What Makes You Happy Philosophy Essay

What Makes You Happy Philosophy Essay Happiness is being content with what you have in your life. It comes down to two different types of contentment. The first type is a materialistic happiness that comes from objects such as food, money, clothes, cars, technology and everything else that that physically exists in this world and is an object of desire. The second type of happiness is a much more spiritual view; it is a natural happiness. It is achieved from being at peace or from reaching a state of inner contentment. It is in my belief that through a balance of these two sources of happiness that only true happiness can be found. The fourteenth Dalai Lama Tenzin Gyatso speaks of happiness in much the same way. When asked by Howard Cutler to speak about desire, the Dalai Lama replies, I think there are two kinds of desire (Cutler 1000). The Dalai Lama says of the material desire I previously identified: à ¢Ã¢â€š ¬Ã‚ ¦I think that this kind of excessive desire leads to greed-an exaggerated form of desire, based on over expectation. He goes on to say, When it comes to dealing with greed, one thing that is quite characteristic is that although it arrives by the desire to obtain something, it is not satisfied by obtaining (Cutler 1001). I completely agree with him on this point, that material desire can become excessive and lead to insatiable greed. However, it is my belief that happiness comes from fulfilling desire, which is, in part, fulfilling superficial material desire. But that is not all that constitutes happiness. As the Dalai Lama says, The true antidote of greed is contentment. If you have a strong sen se of contentment, it doesnt matter whether you obtain the object or not; either way, you are still content (Cutler 1002). This kind of inner contentment comes about through the second type of happiness I spoke of, the spiritual or natural happiness. Natural happiness or inner contentment is a rather difficult thing to explain, as it is a very abstract idea. Inner contentment cannot be found through material things. It comes from oneself, from one making peace with what they have and understanding that they cannot have everything. Howard Cutler, the Dalai Lamas companion, asks à ¢Ã¢â€š ¬Ã‚ ¦How can we achieve inner contentment? There are two methods. One method is to obtain everything we want and desireà ¢Ã¢â€š ¬Ã‚ ¦ The second, and more reliable, method is not to have what we want but rather to want and appreciate what we have (Cutler 1002). It would seem that Cutler, the Dalai Lama, and I share many of the same views. Inner contentment itself comes from making peace with what we already have, moving past the desire of wanting material things. However, it should be made clear that we are discussing happiness, not contentment. Contentment, inner contentment, certainly comes from achieving a peace with what one has and accepting that one cant have everything. But that is only contentment. True happiness comes from a balance of both contentment and desire. It comes from striking a balance between the two methods of achieving inner contentment. But this is only one persons happiness. Philosophers such as Epictetus would argue that happiness does not come about through these methods. Epictetus taught that: The goal of life is happiness or flourishing life. The way to achieve this condition is to understand the nature of the good (Barnet and Bedau 995). He argued that The only true good is virtue. Yes, wealth can be useful, but it is not good or badà ¢Ã¢â€š ¬Ã‚ ¦ Povertyà ¢Ã¢â€š ¬Ã‚ ¦ is not bad but is morally indifferent (just as wealth is morally indifferent)à ¢Ã¢â€š ¬Ã‚ ¦ The life that is happy or fruitful is the virtuous life (Barnet and Bedau 995). Epictetus was likely speaking about happiness as a whole or happiness for the greater good. One persons happiness may not be the same as anothers, but I agree with Epictetus that happiness comes about through living a virtuous life. I would call this version of happiness a worldly contentment. This is, of course, different from the inner contentment previously discussed. Daniel Gilbert adds onto this idea of contentment. In his essay Does Fatherhood Make You Happy? he explains that having children generally makes a parent happy. Psychologists have measured how people feel as they go about their daily activities, and have found that people are less happy when they are interacting with their children than when they are eating, exercising, shopping or watching television (Gilbert 985). He starts off by stating how studies have shown that parents become less happy when they have children around them and how they would rather be spending time doing other things to make them happy, but later counters this idea with his reasons from personal experience. First, when something makes us happy we are willing to pay a lot for it, which is why the worst Belgian chocolate is more expensive than the best Belgian tofu. But that process can work in reverse: when we pay a lot for something, we assume it makes us happy, which is why we swear to the wonders of bottled water and Armani socks (Gilbert 985). Gilbert brings toward a materialistic view very similar to the Dalai Lamas. We are willing to sacrifice for material wants and desires but only true happiness lies in contentment. Gilbert compares children to heroin, while it may seem irrational his points are made clear. Children give parents a feeling of pleasure that makes them forget everything else around them. The analogy to children is all too clear. Even if their company were an unremitting pleasure, the fact that they require so much company means that other sources of pleasure will all but disappear (Gilbert 986). I interpret this as another form of contentment. Because of how satisfying it is to have children, it makes a parent content that they dont need anything else. Lewis suggests a countercultural idea, that we actually have no right to happiness. There are some people who truly believe that happiness is a right that is supposed to be given out from the government like any other right. While in reality this may be true to some extent, we have the right to pursue happiness more so than the right to happiness. Every person is provided with the opportunity and resources to do so. Similarly with other rights there are some boundaries. If we establish a right to (sexual) happiness which supersedes all the ordinary rules of behavior, we do so not because of what our passion shows itself to be in experience but because of what it professes to be while we are in the grip of it (Lewis 1006). Lewis would say that pursuing happiness is alright as long as you are within legal and moral laws. In other words, living a good life is a means to pursue happiness. Thus the question of what is happiness can be defined in multiple ways. For one person, it is through achieving a state of inner contentment through finding a balance between material desire of what one does not have and a desire of what one already has. In the context of worldly or societal happiness, happiness is found through living a life of virtue and thus being fulfilled, or finding contentment, in that manner. Happiness is all of these things. Happiness, however, isnt a destination to reach. Its a perception, a mindset. There are those that believe that people are born with this mindset. There are others who believe that each of us can achieve this perception merely by redirecting our thoughts. Both are true. Sometimes it takes a really stressful event to make us realize how grateful we are for what we have rather than desiring what we dont have. The secret to happiness is contentment; a still point of realization that happiness is found within, not through external measures and possessions. Contentment is more than being grateful for the small things in life, it is being grateful for simply being. Contentment is a song the heart sings in the quiet moments of the day. Can you hear it?

Canals :: essays research papers

Explain changes that took place in Canals during 1750 – 1900 Water transport was a lot quicker than road transport, the only problem was that rivers meandered and flooded, some places were too shallow for boats to go through. A lot of trade was done by sea, coal mainly came to London by sea. Before 1750 improvement schemes were planned but the rivers still flooded travelling by land with goods ment they would get damaged and broken. IN the 18th century the main rivers were; The River Themes, Dee, Trent, Severn, and Humber. Here is a table of when the canals opened: <table border="1"> NAME AND LOCATIONLENGTH (KM/MI)YEAR OPENEDBaltic-White Sea, Russia226.91 / 141.001933Suez, Egypt162.13 / 100.761869Albert, Belgium130.36 / 81.001939Moscow, Russia128.75 / 80.001937Nord-Ostsee, Germany96.56 / 60.001895Gà ¶ta, Sweden86.91 / 54.001832Panama, Panama81.63 / 50.721914Houston Ship Channel, United States80.47 / 50.001914Amsterdam-Rhine, Netherlands62.76 / 39.001952Manchester Ship Canal, England57.13 / 35.501894Chicago Sanitary and Ship, United States48.28 / 30.001900Welland Ship, Canada*44.42 / 27.601932Juliana, Netherlands33.80 / 21.001934Chesapeake-Delaware, United States30.58 / 19.001829North Sea-Amsterdam, Netherlands28.97 / 18.001876Cape Cod, United States28.16 / 17.501914Kronshtadt-Leningrad, Russia27.36 / 17.001885Lake Washington Ship, United States12.88 / 8.001916New Orleans Industrial, United States9.66 / 6.001923Sault Sainte Marie (N.), United States2.57 / 1.601919Sault Sainte Marie, Canada2.09 / 1.301895 * Reconstructed from the old Welland Canal, which was originally completed in 1833. In 1757 the first canal was built, it was called Sankey Cut, it went from St. Hellans to the river Mersy to let barges carry coal from Lancastershire mines to Liverpool. The Duke of Bridgewater built a canal to get coal from his colliery in Worsley to Manchester, a few km away. He employed an engineer (James Brindley) to do so. The Duke made a profit of  £100,000 a year. James Brindleys most famouse canal was the Grand Trunk canal, it links the river Trent to the river mersy and runs through potteries, it was finished in 1777. By 1790, a canal network linked four major ports; Bristol, Liverpool, Hull and London. Enthusiasm continued in the 1790’s so canals were built in rural areas and never made very much profit from them, even if they did benefit people who live near them. Between 1760 and 1840 almost 6,500 km of canal had been built.Some people converted their barges to carry animals to market. From 1774 and comfortable passenger service ran from Altrichham to Manchester. Businessmen hired people like James Brindly, Thomas Telford and William Jessop to build canals to raise the money they set up campaigns.

Stages Essay -- Essays Papers

Stages Richard Wright's Native Son provides us with an exemplary example of the way the black race was conditioned in the 1930's. He does this by telling us about an adult black male named Bigger Thomas. Wright titles each book in the novel the way he does to give insight into the various actions and feelings of Bigger. Book one is entitled Fear. It provides us with an explanation of why Bigger is afraid to do many things that he has a chance to do. Wright explains that Bigger is afraid because he is conditioned by white society to act this way. In Fear, Wright shows us that in actuality, Bigger is afraid to rob Blum's store. Bigger tries to mask his fear by implying that Gus is the one who is scared. They are shooting a game of pool when he asks Gus if he still wants to do the job. When Gus says no Bigger replies, "How come? You scared ‘cause he's a white man?" When Gus retaliates, Bigger tries to accuse Jack and G.H. He makes the statement, "Cause he's white, everybody's scared." Wright emphasizes bigger's fear again when he arrives at the Dalton's. Bigger is scared because he thinks that someone will believe that he is trying to rob or rape somebody. Bigger feels that he should have stayed among his own people in order to escape the feeling of fear that he has in his heart. On ce again Wright emphasizes the title. He does this when Jan and Mary ask Bigger to eat with them. Bigger stutterers, "I-I . . . . I don't want to go in." With this statement Bigger shows how much he fears the white race. In this book of Native Son Bigger proves that his heart is full of fear when he burns Mary's body to prevent anyone from blaming her so called "disappearance" on him. It is clear that Wright entitled book one Fear to emphasize why bigger's heart is full of fear and what he does to cope with this fear. Book two of Wright's Native Son is entitled Flight. Like Fear, Flight also has a specific meaning. Flight begins with Bigger at his home asleep. He leaps from bed with thoughts of how he killed Mary Dalton flooding his mind. He begins to think that he can do what he wants and not get caught. After killing Mary, bigger begins to thirst for more. When he returns to the Dalton's he wonders if he will have to kill Peggy. He thinks that she might accidentally see parts of Mary's body in the furnace. Bessie inadvertently gives him an i... ...ming, "You can't make me do nothing but die!" Bigger believes that he has no reason to live. After a long heart felt talk with Max, Bigger realizes that he really wants to live, not die. He sobs, "I don't want to die, I don't want to die." The trial is now over and his fate has been determined. "In Number 666-983, indictment for murder, the sentence, of the Court is that you, bigger Thomas, shall die on or before midnight of Friday, March third, in a manner prescribed by the laws of this state." It is clear to see that Wright entitled book three fate to emphasize the fact that Bigger's fate lies in the hands of the people that put such extreme amounts of fear into his heart. So, in conclusion, Richard Wright entitles each book in his novel Native Son for a specific reason. He gives book one the title Fear in order to provide insight into why bigger's heart is full of fear and how he copes with his fear. Wright titles book two Flight in order to emphasize how Bigger becomes hungry for more and what he does to satisfy this hunger. Book three is given the title of Fate to show that in fact, Bigger's fate lies in the hands of the people that caused him to kill in the first

Customer behaviour Essay

What is Electronic Commerce? Commerce – The exchange of commodities, buying and selling, of products and services requiring transportation, from location to location is known as commerce. E-Commerce – From a communications perspective, e-commerce is the delivery of information, products/services or payments via telephone lines, Fax, computer networks or any other means. What is Electronic Commerce? From an online perspective, e-commerce provides the capability of buying and selling products and information on the internet and other online services. It refers to a wide range of online business activities for products and services. Any form of business transaction in which the parties interact electronically rather than by physical exchanges or direct physical contact. Difference between E-Commerce & E-Business Electronic commerce or â€Å"e-Commerce† E-commerce covers online processes that touch customers, suppliers and external partners, including sales, marketing, order taking, delivery, customer service, purchasing of raw materials and supplies for production. More sophisticated system such as flight and hotel reservation system. e-Commerce breaks into two components: Online Shopping – the scope of information and activities that provides the customer with the information they need to conduct business with you and make an informed buying decision. Online Purchasing – the technology infrastructure for the exchange of data and the purchase of a product over the Internet. Online purchasing is a metaphor used in business-to-business e-Commerce for providing customers with an online method of placing an order, submitting a purchase order, or requesting a quotation. E-Business is a super-set of E-Commerce. E-business includes e-commerce but also covers internal processes such as production, inventory management, product development, risk management, finance, and human resources. E-business includes electronic mechanism to distribute information not directly related to buying and selling of goods. Examples: Product specifications, customer testimonials, and product reviews. Purchasing activities on your site, e.g., order forms, shopping carts, and credit card processing. Customers can’t interact directly with the firm. (territory barrier) History of EC The term e-commerce was originally conceived to describe the process of conducting business transactions electronically using technology from the Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT). These technologies, which first appeared in the late 1970’s, allowed for the exchange of information and the execution of electronic transactions between businesses, typically in the form of electronic purchase orders and invoices. EDI and EFT were the enabling technologies that laid the groundwork for what we now know as e-commerce. The Boston Computer Exchange, a marketplace for used computer equipment started in 1982, was one of the first known examples of e-commerce. Throughout the 1980’s, the proliferation of credit cards, ATM machines and telephone banking was the next step in the evolution of electronic commerce. The birth of companies such as eBay and Amazon (launched in 1994) really began to lead the way in e-commerce. Both eBay and Amazon were among the first to establish prominent e-commerce brands. The most prominent e-commerce categories today are computers, books, office supplies, music, and a variety of electronics. Dell.com,1997 Types of Ecommerce B2B( Business to Business E-commerce) or Inter-Organizational E-commerce B2C(  Business to Consumer E-commerce) C2B( Consumer to Business E-commerce) C2C( Consumer to Consumer E-commerce) or Ecommerce Involving Intermediaries Intra-organizational E-commerce  m-commerce(Mobile E-commerce) Business to Government E-Commerce B2B (Business-to-Business) or inter-organizational Ecommerce Companies doing business with each other such as manufacturers selling to distributors and wholesalers selling to retailers. Pricing is based on quantity of order and is often negotiable. B2B is used to improve business relationship among orgz. (invoices, cheques, purchase orders, financial reports) are in electronic for. For Example: Logistic companies Benefits: Supplier Management (reduce no. of suppliers, processing coast, and cycle time) Inventory Management (list of items/product, eliminate out of stock items) Distribution Management (list of ship’s cargo, purchase orders etc) Channel Management (reduce labour, time saving) Payment Management (electronic payment reduce clerical errors, lower transaction fee and coast) B2C Business to Consumer In B2C seller is a business organization buyer is consumer. In this case costumer directly interacts with company, i.e. books and cd’s buy online and internet used as a medium for transaction. Newspapers reading and weather forecasting are used as a B2C E-commerce. This type of e-commerce improve the flow of information between firm and customers. Examples are ebay.com, and amazon.com. C2B Consumer to Business A consumer posts his project with a set budget online and within hours companies review the consumer’s requirements and bid on the project. The consumer reviews the bids and selects the company that will complete the  project. Elance empowers consumers around the world by providing the meeting ground and platform for such transactions. Freelancing C2C (Consumer-to-Consumer) or E-commerce Involving Intermediaries In this type both seller and buyers are consumers. There are many sites offering free classifieds, auctions and forums where individuals can buy and sell. PayPal where people can send and receive money online with ease. Olx.com auction service is a great example of where person-to-person transactions take place everyday. Intra-organizational E-C The purpose of Intra-organizational applications is to help a company maintain the relationships that are critical to delivering superior customer value by paying close attention to various functions in the organization. Benefits: Workgroup communications Electronic Publishing Sales force Productivity Business to Government E-C A platform for businesses to bid on government opportunities. It refers to the use of the Internet for public procurement, licensing procedures, and other government-related operations. It reduces the risk of irregularities. Income Tax Department, Excise and Taxation Department M-Commerce Mobile commerce is the buying and selling of goods and services through wireless technology – i.e., cellular telephones and personal digital assistants (PDAs). Including mobile banking (when customers use their handheld devices to access their accounts and pay their bills). Bill payment and account reviews can all be conducted from the same handheld device. Delivery of entertainment, financial news, sports figures and traffic updates to a single mobile device. Advantages of e-commerce for businesses? Reduction of costs in the business E-commerce serves as an â€Å"equalizer†. It enables start-up and small- and medium-sized enterprises to reach the global market. E-commerce makes â€Å"mass customization† possible. E-commerce applications in this area include easy-to-use ordering systems that allow customers to choose and order products according to their personal and unique specifications. E-commerce allows â€Å"network production.† This refers to the parcelling out of the production process to contractors who are geographically dispersed but who are connected to each other via computer networks. What forces are fuelling e-commerce? There are at least three major forces fuelling e-commerce: Economic forces. One of the most evident benefits of e-commerce is economic efficiency resulting from the reduction in communications costs, – low-cost technological infrastructure. – speedier and more economic electronic transactions with suppliers. – lower global information sharing and advertising costs. Market forces. Corporations are encouraged to use e-commerce in marketing and promotion to capture international markets, both big and small. The Internet is likewise used as a medium for enhanced customer service and support. Technology forces. The development of ICT is a key factor in the growth of ecommerce. What are the components of a successful e-commerce transaction loop? To maximize the benefits of e-commerce, a number of technical as well as enabling issues have to be considered. A typical e-commerce transaction loop involves the following major players and corresponding requisites: 1. The Seller should have the following components: A corporate Web site with e-commerce capabilities (e.g., a secure transaction server); A corporate intranet so that orders are processed in an efficient manner; and IT-literate employees to manage the information flows and maintain the e-commerce system. 2. Transaction partners include: Banking institutions that offer transaction clearing services (e.g., processing credit card payments and electronic fund transfers); National and international freight companies to enable the movement of physical goods within, around and out of the country. Authentication authority that serves as a trusted third party to ensure the integrity and security of transactions. 3. Consumers (in a business-to-consumer transaction) Form a critical mass of the population with access to the Internet and disposable income enabling widespread use of credit cards; and Possess a mindset for purchasing goods over the Internet rather than by physically inspecting items. 4. Firms/Businesses that together form a critical mass of companies (especially within supply chains) with Internet access and the capability to place and take orders over the Internet. 5. Government, to establish: A legal framework governing e-commerce transactions (including electronic documents, signatures, and the like); and Legal institutions that would enforce the legal framework (i.e., laws and regulations) and protect consumers and businesses from fraud, among others. 6. Internet, the successful use of which depends on the following: A robust and reliable Internet infrastructure; and A pricing structure that doesn’t penalize consumers for spending time on and buying goods over the Internet (e.g., a flat monthly charge for both ISP access and local phone calls).

America’s Management of the Cold War

The cold war pertains to the tension and rivalry the existed between America and the Soviet Union approximately after the end of the Second World War until the late 1970’s.   Neither side confronted each other directly in a full blown war but they channel their competition and rivalry through wars in other nations who fought for their ideals on their behalf.The Vietnam War where America is set against combating communism illustrated that cold war conflict.   Despite the oppressive and corrupt government of Ngo Dinh Diem of South Vietnam, his anti communist stance won him the support of the American government to fight against the pro communist North Vietnam under Ho Chi Minh, who was backed up by Russia and China.Following the Domino theory, the American government along with their Western Allies feared that communism will spread like a disease from one country to another and the power and influence of the Soviet Union will further expand. (Kissinger, p15)The Vietnam War a s a dummy war between the US and the Soviet Union was an effort to contain the spread of communism which threatened and impeded the objective of the US government to achieve political, economic and military hegemony in the world.Politically, communism is directly in contrast to the political ideologies and principles that served as the pillars for the foundation of a political governance of the America, to wit, free election, capitalism, individual freedom and democracy, among others.Economically, the political dominance of communism is detrimental to the capitalistic endeavors of the US and its western allies in enhancing their access to global market for their expanding capitalistic economy. Democracy is necessary to open nations to engage in free trade and restrict the economic intervention of governments in facilitating the same.Militarily, the maintenance of a state of war permitted and justified the perpetual endeavor and investment for the creation and proliferation of modern military arsenal, which will help ensure the military dominance of the US.And indeed, the cold war bear witnessed to the unprecedented advancement of military weaponry, the nuclear arms race (e.g. Hydrogen Bomb) as well as equipment and agencies for global espionage (CIA and KGB).In the late 1960s’, the threat of communism in the US is starting to gain attention in the midst of the civil rights movement and the unpopularity of the Vietnam War, among others which engendered civil unrests at the home front.Driven by anti communism anxieties, the Cold War thus served to further justify the increased government control over the American citizens which was manifested with the expansion of executive power.   In 1950 for instance, US President Truman contended that spending appropriations (especially for military operations) is the discretionary power of the president.   (Fausold and Shank, p113).Also, the House of Un-American Activities Committee was created for the Investigat ion, early detection and curtailment of communism especially directed against labor union leaders, suspected government officials and other political personalities.Under these premises, the cold war benefits and served the US best in order to withstand the threat of communism and eventually thrived to become the most powerful nation in the world.The military intervention and US foreign policy during the cold war for purposed of achieving political power and maintaining corporate profit were essential components for establishing the imperialistic dominion that the US currently enjoys today.   â€Å"Russia walked out of the cold war game leaving the US alone in front of the chess board.† (Zinn and Arnove, p548)ReferencesFausold, M and Shank, A. (1991). The Constitution and the American presidencySUNY PressKissinger, H. (2003). Ending the Vietnam War: A History of America's Involvement in and Extrication from the Vietnam War. Touchstone BooksZinn, H. and Arnove, A. (2004). Voi ces of a people's history of the United States. Seven Stories Press  

Australian Securities and Investment mission Law

In the case of ASIC v Sydney Investment House Equities Pty Ltd [2008] NSWSC 1224 (21 November 2008) Australian Securities and Investment mission is the plaintiff and Mr. Goulding is the 3 rd out of the 9 defendants. In this case, the plaintiff had made a claim against the defendant that he had mitted various infringements of the provisions of the Corporation Act 2001 (CA) and the Australian Securities and Investment mission Act 2001 with respect to his role as the director of several panies prising the Sydney Investment House Group . The plaintiff seeks from the court against the defendant that he should be he should be disqualified for an appropriate period from managing corporations and prevented from providing any financial services within Australia. However, the plaintiff had not made any claims for the imposition of any kind of penalties and others orders with respect to pensation payment.   The plaintiff had initially brought proceedings against eight panies, which belonged to the SIG group. Mr. Goulding and the Mr. Geagea (fourth defendant) were or acting as the directors of most of the panies which are all in liquidation. Application made by the fourth defendant with respect to Section 29.9(1) (a) and 29.10 one after the other against the claim of the plaintiff were dismissed by the court. The court in this case had to determine the fourth defendant mitted the breach of the provisions related to director’s duty or not. The plaintiff claimed that the court should determine that the following breached were mitted by the defendant with respect to the Corporation Act and the Australian Investment and Securities mission Act. The court in this case held the fourth defendant liable for the breach every allegation made by the ASIC. With respect to this decision, the court considered the following law. The court took into consideration the provisions of Section 180. The Section states that it is the duty of the and other officers of a pany to use their powers and exercise their duties with proper diligence and care which any reasonable person would have used if they were an officer or director of the pany in similar circumstance or held or occupied such a position in the pany similar to that of the directors and officers (Gerner, Paech and Schuster 2013).   The court in this case held that the defendant was liable for the breach of this Section by not observing diligence and care while discharging his duties as the director of the panies. The court also considered the provisions of Section 181 of the Corporation Act 2001 with respect to this decision. The Section states that it is the duty of the directors and the other officers of the pany to discharge their responsibilities towards the pany in good faith and in the best possible interest of the pany (Gelter and Helleringer 2013). In addition, the directors and other officers of the pany must discharge their duties for a proper purpose towards the pany. Duties in this Section refer to the statutory duty, which the direct owns towards the pany with respect to the general law o fiduciary duties. The court in this case also considered the decision provided in the case of Chew v R  (1991) 4 WAR 21, where the court held that good faith means (Knepper et al. 2015) The court in this case reading Section 184 of the CA along with Section 181, the Section can be breached if the director has not acted in the best interest of the pany, even if there is no act of dishonesty mitted by the director (Huebner and Klein 2015). The court also considered the provisions of Section 182 of the CA in deciding this case, according to the provisions of the Section it is the duty of the directors and other officers of the pany not to gain unfair advantaged for someone else or themselves by making unfair use of their position in the corporation. In addition, the directors and other officers of the corporations are not allowed to use their position in the pany to cause detriment to the pany. The court also considered the decision made in the case of ASIC V Adler 458 which held that entering into an agreement by the director which provides him with unfair advantage is the breach of Section 180,181,182 of the CA (Keay 2012). In the case of R v Byrnes  [1995] HCA 1;  (1995) 183 CLR 501 the court held that   if a director of a corporation acts with respect to a transaction in which the part to whom he owns a fiduciary duty gains benefits without making proper disclosure in relation to his interest, then the directo r is deemed to act improperly with respect to Section 182 of the CA (Welch et al. 2015). In addition, this would also lead to the breach of the provision of good faith provided in Section 181 of the act. In the case of Chew v The Queen  [1992] HCA 18, the court held the provisions of Section 180,181,182 of the CA can be reached by mere conduct to a director to attain unfair advantaged or himself or someone else , it is not relevant in this case that whether the advantage was actually breached or not (Stout et al. 2016). With respect to the decision made by the court in this case the court also considered that although the corporation itself owes the duties imposed by Section 181 and 180 of the CA the direct could be held liable for the breach of provisions of these sections (Land and Saunders 2014). This breach can arise from making or not preventing the corporation from breaching the provisions of law, which may indirectly involve failure to exercise skill and care towards the interest of the pany on the part of the directors (Fairfax 2013). After making such findings, the courts focused on the individual breaches, which were made by the defendant.   With respect to the first breach of making loans the question before the court was to determine whether the pleading made by the ASIC   are enough for the orders sought by them against the defendant and whether the objection of ASIC with respect to final formulation of loans were made out. The court in this case held that both the questions before the court were in favor of ASIC nod the defendant sis liable for the breach of Section 181 and 181 of the CA by making such loans (Prashker 2014). In relation to the allegation of rollovers against the defendant the question before the court was whether the orders sought by the plaintiff was in accordance with the pleading and whether roll over transaction finally formulated had been made out or not. After analyzing the submissions made by both ASIC and the fourth defendant the court decided that the defendant had breached directors duty by getting involved in the roll over transaction as alleged by the plaintiff. In addition the court also decided that the order sought with respect to roll over transaction were according to the pleadings made by the plaintiff. The court held that it is clear that the fourth defendant was clearly the sole director of equities and capital and he allowed the pany to go forward with a role over transaction by issuing preference share without any consideration and subsequently breached the provision of Section 180 and 181 of the CA (Donner 2016). The court also held that the defendant breached the provisions of Section 182 by causing detriment to the cpmpany through his actions (Bilchitz and Jonas 2016).    With respect to misappropriation, after considering the submissions made by both the plaintiff and the defendant the court had two factors to analyze firstly whether according to the submission of the defendant the defects in pleading made by the plaintiff is extreme and defies all principles of pleadings. Secondly, to what extent the allegation with respect to misappropriation are true. The court in this case held that the payment made by the pany were made for non business and in proper purpose or to give unfair advantage to the defendant and these payments were made to be caused by the defendant himself breaching the provisions of Section 180-182 of the CA. The court held the same with respect to unregistered managed investment scheme by not registering the investment scheme and therefore a breach of the defendant’s duty of care as provided in Section 180(1) of the CA along with the breach on Section 181 by not acting in best interest of the pany (Bruce 2013). The court had a different view with respect to the breach of reporting failure by capital. The court held the the defendant breach the provisions of Section 180 by not plying with his duty of care towards the pany. However, the court held that the defendant did not breach the provisions of Section 181 in this situation, as his acts cannot be considered not to be in good faith. The findings conducted by the court in this case are broadly discussed the range and limits of the duties of directors and other officers towards the pany. The provisions provided in Section 180-182 of the CA have a very wide but simple meaning to them. Through this case the court made it clear that the it is not necessary that detriment was actually caused to the corporation or unfair advantage was actually gained by the director , it is enough that the directors acted in such a way which would have resulted in such problem. Bilchitz, D. and Jonas, L.A., 2016. Proportionality, Fundamental Rights and the Duties of Directors.  Oxford Journal of Legal Studies, p.gqw002. Bruce, M., 2013.  Rights and duties of directors. Bloomsbury Publishing. Donner, I.H., 2016. Fiduciary Duties of Directors When Managing Intellectual Property.  Nw. J. Tech. & Intell. Prop.,  14, p.203. Fairfax, L.M., 2013. Sue on Pay: Say on Pay's Impact on Directors' Fiduciary Duties.  Ariz. L. Rev.,  55, p.1. Gelter, M. and Helleringer, G., 2013. Constituency Directors and Corporate Fiduciary Duties.  Fort ing: The Philosophical Foundations of Fiduciary Law (Andrew Gold & Paul Miller eds., Oxford University Press, 2014). Gerner-Beuerle, C., Paech, P. and Schuster, E.P., 2013. Study on directors’ duties and liability. Huebner, M.S. and Klein, D.S., 2015. The Fiduciary Duties of Directors of Troubled panies.  American Bankruptcy Institute Journal,  34(2), p.18. Keay, A., 2012. Directors’ duties to creditors and financially distressed panies’. Keay, A., 2016. Wider Representation on pany Boards and Directors’ Duties.  Journal of International Banking and Financial Law,  31(9), pp.530-533. Keay, A.R., 2014.  Directors' duties. Knepper, W.E., Bailey, D.A., Bowman, K.B., Eblin, R.L. and Lane, R.S., 2015.  Duty of Loyalty  (Vol. 1). Liability of Corporate Officers and Directors. Land, A.L. and Saunders, R.S., 2014.  Folk on the Delaware General Corporation Law: Fundamentals. Aspen Publishers Online. Prashker, L., 2014. Corporation Law for Officers and Directors (Book Note). Stout, L.A., Robà ©, J.P., Ireland, P., Deakin, S., Greenfield, K., Johnston, A., Schepel, H., Blair, M.M., Talbot, L.E., Dignam, A.J. and Dine, J., 2016. The Modern Corporation Statement on pany Law. Tewari, S.P., 2015. Directors Fiduciary Duty not to make Secret Gains. Welch, E.P., Saunders, R.S., Land, A.L., Voss, J.C. and Turezyn, A.J., 2015.  Folk on the Delaware General Corporation Law: Fundamentals. Wolters Kluwer Law & Business.

Trust Law Essay Example | Topics and Well Written Essays - 1000 words

Trust Law - Essay Example The reason that a review of the role and contribution of the law of trusts to the law relating to pensions is important is because in 2004 alone there were 927 billion worth of private pension funds under management in the UK, holding 16 per cent of the domestic ordinary share market, which is the largest in Europe and third largest in the world (Slattery and Nellis, 2004).Today pension funds of several British Corporations run into larger amounts athat their own market capitalisation (Slattery and Nellis, 2004). The law relating to pension schemes is derived from the old trusts law(sometimes even dating back to the eighteenth century). Cooper, D.R. (2000) . Even though the courts have recognised the different nature of pensions as compared to traditional trusts it seems that there are still gaps in this area.(Hales, C., Gough, O 2003) Private sector pension schemes are set up as trusts and a trust fund will be created to which the employer has to contribute(sometimes the employees may be required to contribute as well). The concept of trust developed with the purpose of the facilitation of the passage of inheritance and property to a trusted party (trustee or trustees) for the benefit of a third party (beneficiary or beneficiaries).Therefore when trusts are set up in the form of pensions for employee benefits the current and former employees along with their family members become the beneficiaries of this scheme. Hales, C., Gough, O. (2003) These schemes allow the trustees to own the legal title to the assets of the scheme and invest this .They must invest this capital for the benefits of the members of the scheme and look after the interests of pensioners and the current employees. Hales, C., Gough, O. (2003) Best interests have been defined as those confined to monetary goodwill i.e. being able to obtain maximum amount of pension through the prudent investment of the trustees. In this regard the Pensions Act 1995 puts an obligation upon the trustees to make prudent and risk free investment decisions. The Act prevents them from escaping liability through exclusion clauses in the deeds and must take care in ensuring that a proper person is appointed for the purposes of managing such investment.The trustees will be able to draw up a statement of investment principles.They will be able to decide upon whether a member leaves the scheme and whether to pay a certain person earlier due to death or ill health. The most significant intertwining of the law of trusts and law of pensions occurs when the Courts refuse to intervene into the trust matters following the extensive powers conferred upon the trustees to make decisions. (Duncan, C., Loretto, W., White, P.2001).However the Court will be prepared to intervene to ensure whether these powers have