Ethical Dilemmas Of Plastics - Free Essay Example

Sample details Pages: 8 Words: 2260 Downloads: 9 Date added: 2019/05/15 Category Society Essay Level High school Tags: Ethical Dilemma Essay Did you like this example? Ethical Dilemmas of Production, Consumption and Disposal of Plastics The purpose of this paper is to bring to the center stage the numerous environmental problems that come along with the usage and disposal of plastic materials used in packaging, containing and shipping materials. Plastic, a non-corrosive, malleable, water proof, lightweight and mostly inexpensive is used to produce packaging materials in order to keep them protected from the elements and its surroundings during transit from point A to B. Though it lives up to its expectations of being able to protect pretty much anything, it also comes with titanic negative externalities. Don’t waste time! Our writers will create an original "Ethical Dilemmas Of Plastics" essay for you Create order In this paper, I will shine some light on the negative impacts of plastic consumption in the goods industry and how we as global citizens can eradicate this problem while maintaining efficiency. Geyer, R., Jambeck, J. R., Law, K. L. (2017). Production, use, and fate of all plastics ever made. Science Advances, 3(7), e1700782. In the present day scenario, we humans have developed a high dependency for plastic based equipment and products. Due to its high reliability in terms of protecting goods from the elements, we find ourselves disposing more plastic than ever. Our dependency on plastic related items has increased significantly. Be it for packaging purposes or containing purposes. We have been using plastic for over 60 years now, creating 8.3 billion metric tons of plastic goods (Parker, 2017). Out of these 8.3 billion metric tons only 9% has been completely recycled, leaving behind 6.3 billion metric tons of plastic waste (Parker, 2017). Out of the total production, packaging constitutes to the highest level of waste generation, a whopping 40% of the total waste gets generated from packaging used only once. (Parker, 2018). According to CNBC, between 5 million to 13 million metric tons of plastic waste generated from industrial packaging consumption ends up in the ocean every year (Ferris, 2017). Not only is this leading to global temperature change, dying marine life, melting glaciers, it is also leading to inefficiency and improper allocation of resources. Plastic though recyclable and reusable, does not get put back in to the system due to its lack of usability. Plastic wrapping for packaging etc. has no use in ones day to day life. Hence, it gets discarded after ones opened the package. This then finds its way all around the globe, namely in oceans and landfills. We have to remember that Non-Biodegradable materials do not perish and mix with the environment. However, bio-degradable materials are those that over time perish to smaller particles and mix with the earth, not causing any harm to the environment whatsoever. Majority of manmade substances are not degradable in nature and either get incinerated or disposed into landfills or oceans. However, over due time with the aid of technological advancements, scientists have figured out a way to create a compostable plastic with a life span of around 180 days. Plastic, which takes around 400 years to decompose when exposed to the elements naturally is the root cause for numerous natural problems. With the introduction of this compostable plastic, our never ending need for a malleable, light weight substance that protects our goods from the nature will take a new turn. TIPA, an Israeli company has invented plastic packaging that ends life as an orange peel (Schuster, 2018). The company claims and I quote, Not a single molecule will be added to the great Pacific Garbage Patch located between Hawaii and California. (Schuster, 2018) With technological advancements reaching such high peaks where sustainable development seems like not just a dream, it is not hard to say that the days of non-degradable plastic consumption is over. The plastic breaks down into water, carbon dioxide and organic matter that bacteria then degrade (Schuster, 2018). Schuster, R. (2018, June 14). TIPA produces fully bio-degradable packaging [Digital image]. Just like any other dependency, snapping away instantly from something one heavily relies on can cause chaos. Instead, if we take the slower approach, where we start using these compostable plastic materials, we can eventually reach a point where a need for the use of plastic would not exist. In this process, there are numerous benefits that we as a whole can reap. To begin with, the monetary value. Perishable items like such have lower costs simply because they do not last too long. Things that can only serve their purpose for a limited amount of time come at a cheaper cost and since this technology uses recycled materials and natural materials, the cost of production are also lower. Second, the amount of health benefits that come with this overshadow any other positive externality. It is widely known that a group chemicals called Phthalates, a set of chemicals essential in the process of softening plastics have grave effects on human and animal life. Not only do they pose as a thre at to ones hormonal levels causing abnormalities, they also pose a threat as cancer generating toxins that accelerate the process of cancer cell generation. They say you are what you eat. The existence of process foods in our society relies heavily on plastic packaging. With the depletion of plastic production in our society, these processed food companies will have to either switch to gentles chemicals used to process their food or it will simply start vanishing off the shelves. United States has an obesity problem which comes almost entirely from the consumption of processed foods. This further transforms into cardiac related problems due to the clogged arteries and strokes that come along with this unhealthy lifestyle. This breakthrough could help the nation fix this problem further creating a healthier nation. A healthier nation would mean millions of fresh, healthy minds working harder than ever to produce nothing but great results Finally, I am the generation who can say that the generations above us are depriving us of things like petroleum based fuels, scenic beauty, clean water to drink and fresh air to breathe. Due to the industrial revolution, the world ahead of us seems to be grey. With no glaciers to keep us cool, no trees to give us sh ade and no early morning breezes to wake us up. Stopping plastic use will not only ensure the beginning of revivals of all these essential natural resources, it will also ensure that the trash we throw out today does not stay with our children and maybe even there. As mentioned, plastic takes around 400 years to decompose, which means there are high possibilities that a chocolate wrapper thrown out today might still be in existence when my great, great grandchildren go out to play ball. Industrial revolution and globalization sure have helped us develop as species and create better living standards for ourselves. However, with the rise of plastic and plastic consumption, what we do leave behind are incomprehensible ethical, environmental and socio political problems that we do not have to face. It is our forthcoming generation that will face the consequences of our actions. Industrial packaging constitutes to the most plastic disposal out of any industry. With the invention of decomposable plastic, we can now reduce our environmental impact by 100s of years. Not only are we rebuilding our earth, we are also helping us keep our money inside our pockets. The world has used plastic non-judiciously and disposed it shamelessly, it is time us as global citizens began taking care of our responsibilities. With the implementation of certain rules and regulations, we can together reap the benefits of non-toxic product consumption which will help us continue a sustainable futu re trend. Plastic, though a highly artificial man made development starts its life with a culmination of naturally found substances like salt, crude, cellulose, natural gas and coal. All these are used as is except crude oil, which further needs to be processed. This is done to separate the heavy crude further into smaller, lighter components called fractions. Plastics can be made to match the users needs. It can be formed into two types of plastics; thermoplastics and thermosets. Thermoplastics are those plastics that soften up when heated and firm up back to form when cooled. On the contrary, thermosets are those plastics that never soften up once they have been molded. These fractions contain hydrocarbon chains based on the requirements. A hydrocarbon chain is simply a compound that forms when carbon and hydrogen are mixed. There a bunch of fractions used to make different hydrocarbon chains and one of those compounds is naphtha. The name might ring a bell from naphthalene balls used to kee p urinals sanitary. A highly volatile substance, naphthalene is reduced from coal tar. It is white in color when finally, ready to be used. Plastic can be then produced using either one of the two processes; polymerization or polycondensation. All these processes require the burning of fossil fuels, toxic fuels and other compounds that release harmful toxic gases into the atmosphere. Moving on from production and consumption to management and disposal. Waste management is a one of those problems that every nation strives hard to tackle. Some nations succeed and some fail miserably. This vastly depends on the resources available in hand. Countries with a higher national capital have more money to deploy or buy more resources. Be it spending money on extensive research and development or on the technology that will eventually implement all that research and development. China, the worlds largest population and one of the most successful technological country is so good at waste management, it had countrie s selling their garbage to China in order to recycle or discard it. However, poorer countries like Bangladesh and Pakistan which have comparatively lower GDPs tend to give waste management a lower priority. Sometimes, no priority at all. Above is the data collected from 2010, showing how different parts of the world have various impacts on the world global mismanaged plastic disposal management. As I said above, poorer countries tend to not priorities sanitation and waste disposal due to lack of funds. However, smaller and poorer countries can do other things to promote an efficient way of managing waste. Austria for instance plans to ban plastic bags by the year 2020 (Kristi, 2018). This should help them cut down 7000 metric tons of waste in plastic materials from the world. Also, they plan to ban the use of plastic materials in cosmetics in order to achieve the same (Kristi, 2018). Another example is that of a South African company based out of Cape Town called AirWater. The company began a Zero Plastic, Zero Harm campaign around 12 years ago. Not too long ago, the companys founder and CEO, Ray De Vries announced that the company was switching from plastic to a completely compostable packaging made out of sugarcane fiber and a polylactic acid (Kristi, 2018). According to the CEO, the packaging is put in a compost should disappear within half a year. He also stated that instead of harming the soil, the bottles would add nutrients to it. Which if you think about is a huge leap ahead. Barren lands can be brought back to life by disposing water bottles. The company also claims that when burnt, the compound should not emit any toxic gases and cam be used as a safe burning fuel if needed. Now days, business have realized the need for them to suffice their corporate social responsibilities (CSR). Corporate social responsibilities are gestures and actions a company does for the well-being of the society. This is done to support the peaceful existence of powerful business owners and the common man. Dominos took an initiative to fix any pothole if reported. This was done in order to ensure the safe delivery of pizzas but also created a good will for Dominos for fixing public problems with personal funds. (BA 364, class note). Similarly, the beer m aking giant, Corona has started an initiative to promote green packaging (Arthur, 2018). The aim is to begin producing and using six pack rings made entirely out of biodegradable materials. The company has gotten the ball rolling on prototypes in its native country, Mexico. Corona says they aim to test out in Mexico first and then move to the United Kingdom for the home stretch of their testing (Arthur, 2018). This is yet another example of a company satisfying its social responsibilities. The company says that Mexicos beaches are elemental to the companys DNA and want to work harder to preserve it. Also, they understand their presence on the global stage and aim to standardize the use of these six pack rings. Executive Summary In this paper, I brought to center stage the ethical dilemmas that come with the production, consumption and disposal of plastic. How plastic promotes the creation of processed foods which lead to obesity and how the entire life cycle of plastics poses a threat to us humans. Be it exposing us to cancer causing toxins, toxic gases or harmful emissions. The aim of this paper is to shine light on existing problems like the accelerated rapid growth in production of a compound that takes 100s of years to decompose and replace it with greener options. Greener options like biodegradable plastics or eco-friendly plastics that have a shorter life span, less than a year. I understand that it will not be easy to implement this idea entirely but somewhere the ball needs to get rolling. Mahatma Gandhi once said, Be the change you want to see in the world. Keeping that in mind, I believe the industrial fraternity should follow the lead of companies like AirWater and Corona which are trying to chan ge their own ways to help the earth recover as much as it can. Only 19.5% of the worlds waste got recycled in 2015, the rest simply burnt or discarded.

Prayer At Sporting Events Essay - 535 Words

Prayer in Sporting Events nbsp;nbsp;nbsp;nbsp;nbsp;The Government is too preoccupied with pleasing a select few by removing prayer from sporting events than they are with running the country. This is a problem that can be fixed and should be. nbsp;nbsp;nbsp;nbsp;nbsp;The reason for student led prayers at sporting events is for a God they believe in to grant the safety of the players on the field and the fans going home. After all, Christians are in the majority. It’s a thirty second prayer that isn’t going to hurt a single person. (Gholson) At Celina High School, Celina, Texas, the students and administration completely ignored the ruling of the courts by continuing to have student led prayers before football games. The†¦show more content†¦Worth, Texas. â€Å"Why God, why? Help me please! What’s wrong with the world today? That we can’t pray at a football game, but cussing the ref. is okay?†(Goodson) This country was founded by people who were tired of the way their government was telling them how to worship God. And that is exactly what is happening now. Our government doesn’t want the atheists to get offended so they hurt the majority of the people by going against our own God and telling us not to pray for the safety of some people. The Bible tells us to pray without cease. And why should we stop? The prayer is even asking for the safety of the atheists. We don’t say the prayer, â€Å"Please God keep all the Christians safe from injury.† We pray for the safety of EVERYBODY. nbsp;nbsp;nbsp;nbsp;nbsp;If the government would be a little less involved in our religious beliefs or non-beliefs, we might have a balanced budget or less of a debt. The constitution grants us the right to freedom of religion. We’re not asking that atheists be converted Christians. If they don’t want to participate, they can go to the bathroom or put on some headphones. As an ex-atheist and recently converted Christian, a prayer never offended me. They shouldn’t be offended either. Prayer in Sporting Events 1. Times Record News. Nick Gholson, Wichita Falls High School 2. Texas Coach, â€Å"The Prayer of a Christian Teen†. FebruaryShow MoreRelated Public Prayers at High School Sporting Events Essay example562 Words   |  3 Pages Public Prayers at High School Sporting Events The Supreme Court has just received Santa Fe v the people, in this case the students was banned from saying a prayer at a foot ball game . The constitution protects the right to free speech. Therefore, there is no reason for this case to have come up in the first place. If someone does not want to hear a prayer, they do not have to listen to it. If I were the judge I would rule that banning prayer at school events is unconstitutional. 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The first amendment grants the right to free speech, yet everyday students are punished and ridiculed for their beliefs. Is this a fair system? Every person has his or her own rituals and for many students prayer is one ofRead MoreThe Prayer Should Be Allowed At Public Universities, Organized Team Prayer Before And After Game? Essay1120 Words   |  5 Pages I am writing to you in response to your article that stated â€Å"at public universities, organized team prayer before and after game violates the separation of church and state and should not be allowed, although private and devotionals are permissible.† I think it is important to go back to the history of the law and how it relates to today’s society before we distinguish whether or not prayer should be allowed in sport. Before the 1980’s athletes rarely ever discussed their beliefs or prayed duringRead MoreEssay on Prayer At Public School Athletic Events965 Words   |  4 Pages Prayer at Public School Athletic Events -Can We Get a Moment of- -Silence Here?- nbsp;nbsp;nbsp;nbsp;nbsp;If public schools are just that, public, then why is the issue of prayer in school such a prominent and controversial debate especially when most of the public wants prayer in school? The first amendment grants the right to free speech, yet everyday students are punished and ridiculed for their beliefs. Is this a fair system? Every person has his or her own rituals and for many studentsRead MoreThe Youth And Collegiate Students757 Words   |  4 Pagesfamilies grow in their faith and become an ambassador for God. Integrating religion into sports has created an environment that has kept the youth from leaving. These young people see the fun that is associated with the Church and get involved in the sporting activities. People have become interested in what Christian life has to offer and as a result the Church has seen growth. However, the popularity of it all has resulted in consequences. Sports have become widely popular across the world. The commercializationRead MoreReligious Prayer Within Public Schools1431 Words   |  6 Pages Religious prayer within public schools has been a heated debate for many years and ultimately has caught national attention. Overtime many court cases have challenge this issue. The Constitution itself is on the fence of religious prayer because of the First Amendment’s freedom of speech clause which prohibits the government’s involvement with the freedom of exercise of religion. The policy of religious prayer within Mississippi public schools is a state policy level. In the year of 2013, GovernorRead MoreStudent Rights : Censorship, Privacy, And Speech1695 Words   |  7 Pagescase was taken to the Supreme Court in 1995, and the justices favored the school s side in a 6-3 decision. According to the court, schools need to keep students safe and away from drugs and students who voluntarily choose to join extra-curricular events should expect more limited rights in fields such as privacy. Since the drug test only required a urine sample, the court compared it to using public restrooms, and since the sample would only be inspected by select people, there is only a limitedRead MoreRoles of the Synagogue Essay1349 Words   |  6 PagesRoles of the Synagogue The synagogue is a place for the Jewish people to worship God, or more particularly, where Jewish people can hear the Torah being read and pray to God. As well as functioning as a House of Prayer, or Beit ha Tefilah, the synagogue is also known as House of Assembly, Beit ha Knesset and House of Study, Beit ha Midrash. On three things the world stands, says the Mishnah, On the study of the Torah, on worship and on deeds of kindness.Read MoreSeparation of Church and State685 Words   |  3 Pageseducation system felt the greatest impact as a result of the First Amendment of the Constitution in 1791, when the connection between God and the good of civilization was destroyed. God is slowly being taken of classrooms, ceremonies and even sporting events. The entities of Church and State have not been separated, but it does affect many. When debating the subject, it should not matter what religion you are, but how people’s rights are affected. Since the beginning of time, there have been multiple

Negotiable Instrument and Secured Transactions Free Essays

string(76) " the promise or order must not be contingent on some other event happening\." CPA Regulation Negotiable Instruments and Secured Transactions Negotiable Instruments and Secured Transactions What is a note and who are the parties to a note?  © 2011 HOCK international 91 A note is a written promise to pay money. Notes are different from drafts in that notes are a promise to pay. If there is any doubt whether a document is a note or a draft, the holder of the document can decide what it is. We will write a custom essay sample on Negotiable Instrument and Secured Transactions or any similar topic only for you Order Now There are two parties involved in a note. 1) The Issuer (Maker) is the promisor. This is the party who is obligated to pay the note. 2) The Payee is the person to whom the note is owed. The Payee will receive the money paid by the Issuer. CPA Regulation Negotiable Instruments and Secured Transactions What is a draft and who are the parties to a draft?  © 2011 HOCK international 92 A draft is a written order to pay money. In a draft, one party orders another party to pay money to yet a third party. If there is any doubt whether a document is a note or a draft, the holder of the document can decide what it is. There are three parties involved in a note: 1) The Drawer – The drawer writes and signs the note, 2) The Drawee (usually a bank) – The drawee is ordered by the drawer to pay the Payee, and 3) The Payee – The payee will receive the money from the drawee. CPA Regulation Negotiable Instruments and Secured Transactions What are the common types of notes and drafts?  © 2011 HOCK international 93 The main types of notes are: 1) certificate of deposit (a bank promissory note); 2) time note (payable at a specific time in the future); 3) demand note (payable when it is presented to the issuer); and 4) installment note (the principal is payable over time). The main types of drafts are: 1) checks (written on a bank and payable on demand, requiring the drawee to be a bank); 2) cashier’s checks (a check that is drawn by a bank on itself); 3) trade acceptances (a seller of goods writes a draft ordering the buyer to pay at a future time); 4) sight drafts (a draft payable when it is delivered); and 5) time drafts (a draft payable with a certain period of time). CPA Regulation Negotiable Instruments and Secured Transactions What are the five elements of negotiability?  © 2011 HOCK international 94 In order for an instrument to be negotiable, it must have the following five elements: 1) It must be in writing and signed by the issuer. 2) There must be a sum certain. 3) There must be an unconditional promise or order to pay. 4) It must be payable upon demand or at a specific time. 5) It must be payable either to order or to bearer. CPA Regulation Negotiable Instruments and Secured Transactions What are the requirements for the writing and signature?  © 2011 HOCK international 95 A negotiable instrument cannot be an oral communication – it must be written. However, there is no requirement that the writing be on a piece of paper (the writing may be on other items). Additionally, the instrument must be signed by the issuer, or drawer, to be considered negotiable. The use of any symbol executed or adopted by a party with a present intention to authenticate a writing is sufficient to meet the definition of signed. Thus, a signature can be made manually or by means of a device or a machine, and it can use any name (including a trade or business name) so long as the signatory intends to authenticate the writing. The signature can also be a sign or symbol different from the person’s name. CPA Regulation Negotiable Instruments and Secured Transactions What are the exceptions to a sum certain?  © 2011 HOCK international 96 Though these items appear to contradict the sum certain requirement, the following items do not destroy the negotiability of a note: 1) A disparity between the words and numbers on an instrument (in this case the written words are used, not the numbers); 2) A provision for collection costs (including attorneys’ fees in the event of the debtor’s default); 3) A reference to an exchange rate; and 4) Variable interest rate provisions. However, the instrument must be payable only and completely in money. Thus, a note fails the negotiability est if the note specifies that it is payable in money and/or personal services or goods. CPA Regulation Negotiable Instruments and Secured Transactions What does unconditional mean for a negotiable instrument?  © 2011 HOCK international 97 The instrument must be a simple unconditional promise (in the case of notes) or a simple unconditional order (in the case of drafts). Thus, an instrument must be a courier without luggage. This means that the promise or order must not be contingent on some other event happening. You read "Negotiable Instrument and Secured Transactions" in category "Essay examples" If, for example, an instrument says, â€Å"I promise to pay, contingent upon satisfactory completion of the terms of he contract signed today†¦,† then the note is not negotiable because it is conditional. However, if instead the instrument says, â€Å"As per the contract signed today, I promise to pay†¦,† then this instrument is negotiable because it only makes reference to an underlying contract. CPA Regulation Negotiable Instruments and Secured Transactions What types of conditions may exist in a negotiable instrument without destroying its negotiability?  © 2011 HOCK international 98 There are, certain conditions that may exist in the instrument without destroying the negotiability of the instrument: 1) A promise or order is not made conditional if it makes eference to another writing for the statement of rights with respect to collateral, a prepayment clause, or an acceleration clause or because payment is limited to a particular source. 2) Acceleration clauses enable the creditor to collect more quickly should the debtor not make timely payment. These are permitted because they minimize the burden on creditors and courts. 3) If a promise or order requires countersignature by persons whose signature appears on the promise or order, as condition of payment, this condition does not make the promise or order conditional. This instrument would continue to be negotiable. The key point regarding negotiability for these types of clauses is whether the amount or certainty of payment is not changed by this clause. If no change will occur, negotiability is not impacted. CPA Regulation Negotiable Instruments and Secured Transactions What are the requirements for the time of payment?  © 2011 HOCK international 99 Since the holder of the instrument must be able to determine when it comes due, the instrument must be payable on demand or at a definite time. The time does not need to be a specific date in the future as long as there is reference in the instrument that enables the time o be determined. Despite the fact that there needs to be a date of payment, there is no requirement that an instrument be dated. Undated instruments are negotiable and are treated as payable on demand by the holder. Instruments may also be antedated (backdated) or postdated. An instrument payable on demand is not payable before the date that is written on its face. It is also possible for the time period for payment to be extended without destroying the negotiability of the instrument. CPA Regulation Negotiable Instruments and Secured Transactions To whom must a negotiable instrument be payable? 2011 HOCK international 100 In order to be negotiable, the instrument must contain the words of negotiability: â€Å"payable to bearer† or â€Å"payable to order. † 1) An instrument is payable to bearer if it: a) states that it is â€Å"payable to the bearer† or to â€Å"the order of the bearer†; b) does not state a payee; or c) is payable to the â€Å"order of cash† or is not payable to an identified person. An instrument payable to bearer allows whoever holds the instrument to exercise the instrument’s rights without indorsement by the maker of the instrument. 2) An instrument payable to order specifies the person o whom payment should be made. Because there is a named payee, until the named person makes a transfer of his rights by indorsing the instrument, the instrument cannot be redeemed for value and cannot be readily transferred to a new holder. CPA Regulation Negotiable Instruments and Secured Transactions List and define the three stages in the life of a negotiable instrument.  © 2011 HOCK international 101 There are three stages in a negotiable instrument’s life: 1) Issuance: when the instrument is created and transferred to the first holder, The issuance of the instrument is not a negotiation. 2 ) Transfer: when the instrument is transferred from one holder to another 3) Presentment: when the instrument is presented for payment and after payment is made ceases to exist as an instrument. Transfer and presentment of an instrument may constitute a negotiation. Physical transfer of the instrument gives to the transferee (recipient) whatever right the transferor (giver) had in instrument. If the transferee becomes a â€Å"holder† of the instrument, then the transfer is called â€Å"negotiation. † The way that an instrument is transferred depends on whether the instrument is payable to bearer or to order. CPA Regulation Negotiable Instruments and Secured Transactions How may order and bearer instruments be transferred?  © 2011 HOCK international 102 Transfer of Bearer Paper – If an instrument is made out to bearer, the person who physically possesses the instrument is the holder. Since the holder is determined by physical possession alone, a bearer instrument may be transferred simply by giving the instrument to another person. The indorsement (signature) of the previous holder is not required to negotiate bearer paper. Transfer of Order Paper – If the instrument is payable o the order of someone, then the identified person is the bearer once he or she has the negotiable instrument in his possession. However, the negotiation of order paper to another person requires the indorsement by the named party. CPA Regulation Negotiable Instruments and Secured Transactions What are blank and special indorsements?  © 2011 HOCK international 103 Blank indorsement is when the payee simply signs his or her name to the back of the instrument. A blank indorsement automatically converts an order instrument to a bearer instrument. However, the holder of an instrument with a blank indorsement can convert the nstrument to order paper by writing a new payee above the blank indorsement. With a special indorsement, if the payee wishes to preserve the order character of the instrument, then the payee may specify a new payee. After this first special indorsement, the signature of the new payee is required for further negotiation of the instrument. If a special indorsement is placed on bearer paper, the special indorsement makes it order paper. CPA Regulation Negotiable Instruments and Secured Transactions What are restrictive and qualified indorsements?  © 2011 HOCK international 104 Restrictive indorsement: when the payee adds a condition to the payment of the instrument. Negotiation and further transfer of the instrument are not impaired. Examples are a restriction â€Å"for deposit only,† or for â€Å"payment after the completion of X. † Banks may ignore all restrictive indorsements except those made by the immediate transferor. Qualified indorsement: payee signs his name and adds â€Å"without recourse. † Without this statement added to an indorsement, the signatory guarantees payment: if the original parties do not pay, the signatory will. To avoid this liability, the signatory indorses the check with the words without recourse. † A qualified indorsement does not destroy the negotiability of the instrument and does not prevent its transfer. Instead a qualified indorsement makes it order paper. As a result, it must be indorsed before it can be negotiated. A qualified indorsement eliminates the indorser’s contract liability (g uarantee of payment), but not his warranty liability. CPA Regulation Negotiable Instruments and Secured Transactions What happens if a negotiable instrument presented for payment is rejected by the payor?  © 2011 HOCK international 105 If a payor does not agree to make payment or to accept n instrument that has been presented to them, then the payor has dishonored the instrument. This refusal to make payment gives the instrument holder the right of recourse against the parties with secondary liability. In some cases this process of dishonoring an instrument can be done orally. In other cases written documentation, including a notice of dishonor, is necessary in order to establish legally the secondary liability against other parties to the instrument such as the indorser. CPA Regulation Negotiable Instruments and Secured Transactions What party has primary liability for a negotiable instrument? 2011 HOCK international 106 Primary liability is the liability of makers and acceptors (and sometimes accommodation parties, too). Primary liability means that the maker or acceptor is obligated to pay the instrument before any other party. 1) Maker. This is the party who is obligated to pay a promissory note (not a check – the person who writes a check is called the drawer, below) according to the terms that existed at the time of issuance. 2) Acceptor. The drawee (the bank) has no liability for payment until he accepts the draft. Once the drawee accepts the draft (by signing it), he becomes n acceptor and agrees to pay the draft as presented. Thus, if the acceptor signs an incomplete draft (for example, the amount is blank), he is liable for any unauthorized amount later filled in. CPA Regulation Negotiable Instruments and Secured Transactions Who has secondary liability for a negotiable instrument?  © 2011 HOCK international 107 Secondary liability is the liability that drawers and indorsers have for the instrument. Drawers and indorsers are required to pay for the instrument only if the party with primary liability fails to pay. 1) A Drawer’s Liability. The drawer is the person who rote the draft and in so doing ordered another party (usually a bank) to make payment. The drawer does not expressly promise to pay the instrument himself or herself, but implicitly guarantees payment by virtue of using the drawee as a payment agent. In the event that the drawee refuses to pay a draft, the drawer is obligated to pay so long as the drawer is notified of the drawee’s dishonor of the draft. 2) An Indorser’s Liability. An indorser is someone other than the maker, drawer or acceptor who signs the instrument to negotiate it, restrict it or just to incur liability. The indorser’s signature is called an â€Å"indorsement. An indorser’s liability is created once an instrument has been d ishonored and the indorser has been notified of the dishonor. CPA Regulation Negotiable Instruments and Secured Transactions What are the 5 warranties that a transferor makes in respect to the negotiable instrument that is being transferred?  © 2011 HOCK international 108 Warranty liability relates to the warranties (promises, or guarantees) that are made by a transferor in respect to the instrument that is being transferred. The transferor warrants that: 1) Good title to the instrument exists and the instrument is enforceable (it is their instrument to transfer). ) All signatures are authorized and genuine (meaning that there are no forgeries). 3) There are no material alterations (for example, the dollar amount has not been increased). 4) The transferor has no knowledge of any insolvency proceedings associated with the instrument. 5) There are no defenses that can be asserted against the transferor that would prevent payment of the instrument. CPA Regulation Negotiable Instruments and Secured Transactions To which parties are warranties made by a transferor of a negotiable instrument?  © 2011 HOCK international 109 The parties to whom warranty liability is incurred depend n how the instrument is transferred: 1) Transfer with Indorsement. When the transferor signs the instrument, he or she incurs warranty liability with respect to the immediate transferee and all subsequent (following) transferees. 2) Transfer without Indorsement. If the transfer is made without the indorsement of the transferor, the transferor incurs warranty liability only with respect to the immediate transferee (recipient). Therefore, it is better for the transferor to transfer without indorsement if that is possible. CPA Regulation Negotiable Instruments and Secured Transactions What are accommodation parties nd what type of liability do they have?  © 2011 HOCK international 110 An accommodation party is a party who signs an instrument as maker, drawer, acceptor or indorser with the deliberate purpose of backing the obligation of another party (the accommodated party). Thus, the accommodation party incurs liability without being a direct beneficiary of the instrument (this is true even if the accommodation party acts as a paid surety; the key is that someone else gets a direct benefit of value given for an instrument). Accommodation parties incur no warranty liability, but they do incur secondary contract liability just like rawers and indorsers. Additionally, an accommodation party has primary contract liability if he or she signs on behalf of a note’s maker. CPA Regulation Negotiable Instruments and Secured Transactions How may liability on an instrument be terminated?  © 2011 HOCK international 111 A person who is liable for an instrument can be discharged of some or all of the liabilities through: 1) Discharge by Performance (payment of the instrument). 2) Discharge by Mere Tender of Payment. The party who offers payment to the holder is discharged from any future liability for collection costs, interest and attorneys’ fees. ) Discharge by Cancellation or Renunciation. 4) Discharge by Material Alteration. If the amount of an instrument is changed fraudulently, this discharges all previous signatories. 5) Certification of a Check by a Bank. This discharges all prior parties to the instrument as the bank becomes primarily liable for the check. 6) Unexcused Delay in Payment. With unreasonable delay in the presentation of the instrument, previous signatories may be discharged. 7) Discharge Through Release of the Collateral. When collateral is released, the original promisor is also released. CPA Regulation Negotiable Instruments and Secured Transactions What are the four requirements to be a holder in due course and what are the benefits?  © 2011 HOCK international 112 A holder in due course (HDC) has special status. This status protects an innocent third party (the HDC) from losing his or her investment in a negotiable instrument due to some underlying problem with the instrument. There are four requirements that must be met for a holder to be an HDC: 1) Holder. The individual must be a holder of a negotiable instrument. 2) Value Given. The holder must have given present or past value (not future value) for the instrument. ) Good Faith. The holder must have acted in good faith in the acquisition of the instrument. 4) No Notice of Defect. The holder must take the instrument without notice that the instrument is overdue, has been dishonored, or has been forged. CPA Regulation Negotiable Instruments and Secured Transactions What is a holder under a holder in due course and what are the benefits of this status?  © 2011 HOCK international 113 The transfer of a negotiable instrument gives to the recipient (the transferee) any rights the transferor had to enforce the instrument. This includes the rights as an HDC. This means that when an HDC transfers the instrument to someone else, that recipient automatically has all of the same rights as an HDC. If the recipient meets the requirements as an HDC, they will be an HDC. If, however, the recipient does not meet the HDC requirements (perhaps they received the instrument as a gift), they will be a Holder Under Holder in Due Course (HUHDC) if the transferor was an HDC. This means that it is possible for a person who would not be an HDC (perhaps because he or she knew about some defect or the instrument was overdue) to be an HDC simply because the person from whom they obtained the nstrument was an HDC. This is the case regardless of whether the transfer is a negotiation or a gift. CPA Regulation Negotiable Instruments and Secured Transactions What are the real defenses?  © 201 1 HOCK international 114 When an HDC makes a claim to force payment, the only defenses that the person can use to prevent having to make payment to the HDC are real defenses. Real defenses concern the validity of the instrument itself. By using a real defense, the defendant (who tries not to pay) claims that the instrument was never actually an instrument and they never had a liability to that person. They include: ) Infancy. 2) Duress. 3) Incapacity. 4) Illegality. 5) Discharge in Bankruptcy. 6) Fraud in the Execution. 7) Forgery. 8) Alteration. 9) Subsequent Claims and Defenses. CPA Regulation Negotiable Instruments and Secured Transactions What are the personal defenses?  © 2011 HOCK international 115 All other defenses, other than real defenses, are personal defenses. Examples of personal defenses are: 1) Fraud in the inducement; 2) Lack of consideration; 3) Breach of contract; and 4) Mistakes. Personal defenses are ineffective against HDCs. This means that these defenses will not prevent someone from having to pay the HDC. How to cite Negotiable Instrument and Secured Transactions, Essay examples

What do you think about abortion free essay sample

Abortion is essential for genetic abnormalities. In the advanced countries, prenatal testing is done for pregnant women in order to detect fetal abnormalities. This helps the parents to know if they make decision to keep the baby or not. Also, it helps them to think if they are able to handle this situation or not. Many parents when they know there is a fetal defect may decide to terminate. For instance, some prenatal results can show an Edward’s syndrome or Down syndrome. These syndromes are a major cause of mental retardation. Mental retardation is general disorder appear in adulthood . It characterized by cognitive functioning. For example, he may have hard thinking and memorizing that need special care. In that case parents should understand the effect and symptoms of the problem. Parents have the freedom to choose if they want to keep it or terminate it. Furthermore, abortion is essential for poor families. We will write a custom essay sample on What do you think about abortion? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The world has a problem of overpopulation. Also, the environmental problems occur largely because too many people exist a nature. Having too many children causes much of the poverty found throughout the world. Some poor families cannot handle raising another child. They may have one or two children. They may resort to abortion because they do not have other choices. For example, some poor families have thought to resort to abortion because they cannot spend money to bringing up their children. Furthermore, raising a child coast a lot of money. Some families have not a good life style. Nowadays, the financial situation is different from fifteen years ago; it may coast more that 1 million dollar to raise a child. It is hard for some families to have more than one child. In addition, abortion is essential for undecided parents. For instance, some women feel they are not ready for the responsibility of bringing up a child. Also, some women feel that their life would be changed too much. For example, if they have a baby she might stop working, or it may let her to interrupt her social life with her friends. In addition, she might be looking after an elderly parent and does not have sufficient time or energy to commit to a baby. Furthermore, some women feel that her relationship with her partner is not in a good condition. Also, some women are too young to be a mother. Finally, there are women that already has grown children and does not want to start another family, or that she has all the children she wants. However, abortion is dangerous because it may cause health problem to women or may cause death in some cases. For instance, during the operation of abortion the women may lose a lot of blood and her body cannot handle this drop this will lead to other complications. On the other hand, abortion may cause complications but the reasons to have abortion it outweighs these complications. Abortion is essential in cases of genetic abnormalities, poor families and for the undecided couples. Abortion is a solution for these problems for example women who are not prepared to be mother and poor families who do not have the financial ability. Furthermore, the most important cause that is needed to terminate the fetus is if they found some genetic abnormalities. In that case abortion is indispensable. In my opinion, abortion is necessary in some cases and women should understand all the pros and cons of abortion. It is not easy to kill an unborn child but in some cases we need it.