 (from her own savings and bank financing) and is short $200,000 to close the deal. X wants you to loan her $200,000. X has two specific proposals as follows.

Proposal One

Plastico is an old company. When founded it established its factory on the outskirts of Suva. Since that time Suva has grown and spread with the consequence that the land on which the factory stands is today much more valuable than when the factory was built. X has had the land valued at $300,000.

X has found alternative factory premises on the outskirts of modern Suva that would be suitable for the company. These premises are for sale for $100,000.

X proposes that you lend her $200,000 for four months only. X will acquire Plastico. The company’s new directors, X and her husband, will have Plastico sell its current factory and relocate to the premises already identified. The relocation will provide net cash of $200,000. Plastico will then pay a dividend of $200,000. X will use the distribution to repay your loan.

Proposal Two

X proposes that you lend her $200,000. This will be a longer term loan of say 6 years to be paid down incrementally over the life of the loan. Plastico will retain its present factory premises. As security for the loan, Plastico’s new directors, X and her husband, will have Plastico grant you a first mortgage over the current factory premises. Given the valuation placed on the premises the loan will be almost risk free.

Further details of both proposals provide an attractive return for you on the financing.

Required:
Consider each proposal separately and in turn.
Does the proposal offend any of the capital maintenance rules?

[Note ‘agreement in principle’ refers to a situation where two parties have agreed on all the terms of a deal (i.e. contract) but have not yet formally committed to the deal. In this story the parties (X and the two brothers) will only sign the contact document detailing the agreement when X has lined up the required cash of $1 million.]

amethystpug972

Correlation Between Human Body And Mind

Each affects the other, but it's much more complicated, above and below.

We tend to think of physical health as the physical fitness of the body. Physical health begins with genetics and nutrition, which feed the health of your cells and tissues, which create the health of your bodily organs, including your brain, and your bodily systems, including the sensory and another system of your body and brain.

Above the level of the physical brain, we have the mind, the 'thinking part' of the brain, and the thought patterns we encourage and discourage in our day-to-day living. The mind and the brain also give rise to your spirits, happy, sad, excited, elated, depressed, etc. And your mind interacts with other people around you, in your communities. This illustrates the hierarchy of life, and the hierarchy of healthcare: genetics, nutrients, cells, tissues organs, bodily systems, body, minds, spirits, and communities.

Every layer affects every other layer. You can eat foods that depress or excite your spirits. Some people are genetically happy most of the time. Others are genetically more somber. If your communities, the people you spend your time with are innovative, adventurous, you will become more innovative and adventurous, perhaps more risk-taking. If your community is more caring and sharing, your mental health will be more aligned to caring and sharing. If your brain loses oxytocin, due to a systemic or dietary problem, or a hereditary factor, you will be less sharing and caring.

So, When you improve your physical health, you tend to improve every layer in the hierarchy. And when you improve any layer in the hierarchy, you improve your mental health. If you improve your physical health, by working with your communities, there are more benefits. If you improve your physical health by eating a better diet, there are more benefits.

If you or your family member is suffering from a disease, you should get a medical bracelets. If they will be wearing a medical bracelet you will have peace of mind and will be able to focus on your work. In case of any medical emergency, it will alert the relevant team and share all the details regarding medical history. You can mention your contact number as an emergency contact number, so if anything happens they will contact you immediately.

An example of physical health impacts mental health is this that when we eat more junk food we tend to feel unnecessarily bored. Our mood changed frequently. We feel down. And when you do proper exercise and have good food you feel so much energy throughout the day.

So this is how physical and mental health is interrelated. So you should learn from your own experiences. When you do certain things you will get certain types of results, so accordingly change the cause if you don’t like the result.

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Why Elderly People Are More Vulnerable To Diseases

As we age so do our cells and the body organs (they do not function in the same way as they used to). The cells that have kept you active and strong in your 20s are not the same as at the age of 70s or 80s.

Furthermore, the immune system of the body is affected as the cells of the immune system are not functioning in the same way as they used to when you were active. In your 20s or 30s, you are more active and involved in various activities which are helpful and give a boost to your immunity and we know from research that regular exercise has a huge impact on the immune system.

So at that age, your immune system was more active and as you got older we don’t do the things you did during a young age so the immunity is reduced and therefore you are more susceptible to more infections.

Medical alert bracelets are very beneficial for Various medical conditions in elderly people and it is recommended for them to wear them 24/7. You can keep your loved ones with you instead of taking them to the retirement home.

You don’t have to worry about you being there with them all the time as Medical ID bracelets and some precautions can resolve all those issues.

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LAW 122 Chapter Notes - Chapter 11: Cheque, Condition Subsequent, Debit Card

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