E-Contracts and E-Signatures Essay Example for Free

E-Contracts and E-Signatures Essay I. Forming Contracts Online Disputes arising from contracts entered into online concern the terms and assent to those terms. A. Online Offers Terms should be conspicuous and clearly spelled out. On a Web site, this can be done with a link to a separate page that contains the details. The text lists subjects that might be covered, including remedies, dispute settlement, payment, taxes, refund and return policies, disclaimers, and privacy policies. An online offer should also include a mechanism by which an offeree can affirmatively indicate assent (such as an â€Å"I agree† box to click on). 1. Click-On Agreements A click-on agreement occurs when a buyer, completing a transaction on a computer, is required to indicate his or her assent to be bound by the terms of an offer by clicking on a button that says, for example, â€Å"I agree.† The terms may appear on a Web site through which a buyer is obtaining goods or services, or they may appear on a computer screen when software is loaded. 2. Shrink-wrap Agreements A shrink-wrap agreement is an agreement whose terms are expressed inside a box in which computer hardware or software is packaged. In most cases, the agreement is not between a seller and a buyer, but between a manufacturer and the user of the product. The terms generally concern warranties, remedies, and other issues associated with the use of the product. †¢ Courts often enforce shrink-wrap agreements, reasoning that the seller proposed an offer that the buyer accepted after an opportunity to read the terms. Also, it is more practical to enclose the full terms of a sale in a box. †¢ If a court finds that the buyer learned of the shrink-wrap terms after the parties entered into a contract, the court might conclude that those terms were proposals for additional terms, which were not part of the contract unless the buyer expressly agreed to them. 3. Browse-Wrap Terms Browse-wrap terms, which can also occur in an online transaction, do not require a user to assent to the terms before going ahead with the deal. Offerors of these terms generally assert that they are binding without the user’s active consent. Critics argue that a user should at least be required to navigate past the terms before they should be considered binding. II. E-Signatures The text discusses how e-signatures are created and verified, and their legal effect. A. E-Signature Technologies The text discusses three common methods for creating e-signatures. B. State Laws Governing E-Signatures Most states have laws governing e-signatures, although the laws are not uniform. The Uniform Electronic Transactions Act (UETA), issued in 1999 and adopted by most states, was an attempt by the National Conference of Commissioners on Uniform State Laws (NCCUSL) to create more uniformity. C. Federal Law on E-Signatures and E-Documents In 2000, Congress enacted the Electronic Signatures in Global and National Commerce Act (E-SIGN Act) to provide that no contract, record, or signature may be â€Å"denied legal effect† solely because it is in an electronic form. Some documents are excluded, most notably documents governed by Articles 3, 4, and 9 of the UCC. III. Partnering Agreements Through a partnering agreement, a seller and a buyer agree in advance on the terms to apply in all transactions subsequently conducted electronically. These terms may include access and identification codes. A partnering agreement, like any contract, can prevent later disputes. IV. The Uniform Electronic Transactions Act The UETA, which is a draft of legislation suggested to the states by the National Conference of Commissioners of Uniform State Laws (NCCUSL) and the American Law Institute (ALI), removes barriers to e-commerce by giving the same legal effect to electronic records and signatures as to paper documents and signatures. A. The Scope and Applicability of the UETA The UETA applies only to e-records and e-signatures relating to a transaction (an interaction between two or more people relating to business, commercial or governmental activities). The UETA does not apply to laws governing wills or testamentary trusts, the UCC (except Articles 2 and 2A), the UCITA, and other laws excluded by the states. B. The Federal E-SIGN Act and the UETA If a state enacts the UETA without modification, the E-SIGN Act does not preempt it. The E-SIGN Act does preempt modified versions of the UETA to the extent that they are inconsistent with the E-SIGN Act. Under the E-SIGN Act, states may enact alternative procedures or requirements for the use or acceptance of e-records or e-signatures if (1) those procedures or requirements are consistent with the E-SIGN Act, (2) the state’s procedures do not give greater legal effect to any specific type of technology, and (3) if the state adopts the alternative after the enactment of the E-SIGN Act, the state law must refer to the E-SIGN Act. C. Highlights of the UETA State versions may vary. 1. The Parties Must Agree to Conduct Transaction Electronically This agreement may be implied by the circumstances and the parties’ conduct (for example, giving out a business card with an e-mail address on it). Consent may also be withdrawn. 2. Parties Can â€Å"Opt Out† Parties can waive or vary any or all of the UETA, but the UETA applies in the absence of an agreement to the contrary. 3. Attribution The effect of an e-record is determined from its context and circumstances. A person’s name is not necessary to give effect to an e-record, but if, for example, a person types her or his name at the bottom of an e-mail purchase order, that typing qualifies as a â€Å"signature† and is attributed to the person. Any relevant evidence can prove that an e-record or e-signature is, or is not, the act of the person. If issues arise relating to agency, authority, forgery, or contract formation, state laws other than the UETA apply. 4. Notarization A document can be notarized by a notary’s e-signature. 5. The Effect of Errors If the parties agree to a security procedure and one party does not detect an error because it did not follow the procedure, the conforming party can avoid the effect of the error [UETA 10]. If the parties do not agree on a security procedure, other state laws determine the effect of the mistake. To avoid the effect of an error, a party must (1) promptly notify the other of the error and of his or her intent not to be bound by it and (2) take reasonable steps to return any benefit or consideration received. If restitution cannot be made, the transaction may be unavoidable. 6. Timing An e-record is sent when it is properly directed from the sender’s place of business to the intended recipient in a form readable by the recipient’s computer at the recipient’s place of business that has the closest relation to the transaction (or either party’s residence, if there is no place of business). Once an e-record leaves the sender’s control or comes under the recipient’s control, it is sent. An e-record is received when it enters the recipient’s processing system in a readable form—even if no person is aware of its receipt.

The Sixth Sense Essay -- essays papers

The Sixth Sense The Sixth Sense, directed and written by M. Night Shyamalan, follows the troubled life of eight-year-old Cole Sear, played by Haley Joel Osment, who is haunted by his supernatural abilities to see and communicate with the dead. Being sought after by the disturbed spirits of his hometown of Philadelphia, Cole must reconcile this frightening power with his desperate desire to be normal. Growing more isolated from his helpless mother and distrustful of his peers in school, Cole soon encounters child psychologist Dr. Malcolm Crow (Bruce Willis), who is led by obsessive ambitions, although weakened by the thought of his neglected wife. Still, Malcolm represents the only hope for dissolving the horror and restoring sanity. The main character would have to be Dr. Malcolm Crow played by Bruce Willis. Early on in the story is attacked by a former patient. The experience leaves him traumatized, and lost. Something inside him has died. Dr. Crow feels the only way to redeem himself for failing to help that former patient is to somehow find a way to help Cole. Wearing in a dull gray suit, he brings a sadness to his character’s detachment that supports the entire production. The movie The Sixth Sense is made in a very unconventional way. The end really changes the sequence of the movie. The end of the movie finally makes the whole movie understandable. There is a very strange flow in the sequence of the plot. In my opinion, the very last scene should have bee...

Ooad Design Specifications

Restaurant All-in-one Management System (RAMs) Design Specification with UML by Leung Chun Kit and Leung Ting Fong 03011720 and 03011739 (Group 22) COMP 2221 Lecturer: Prof. Jiming Liu December 4, 2004 I. Table of Content I. Table of Content1 II. Graphical Notion Used2 Notation of Use Case Diagram2 Notation of Class Diagram2 Notation of Sequence Diagram3 1. Use Case Diagram4 1. 1. Use Case Diagram of End User Acting with the RAMsystem4 2. Class Diagram5 2. 1. Class Diagram of RAMsystem5 3. Sequence Diagram6 3. 1. Sequence Diagram of staff6 3. 2. Sequence Diagram of manager8 3. 3. Sequence Diagram of administrator9II. Graphical Notion Used Notation of Use Case Diagram [pic] Notation of Class Diagram [pic] Notation of Sequence Diagram [pic] 1. Use Case Diagram 1. Use Case Diagram of End User Acting with the RAMsystem Description: End users(administrator, manager, staff) can perform ordering, editing ,checking and management function insider the RAMsystem. End user can use food ordering function and food editing function only bill had been created by user. Only manager can manage the duty roaster. No one can edit the database or checks the password database execpt the administrator. [pic] 2. Class Diagram 1.Class Diagram of RAMsystem Description: All user and database of RAMsystem is created by the administrator. Administrator can modify any of the data in the RAMsystem. Staff and manager can create or edit bill but only manager can edit duty roaster. Bill has id, date and cost. Each bill has a unique id. User can be categorized into 3 types, administrator, manager and staff. All users have their own unique id and password. Both the administrator and the other user can change their own password. However, administrator can change the password everyone. [pic] 3. Sequence Diagram 1. Sequence Diagram of staff Description:Staff can only add order, create bill, check bill. As well as edit the bill that responsible by he/she and check duty. [pic][pic] [pic] [pic] 2. Sequ ence Diagram of manager Description: Manager can do all the function which the staff has the right to do if. Furthermore, manager can edit any of the bills but not only that responsible by he/she. Also, manager can also manage duty roaster and check all the data in the database except the database that store the password. [pic] [pic] 3. Sequence Diagram of administrator Description: Administrator can do all the function of the RAMsystem including modify all of the databases. [pic]

Financial analysis of Ryanair and British Airways - Free Essay Example

Sample details Pages: 9 Words: 2619 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? 3. Financial analysis The purpose of financial analysis is to determine the financial health of a business. Generally, this analysis is performed by the professionals who prepare reports using the ratios taken from various financial reports. The financial ratios calculated are also helpful to compare with different business. The following analysis studies the four major financial positions of BA and Ryan air; Don’t waste time! Our writers will create an original "Financial analysis of Ryanair and British Airways" essay for you Create order Profitability, Efficiency, Liquidity and Financial gearing. 3.1 Profitability: It is the primary goal for any business, without this the business cannot be projected in long run. The purpose of measuring profitability is the key contribution for success of business. The ratios which are used to evaluate profitability are listed below: Return on ordinary shareholders funds (ROSF) Return on capital employed (ROCE) Net profit margin Gross profit margin. 3.1.1 ROSF: It compares the amount of profit for the period available to the ownerà ¢Ã¢â€š ¬Ã¢â€ž ¢s average stake in the business during that same period. The ratio is expressed below: ROSF = (Net profit after taxation and preference dividend (if any) / ordinary share capital +reserves) ÃÆ'— 100 The Ratios calculated for BA Ryan air are shown below: From the above table, it is clearly seen that BA values are inconsistent but whereas Ryan air tends to show improvement every year which gives more profits to the shareholders. From the definition we can say that the high ROSF %, the more profit available to shareholders. The year 2011 considered to be good for both airlines BA and Ryan air, since they are making huge profits and improved revenues compared to their previous year performance. As a result, their ROSF had risen to 26% 11.34% which resulting high profits to the shareholders. This scenario has changed completely when it comes to 2012 for BA. If their investors left their money in bank, they could have got some positive returns. But instead BA returned (3.6%) to their investors. Though its revenue is increased by 8% and operational cost by 11% it continued to show appreciable operating results. However, due to exceptional costs items like expense related to pensions, BMIà ¢Ã¢â€š ¬Ã¢â€ž ¢s acquisition affected the BA economy. On the other hand, Ryan air returned 16.11% which is higher than previous year to the shareholders. This is because Ryan air revenue increased by 25% and profit by 50% approximately compared to 2011. (According to annual report 2012).Though its operating costs are increased due to (fuel price rise) it managed to balance that by increasing passengers fares of about 15%. In 2013, BA has raised from loss of (3.6) % to 10.78%. This is because of company attains the profit from exceptional items ( £57m) and IAG part of BA contributed  £ (265m) and also revenue rose by 5.5%. Though inconsistent in fuel prices affects their operational costs which is almost 0.3% of their total operational costs. But BA managed to stabilise it by non-fuel costs which has risen in 2012. Whereas Ryan air revenue increased by 13% which is less compared to 2012 change. Since ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a low cost carrier it should maintain passenger fare as low as possible in order to compete with its rivals but, inconsistency in fuel prices had raised their operational costs by 45% and passenger fare by 6%. At the end company operated in profits and returned 17.35% to the shareholders. Based on ROSF results, we can say that Ryan air has performed well continuously in three consecutive yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s period by giving profits to its shareholders but BA shown some ups and downs in its results. Further ratios will give us more idea why the difference has been evolved in their performance. 3.1.2 ROCE (Return on capital employed): It is a fundamental measure of business performance. ROCE is defined as the ratio of net operating profit to the capital employed. Capital employed is the difference b/w total assets and current liabilities. The ratio is expressed below: ROCE = (NET PROFIT BEFORE TAX / CAPITAL EMPLOYED) ÃÆ'— 100 The ratios calculated for BA and Ryan air is shown below: The above table describes the ROCE of a company for a period 2011-2013. From the definition we can state that higher the value of ROSE is indicating that the company c generates more earnings per dollar of capital employed. It enables us to analyse and compare BA and Ryan air without the impact of tax. It also considered the long-term debt as a part of capital, which is not the case of ROSF.Thus; this ratio reveals how BA and Ryan air economized on its overall capital. In 2011, BA performed well by giving a positive result due to increased revenue in 2011 from premium travel passengers. But the performance is shrined in 2012 due to rise in operational costs and loss of  £ 41m on exceptional items and also  £66m due to partnership with IAG. Due to this it had shown negative result in 2012. But in 2013, it again rises to 4.11% from (1.86%) because of the factors explained in ROSF. Ryan air has shown continuous improvement for three years. In 2011 its profit increased by 26% and carefully balancing the fuel costs and operating costs. For the other two years also it continuous to shown good result even though operating cost rise to 45%. Thus, we can say from ROCE ratios Ryan air performed much better than BA. The gross-profit margin is studied below to measure the profitability. 3.1.3 GROSS PROFIT MARGIN: It is a key financial factor that asses the profitability of a company core activities excluding fixed cost. Gross profit represents the difference b/w sales revenue and the cost of sales. The ratio is represented by gross profit to the sales revenue generated for the same period. It is a given by the formula shown below: Gross profit margin = (gross profit/sales revenue) ÃÆ'— 100 Gross profit margin ratios of BA and Ryan air is shown below: It can be seen from above table that Ryan air performed well compared to BA. Though the values over three years slightly fluctuate but they were generating good profitability by improving their sales and proper balancing and control of fuel costs which has almost rise to 38% in 2013. Similarly airport charges and other operational costs were stabilised to make airline in profitable condition. On other hand, BA also performed well except for the year 2012.in which its fuel costs rise by 14 %, maintenance by 15% and operating lease costs by 34%. Due to this they showed lower values. But by gaining proper control over the above costs mentioned they started to improve their profitability by 2013. Now net profit margin is studied in order to see whether the airline is able to improve its profitability. 3.1.4 NET PROFIT MARGIN: It is the defined as the ratio b/w net profit before tax to the sales revenue. It also measures how much each of dollar earned by the company is translated into profits. If the value is low it indicates low margin of safety and higher risk that the sales decline will erase profits and lead to net loss. It is given by the formula as shown below: Net profit margin = (profit before tax / sales revenue) ÃÆ'— 100 Net profit margin ratios for BA and Ryan air shown below: The above table depicts us Ryan air is operating much better than BA. From annual reports it is known that BA invested much money for long-term asset. Hence, their net profit margins are quite low in these three years. In 2011, it invested in IAG, bought BMI at  £172.5m in 2012 and from 2011 ità ¢Ã¢â€š ¬Ã¢â€ž ¢s investing  £5 billion every year for new fleet and up gradation of fleet and other.in 2011 it opened T5 which will be home to A380 fleet from 2013. On the other hand, Ryan air net profit margins are high since its investments for long term assets are low compared to BA. Ryan air continuously invest to buy new a/cà ¢Ã¢â€š ¬Ã¢â€ž ¢s hence ità ¢Ã¢â€š ¬Ã¢â€ž ¢s the reason that it has youngest fleet of planes in the world. In 2013 it decided to buy 175 new Boeing 737-800 a/c which will be a long term asset for the Ryan air to transport more no. of passengers. In conclusion to the analysis of BA and Ryan air, profitability is measured by using various ratios. The results are fluctuated for BA whereas Ryan air tends to show improvement year by year from 2011-13. Both BA and Ryan air increased their revenues, gained some control over operational costs along the analysis and deliver positive returns except for the year 2012 for BA. 3.2 EFFICIENCY: The efficiency ratios measure the efficiency in which various resources are managed and used in the business. The following ratios are used to evaluate the efficiency of the business: Average settlement period for receivables Average settlement period for payables Sales revenue to capital employed Sales revenue per employee 3.2.1 Average settlement period for Receivables: A business will usually be concerned with how long it takes for customers to pay the amounts owing. The efficient and timely collection of customer debts is a vital part of cash flow management. So this is the ratio which is very closely watched in many businesses. It is given by the formula as shown below: Avg.settlement period for receivables = (Trade receivables/sales revenue) ÃÆ'—365. The ratios calculated for BA and Ryan air shown below table: The values in above table depict the average number of days used to collect its revenue from debtors. Both BA and Ryan air has got appreciable shorter period to collect their revenue. In the analysis period from 2011- 13, BA managed to get back his revenue from receivables by an average of 17 days with slightly increased in 2013 compared to 2011. When it comes to Ryan air it has got very shorter period of an average of 5 days. From the table it is clearly seen that debtor days have fallen which means business is converting credit sales into cash much quicker than BA. This shorter period certainly asset for Ryan air liquidity. 3.2.2 Average settlement period for payables: The average settlement period for payables measures how long, on average, the business takes to pay its trade payables. The ratio is calculated by a formula shown below: Average settlement period for payables = (trade payables/credit purchases) ÃÆ'—365 The ratios calculated for creditors as shown below: 3.2.3 Sales revenue to capital employed: This ratio examines how effectively the assets of the business are being used to generate sales revenue. Greater the value represents higher productivity. The ratio is calculated by a formula shown below: Sales revenue to capital employed= (sales revenue/ (total assets-current liabilities)) The ratios are calculated for BA and Ryan air as shown below: From the table it is clearly seen that both BA and Ryan air have utilised their assets properly to improve their productivity and hence it is the reason their values of productivity rising over past three years. The values of Ryan air is small compared to BA because Ryan air revenue is almost half of BAà ¢Ã¢â€š ¬Ã¢â€ž ¢s total revenue. At last despite of their company size both are making use of their assets properly. 3.2.4 Sales revenue per employee: It is the ratio relates sale revenue generated to a particular business resource, which is labour. Higher the value indicates greater staff efficiency. Its ratio is calculated by a formula shown below: Sales revenue per employee = (sales revenue / number of employees) The ratio calculated for BA and Ryan air shown below: The above tables describes about sales revenue per employee. Both companies uses different currency so for better analysis BA revenue is converted to euros according to exchange rate in that periods. The values clearly states that Ryan air is more labour productive than BA and other fact is noticed from table is that two companies increasing their efficiency over the analysis period 2011-2013. 3.3 LIQUIDITY: These ratios are concerned with the ability of the business to meet its short-term financial obligations. Higher the ratio, the more liquid the business is considered to be, since liquidity is vital to the survival of a business. Liquidity is measured by the following ratios shown below: Current ratio; Acid test ratio. 3.3.1 Current ratio: It is defined as the ratio b/w liquid assets to the current liabilities. A higher current ratio is preferable to a normal one since liquidity is vital part in business. It is given by the formula as shown: Current Ratio = (current assets/ current liabilities) The current ratio values for BA and Ryan air shown below: Values in above table clearly depict that BA current ratio values over three years 1. It means that their short-term liabilities exceeded their short term assets. The reason behind this can be clearly understood by analysing their cash flow statements. BA investing large amount of money during 2011-2013 for long-term assets benefits. They invested in getting IMG in 2011 and investing  £5bilion every year for new a/cà ¢Ã¢â€š ¬Ã¢â€ž ¢s and the current fleet up gradation. Moreover, BA cash flow is burned with cash payments related to pension schemes almost  £300m and finance costs of  £90m in 2011-12. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s the reason its current ratio value shrined in 2012 and it managed to rise in 2013. On the other hand, Ryan air maintained its current ratio values 1 throughout analysis period in which it properly balanced short-term assets over liabilities and has got more liquidity compared to BA. In 2013 Ryan air current ratio value is decreased compared to 2012 because it has decided to buy 175 new Boeing 737 planes over next five years. Overall, Ryan air liquidity is better than BA. 3.3.2 Acid-test ratio: This is an indicator that determines whether a company has enough short-term assets to cover immediate liabilities without selling inventory. This ratio is more reliable compared to current ratio because it doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t include inventory. This is given by a formula as shown below: Acid-test ratio=current assets / current liabilities. (Excludes inventories in current assets) The values for BA and Ryan are shown below: From the table it is seen that BA values during analysis period is 1.So, from this we can observe that its current liabilities exceeded current assets and for repaying liabilities the company depends on inventories. To contrast Ryan air maintained its ratio 1.so, this ratio indicates that company experiencing good growth, fastly converting receivables into cash and also it can also overcome its financial obligations without depending on inventories. In conclusion to the analysis of BA and Ryan air, liquidity is measured by using various ratios. The results are fluctuated for BA whereas Ryan air tends to show improvement year by year from 2011-13. Ryan air has got more liquidity compared to BA and it can easily overcome its financial obligations. 3.4 Financial Gearing: It is the relationship b/w the contribution to financing made by the owners of the business and the amount contributed by others in form of loans. A business level of gearing is an important factor accessing risk. Gearing takes place of ownerà ¢Ã¢â€š ¬Ã¢â€ž ¢s insufficient funds. Any business borrowing money from others agrees to pay interests; if the borrowing is heavy then this can be significant financial burden to the company. The ratios used to measure gearing are shown below: Gearing ratio; Interest cover ratio. 3.4.1 Gearing ratio: It is defined as ratio b/w long-term lenders to the long-term capital structure of a business. It is given by a formula as shown: Gearing ratio = (non-current liabilities/capital employed) The gearing ratios for BA and Ryan air calculated below: The values from table states that both companies are highly geared businesses since their gearing ratios 50%. Both the companies have high shares of long-term debt in their long-term capital structure. So both companies are subjected to financial risk. Ryan air tends to decrease its debts during analysed period which can be seen from the table by controlling their operational costs effectively during analysed period. Whereas, BA managed to decrease their debts with some fluctuations in values which can be observed from the years 2011-2013.so, a cash flow which is strong and reliable can handle high gearing effectively compared to cash flow which is unreliable .