Ppp in Bangladesh free essay sample

For the purpose of the analysis, different types of data and information were used as measured to identify the feasibility of public private partnership in our country. In this paper we examine the different information of PPP activities in different countries like India, Malaysia, South Korea and Philippine. From that information we found that there is a close relationship between PPP and the growth rate. If we deeply concentrate on PPP activities in our country then we can easily achieve high GDP growth. So the development of our country mostly depend on how we efficiently done the PPP activities. Most of the People believe that PPP is a idea to develop a country. Key words: Public Private Partnership (PPP), Gross Domestic Product (GDP), development. Introduction A public private partnership is a legally-binding contract between government and business for the provision of assets and the delivery of services that allocates responsibilities and business risks among the various partners. We will write a custom essay sample on Ppp in Bangladesh or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In a P3 arrangement, government remains actively involved throughout the project’s life cycle. The private sector is responsible for the more commercial functions such as project design, construction, finance and operations. At present per capita income in Bangladesh is only USD 695 (BDT 47,955) and almost 40percent (58 million) of population live below the poverty line. Income from industry is 29. 7 percent of total national income, and external trade is 40 percent of total national income. However, we are still considered as one of the least developed countries. Present government has vowed to eradicate poverty, attain highest possible growth by 2021, and build the country such that a thriving economy will fulfill basic human needs. Increased investment is a must for attaining higher growth. Bangladesh economy failed to gather momentum until 1990. Average growth rate during this time was stagnant at less than 4 percent per year. The growth rate is also on the decline due to impact of the global economic downturn. Lack of investment in infrastructure, especially energy and power, port and communication has been identified as root cause behind sluggish growth. In order to achieve 8-10 percent growth, rate of investment needs to increase from 24-25 percent of GDP to 35-40 percent of GDP. A lot of resources are required to raise rate of investment to 35-40 percent of GDP. It is challenging for the government to arrange such huge resources. Moreover, due to current global economic downturn, the prospect of receiving foreign assistance has diminished. Resource mobilization is not the only challenge for the government. It is also imperative to ascertain whether the government has skilled manpower and required institutional framework to implement mega infrastructure projects. So, the government of Bangladesh has taken the initiative of public private partnership to increase the GDP growth. Objective of the Study The objective of the paper is to investigate the impact of PPP on GDP growth of Bangladesh. The concept of the study is taken from one of the working paper of Finance Division â€Å"Invigorating Investment Initiative through Public Private Partnership A Position Paper†. Moreover after completion of this paper we will know the rules and regulation of PPP contract, the pros and cons of PPP, how many project has already been taken under PPP contract, what are the other countries follow the PPP contract. For the purpose of the study we have selected different countries from south Asia whose are the follower of PPP and by the help of PPP they develop their country. The ultimate objective of this paper is to identify whether any importance of PPP in economic development of Bangladesh or not. Historical perspective of PPP In 1996, the government adopted a private sector power generation policy to promote private sector participation. In 1997, under administrative control of the Economic Relation Division, Infrastructure Development Company ltd (IDCOL) was established in order to promote private sector investment in infrastructure development. Similarly, Infrastructure Investment Facilitation Center (IIFC) was established by the government to assist relevant ministries, divisions or agencies with formulation of project proposal and screening as well as to provide technical assistance. Later in 2004, under Public Private Partnership initiative, Bangladesh Private Sector Infrastructure Guidelines (PSIG), which forms the basis of the current PPP, were issued in order to boost individual investment in the development and maintenance of infrastructure. In 2007, a 5 year term Investment Promotion and Financing Facility (IPFF) endowed with BDT 4. 18 billion (equivalent to USD 60 million) was set up in Bangladesh Bank to finance government approved PPP based infrastructure development projects to be implemented by the private sector. Later in 2008, policy to promote private sector participation in power sector was formulated. Although these initiatives have been successful in financing and implementing a few small scale infrastructure development projects, they are not sufficient to cater to the requirements and potential of the country. Therefore, to reduce the plight of the public and to boost economic development, an initiative is being undertaken to revisit the current PPP framework and facilities. Benefit of PPP The government, the private sector investors, and public can all benefit if private sector can be enticed into infrastructure development under PPP. The likely benefits to the relevant three parties are as follow: Public Sector Maintaining Economic Stability ? Since the private sector invests in the infrastructure development, there is no need for the government to take loans and pay interests. This does not exert excess pressure on money market, thereby diminishing upward pressure on interest rate and inflation. Gains from Private Sector Innovation and Expertise ? Since the private sector is responsible for developing infrastructure, they use the most cost? effective and innovative means and technologies. This enables the best source of value for money gain. Logical Estimate of Expenditure during the Lifecycle of the Infrastructure ? The private sector promoters coordinate and implement different aspects of the project such as designing, financing, construction, maintenance, and management. Therefore, it is possible to make logical estimate of expenditure during the lifecycle of the infrastructure. Achieving Desired Growth Rate ? Desired growth rate cannot be achieved if the government is unable to invest in infrastructure development at the appropriate time. Participation of private sector allows additional investment and increased production capacity that feeds into higher growth rate. Private Sector Expansion of Business ? PPP facilitates expansion of business. The private sector can engage in sectors where conventionally public sector invests. Innovation ? Under PPP the private sector not only supplies materials, they are also engaged in multitude of activities such as financing, construction, ownership, maintenance, and management. As a result they have to be very innovative. Public/ Users Accountability ? Since services are purchased from the private sector by paying fees or charges, the service providers remain accountable to the government and public. More Responsible Government ? Since the government approves the PPP projects, it has to supervise whether the private service providers are abiding by the contracts. Guarantee of Safety ? Since the private sector has to bear the costs resulting from accidents and damages, they use reliable and quality materials to ensure safety. Risks Associated with PPP Implementation There is no apparent fiduciary risk if infrastructure is developed under public? private partnership as government does not invest or invests very little in such schemes. However, there might be some other risks as follow: Loss of ownership of public properties Approval of inflated costs Overlooked public interest when pricing the services Dysfunctional Infrastructure once ownership is handed over to the government

Analysing Health Status Of Gypsy Travellers Essays

Analysing Health Status Of Gypsy Travellers Essays Analysing Health Status Of Gypsy Travellers Essay Analysing Health Status Of Gypsy Travellers Essay Traveller itinerants have resided in the British Isles for over 500 old ages, doing them one of the largest cultural minorities. They experience widespread bias and favoritism from the settled population. Health attention for traveler itinerants has resulted in hapless entree to services and comparative disregard of their wellness demands. This essay will concentrate on inequalities in wellness experienced by itinerant and traveler communities besides discuss why they occur and will critically discourse the assorted national and local enterprises that have helped to better the wellness of itinerants and travelers. The traveling lifestyle itself is non needfully a cause for the disparity in wellness position ; on the contrary, many Travelers and those working with them see the decreased chance to populate their traditional life style as a major cause of increased physical and mental ailment wellness. travel experience frequent fright and the world of changeless evictions and disaffection of local people. In decennaries gone by Travelers were frequently welcomed for the trades and services that they provided to the local community, such as fruit picking, bit metal covering, etc. They had their traditional fillet topographic points ; most of which have now disappeared, along with some of the chances for insouciant work. Poverty has sometimes been cited as the chief cause of hapless wellness in this group. Economic adversity. Lack of instruction is another factor that can adversely act upon wellness. Low literacy attainment is still a major job for most grownup Travelers, chiefly because so few accompanied school on a regular footing, if at all. The 1996 Ofsted study stated that of an estimated 50aˆâ€ °000 Traveller kids aged 0-16 old ages every bit many as 10aˆâ€ °000 secondary school aged kids were non registered at all, and attending by the balance was well below the acceptable criterion for settled children.16There are many grounds, apart from the obvious one of mobility, for the reluctance of Travelers to direct their kids to school, particularly after they have passed primary school age. Some of the grounds are cultural, such as the tradition that from the age of about 12 the kids need a household instruction to understand and take on functions and duties within the household. Formal instruction still has small relevancy to a civilization that has ever relied on practical accomplishments and self employment. Often there is a fright about assimilation ; that the kids will non merely be educated out of their civilization but besides that they may pick up different and unacceptable moral values. Parents are besides frequently dying about strong-arming and bias. Attendance is besides affected by the demand to take part in all the many cultural and spiritual events. No community is immune from kid maltreatment and it must be acknowledged that maltreatment could more easy travel undetected in the Traveller community. Traveller civilization deems that they sort out jobs without aid or perceived intervention from outside. There is historical misgiving of societal workers because many Itinerants and Travelers throughout Europe have lost kids into attention, normally because of deficiency of support for their life style, instead than as a consequence of grounds of kid maltreatment. However, Travellers view child maltreatment as wholly detestable and most would claim that it does non be within their civilization. Most professionals working with Travellers would hold with Cemlyn17 that there appears to be less grounds of kid maltreatment in the really child centred Traveller community than in the non-Traveller community. Travelers do be given to be rigorous martinets but there is besides a high degree of physical fondness within households. Enlightened societal services sections, such as Bromley, recognize the Traveller life style and province that they take Traveller civilization into consideration in their appraisals and are careful to offer support. It is recognised that there is a strong cultural outlook that Travellers stay at place and larn their functions full clip from early teens and misss in peculiar carry out domestic undertakings and assist rise up their younger siblings from an early age.18 Griffiths illustrates this with a quotation mark from a female parent about the best manner to maintain her babe amused: merely love it, snog it, talk to it and snuggle it .19 However, Griffiths and Arnold besides point to kids who do look to endure from emotional disregard, either because there have been excessively many siblings excessively rapidly, or because female parents enduring from their ain jobs, such as domestic force, want and depression, are excessively absorbed in their jobs to run into the emotional demands of their children.19 There are other factors that affect the wellness position of Travellers. A national population based survey of wellness of Irish Travelers showed a greater prevalence of inborn anomalousnesss in Travelers compared with Irish Eastern Health Board part births ( 5.5 % 5 2.9 % ) and a important difference in the prevalence of metabolic conditions with autosomal recessionary heritage ( 12.4/1000 v 1.3/1000 ) . The incidence of first cousin matrimonies in the Traveller population was 19 % compared with 0.16 % in a settled population.14 Families at hazard require culturally sensitive familial guidance to enable them to do informed determinations. The Traveller community perceives significant economic and societal advantages in these akin brotherhoods ( A Bittles, 1996, personal communicating ) .15 Access to wellness attention Poor entree to wellness attention is the about cosmopolitan experience of Travellers ; inequality in the handiness and usage of wellness services in relation to necessitate is in itself socially unfair and requires alleviation.20 The disaffection and favoritism experienced by Travellers is one of the most of import factors act uponing their wellness: the cardinal job for the Traveller population in this state is the ill will of the settled population .13 This ill will is expressed by all degrees of society and is apparently reinforced by consecutive authorities policies. The Criminal Justice and Public Order Act 1994 late removed rights and introduced new punishments for going, therefore efficaciously outlawing their mobile manner of life.22 The experience of seeking to obtain wellness attention can be highly mortifying and rejecting. It increases emphasis and can do a potentially serious hold in having appropriate intervention. Travelers frequently lack information about services, partially because of literacy jobs. Many general practicians will non hold Travelers on their lists. A study in East London showed that 10 % of patterns would non accept them at all.23 Blatant bias about Travellers is obviously politically acceptable, although a similar policy about black patients would be treated as racial favoritism. Missed assignments are a frequent beginning of annoyance to wellness attention suppliers, but assignments might non be received when the household has no postal reference or has been forced to travel to another country. The state of affairs has worsened since the debut of the Criminal Justice and Public Order Act 1994. Travelers are now moved on much more rapidly ( frequently merely by menace of enforcement ) , which adds to their jobs in maintaining medical assignments. Professionals are frequently loath to offer farther assignments even when the household want to go to. Travelers fear being detected excessively rapidly by governments because of the hazard of eviction, so the first contact with wellness workers may be when a kid has to be taken to the local infirmary. In some countries, where there are major troubles, a salaried general practician attack is now being piloted for Travelers and stateless people. The obvious advantages are that the general practician is freed from fiscal concerns in run intoing marks and can construct up a trusting relationship with the Traveller community. Normally, the salaried general practician will hold chosen to work with this group, as will the remainder of the primary attention squad, and hence be culturally sensitive and more readily understand their fortunes and concerns. Continuity of attention will be more likely because of the trust engendered. It is besides more likely that preventive services will be accepted because the surgery will be less likely to be seen as a crisis merely locale. Although it can be moderately argued that a Traveller specific service further reinforces the societal exclusion of Travellers, until primary attention services in general can more readily accommodate to Travelers on t heir lists there will be a continued benefit in proviso of salaried general practician services. Other obstructions to proviso of wellness attention include different cultural attitudes to precise day of the months ( including day of the months of birth ) and clip, and different perceptual experiences of unwellness and intervention. In a survey of Travellers perceptual experiences and experiences of wellness, the construct of clip figured often and was seen as an of import issue.24 Lack of entree to medical records affects continuity of attention, and the National Association of Health Workers with Travellers ( NAHWT ) is presently seeking authorities endorsing to launch and advance the usage of a national client held record for Travellers. As with other minorities, the first indispensable is knowledge, understanding, and credence of their civilization. This helps staff to get the better of the assorted obstructions to wellness attention and to cover with their ain aggravation about the sensed deficiency of conformance in the Traveller community.

College Fly-In and Diversity Programs: A Complete List

Campus visits are a great way to learn about a college’s culture and determine whether it’s the right fit for you. Unfortunately, not every student can afford to visit every college on their list. If you’re unable to visit colleges for any reason, you should make sure to thoroughly review them online . However, for high-achieving, underrepresented students, there is an alternative. Some colleges offer fly-in or multicultural programs to high-school seniors who are low-income, first-generation, and/or students of color. Read on to learn about these programs and how to make the most of them. College fly-in programs are highly competitive college visitation programs for underrepresented students. Institutions fly students in to stay at their campuses for two or three days, allowing students who might not get a chance to visit otherwise to get a feel for the college and campus. In most cases, the college covers costs including transportation, room, and board or offer to reimburse you for some of your expenses associated with visiting their campus. Most colleges just fly in admitted students, but some offer the opportunity to prospective students. Examples include: Keep in mind that these programs are very competitive. To apply, you usually need to submit an application, essay, letter of recommendation, transcription with junior-year grades, and ACT/SAT scores. Below is a list of colleges and universities that offer some form of a fly-in program. There are several steps you should take to ensure that you’re making the most of this opportunity. It’s important to research the colleges thoroughly before attending the program. You want to make sure you’re truly interested in attending and understand what the college offers. Plus, you should figure out what activities, courses, and other aspects of the school you want to investigate further. In general, the college will cover transportation, room, and board for your stay. Most colleges are unlikely to cover your parents’ transportation and costs if they want to come with you, though there are some exceptions, such as Vanderbilt . Research which classes you want to observe and make appointments to talk to admissions counselors and financial aid officers before you leave. When you’re on campus, walk around and get a sense of the culture and atmosphere. Attend events and talk to students about their experiences. You want to get a sense of your fit with the college and make sure you can see yourself there. Fly-in programs can significantly ease the financial burden of the college process. If you qualify, make sure to take advantage of this important resource. When you sign up for our program, we carefully   pair you with the perfect admissions specialist based on your current academic and extracurricular profile and the schools in which you’re interested. Your personal application specialist will help you with branding, essays, and interviews, and provide you with support and guidance in all other aspects of the application process. How To Balance SAT Test Prep With School Schedule Balancing SAT prep with a busy school schedule, never mind extracurriculars, can be challenging. You may think that you can ease up on prep in favor of your schoolwork, but don’t fall into that trap. You need to succeed in both arenas; colleges will be consider your GPA and you test scores. Here’s your plan to help you balance test prep with your schoolwork—and excel at both. You may already have an existing action plan for high school, and test prep should be part of it. (For tips on building one, check out Your Ultimate Guide on How to   Make a High School Action Plan .) Writing down what you need to accomplish and why will help motivate you to put in the time and effort. Be specific; for instance, commit to a certain number of hours of studying for the SAT each week. You should also be specific in terms of areas you need to hone. If you’re weaker in reading comprehension, for instance, commit to a number of hours focusing on learning tricks for reading difficult passages. Once you determine your target score, you can figure out what you need to study and how much time should commit. Use your PSAT scores or a diagnostic test to help you set a realistic score goal . This can also help you identify weak areas , so you can concentrate on them the most. Remember that you need to be realistic. You will probably improve if you stick to your prep plan, but it’s unlikely that you’re going to go from a 1000 to a 1570. Instead, aim for a more reachable goal, like a 1250. Once you reach it, you can inch it up further. While your overarching plan should include specifics, the reality of your day-to-day schedule will become clearer in the moment. Invest in a planner , or use a calendar to keep track of your daily commitments. For instance, if you have a big test coming up, factor in the number of hours you need to study for it each day. Also factor in test prep. You might, for example, note when you want to take a complete practice test, or add in half an hour of practice on Khan Academy’s app . Figure out when you want to take the SAT, using this guide to help you decide. Compare it to your school commitments, seeing when you have big tests and projects due. You probably won’t have as much time to prepare for the SAT in the weeks you’re working on school assignments, so plan accordingly. Make sure you set aside time to make up for lags in preparation. You’ll be able to stick to your plan more easily if you start early . That way, you’ll have time to understand your weaknesses and develop strategies for overcoming them. You also need to make your plan realistic, just as when you’re setting your score goals. In other words, don’t plan for six hours of studying in one day when you have school; that’s just not possible. You’re more likely to stick to your plan if it’s doable. Use time management strategies to allow yourself to get everything done. If you share your plan with family and friends , someone else is holding you accountable. You might ask them to hold you accountable, but remember that the ultimate responsibility is yours. You should be holding yourself accountable, too. Set reminders on your phone, and tell yourself why this is important. You might also ask your parents to help you stay on track, without nagging, of course. Our students see an average increase of 250 points on their SAT scores. You should make an effort to follow your plan as closely as you can, but remember that it’s not set in stone. Things might happen to make you alter your plan, such as tests you don’t know about now or family circumstances, so you need to be willing to adapt. You’ll also want to reevaluate based on your comfort with your scores. For instance, you might want to retake the SAT. (Check out Should You Retake the SAT for tips on how to decide.) Read you score report, and pay attention to weaknesses. That way, you can adjust your plan accordingly and improve for next time. You may have some work over the summer, but it’s probably a lot less than you have during the school year. Take advantage of this time to work on test prep. You’ll have more free time to really familiarize yourself with the layout, hone your weak areas, and practice. Read Seven Ways to Make SAT Test Prep Your Summer Focus to learn how you can do just that. Remember to take breaks and reward yourself for your hard work. Build these rewards into your study plan. After finishing a practice test or reaching a certain point on a project, you might have a snack or watch half an hour of TV. This will incentivize you to do the hard work you need to do. Just be strict with yourself; don’t let a 20-minute social media break turn into an hour. Remember to pay attention to self care, too. Don’t neglect your health and well-being in favor of cramming or overworking yourself. Not only will your body suffer, but your mind will, too. Make sure you’re eating properly, exercising, and getting enough sleep. Take plenty of breaks—they’ll help you retain information. The challenge of staying on track with SAT prep while keeping up with your schoolwork may seem difficult, but having a plan and following through can ease the burden. Remember that the SAT is something most college-bound students take, and many have survived this obstacle. Be strict with yourself, but don’t neglect your health and sleep in favor of studying. Both are important—and both should be your priority! Looking for some more help for acing the SAT? The SAT Tutoring Program will help you achieve top scores on your test. We’ll pair you with two private tutors, one for English and writing, and one for math and science. All of our tutors have scored in the 99th percentile on the section they are teaching and are chosen based on teaching skills and ability to relate to their students.

Edward Lee Thorndike Essay Example | Topics and Well Written Essays - 1750 words

Edward Lee Thorndike - Essay Example His work has had a major contribution of the education system in America. He studied in several institutions and universities including Wesleyan University, The Roxbury Latin School, and Harvard University. Edward became interested in the department of psychology due to his love for books. Among the book that boosted home was ‘Principles of Psychology by William James. While at Harvard he studied under James care. This motivated his studies on psychology hence came up with his research on ‘mind reading(Lefrancois 24). He continued with his research and until he was later invited to study at Columbia University. This made him not complete his education at Wesleyan University. While at Columbia, he was motivated by James Cattell who helped him in his animal research. He also got involved in other experiments about human and animal behavior. His interest in the department together with continued researches helped him come up with theories supporting human and animal behavior. He continued with his passion for psychology until he was awarded a doctorate in 1898 on ‘Animal Intelligence. He used cats, dogs and chicks to support his thesis. Upon completing his education, he worked at Case Western Reserve University for a short period before becoming a psychology professor at Columbia University in the teachers College department. His has major contributions to education but most notably is from his theories and experimental studies on behaviors. Many students in the American society has been embraced his contribution to psychology by recognizing that he was among the main contributors and founding father of psychology. He is known to have written some of the best psychology books in history. Throughout his entire work history, Edward was a functionalist thinker and joined others who included John Dewey, Harvey Carr and James Rowland. In 1912, he was appointed as the American Psychological Associations president.

Survey Essay Example | Topics and Well Written Essays - 750 words - 2

Survey - Essay Example These three types are following: Here I will discuss the entertainment poll that was published in Los Angeles Times. It is a Bloomberg survey of pop culture and entertainment in the United States. Population of this survey is teenagers between age of 12 and 17 and young adults between age of 18 and 24. Old age is not considered in this survey because age limit is most important in entertainment industry. In this survey they want to know the opinions of young people either the entertainment industry release the music for downloading or for CD sales, either they release the movies to DVD for downloading when the movies are screened first time in theatre or not, is piracy affect their profit margin or not. These are all the questions of poll that is published in Los Angeles Times. The target group is young people and teenagers because they are the people who run and shape the entertainment industry. Young people demands multitasking in the entertainment industry. They demand downloading and CD’s of music at a time. They demand movies on DVD and in theatre at a time. Teenagers do their homework while listen the music that’s why they demand multitasking art in entertainment industry. Most teenagers reported that they listening music most of hours in a day therefore they demand multitasking art in music. Computers and cell phone are playing biggest role in entertainment industry. Now the teenagers download music and videos from their computers and spend most of the time on it. Sample of this survey is 1904 respondents from which 1650 was qualified. From the qualified respondents 839 were minors from the age of 12 to 17 years and 811 were young adults from the age of 18 to 24 years. This sample was selected because it presents the benchmark according to the U.S. Census population. Most newspaper not provides information on the basis of number of people responded because from the respondents some of them not qualify

The French Revolution Essay Example for Free

The French Revolution Essay The events leading to the French Revolution are quite obvious. 30 million people living in France, most living in small, rural villages while less than a million people lived in Paris. The population was growing rapidly but the economy was not. The previous king had spent too much money fighting wars and the national debt was staggering. There was an obvious rift between classes; peasants were starving while the noble class continued to live opulent lifestyles. At the beginning of the Revolution, after the storming of the Bastille, the French monarch attempted to clean up their finances and a representative government was created, complete with a Declaration of Rights. This phase was led by the Third Estate of the Estates General. A legislative assembly was formed, and war was declared on Austria and Prussia. It was at the end of this phase in 1792 when King Louis XVI was forced to flee the throne. The second phase of the Revolution is known as the National Convention. After the death of the king in the beginning of 1793,the economy did not improve. This led to riots and counter-revolutionary activities which led toâ€Å"The Reign of Terror â€Å", run by Maximilen Robespierre. A committee for public safety was created, which arrested people for committing crimes, sometimes as small as stealing food, and sent them to the guillotine. Almost 17,000 people were be-headed during this time. In 1795, after the execution of Robespierre, a new constitution was created along with a new legislature. The French were tired of fighting and suffering, so despite distrusting the new legislature, called the Directory, most were willing to accept these changes. The Revolution ended in 1799, thanks to the military direction of Napoleon Bonaparte. Napoleon Bonaparte was a French military leader who eventually became the Emperor of France. He spent the first years of the Revolution fighting on the French island of Corsica. When he came to mainland France, he continued to fight for the Republicans. His military career, along with his popularity, had many ups and downs. He led military campaigns in Italy, Egypt and other countries and often had differences with higher ranking military officials. Napoleon became Emperor of France in 1804, five years after the revolution ended, essentially reinstating a type French monarchy. Over the course of ten years, he led more battles across Europe, divorced and re-married, and had the Pope imprisoned when he attempted to ex-communicate Bonaparte. Napoleon abdicated the throne in 1814 to his son, and was sent into exile, which he later escaped and was finally defeated at Waterloo in 1815. He died in 1821 under British surveillance.

Response to George Berkeley’s Three Dialogues between Hylas and Philono

A Response to George Berkeley’s Three Dialogues between Hylas and Philonous The following essay is a response to George Berkeley’s Dialogues between Hylas and Philonous, in which he argues that the Cartesian notion of substance is incoherent, that the word "matter" as Descartes uses it, does not mean anything. This essay is also about words as memories, and about the two fictional Marcels, young and old. Hylas is a Cartesian thinker, and Philonous is Berkeley’s voice of reason. Words are like vessels—they are merely novel constructions of sounds empty of meaning until we fill them. They mean only what we discern in them, and nothing more. Words are only our impressions of them—imprecise, indefinite, unclear. A single word suggests infinite shades of intensity or quality or connotation. They are variable, distinct in each era and dialect, even in each speaking. They are impossible to translate. Words are almost translations themselves. They are re-creations of other words from other languages and from their own. They are metaphors—dead because they have been "carried across" into alien languages, and dead because we no longer hear them. They are the memories of, and allusions to, what they once were. Words are instinctive—the fundamental expression of thoughts secondary to thoughts. They are, indeed, the translations of thoughts, the inexact and practical interpretations of them. They communicate. Words are imperfect by nature. In the Dialogues between Hylas and Philonous, Berkeley knows words to be imperfect. His two speakers debate definitions—of skepticism, sensible things, substrata, matter, idea, spirit—as principal points on which their arguments depend; once Ph... ... Combray, Swann in Love, and Place-Names: The Name, all of which are mentioned in the essays. Descartes’ Meditations on First Philosophy questions and defines knowledge and existence. Descartes too, uses a first-person voice, whom we called "the Meditator." It is the Meditator who goes through the method of progressive doubt and re-founds all knowledge on the basis of "the cogito": Thus, after everything has been most carefully weighed, it must finally be established that "I am, I exist" is necessarily true every time I put it forward or conceive it in my mind. Berkeley’s Dialogues between Hylas and Philonous is an argument between the Cartesian thinker Hylas and the Berkelean Philonous. In the first of these dialogues, Berkley argues that the Cartesian notion of substance is incoherent and that the word "matter" as Descartes uses it is meaningless.

Can Dr. Jekyll and Mr. Hyde be seen as a commentary on Victorian Society? Essay

In the Victorian times of Dr. Jekyll and Mr. Hyde, keeping an impeccable image and social profile is of great concern to upper middle-class professionals. But behind the strict rules of their society lie desire, temptation and curiosity. Robert Louis Stevenson focuses on three professionals, two doctors and a lawyer, who are representative of this contradictory aspect of Victorian society. They both value the faà §ade of a proper life and have a secret side that contradicts it. Doctor Jekyll can be seen as portraying a victim of desire. He is a wealthy, successful and well-liked doctor, describing himself as â€Å"fond of the respect of the wise and good among [his] fellowmen†. Yet those qualities set aside, he is consumed by a darker, more evil side. Though he craves to set it loose, he is embarrassed by it and feels the need to hide it: †Many a man would have even blazoned such irregularities as I was guilty of; but from the high views that I had set before me, I regarded them with an almost morbid sense of shame†. The pressure that Jekyll endures to adapt to the rules of society and therefore to suppress his desires and evil impulses provokes the decision to split his contradictory sides in two, thus to create a separate Hyde to embody the negative elements. He hopes this will allow him to appear to follow a righteous path, while allowing Hyde and therefore his more unacceptable impulses to also be freed: â€Å"If each, I told myself, could be housed in separate identities, life would be relieved of all that was unbearable; the unjust might go his way, delivered from the aspirations and remorse of his more upright twin; and the just could walk steadfastly and securely on his upward path, doing the good things in which he found his pleasure†. â€Å"Separated† from Hyde, we see that Jekyll has actually become the victim and lost control. Jekyll is repulsed by Hyde and admits he is â€Å"pure evil†. When Hyde dominates, however, Jekyll asserts he is â€Å"conscious of no repugnance, rather of a leap of welcome†. Even when Jekyll attempts to suppress Hyde completely, Stevenson depicts him as the weak link: his inner demon tempts him and drags him back to falling into desire. Hyde becomes uncontrollable, as evil is, and eventually comes to permanently replace Jekyll. Stevenson uses Edward Hyde to convey a range of ideas about the nature and power of evil as well as about our response to it. Hyde raises a fear and deep repulsion in other people, as seen in Enfield’s story of the door. â€Å"I had taken a loathing to my gentleman at first sight† Enfield claims, suggesting that Hyde’s mere physical appearance brings out the worst in people. Hyde, as asserted by Jekyll, is purely evil and is constantly compared to Satan or a primitive creature. He is described by Jekyll as having â€Å"ape-like spite† and by Enfield as being â€Å"really like Satan†. These connotations suggest that Hyde is actually the original nature of man, repressed over the years by the bonds of civilization. Of all the characters, he is the only one who does not care about society and thus is a free man. Yet even though Hyde is presented as being the worst creature that could possibly exist, he carries out his evil in a way that a person enduring the pressures of Victorian society can relate to. This is represented by Hyde’s house in Soho, a neighborhood where respectable people went to indulge their secret sides. It is never said what Hyde does in Soho both in order to suggest sin that needs to be hidden from the eyes of society, but also to allow a reader to imagine the unacceptable behavior in question: it makes the text more universal in being less specific. The dangers of a boundless freedom are equally depicted in Hyde’s character. As the story progresses, his evil becomes greater. He kills Sir Danvers Carew possibly for the simple reason that he is a purely good, well-loved man; pure evil hates pure good. Jekyll later relates that â€Å"with a transport of glee, [he] maul[s] the unresisting body, tasting delight from every blow† showing the pleasure Hyde takes in his act. As Hyde has no limits, he does immoral things without even seeming to realize the extent of his actions. After trampling â€Å"calmly† over a girl, he leaves her â€Å"screaming on the ground† as if nothing has happened. Stevenson uses an old man and a young girl as both of Hyde’s victims to underline the fact that Hyde acts upon his impulses and chooses his victims as they come, no pattern can be found in his choices. Yet despite having painted Hyde as vile and primitive, he surprises others in his interactions with his good manners and education. This puts forth the connection between Jekyll and Hyde. Though Hyde is considered as purely evil, he retains a part of Jekyll, which comes out when dealing with people Jekyll knows: he uses terms such as â€Å"I beg your pardon† and uses the polite title in front of people’s namesThis is also the case when Hyde writes the note to Lanyon, by the hand of Henry Jekyll, suggesting that no matter how much more powerful Hyde is than Jekyll, there is still a part in Hyde where Jekyll dominates. Stevenson uses the character of Lanyon as a lens through which the reader sees Jekyll. Though Lanyon plays only a minor role in the plot, his thematic significance extends beyond his few appearances. Like Jekyll, he is a doctor, but their scientific paths diverge years before the novel begins. Lanyon believes in a ‘Victorian science’ which is a material science that only leads to useful purposes and shuns unacceptable research such as Jekyll’s metaphysical science which Lanyon describes as â€Å"unscientific balderdash†. As Lanyon is a fellow professional, it is appropriate that he be the one to witness Jekyll’s transformation. His account and description are credible as he is a doctor and he sees the materialization of Hyde into Jekyll in a technical way, observing every detail with the eye of an expert. Because of their scientific differences, though, initially Lanyon doesn’t comprehend the reasons why Jekyll would do such a thing. These differences show us how much Jekyll has diverged from the rules of society and the importance of anyone finding out about Jekyll’s experiments. Lanyon also plays a major thematic role in exploring curiosity, its dangers and for the novella’s consequences. He has a natural desire for knowledge, seen in his occupation of scientist – he is a doctor, a medical researcher. This pushes him to be curious enough to test the boundaries of the rules of Victorian society. Hyde offers him a choice: either walk away without knowing the reason behind all Jekyll/Hyde had asked him to do or watch Hyde transform into Jekyll: â€Å"Will you be wise? Will you be guided? Will you suffer me to take this glass in my hand and to go forth from your house without further parley? Or has the greed of curiosity too much command of you†. According to Victorian rules, the right decision would be to pick the first option, yet Lanyon, consumed by curiosity and dying for answers, picks the second. This decision, though it brings Lanyon answers, also leads him to his downfall. He is so terrified by the knowledge of what Jekyll/Hyde have shown him that he chooses death over living with such unbearable truth; he says to Utterson, â€Å"I sometimes think if we knew all, we should be more glad to get away†, symbolizing that knowledge has a price and he finds death preferable. Utterson, on the other hand, symbolizes the perfect Victorian gentleman. The first impression he makes on people is negative; he is said to be â€Å"cold, scanty and embarrassed in discourse; backward in sentiment; lean, long, dusty, dreary†. Yet his loyalty towards his friends makes him â€Å"somehow lovable†. Even when Utterson is convinced that Hyde is involved in various criminal activities, he keeps the facts to himself to save Jekyll’s social profile. He considers Hyde as â€Å"the ghost of some old sin, the cancer of some concealed disgrace: punishment coming, pede claudo, years after memory has forgotten and self-love condoned the fault†. Utterson himself does not have anything to hide from society as he leads a life of regulated routine, dominated by his adherence to most principles. â€Å"It was his custom of a Sunday, when this meal was over, to sit close by the fire, a volume of some dry divinity on his reading-desk, until the clock of the neighboring church rang out the hour of twelve, when he would go soberly and gratefully to bed†. Utterson is a man in control of his feelings and desires. For example, he prefers to drink moderately and in the company of his friends; friends keep you secure. In the end, Utterson’s Victorian sense of conformity and his loyalty to friends come together. This can be seen when he is summoned by Poole to Jekyll’s home and sees all the servants â€Å"huddled together like a flock of sheep†. Instead of being frightened, he searches for a coherent reason to explain the odd incidents related to Jekyll. Yet again, when Poole claims that his master has been replaced by someone else, Utterson tells him that Jekyll is simply â€Å"seized with one of those maladies that both deform and torture the sufferer†. Though Utterson suspects this is not the truth, he claims it is to not interfere with Jekyll’s life. Utterson can also be seen as the character that inspires the most trust. His devotion to his friends makes him their primary confidant. This can be seen first through Lanyon, who decides to reveal what he knows about Jekyll to Utterson, when he has told no one else. Next, we can see this through Poole, who comes immediately to Utterson to seek help about his master, knowing that Utterson will make the right decision. Finally, Jekyll’s full statement to Utterson proves that he is the one whom everyone seems to trust. When Utterson receives Lanyon’s letter, he is told to only read it once Jekyll is dead. Utterson proves that the trust of others is well founded, as he is dying to know the cause of Lanyon’s sudden death, but he complies with the request. Though Dr. Jekyll and Mr. Hyde is an entertaining page turner and successful popular novella, it can also be seen as representing strong criticism of Victorian society. As a horror story, it also represents more generally the fears of a society’s sins being revealed. As we analyze these different characters, we realize that the upper-middle class professionals were bound to strictness, repression and self-preservation by the society they had created. The denial of the existence of primitive, more instinctive elements of man leads to a suppression of part of man’s true nature in Victorian society. Jekyll, by unleashing this other true nature, reveals the greatest fears of society: the unknowable, the uncontrollable.

Guest Loyalty Programs

Implementing a Guest Loyalty Program is a form of building a loyal client base, and also enticing new guests to patronize a particular business establishment. The inclusion of Guest Loyalty Programs is part of managing a business establishment that aims to develop   sound and desirable relationships with its clients and take advantage of their worth for the business, such as added revenue. Primarily, Guest Loyalty Programs attract guests and encourages them to return for more offers and services. (Otwell & Davis, 2005) Moreover, guests who frequent business establishments are awarded benefits and advantages in order to show appreciation for their loyalty and patronage through the Loyalty Program Guest Loyalty Programs come in different forms. For instance, businesses allow guests who frequent their establishments to earn advantage points for their every visit in the establishment. These points allow them to redeem added services and offers that fit their most pressing needs. These benefits include for example health and relaxation services such as spa treatment services and a day at the gym programs for luxury hotels, food discounts, freebies and gift certificates for restaurants, etc. while others include complimentary full course meals of breakfast, lunch, or dinner buffets, etc. In order to gain a better understanding of Guest Loyalty Programs, several examples that are widely used at present in business establishments shall be compared and contrasted in the following paragraphs. Visible Results Limited has launched an innovation for the purpose of Loyalty Programs, called the Graphicardâ„ ¢. The Graphicardâ„ ¢ is a form of a loyalty card the exceeds the standards of ordinary membership cards that we know of. The Graphicardâ„ ¢ is digitized and it incorporates elements of technology that make it easier to use and track down accumulated points as well as the corresponding benefits that shall be granted to the client. For every transaction in the particular establishment that a client makes, it is reflected on the face of the card. Moreover, as the client accumulates more points, the benefits and advantages granted to him are also reflected on the face of the card. (Visible Results, 2006) The good thing about it is that it updates itself for every transaction, it shows value for every transaction that the client makes, it utilizes a pointing system that is needed to establishing the particular Loyalty Program, it is much more enticing than other Loyalty Programs because it employs high technology, which represents the current trend, and it also accumulates all the benefits and services that are incurred during a specific period of time, with the client’s continuous patronage. Another example of a Guest Loyalty Program is one that is employed by the Carnival Cruise Lines. It also implements subscriptions for a membership card called the â€Å"Platinum† card wherein a client gets to be a member of the â€Å"Carnival Concierge Club.† Upon membership, the client is automatically granted specific and identified benefits and services that he may enjoy while aboard the ship. Benefits and services include personalized club items such as stationeries, priority laundry services and dinner reservations, etc. (Carnival Cruise Lines, 2006) The similarity between the Graphicardâ„ ¢ and the loyalty program implemented by Carnival Cruise Lines is that they both grant benefits and services to their clients. However, the difference lies on how clients are included in the program and what benefits and services shall be granted to them. For instance, the Graphicardâ„ ¢ shall be given to clients and the benefits and services that they receive shall depend on how often they use the card. On the other hand, the loyalty program of Carnival Cruise Lines shall only be awarded to clients who have sailed with their ships for over ten times and the benefits and services that shall be granted to them is fixed and applies for all. Some industry best practices that businesses employ include personalized loyalty programs that allows clients to get involved with how they become members of loyalty programs (such as personalizing membership card themes and mode of payments, etc.), partnership marketing or an business establishment’s links to other establishments and organization in order to provide benefits and services for clients wherever they are, â€Å"green† marketing or a business establishment’s involvement with nature that allows him to establish a socially responsibly image and reputation,   and digitized types of membership. (Pearson, 2007) Business establishments are able to implement different types of guest loyalty programs. Rewards Loyalty Programs allow customers to earn points for their every transaction. Accumulated points are redeemed through rewards that the business establishment shall grant to their clients. Rebate Loyalty Programs provide for gift checks or cards that the client is able to redeem during the next transaction. Usually rebate checks and cards are granted to clients if they reach a certain amount throughout their course of spending within the business establishment. Loyalty Programs that show appreciation to the continued patronage of their clients are not granted in monetary form. They are usually non-monetary benefits and services such as complimentary meals in restaurants, room upgrades in hotels, etc. Partnership Loyalty Programs are benefits or services awarded to clients that are provided for by the business’ partner establishment. For valued guests who have proved their loyalty to the business establishment, the loyalty program by affinity is implemented, such that benefits and services are additions to preview rewards and bonuses. (Summers) Guest Loyalty Programs are successful if it encourages clients to purchase or patronize services and offers provided by a business establishment. After the client’s primary experience, he is convinced to return to the particular business establishment. Basically, loyalty programs are successful for the obvious facts that they attract many clients, not only to the point of attracting them but also in making them stay. Moreover, successful loyalty programs are those, which encourage clients to spend more, thus, increasing the revenue of the business establishment. (Customer Service Point) The advantages of employing different approaches in Guest Loyalty Programs is that it motivates clients who have already been a member long before, to learn more and explore about the new offerings of the business establishment. Moreover, innovations are appreciated by clients because of the efforts that business establishments do to satisfy their clients. Generally, people are always encourage to try things that are new to them, so introducing innovative loyalty programs shall motivate them to continue patronizing the services that business establishments provide. The disadvantage is that, perhaps, new members who have been part of the previous loyalty program might get discouraged if the system of gaining points and earning rewards, without having them to accumulate points in order to gain rewards, is changed ever so often. In addition, membership cards that are needed to be renewed for the changes in loyalty programs might become costly for clients who have to pay for the membership again. (De Weaver, 2002) References Carnival Cruise Lines. (2006). â€Å"Carnival Cruise Lines Rolls Out New Past Guest Loyalty Program.† Retrieved April 17, 2008, from Carnival Cruise Lines. Customer Service Point. (2008). â€Å"Loyalty Programs Characteristics.† Retrieved April 17, 2008, from Customer Service Point. Website: http://www.customerservicepoint.com/loyalty-programs-characteristics.html De Weaver, G. (2002). â€Å"The Good, Bad, and Ugly of Loyalty Programs.† Retrieved April 17, 2008, from B&T Today. Website:   http://www.bandt.com.au/news/6a/0c010f6a.asp Otwell, K. & Davis, D. (2005). â€Å"Guest Loyalty Programs for the Vacation Rental Industry.† Retrieved April 17, 2008, from Visual Data Systems. Website: http://www.vdsys.com/presentations/garezfest.pdf Pearson, B. â€Å"The Global Loyalty Infusion: Best Practices and Innovations Around the World.† Retrieved April 17, 2008, from Penton Media, Inc. Website: http://chiefmarketer.com/cm_report/global_loyalty_0211/index.html Summers, J. (2008). â€Å"Five Types of Loyalty Programs: Which is Right For You?† Retrieved April 17, 2008, from Restaurant Coaching Solutions. Website: http://restaurantcoachingsolutions.com/five-types-of-loyalty-programs-which-is-right-for-you/ Visible Results. (2006). â€Å"Graphicardâ„ ¢.† Retrieved April 17, 2008, from Visible Results Limited. Website: http://www.visibleresults.com/loyalty/graphicard.htm                  

Valuation by Discounted Cash Flow (DCF) Essay Example

Valuation by Discounted Cash Flow (DCF) Essay Example Valuation by Discounted Cash Flow (DCF) Essay Valuation by Discounted Cash Flow (DCF) Essay As shown in Exhibit A, the revenues for USG were projected to be $2. 1 billion in 1988. Revenues were then projected to grow at 4% to 7% for the next four years from 1989 to 1992. Revenues for the terminal year were projected to grow at 4. 5% to $2. 7 billion, largely based on inflation as well as with consistent growth rate. EBITDA for 1988 was projected to be $396 million, versus the actual of $531 for 1987. The significant drop in EBITDA was attributable to the restructuring expenses, coupled with the decrease in sales. EBITDA would then gradually increase to $617 million in 1992 with EBITDA margin of 24. 2%. With the same EBITDA margin as 1992, EBITDA for the terminal year was projected to be $645 million. Depreciation and amortization for the projected period were in the range of $71 million to $84 million, and $70 million for the terminal year. The Company would invest between $58 million and $121 million in capital expenditures for the projected period. The terminal years capital expenditures were assumed to be at the same level as depreciation, which amounted to $70 million. With a 36% tax rate, the debt-free net income increased from $200 million in 1988 to $349 million in 1992, with $368 million in the terminal year. Total free cash flow ranged from $248 million to $315 million for the projected period except for 1989 with $785 million primarily due to asset sales realized. As illustrated in Exhibit B, with a risk free rate of 8. 9%, risk free premium of 6. 0% and the beta of 1. 37, the cost of equity for USG was calculated at 17. 2% by using the CAPM equation. The cost of debt was 10. 97% based on the Baa bond rating. Taken into account the 36% tax rate and the debt weighting and equity (market) weighting of 28. 5% and 71. 5%, respectively, the weighted average cost of capital (WACC) was calculated to be 14. 3%. Based on the WACC of 14. 3% and the long-term growth rate of 4. 5%, the terminal value for USG was $3. 6 billion. By discounting each periods free cash flow by the WACC of 14. 3%, the sum of the present value of free cash flows for the 5-year period 1988 to 1992 was $1. 3 billion. The present value of the terminal value was $2. 0 billion, also by discounting it by the WACC. As such, the enterprise value for USG was $3. 3 billion ($1. 3 billion + $2. 0 billion). To calculate the stub value, total debt at closing has to be subtracted from the enterprise value. With the total debt at closing as high as $3.1 billion, the stub value was computed at $188 million, or $3. 65 per share. Therefore, the value per share of the leveraged recapitalization was considered to be approximately $45. 65 ($37 + $5 + $3. 65). However, this value might have been too optimistically represented because the debt on the Company was evidently too high and the $5 of junior subordinated debentures might only be worth $1 to $2 per share while the stub value might be diluted to almost nothing, or worthless. Valuation by Multiples From the information available in the case, the transaction P/E multiples in the building products industry were between 11.6x and 13. 4x, with a median of 12. 8x. Multiplying USGs projected 1988 EPS of $3. 46 by the median P/E multiple of 12. 8x gave a $44. 29 value per share. The trading P/E multiples in the building products industry were between 10. 4x and 15. 7x, with a median of 11. 6x. Multiplying USGs projected 1988 EPS of $3. 46 by the median P/E multiple of 11. 6x gave a $40. 14 value per share. Please refer to Exhibit C for more details. It can be concluded that based on the valuation by market multiples (averaging transaction and trading), USGs value per share was worth approximately $42.22. Advantages of Leveraged Recapitalization USGs leveraged capitalization was intended to provide shareholders with a significant distribution of cash and securities and permit them to retain their proportionate long-term equity interest in the Company. As in this case, shareholders would be receiving $37 in cash for each share of common stock, $5 in stated face amount of 16% junior subordinated pay-in-kind debentures, and one share in the newly recapitalized company. The purpose of leveraged capitalization for USG was to defend against the hostile takeover by Desert Partners. To finance the leveraged recapitalization, USG had to raise approximately $2. 5 billion; a majority of that would be used to pay the shareholders. The substantial increase in leverage would discourage outside bidders. In addition, USGs leveraged recapitalization represented a continuation for the Companys long-term decentralization program and an attempt to get each subsidiary to focus on growth opportunities with their specific markets. The Company proposed selling three subsidiaries which was expected to generate $519 million after taxes. The Company would also discontinue any products and distribution channels that failed to pass certain stricter investment criteria. USG would also reduce capital expenditures by up to $100 million per year and operating expenses by $70 million per year. Another good point of leveraged recapitalization is that it stimulates management to perform well as a company. It alerts the Company to cut costs and improve its overall operations. Since USG would be burden with a large amount of debt, it created pressures for the Company to execute its business model and hit performance targets in order to develop cash flow to service its debt. Further, as discussed above, relatively large issue of debt is intended to use for the payment of a large cash dividend to non-management shareholders, and for the repurchase of common shares. The end result is an increase in the ownership share of USGs management. A defensive leverage recapitalization might succeed by returning cash to shareholders that is close to or more than the takeover offer. In the case of USG, we will be discussing and comparing the USG leverage recapitalization value and the Desert Partners offer.

Mr. Jones Healthcare Needs and Support for His Family Research Paper

Mr. Jones Healthcare Needs and Support for His Family - Research Paper Example Mr. Jones is in the dependent client role stage of illness. In this stage, the patient or client is dependent on healthcare professionals for medical services. The client also relies on the professionals for the relief of the symptoms or injuries (Lippincott & Wilkins, 2013). In the dependent client role, the patient receives and accepts sympathy, care and protection from the stresses and demands of life (Gulanick, 2013). Most importantly, a patient in this stage depends on healthcare professionals while in a healthcare institution. In addition, the patient accepts to adjust to the disruptions of daily schedules. Mr. Jones is in the dependent client role because he was admitted to the hospital, and he has stayed in the hospital for 4 days. The injuries he sustained in the accident and his age make him dependent on healthcare professionals. He sustained head injuries, shoulder dislocation and a fractured right femur. He also has chronic hypertension. According to Clark, Smith and Tayl or (2010) it requires close monitoring by healthcare professionals. He also recognizes that he cannot attend to his daily schedules because of his injuries and illness. Though he is the dominant figure in his family and business, Mr. Jones cannot move around or participate in decision making. Based on Mr. Jones previous behavior and cultural background, I do not believe that he will be cooperative. In his family, Mr. Jones is a dominant figure. He makes all the decisions concerning the family and his business.

Ramsey MacDonald owns a small hotel on the outskirts of Nottingley and Essay

Ramsey MacDonald owns a small hotel on the outskirts of Nottingley and employs Atif as the resident manager. Atif works hard at his job but can be very disorgan - Essay Example On the day of the visit, Atif put in an extra special effort and ensured that everything was well organised. Ramsey’s friends duly helped out in the restaurant as requested. The representative from the hotel guide was very pleased and gave the hotel an excellent review. Ramsey was delighted and promised to pay  £50 to each of his friends who had helped out. Atif has recently been using all of his free time to redecorate his bedroom in the hotel at his own expense. Ramsey was so impressed with the finished bedroom that he has promised to pay Atif  £100 to cover the cost of the materials used. However, Ramsey has now received a very good offer for the hotel and so has decided to sell it. He is therefore now refusing to pay the  £500 bonus promised to Atif or any of the money which he promised to pay to his friends. Ramsey is also denying any obligation to pay Atif the  £100 which he promised him in respect of the redecoration of the bedroom. The town council, concerned about the future of the hotel under a new owner, has also now refused to pay Atif the promised  £300 bonus. According to Garner (2004), â€Å"A contract is an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law,† (p. 341). As explained by Marsh and Soulsby (1987), in order for the court to intervene and make any person liable for damages in case one of the parties breaks the agreement, the said agreement must have the following important features: parties must have the intention to create legal relations; there must be a firm agreement between the parties showing the unconditional acceptance of an offer; a consideration wherein each of the parties provide or promise to provide something in exchange for what the other is to provide; for certain types of agreement, it must be in a specified form to be valid; it must be in definite terms in order for the courts to determine what the parties have decided upon; and