Ethnic Diversity Essay Example for Free

Ethnic Diversity Essay Answer each question in 50 to 150 words. Give references to all the sources you use. 1. What is assorted variety? For what reason is assorted variety esteemed? Assorted variety is the blend of various races of individuals, religions, and culture. Assorted variety is critical to continually develop and learn new thoughts that will enable our general public to improve as a situation to live in. Decent variety is esteem since it permits us to learn various things that may help up us throughout everyday life, that our own way of life educates, or give. 2. What is ethnocentrism? In what ways would ethnocentrism be able to be inconvenient to a general public? Ethnocentrism is a term that is utilized to depict the propensity that somebody will accept their own traditions and customs are better than anybody else’s. It is resolved that no culture is great, and shutting society from the extraordinary custom of different societies doesn't permit one an opportunity to tackle all issues, and realize what others realize that we are custom to doubt in. 3. Characterize resettlement and migration. Resettlement is an individual leaving a nation, and Immigration is an individual entering a nation. E in Emigration can mean exit, and I in movement can mean in. Many get these to word stirred up, for the most part in ones English or History class as an understudy. For instance the United States are expeditious with foreigners with an I, and Mexico are represented displaced people with an E. 4. What are a portion of the manners in which gatherings of individuals are recognized? A few different ways gatherings of individuals are recognized are by race or statement of faith, sexual orientation, religion, raised by one or the two guardians, or raised outside of their unique family. What's more, American social gathering individuals by age, until you arrive at 18, one is viewed as an immature, and when one arrives at 21, they are viewed as a grown-up. 5. For what reason do individuals name and gathering others? Individuals mark and gathering others as a boundary to not be overwhelmed. On the off chance that a specific Copyright  © 2012 by University of Phoenix. All rights held. Decent variety Worksheet ETH/125 Version 8 2 man accomplished something incorrectly, and we see more individuals like that individual doing likewise, we presently mark that whole race of individuals to be the equivalent. The marking part fills in as a resistance instrument to not permit somebody that we believe is terrible or acceptable, exploit us or we lock out somebody we think can be an old buddy. 6. Characterize culture. Is culture constrained to racial and ethnic foundations? Clarify. Culture is the traditions of a gathering of individuals, by race, religion, convictions, and convention. Culture isn't constrained to racial and ethnic foundations. Since there are a wide range of races that have a similar strict culture and customs. For instance Indians, Blacks, Iranians, and I am certain there are others that have confidence in the Islamic religion, and have similar convictions and follow a similar religion conventions. Copyright  © 2012 by University of Phoenix. All rights held.

Review the arguments and evidence for and against the efficient market Essay

Survey the contentions and proof for and against the proficient market speculation and talk about whether the ongoing money related emergency has caused the theory hopeless harm - Essay Example The worldwide budgetary emergency has had an immense effect on current monetary hypothesis which depended on the theory that the money related markets were pretty much productive. Numerous financial analysts and authors were regarded the productive market theory. Business analysts Robert Shiller touted EMH as the most significant hypothesis throughout the entire existence of financial aspects. This report will take a gander at the ramifications of proficient market theory in the working of the budgetary markets. It will center the detriment of EMH and why some expert needs to dismiss this theory for all time. Productive Market Hypothesis (EMH) is a speculation hypothesis in account that states it is difficult to beat the market on the grounds that the effectiveness in the financial exchange prompts the impression of all applicable data in the costs of offers. As per this hypothesis, the exchanging of stocks consistently happens at their reasonable qualities on each stock trade. Henceforth it is unimaginable for financial specialists to buy stocks that are underestimated and furthermore to sell stocks at a more significant expense than its reasonable market cost. In such manner, it is beyond the realm of imagination to expect to beat the arrival of the general market through master supposition on stock choice and furthermore by timing the market. The hypothesis additionally makes reference to that financial specialists are left with just a single method to get more significant yields and it is through buying speculations that are more dangerous in nature. The monetary emergency of the year 2008-09 has left the economies of Europe and US limitlessly crushed. The pace of joblessness has arrived at high and the economies in the US, Europe and furthermore different nations are performing admirably underneath their monetary limit. The emergency has shaken the hypothesis of effective market speculation which accept the presence of proficiency in each monetary market. As per EMH, open data is reflected in the benefit costs immediately. It likewise recommends that the accessibility of any data which may influence the future cost of any stock is now reflected in the

The eNotes Blog Scholarship Spotlight May2015

Grant Spotlight May2015 Consistently, will choose the absolute best grants around and post them on our blog. Investigate this months grants! At the point when you are prepared to apply, look at our tips on How to Write a Scholarship Essay. $10,000 Comeback Clothes Scholarship Sum: $10,000 Eligibility: Must be under 26 years of age. Prerequisites: Instead of destroying old garments, allow them a subsequent life by reusing them. You’ll spare water, vitality, and landfill space. Run a drive at your school or in your locale to gather undesirable garments and drop them off at your nearby HM. Due Date: May 31, 2015 NPFDA Foundation Scholarship Sum: $2,000 Qualification: Applicant must be a full-time junior or senior at a U.S. foundation, and seeking after a vocation in a poultry or an agronomically related field, for example, rural business, poultry science, food science, creature science, pre vet, or food showcasing. Prerequisites: Letter of suggestion, paper, official transcripts Due Date: May 31, 2015 The Merchants Exchange Scholarship Fund Sum: $500-$2,000 Qualification: Applicants picked field of intrigue must be oceanic issues or worldwide exchange. Candidate must be a lesser or senior in a certify multi year college, or acknowledged to a multi year degree program at a licensed organization of higher learning. Must have the option to keep up a GPA of 2.5 or higher. Prerequisites: Letter or proposal, official transcripts, finished application Due Date: May 31, 2015 Charlotte Woods Memorial Scholarship Amount:$1,500 Qualification: Applicant must be a graduating secondary school senior or a full-time undergrad in a licensed establishment of higher learning. Must be keen on or selected a degree program in transportation coordinations, or a related field. Necessities: Three letters of proposal, article, official transcripts, photograph Due Date: May 31, 2015

How Can Malaysian Banks Make Internet Banking Successful Finance Essay - Free Essay Example

As all of us know, the banking industry has experienced intense changes during the last decade. There are mergers and acquisitions between banking institutions, increase in sizes which they operate and the combination of banking with other financial services. It is known that all the changes made by bank nowadays are to increase publics access to financial services and to achieve customers satisfaction. In respect of customers, the recent changes in banking are more likely to benefit them as they are able to choose between small and large banks for their financial services. Sooner or later, there comes the likelihood of transformation of brick-and-mortar banking to internet banking in the banking industry from all over the world. So, why does this transformation become an issue which concerns all in the industry? First of all, internet banking suits the busy lifestyle of many individuals. It has become increasingly popular and many consumers are able to conduct all their banking transactions online without having to queue in the local bank. Working in a similar manner to brick-and-mortar banking, internet banking differs in the way one is making payments, accessing the account and personal information, and reconciling statements. By just a click, customers can easily perform their banking transactions and activities in front of their computers or mobile devices with an access to internet. This banking technology innovation somehow helps all the financial institutions to reduce labour cost and save the funds for other usages like investment. This not only can enhance the companys position in the market, but also can help to keep track with the advancement in technology. Internet and brick-and-mortar banking have their advantages and disadvantages to consider. The choice of internet banking versus brick-and-mortar banking is often based on ones lifestyle and priorities. After all, it depends on the people who prefer to have accounts either at the brick-and-mortar bank or internet banking. Brick-and-mortar banking By definition, brick-and-mortar bank is a company or business that has a building, store or shop which is made of bricks for operational and commercial purposes. It must possess a physical store in order to provide services to customers and offer face-to-face customer experience. The first idea of banking dated back to 1800 BC in Babylon where people started to make loans. The first brick-and-mortar bank appeared to be a temple in ancient Greece. Inside the Greece temple, people had conducted financial transactions such as deposits and loans. During the times of Roman, banking activities were very active and thus, brick-and-mortal banks had gradually begun to grow at that particular time. The banking services during that time allowed bankers to lend money easily to those who needed it. Most of the bankers were private individuals and they often conducted transactions through face-to-face. In renaissance period, banking became more identical to modern banks in terms of banks functions. They were normally operated by big families such as the family of Medici, Bardi and Peruzzi. In Malaysia on the other hand, Bank Simpanan Nasional was once called Post Office Savings Bank where people keep their money in a post office. Till then, with the establishment of Nation al Savings Bank, it has focused its efforts on restructuring the organization and facilitating the regulations so as to provide convenience and better service to the storage keepers in every corner of the country. As time goes by, most of the banks have been starting to operate in offices at this modern decade. With the legislations introduced by government, banking rules and regulations were formulated and strengthened in order to enhance the establishment of all financial institutions. Brick-and-mortar banking has been a good financial service provider to those customers who demand face-to-face customer services. Not only does it offer a high level of comfort to customers, it also ensures their money is right around the corner when the customers need it rather than just a digital number on a computer screen. Advantages and disadvantages of brick-and-mortar banking No doubt, brick-and-mortar banks have their pros and cons over other banking systems. First and foremost, its ability to offer a higher quality of customer services especially face-to-face conversations between customers and the bankers is one of the brick-and-mortar bankings advantages. The banks staffs are able to give advices on savings, deposits, loans as well as investment options to their customers. When the customers face problems or doubts regarding to their banking activities, they are able to visit any of the bank branches and have a direct discussion with the bankers to solve the obstacles. Besides, the brick-and-mortar banks also provide the automated recordings to answer the customers questions through phone calls. Acquiring the advantages from these facilities, customers can understand more about the products and services which are offered by banks. On top of that, brick-and-mortar banking offers a wide range of products. Brick-and- mortar banks offer savings and deposits facilities as well as loans for automobiles and houses. Some banks may provide advisory services for their customers too. Moreover, it maintains a fully-developed automated teller machines (ATMs) network so as to enable the customers to deposit and withdraw funds through ATMs 24 hours a day and 7 days a week. With the advancement of technology lately, brick-and-mortar banks have developed their ATMs in providing the check deposits services. Also, the availability of bank branches throughout nations and overseas has made brick-and-mortar banks convenient to provide services and satisfy customer needs as much as they can. They are able to utilise resources as well as mobilise the funds effectively. Besides, it can lower the overall risk such as the risk of non-performing loans. However, brick-and-mortar banking has its weaknesses too. It has to bear an extremely expensive operation costs in maintaining their physical branches. Each physical branch generates a list of expenses which includes rent, real estate taxes, utility bills and wages. For instance, in order for brick-and-mortar banks to maintain their operation smoothly, they need to spend more money to recruit as well as to train their employees the skills which deal with customer services. In addition, if the bank branches are located in major metropolitan areas, their operating costs will be even higher. To find a suitable location for a bank to operate is also one of the drawbacks for brick-and-mortar banks. As these banks have to bear a higher maintenance costs to maintain their premises, they normally are able to offer lower interest rates to their customers only. Furthermore, brick-and-mortar banking is not as convenient as internet banking. Though brick-and-mortar banks offer automated teller machines which enable their customers to conduct banking transactions such as savings and deposits, customers will have to go to local branches with ATMs services whenever they want to conduct their banking transactions. They might need to spend their time driving or walking to the bank. Besides, customers can only do their banking transactions during bank operations from Monday to Friday. Thus, it is way too time consuming to conduct banking activities in a brick-and-mortar bank. Each banking system has its own pros and cons. Therefore, every bank has to further improve their products and services in order to compete in this ever-changing global environment. Internet banking Online business or e-commerce, a business which is based on internet to sell or trade products or services, has no physical presence in conducting the business. This goes about the same with internet banking. In this case, internet banking is when the bank provides services and allows the customers to conduct financial transactions through the use of internet. Most of the banks have their own brick-and-mortar banking as well as internet banking whereas some banks operate with brick-and-mortar only. Internet banking has few special features which the traditional brick-and mortar-banks do not possess. One of the features is that every customer can access to their account 24hours a day and 7 days a week which allows them to manage their financial activities and cash flows easily. With just a click, internet banking provides financial services which the customers can make payments and transfer funds easily and efficiently. The history of internet banking traced back to 1980s when banking services were provided through the phone. Later, internet banking services were started in 1983 in UK, and the services were provided by Bank of Scotland to its customer of Nottingham Building Society only. At that time, people connected telephone with their computer in order to conduct internet banking activities such as payment and money transfer. However, a check must be sent to the payee in order to make the payment a success. Nonetheless, in year 1995, internet banking services were offered to regular clients or citizens when presidential savings bank allowed regular people to use the internet banking services. Sooner and later, all banks around the globe have started to adopt internet banking services and that is where the popularity of internet banking begins around the world. Yet, there are people who do not trust internet banking services although banks have given up their best in providing a good internet security system. Some still prefer conventional brick-and-mortar banks which give them more confidence as compared to internet banking. Advantages and disadvantages of internet banking Advantages of internet banking can be categorized into few terms and first of all, we would like to discuss about the convenience of internet banking. Having an internet banking account is simple and user-friendly. For those who have experienced it, they would know that opening an internet banking account is easy and it saves up time whenever we need it. As people are getting busy nowadays, internet banking allows us to do banking transactions 24/7, whenever and wherever we are. Unlike traditional banking, internet banking is just a mouse click away. It allows you to do transactions faster and safer. It makes us easy in comparing the services, interest rates, information and promotions offered by the banks. Internet banking has vast features. With internet banking account, we can pay bills, track our savings, transfer money, and check our statements anytime. Imagine, if we need to go to the bank to check our bank statements or to transfer money, you will find out that queuing in a long line and wasting your time are unavoidable. In fact, this case might be different if you are using internet banking system. Customers may request alerts via e-mail or text messages in some situations or at some specific time. It reduces the number of times the customers have to check their accounts simply by logging in the banks website. Lastly, the advantage is about the ease of services. Internet banking not only saves us from paper clutter of all the billing statements mailed to our office or home, but also saves trees with those electronic billings, which do not include any papers. Every individual can keep those billings as long as the account is valid and need not worry about the place where they keep it. If we are still new with the internet banking system, we are encouraged to visit the banks website for a free demo or tutorial so that we will be able to learn the needed skills shortly and effectively. Even though internet banking offers convincing services to the customers, it may bring few disadvantages too. Security and safety of using internet banking are the most concern of all. As all of us know, internet banking does not need us to show our identification code and signature. This means that everyone can make transactions with their accounts as long as they have identification number and password. Although signatures and identification code are quite difficult for unauthorized parties to forge, those numbers can be hacked by using some designated software. Consequently, one is susceptible and vulnerable to fraud cases once they involve in internet banking services. Availability of internet banking has eliminated some brick-and-mortar banking too. Due to the reduction of operating costs, internet banking eliminates and lowers the number of bank branches. As some banking processes need to be dealt with face-to-face conversation instead of phone, mailing or text messaging, elimination of brick-and-mortar banks has worsen the situation. Customers might not have sufficient physical locations to conduct the banking transactions anymore. Furthermore, if you use a bank which does not have a physical location, you will have to mail your deposits to your online bank. For this case, you may have to wait for one or two weeks in order for your deposits to be received or processed. Sometimes, mailing can be failed due to any invalid reasons that you would not know in some situations too. Moreover, the accessibility of internet banking is one of the disadvantages due to maintenance and periodic upgrade of the system. Depending on the schedule, this case might happen at any odd times which the information could not be available to customers. Also, online bill payment of most banks does not provide the date once the funds are sent. Hence, it is of utmost importance for us to read the terms of service of bill pay so as to keep informed of the duration the bank takes to send your payment. This indeed can avoid any late payment to your respective parties. Last but not least, it concerns about the customers themselves. Customers must have some basic computer skills and internet knowledge in order to get familiar with the internet banking. If the customers could not fully utilize the functions and resources provided by internet banking, they might find it troublesome to use internet banking as compared to visit the brick-and-mortar banks. Differences between brick-and-mortar banking and internet banking Operation method. Brick-and-mortar banking is where the banks conduct their services via physical offices and branches whereas internet banking is a virtual bank that offers services through internet. Interest rate offered Internet banking offers higher interest rates and other money-saving benefits as compared to brick-and-mortar banking as they are operated based on cyberspace which in turn causes a lower overhead costs. Besides striking to cut down their operation costs by hiring a limited amount of workers, internet banking avoids the costs of buildings as well as the utility costs. On the other hand, interest rate is not the strong point for brick-and-mortar banks. Each brick-and-mortar bank has hundreds or even thousands of branches with each costing millions to build and fill with workers. Therefore, brick-and-mortar banks have to bear and overcome their higher daily operation costs. Customer service Brick-and-mortar banks offer face-to-face services when dealing with customers doubts. Besides, by using automated recordings, bankers will answer customers calls in order to clear off their doubts. In contrast, internet banking does not offer face-to-face conversation and services to their customers. Communication devices such as email, instant messaging and so forth are usually unable to clear the customers doubts and solve their problems effectively. This is usually caused by misunderstanding or misinterpreting of the message given by bankers. Internet banking does not offer easy withdrawal services to their customers too. Accessibility of money, Brick-and-mortar banks usually offer quicker and easier access of money. Apart from a network of automated teller machines, it also provides easier non-electronic deposits. On the other hand, internet banking is usually slower in transferring and depositing money. The internet banks will accept the check deposits or paper check but it takes a longer time to deposit. This is because the check deposits have to mail to the banks and it takes several days before the funds are available to be accessed. Besides, the customers of internet banking have to expose to a higher fees as most internet banks do not maintain their own automated teller machines(ATMs) network, thus, their customers have to pay fees when they use ATM to make any withdrawals. The degree of convenience and flexibility of services The best of internet banking is they offer the superb online system or web interface for their customers to perform a wide range of banking transactions such as paying bills and transferring funds electronically through their web sites. Besides, it offers a very convenient and effective approach for the customers to manage their finances as the information on the web site is always updated and current. In contrast, brick-and-mortar banking does not offer this kind of services. When the customers want to do any banking transactions, they have to visit any of the local bank branches in order to complete the transactions. Therefore, in terms of convenience and flexibility, internet banking is more superior to brick-and-mortar banking. The existence of gap between brick-and-mortar banking and internet banking is common in the banking industry. Each banking system has their own advantages and disadvantages in respect to fulfill the customers needs. To choose the best alternative for our banking activities, it depends on our needs and convenience up to the point where we are fully satisfied with the services provided. The transformation from brick-and-mortar banking to internet banking Although internet banking is less time and cost consuming in conducting all sorts of banking activities, the transformation from brick-and-mortar banking to internet banking is not a simple job since there are lots of applications, database and technical skills needed to maintain the whole internet site. In the process of transforming banking system from brick-and-mortar to internet banking, there are four major phases that a bank should go through in order to adopt internet banking into the banking business. The four major stages are: Information Presentation In this stage, it involves the urge to launch a basic online presence mainly to present information to the customers. This stage can be one-way communication or two-way communication. For instance, one-way communication is when banks inform their customers about the banking services they can utilise through internet whereas two-way communication might involve certain amount of interactions which the users are allowed to send emails to the bank regarding enquiries, suggestions or complaints. The main objective of using internet in this stage is mainly for marketing purposes, which are important in enhancing the image and branding of a specific bank. Until now, the bank does not set any formal structures for the Internet unit. All the internet-based activities are more towards driving individual interests. This will be the beginning stage for a bank to improve their customer services through providing more information about its banking services. At this moment, Internet is used as an i nformation channel other than the traditional marketing method. Transaction Stage After the presentation of information, the first introduction of internet system might drive customers to retrieve more information, interaction and transaction. On the other hand, the demand for different services through internet banking increases in this stage. Thus, the bank will invest more money into internet banking system. A small technical group of staff will be set up for establishing and maintaining the banks website. As it is mainly used to carry out basic transactions such as paying bills and transferring money from one account to another, internet is claimed as a cost-efficient supplementary channel to banks branches in promoting, transacting and delivering services. Internet Unit Formation In this stage, Internet Unit is formed and it has its own structure. Marketing-related and technology-related activities are separated. The online unit starts to be a stand-alone unit and conducts their own activities which align with their objectives. The bank will expand the range of services offered and pay more attention to customer demands by gathering more important information from its customers. In order to meet customers needs, the bank may have to join forces and cooperate with other partners. At the same moment, it begins to make things more complicated. The internet site will be customized according to customer requirements. More technical features such as connecting the Internet with mobile telephony and offering the customer online services are required. Core Business Redefinition and Transformation After all the efforts are done from information presentation, transaction stage and internet unit formation, this is the time where the bank focuses back on their core business. By having internet banking, it eliminates geographic and time constraint. Not only does it use as an interface between bank and the customers, internet banking also helps the bank to collect more suggestions and complaints from the customers. Consequently, the bank needs to update and improve according to their needs besides solving the problems that occur in the internet site. This will enhance customer loyalty towards that particular bank. The brick-and-mortar traditional branches become a thing of past in Malaysia banking industry, and the Internet Banking fully dislodge the brick-and-mortar Malaysian banks in future. Discuss. Internet banking is truly an idea whose time has come. As the saying goes, internet banking has gradually become well known among the users who perform banking transactions. With the advancement in technology and exposure to cyberspace, many people are computer and internet savvy nowadays. Rather than having to visit a bank branch, customers can just easily and quickly handle their banking business online at any time of the day or night. Even if they are out of the country, customers are able to access their accounts online with ease. Through a wider provision of goods and services, customers may find that internet banking incorporates vast benefits over brick-and-mortar banking. Unlike the usual method of share trading and remittance, internet banking allows us to carry out these tasks with just a mouse click. All these gains have far outweighed the advantages of brick-and-mortar banking. There is no longer any need for a bank to have several brick-and-mortar locations and that is why the banking industry needs to proceed to move to an online model for business banking. Having to spend huge expenses in maintaining bank locations, each physical bank branch will need to generate a list of other expenses like rent and insurance as well. All these reasons have caused a lower interest rates provided by brick-and-mortar banking to customers. Conversely, the reduction in operating costs has benefited internet banking on extra spending. This is because they are able to manage to cut a break by offering higher interest rates on customers savings. Having excess funds saved on operating costs, internet banks are able to use them as investment purposes. Customers will therefore earn a higher interest rate earned from investment portfolios. Nevertheless, there are still some limitations of technology which sometimes indicate that internet banking may not be an ideal substitution for a physical bank branch. Some functions such as depositing and withdrawing cash might still require the need to have physical branches for some foreseeable future. Personal details and account information might be vulnerable to other unauthorized parties over the internet as well. Hence, that is why people say internet banking is yet to dislodge the brick-and-mortar bank branches as its risk management on internet banking applications have not walked in tandem with other advances in information technology. As what we have learnt in the lecture class, it is of utmost importance for banks to manage risk management since they require to keep track with their fundamental objective and maximize shareholders wealth. By definition, risk management is the process in which managers identify, assess, monitor and control risks associated with a financial institutions activities. Sometimes, it is hard to handle risk management with the complexity and wide range of financial products. The same goes to internet banking where vast risks are abound in it. Credit Risks There is a potential variation in net income and market value of equity of a bank resulting from this nonpayment or delayed payment in this risk. Borrowers might not return or repay the borrowed principal and interest within the credit term. These are called non-performing loan (NPL). Reputational Risks These risks may involve in costly court case, a decline in bank business, customer loyalty and revenue perhaps. Bank management for internet banking system may be ill-advised to leave these risks as there is a potential that negative publicity regarding the banks business practices may cause a severe impact to the bank as a whole. Compliance Risks Compliance risks are the current and prospective risks to earnings or capital arising from violations of laws and ethical standards. It normally arises in situations whereby the rules governing certain bank products of the Banks clients may be ambiguous. Besides being exposed to fines and payment of damages, the internet bank might face diminished reputation, limited business opportunity and reduced expansion potential. Interest Rate Risks The movement in interest rates of a bank might cause changes in asset and liabilities returns and values. By analyzing interest sensitivity ratio, the bank is willing to take the risk as it can predict the likelihood and future direction of the interest rates. Foreign Exchange Risks These risks occur from changes in foreign exchange rates that affect the values of assets, liabilities and so forth denominated in currencies which are different from the banks domestic currency. Foreign exchange risks can be minimized by financing part of the banks activities in whole or in part in the local currency. Transaction Risks Transaction risks are caused by fraud, error or the inability to deliver products or services. It is evident in each product and service offered, in the efforts to gain strategic advantage and in the failure to keep pace with changes in the financial services marketplace. As all of us know, we cannot foresee the risks that may be aroused from bank incidents. Any unwanted phenomena that happen may bring an adverse impact on the banks earnings or capital. Unfortunately, all these risks are getting threatening in internet banking. Bank management team has established efficient management controls over the internet banking risks. Apart from the appropriate policy directives, they ensure that adequate technical expertise is available at all times for containment of these risks. Precaution against the likelihood of misused customer information by unauthorized parties should be stricter than usual whenever a transaction is made. However, let us look at one example of internet banking whereby the company is on the right track in introducing the usefulness of internet banking while keeping well its brick-and-mortar bank branches in every physical locations. Perhaps, its internet banking services may fully dislodge its brick-and-mortar banking in the future. CIMB Bank This bank provides a wide range of products and services to all kinds of customers. Their core business includes consumer banking, investment banking, Islamic banking, asset management and insurance. For example, MMU students will utilize the function of CIMB clicks when it comes to fees payment or account enquiry. This is a site where people can conduct their personal banking and business banking online. The services provided are easily accessed and the transactions can be conducted within seconds. The homepage of CIMB clicks is shown as follows: Ultimately, it may take some time for people to get used to it when it comes to moving business banking out of the building and into cyberspace. Like many new ideas and ways of doing business, there sure will have some challenges or obstacles to face during the process of transformation. The capacity to use internet to deliver efficient online banking services is yet to attract the attention from public. Banks need to ensure that all their customers understand how internet banking works and why it is a secure option to conduct banking transactions. It can be helpful to point out that internet banking is actually more secure than the brick-and-mortar model in many ways. The emerging consensus on the future role of online banking is that it can be used to add value to overall banking services as effective service delivery, but for now, internet banking has failed to marshal strong force to dislodge physical banks branches. Hence, internet banking still needs a huge improvement in order to fully replace brick-and-mortar banking in the future. How can the Malaysian banks make the Internet banking as a successful and profitable service? Discuss. Locally, internet banking services have been launched successfully and it has become a thriving channel for Malaysian banks. Certain measures and future advancement should be implemented in order to make internet banking a much ideal choice for customers from all over the world. It is vital for banks to meet the demand and need of customers by offering more rewarding and satisfying internet banking services. Malaysian banks can come out with new products by applying product differentiation and utilize value added services to increase the performance of internet banking. Services such as share trading and remittance should be enhanced and improved so as to satisfy those interested customers in investing in investment options. Products such as wealth management, structured investment products, bank assurance and Islamic financial products should be introduced in internet banking as well. Moreover, research and development department is required to identify the customers needs and demands which differ individually. In accordance to these requirements, Malaysian banks will be able to innovate and offer a broader range of new products and services through internet banking. Besides, the department needs to take note of the time and cost for customers which in turn will enable the banks to attain competitive advantage and long term sustainability. In addition, Malaysian banks may take essential steps to hire groups of skilled technicians or companies which offer more well-established software for the containment of risks. In this manner, the banks can protect and safeguard their customers privacy and confidentiality from harm as the possibility of being hacked by unauthorized parties is omnipresent. With the presence of anti-hacking software, customers will eventually feel and perceive a sense of security through the use of internet banking. To illustrate further, those customers who have experienced this kind of services will give a positive and pleasing feedback to the respective bank. This will indeed be rewarding to the bank as it gains loyalty from its customers besides having a high profitability on the increased percentage of sales. Moreover, due to deficiency in technology terms, Malaysian banks should seek help and aid from foreign banks especially Europe countries in the area of internet banking. Those countries which are well-known and well established in technology are able to tackle the problems and establish a good network with Malaysian banks. In fact, the internet banking service is originally designed and publicized from them as they are more advanced in technology, technical and mechanical aspects. They are more familiar with the operation of internet banking and ways to fully maximize its potential and profitability. Without any prejudices and biases, it is sensible and wise to seek help from those superior countries in gaining financial benefits towards internet banking of all local banks. Furthermore, the internet banking can cause Malaysian banks to penetrate to a new market. Internet is a global system of interconnected computer networks and it is not restricted by geographic boundaries. So, it is easy for banks to enter into a new market and provide their services to the customers of the new market without any restrictions. For an instance, Malaysian local bank such as CIMB Bank has been successfully entered into a new market which is in Singapore. Thus, Malaysian banks should upgrade and maintain its systematic information system of internet banking so that customers from other countries can be benefited from the vast advantages provided by internet banking. This not only can boost up the profitability of the Malaysian bank, but also enhance its company position and overall reputation. Besides, during the previous period when internet banking services are not exposed much among the customers, the traditional black and white paper work are utilized to process the customers requests or transactions such as transfer of account, check requisition to withdraw money and what not. When a particular customer enquires the banking services, for example bills payments, he or she may have the trouble filling up an application form or bank draft to request for bill payments. However, with the existence of internet banking, Malaysian bank can make it a profitable service by eliminating paper usages in all transactions. As it does not include any papers, electronic billings are always retrievable in customers personal account whenever they need it. On top of that, it also helps in eliminating irrelevant procedural steps, reducing the duration of process and maximizing the value obtained for customers and banks. It indirectly increases the process and productivity level by the eff iciency of internet banking. However, the success of internet banking is determined not only by banks or government support, but also by customers acceptance of it. Therefore, adoption rate among internet banking users is a concern raised by Malaysian banks. During the past few years, online banking acceptance has gained special awareness and banks move towards implementing internet banking as part of their overall tactic. Generating additional revenue, improving customer service, extending marketing and increasing cost saving are business benefits of the internet banking. Thus, if a bank manages to increase the adoption rate of using internet banking, the profitability of Malaysian banks might be boosted up as they may charge commissions on those users. Conversely, some people out there are not computer savvy and they are not confident enough to utilize the internet banking services. In this case, Malaysian banks should conduct a special training on how to use computer and internet banking so as customers will have the same level of Internet usage and some degree of Internet experience. Ultimately, the adoption rate of internet banking will increase if customers have the perceived ease of use and perceived usefulness. In order to gain competitive advantages in internet banking, the reduction of overhead costs in internet banking has enabled online banks to retain excess funds. These funds can be used for other potential benefits or purposes such as investing in foreign exchange, stock options, asset portfolios and so forth. The return gained from all these investments can be distributed among internet banks accountholders as interest rates. Thus, a higher interest rate provided by internet banking may attract more customers in subscribing an internet bank account. This not only can benefit customers in terms of interest rates, but also will add to the overall companys performances as a whole. Conclusion As all of us know, internet becomes more important for commerce and the existence of internet banking has flourished the company position and profitability in the market. Besides eliminating the need for physical branch offices, reduction of overhead expenses has helped banks to retain their excess funds. Banks can then utilise the resulting savings to reduce their loan interest rates or increase their deposit rates, drawing new customers without sacrificing earnings. This also allows banks to enter new geographic markets without the costs of acquiring existing banks or of starting up new branches, further increasing growth potential. All these potentials have made internet banking a necessity for those customers who apply the usefulness of internet banking. Ultimately, it is still based on individual needs on whether they will use internet banking instead of brick-and-mortar banking. We know that the transformation from brick-and-mortar banking to internet banking is yet to consider. It might fully dislodge brick-and-mortar banking in the future, but not for now. There are much imperfections of technology to improve so that customers can be benefited from being able to use internet banking. Bank management teams should exert effective controls over some limitations whenever bad conditions in internet banking occur. They need to think of the possible solutions on how to deal with hacking or being exposed to fraud and theft cases. As we mentioned before, internet banking is getting threatened by various types of risks and any adverse impacts can happen at anytime without warning. Hence, it is of utmost importance for Malaysian banks to implement effective measures in curbing these obstacles. In a nut shell, making internet banking a successful and profitable service is one of the Malaysian banks goals. Experts need be hired in advance so as to upgrade and maintain the information system in a day-to-day basis. They must be available at all times in order to avoid the risks in some unforeseen future. Through all the measures and suggestions given on how to make internet banking a successful and profitable service, Malaysian banks might be flourished in the future as more and more people are exposed to the usefulness and effectiveness of internet banking. Hence, there is a possibility that internet banking might fully replace brick-and-mortar banking in the future.

The use of psychological testing in recruitment - Free Essay Example

Sample details Pages: 5 Words: 1357 Downloads: 10 Date added: 2017/06/26 Category Psychology Essay Type Argumentative essay Did you like this example? Introduction The purpose of this review is to highlight the benefits of using psychological testing for the purpose of recruitment. This review focuses specifically on the importance of psychological testing so that an organisation can get the most suitable candidate for the job. Psychological testing is also known as cognitive ability employment testing and Job fit assessment. History of psychological testing Psychological testing is one of the oldest, and perhaps most contentious, selection tools (Roberts, 2005, p.132). The emergence of psychological testing can be traced back to 500 BC. Psychological tests can be defined as Psychometrics to indicate that they are concerned with identifying the psychological characteristics of people (psycho-) and putting a value (-metric) against such characteristics (Roberts, 2005, p.132). The two main types of psychometric testing most commonly used are tests of ability (divided into achievement tests, aptitude tests, and intelligence tests) and tests of personality (e.g. Big Five: Neuroticism, Extraversion, Openness, Agreeableness and Conscientiousness). Don’t waste time! Our writers will create an original "The use of psychological testing in recruitment" essay for you Create order Why use psychological testing? Human capital is the most valuable asset an organisation can have. The quality and calibre of the work force will determine the competitiveness of an organisation. There is a growing recognition that attracting and retaining talented employees can provide organisations with a sustained competitive advantage. The Managing director of Mckinsey and Co, Rajat Gupta, describes the search for outstanding people as the war for talent (Singh 2001). Greater competition for talented employees has made organizations more aware that recruitment and selection are key functions of human resource management (HRM). Reliability of psychological testing If a Human Resource Manager chooses to include a written cognitive ability tests as part of the process for selecting new employees from a large applicant pool, he or she can be virtually certain that: the set of employees hired using these tests will complete training more quickly and more successfully and will perform their core job tasks better than a set of employees selected without using tests of this sort (Schmidt Hunter, 1998) Cognitive ability test scores also predict outcomes in all jobs including overall job performance, objective leadership effectiveness, and assessments of creativity. Looking across the results of multiple meta-analyses, estimates of the average validity of general mental ability for predicting job performance (corrected for range restriction and measurement error in the criterion) converge around .50 (Ones et al., 2005). The strength of the relationship between test scores and performance increases as training and jobs become more cognitively comp lex (Ones et al., 2005; Schmidt Hunter, 1998). Examples of application of psychological testing for recruitment purposes CASE#1 The job candidate seemed so right in the interview: sharp, well-dressed, articulate, lots of references. But three weeks into the job, it became clear he just wasnt what he seemed to be. Ronald Waln, an industrial-organizational psychologist, makes a business of helping businesses avoid this scenario. His Wichita Company, Assessment Strategies Inc., offers testing services to help businesses screen prospective employees and verify that they have the right personality for the job. Since 1982, he has worked with Kansas companies and government agencies to help them pick the right candidate for the job. Richard Coe, owner of Coe Financial Services said. Im a small company and its very important to make the right decision. The testing provided by Assessment Strategies Inc gives me information that Im not going to get in an interview. Waln said, I work with a job description provided by the client and select the appropriate tests to provide the guidance theyre looking for. In general, w hat youre examining is personality match to the job, work ethic and leadership characteristics. avoiding turnover saves money, said Gary Richards, Operations Manager of J.R. Custom Metal Products, a West Wichita manufacturing company Companies sometimes dont realize the cost of turnover, but it is a pile of money, CASE#2 Selecting the most suitable applicants for the job of law enforcement officer is a costly endeavour. Personnel costs consume about 85 precent of the local law enforcement agency budget (Bradford, 1998). The New York Police Department estimates that each new officer costs about $500,000 (Decicco, 2000). According to Cochrane et al. (2003), it costs a large metropolitan police department approximately $100,000 to train each new police recruit. Further, Fitzsimmons (1986) reported that it costs a major city almost a half million dollars for each hiring error that results in an unsuitable officer. Millions of dollars have been lost through litigation because of discriminatory hiring practices (Horstman, 1976). Beyond the monetary loss and waste of human resources that accompany an erroneous hiring decision and, more importantly, is the significant liability to both the public safety and the integrity of the hiring agency of selecting an applicant that is unqualified for the job of law enforcement officer. Additionally, not selecting a suitable individual for reasons unrelated to the essential functions of the job (e.g., age, sex, ethnicity, etc.), intentionally or not, reflects a major social injustice and is illegal (e.g., employment discrimination). The financial investment in getting a probationary officer on the street as well as the financial liability of selecting the wrong individual for the job highlights the importance of the selection process. Psychological screening alone costs more than $150 per police officer applicant (Ash, Slora, Britton, 1990) and is a standard practice in most law enforcement agencies (Varela, Boccaccini, Scogin, Stump, and Caputo). Considerations when conducting Psychological testing 1. The test takers perception of a psychological test can impact the outcome of the test. For example, Researchers have consistently found that confidence can and does matter to ability-test performance (e.g., Ackerman and Kanfer, 1993). Here, we focus on this kind of S-E, which is defined as applicants beliefs in their capabilities to perform well on cognitive ability employment tests. 2. Even if ability measures are correlated with academic and work performance, perhaps test scores only matter to a certain point. For example, people with exceptionally high scores may not perform any better than those with merely high scores. Under these circumstances, the relationship between test scores and performance would be curvilinear and there would be a ceiling on scores beyond which having a higher score would not correspond to increased performance. Psychometric tests-which gauge a persons personality, aptitude or intelligence-are recognized as legitimate predictors of job perform ance. Personality tests, for example, deliver a general view of an individuals habits, attitudes and values. How well you handle new employees during their first three months on the job determines whether they become productive, long-term staff members or washouts. Conclusion Any organisation conducting a psychology test should understand that, although these tests are highly effective, they should be used in a multi-faceted selection process. Research suggests that although recruitment can be undertaken without psychological testing, it is essential; often critical to screen prospective employees with the help of this method. For example, certain organisations such as the Police force, Government security agencies, NASA etc. have this as mandatory selection criteria. Annie Murphy Paul, author of The Cult of Personality: How Personality Tests Are Leading Us to Miseducate Our Children, Mismanage Our Companies, and Misunderstand Ourselves. The reality is that people are complicated, contradictory, and changeable across time and place. The tests strike the Texas State Employees Unions Gross as a possible means of hunting for compliant workers. He wondered how much taxpayer money the cancer centre spent developing such a tool and calls it a fancy prod uct looking for a problem. The key question but if the tests are valid and reliable in identifying successful employees, theyre likely cost-effective, given the money institutions pay out as a result of turnover and lawsuits from disgruntled ex-workers. Whether theyre valid and reliable is the key question. M.D. Anderson already thinks so. Shibu Varghese, M.D. Andersons vice president of human resources, says that so far, people who have scored high on the test have gone on to do particularly well on performance evaluations. Christiane Spitzmuller, a University of Houston industrial psychologist, acknowledges some inappropriate tests have caused problems. But she says the majority of personality tests dont, particularly if theyve been constructed after measuring job performance, then empirically collecting data on a set of questions that predict a relationship between the two. She foresees the use of such tests only increasing in the future. Parking lot

Same-Sex Marriage Should Be Legal Essay - 1907 Words

The United States was founded on a grand ideal of social freedom. The U.S. Constitution was put into place to protect the rights of the individual by creating a fair and just society. These values of liberty resound for most Americans as assurance that they will never wake up to find they have lost their voice to an all-powerful oligarchy. Americans like to believe they live in what they call â€Å"the land of the free.† Of course, we know from the history of the country, the definition of freedom is a controversial topic. Even when the Constitution clearly states, â€Å"all men are created equal,† the topic of social equality is what has divided the country in many debates of the meaning of freedom. For the past decade or so, the topic of same-sex†¦show more content†¦People want to get married, not only for the legal benefits offered by marriage, but also because they want to be viewed as couple in a serious, long-term relationship. Because in most states sa me-sex couples are not allowed to marry, it reinforces the view that same-sex relationships cannot be as sincere as straight relationships. It denies same-sex couples of the ability to be seen by society as being in a serious relationship. Wedgwood argues, â€Å"It is the public recognition of the status of â€Å"married† that constitutes the most important benefit of marriage, and what is most crucially abridged when the State discriminates against gay couples who want to marry.† (7) Legally, marriage gives a couple a plethora of rights and benefits. Consider this: a gay man finds his partner of ten years is in the intensive care unit after a serious car accident. When he arrives at the hospital, he finds he is unable to visit his partner because only family is allowed visitation in the ICU. A marriage legally makes you a family, and without it rights such as these are not available for people you are not related to. 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The debate throughout most countries today is whether or not the rights of these profits and commitmentsRead MoreSame Sex Marriage Should Be Legal1659 Words   |  7 Pages Same-sex couples can hardly remember a time where they were not fighting for their right to marriage in the United States. After several court cases, California Proposition Six, and their struggle against the Defens e of Marriage Act (DOMA), same-sex couples found their way into U.S. society. Many misguided studies appealed to those opposing same-sex marriage, but after several years of integrating in society, same-sex couples found the support they were looking for. Before the Supreme CourtRead MoreSame Sex Marriage Should Be Legal899 Words   |  4 Pages In the United States, same sex marriage became legal nationwide on June 26, 2015, when the United States Supreme Court overruled the court in favor of same sex freedom and marriage. The victory of same sex marriage came to be recognized from the Obergefell v. Hodges case which was submitted when an American Ohio man was denied and regretted to get his name on his late husband’s death certificate. Same sex marriage has been a controversial social issue in the United States for several decades. SinceRead MoreSame Sex Marriage Should Be Legal1491 Words   |  6 PagesSame sex marriage is one of the most debatable issues in the modern world. Marriage has been accepted as the social union between a man and a woman for the past thousand years. Homosexuality was viewed with scorn, and marriages among same sex couples were prohibited in most cultures across the globe. However, gay relationships are slowly obtaining acceptance, as homosexuals have come to be expressive in fighting their rights to marry in the early 90’s. As homosexuality grows in acceptance in theRead MoreSame Sex Marriage Should Be Legal892 Words   |  4 PagesLove Same sex marriage is now allowed in all states across the country. But it took years and years for this â€Å"issue† to be finally laid to rest. The first state to legalize same-sex marriage was Massachusetts in 2004. There was not a last state to legalize gay marriage. The supreme court realized how many states were now legalizing it, so they just had all of the states left legalize it as well. ProCon.org supplies information that â€Å"Twenty-six states were forced to legalize gay marriage becauseRead MoreSame Sex Marriage Should Be Legal2253 Words   |  10 Pages1776). The recognition of same-sex marriage is an issue influenced by numerous factors, and debates continue to arise over whether people in same-sex relationships have the right to marriage. Marriage provides many benefits, legally, financially, and personally. Same-sex marriage can open up those in same-sex relationships to tax benefits and financial demands comparable to those afforded to and required of peo ple in opposite-sex marriages. Same-sex marriage also gives them legal protections, such as

Business Law Electronics Contracts using Email

Question: Describe about the Business Law for Electronics Contracts using Email. Answer: Several of the rules that are applicable in case of 'paper' contracts are also applicable in case of the electronic contracts that have been created by the parties using e-mail, online or other electronic means. At the same time, more and more businesses and supplies are moving towards electronic and online credit applications including with the customers were not present in Australia, the effect of these rules have become even more significant. A number of these rules have been recently considered by the courts which included the Supreme Court of Queensland that had to go through the issue of electronic signing by e-mail to contract to which an interest in land was created. Therefore the issue of electronic contracts can be divided into three parts regarding the ways in which the issues related with electronic contracts have an impact on consumers. In the first part, the issue is if an e-mail can be considered as a signature; when the credit applications and the terms and conditions of trade and the guarantees should be signed and if the foreign laws can be considered as relevant. In this second part, the issue that needs to be considered is who has the sufficient authority for signing the contract on behalf of a customer or guarantor and what will happen if such a person does not have the required authority. Similarly in partly the issue is related with the time when the parties are considered to be found during the negotiations even if it has been said by them that it is subject to contract? First of all, it has to be seen if an e-mail can be considered as a signature in case of an electronic contract. Generally if the contract or any clause of the contract creates an interest in land or is a guarantee, the law in Australia provides that there should be a memorandum or a note present in writing that has been signed by the relevant party or its agent. This condition is particularly relevant in case of the creditors who have relied on charging clause for lodging caveats on the interests over land or guarantees. For example in Stellards Case, Stellard was willing to buy land off NQF and after a series of e-mails, it sent an e-mail to NQF in which it has mentioned the amount that the company was offering to pay and also the general terms of the offer or in other words the 'offer e-mail'. There was no formal contract document that has been hand written or electronically encrypted signatures that were placed on it. In this regard, the agent of NQF (the director's son) sent an acceptance e-mail in which it had accepted the offer e-mail sent by Stellard and at the end of this e-mail, intentionally, the name Drew has been typed at the end of the e-mail. It was agreed by NQF that the e-mail getting the acceptance has been sent by Drew but it was a memorandum or a note in writing. At the same time, it was also alleged by NQF that the e-mail containing the acceptance has not created an enforceable contract between the parties regarding the land as it was not 'signed'. Therefore the issue arose if the acceptance e-mail can be considered as a signed memorandum or writing. In this regard, a national scheme is present in Australia regarding the electronic transactions law. This is present in the form of Electronic Transactions Act (Vic) 2000. At the same time, similar legislations also present in other countries. Therefore according to the court in Stellard's case, it was stated that in view of the trail of the e-mails between the parties, the acceptance e-mail had a signature and the result was that an enforceable contract regarding land was present between the parties as it was a memorandum or a writing that has been signed by the registered owner or an agent thereof. The result was that the court stated that under the circumstances, where the parties have been involved in negotiations by using e-mail and particularly when an offer has been made e-mail, it is available to the court to infer that consent regarding the use of e-mail has been given by the conduct of the relevant party (Burns and Hutchinson, 2009). Therefore the court noted that in communicating negotiations through e-mail, an implied consent has been present on part of Drew on behalf of NQF regarding the method of signing through the e-mail. It also needs to be mentioned that which relevant electronic transaction log will be applicable to the terms and conditions of the supplier will rely on the words used in these terms and conditions and also on the effective and online system, e-mails or other electronic communications are used by business for credit applications and guarantees, particularly in case an e-mail trail is not present. Therefore if it is done correctly, it is possible to sign the documents by using electronic means apart from the e-mails, provided that a supplier has strictly complied with the provisions of the relevant electronic transactions law. In order to be valid, the basic elements that have been prescribed by the contract law are also applicable in case of electronic contracts. In this way, the requirements of offer and acceptance, consideration and the capacity of the parties to create a valid contract are still regarding case of electronic contracts. However a question may arise as to when the terms and conditions and the guarantees have to be signed in order to be enforceable regarding certain rights. Therefore generally the terms and conditions and guarantees contained express terms for the purpose of securing any payment that is owed towards the supply. Some of the common examples of such a situation include the case where supply will retain the ownership of the goods in the time they have been paid for in full. Similarly, a charge can be granted to the supply regarding any interest in land that the customer may have, either at present or in future. This is also known as a charging clause. The effect of a charging clause is that it allows the supplier to lodge a caveat regarding any interest in land that has been registered in the name of the customer. This has proved to be a significant tool for the purpose of debt recovery. In order to lodge a caveat under the law of Australia, the terms and conditions (as was the case in Stellard's case) have to be signed by the customer. In most of the other countries there is a similar requirement related with the caveat lodgment systems. Similarly in case of guarantees, a charge is generally granted regarding any interest in real or personal property that the guarantor has, or is capable of granting an interest in. This is known as a general charging clause. According to the law of Australia, a guarantee has to be signed by the guarantor on the agent of the guarantor in order to be made enforceable. The test regarding any mail has been signed by guarantor or its agent can be the test that was mentioned by the court in Stellard's case. In the same way, t he requirement according to which the guarantee should be signed is also present in the law of most of the countries. Under these circumstances, it can be said that under the Australian as well as according to the Australian law, the electronic signatures are considered as being valid for the purpose of executing agreements. However, a difficulty may arise in case of electronic signatures when evidence is needed for confirming the identity of the person signing the contract or the intention of the party to be bound by the contents of the agreement. Although these risks may be mitigated by using digital signature tools that incorporated the context of the identity verification and methods of authentication like public-key cryptography but still there are certain significant issues that need to be considered. As a result it can be said that although the electronic signatures are legally enforceable but still they are difficult to prove. As mentioned above, in order to be created validly, there are certain elements that have to be present in an agreement. These elements include the intention of the par ties to create contractual relationships, accepting the offer made by a party in providing consideration under the agreement. Generally in case of commercial transactions, the creation and the execution of a valid agreement through electronic means has to satisfy these elements under the international law and also under the Australian law as is the case with the paper contracts. However apart from the usual requirements that are present in case of a labor contract, a contract that has been created using electronic means is considered as legally valid if the contract has been appropriately stored and it can be accessed after its execution. At the same time, it is also required that they should be consent present between the parties either express or implied that the information will be received electronically. At this point, it is also worth mentioning that according to the law, the purported originator is considered to be bound by the communication if such a communication has been s ent by the purported originator or with its consent. However this results in a problem that deals with establishing that this element is present, especially in the cases where the parties to the transaction have not been dealing with each other face-to-face and as a result, they cannot verify the identity of each other by using traditional means. Under these circumstances, it can be said that e-mail has outnumbered the traditional letters and faxes and has become the preferred communication method for businesses which include the negotiations for contracts. Although generally the courts are considered as being behind the times but in this case, the courts have responded towards this shift in communication and consequently, e-mail has been accepted by the courts as the means of creating a binding in between the parties. On the other hand, all the businesses are not conversant with this fact. In fact there are a number of businesses that are still under a mistaken belief that anything said or agreed to the e-mail is not binding for the parties and the also believe that a legally enforceable contract can only be created when a formal written document has been signed by the parties. But the law provides that if the parties are negotiating through e-mail but they do not want the e-mails to be binding contracts, this fact should be clearly mentioned in the e-mail that no binding contract will be created between the parties unless a formal contract is executed by the parties. On the other hand, if this condition has not been expressly mentioned, it is not likely that such a condition will be implied in the e-mails by the court. The result was that, for example, in Stellard, the court arrived at the conclusion that a binding contract related with the sale of land has been created between the parties through e-mail. More significantly, it needs to be noted that in both the offer e-mail as well as in the acceptance e-mail, it has been mentioned that the offer is subject to contract and also mentioned that it was subject to execution. After the exchange of e-mail between the parties, a contract was sent by the buyer to the seller for executive, but the same was not signed. Later on, the seller withdrew from the deal and had made a contract with another party. Therefore, it was the decision of the court that by the context of the e-mails, it can be said that it was the intention of the parties to be bound by it immediately. This was the case even if the party is expected that the agreement will be substituted by a formal contract which will also contain additional terms. In this regard, the court also stated that the e-mails fulfill the requirement according to which a contract related with the sale of land should be in writing and signed, in view of the provisions of the Electronic Transactions Act, 2001. Therefore, it can be stated that the decision given in this case follows an earlier decision of Western Australian Court of Appeal that was delivered by the court in Vantage Systems Pty Ltd v Priolo Corporation Pty Ltd. (2015). In this case, it was stated that a contract has been created between the parties regarding the lease of commercial premises by using a series of e-mails although it was mentioned in these e-mails that the offer was subject to formal approval. While delivering this decision, the court was not affected by the fact that the parties failed to agree regarding a reinstatement clause and it also ignored the fact that no formal lease was later on signed by the parties although it was the intention of the parties to do so. The trend related with binding e-mail also extends to the settlement negotiations that take place between the lawyers through e-mail. For example in Universal Music Australia Pty Limited v Pavlovic (2015), the NSW Supreme Court arrived at the decisio n that a binding settlement agreement was created through the e-mails that were exchanged between the lawyers. In this case, the court stated that the e-mail of the lawyer in which it was mentioned that the settlement deal will be signed by the client along with the rest of the communications and the conduct of the parties, it was considered that a binding contract has been created. Although the parties had the intention that a deal will be signed later on and it was never signed but a Court refused to find the presence of an implied condition according to which, a binding contract will not be created unless the deed has been actually signed. Therefore in the end, it can be said that as a result of the expansion of Internet and e-commerce, there has been a significant increase throughout the world regarding the formation of electronic contracts. New laws are also being developed for accommodating electronic contracts. However, despite the development of new legal framework for accommodating electronic contracts, still there are certain uncertainties related with the formation of electronic contracts. References Australian Government, Commonwealth Treasury (2006) The Australian Guidelines For Electronic Commerce. Available:https://www.treasury.gov.au/documents/1083/PDF/australian_guidelines_for_electronic_commerce.pdf (September 18, 2008). Benkler, Y. (2000), Net Regulation: Taking Stock and Looking Forward. University of Colorado Law Review, 71 (4), pp.1203 1252 Burns, K. and Hutchinson, T. (2009) The Impact of Empirical Facts on Legal Scholarship and Legal Research Training. The Law Teacher, 42 (3) pp. 153-179 Carter, J. W. and Harland, D. J. (1993) Cases and Material on Contract Law in Australia, pp. 339-40 Cornwilaw (2006), Electronic signatures and Electronic Contracts, Available: https://www.corwinlaw ( 22 May 2011). Forder, J. and Svantesson, D. (2008) Internet and Ecommerce Law, pp. 52-53 Gatt, C. (1998) Comparative Issues in the Formation of Electronic Contracts. International Low and Information Technology, 6 (1), pp. 34 -57 Graw, S. (2005) An Introduction to the Law of Contract, pp. 461-464 Optus, (2009), Buying Online is Easy: A Few Things to Note. Available: https://personal.optus.com.au (December 26, 2009) Perry, D. (2002) Electronic Enforcement Environment and Capability, Internet Law Bulletin, 5 (7), pp. 73- 74 Rahukar, S., (2010), Electronic Contracts (Part-1) Club Hack Mag. Available: https://chmag.in/article/nov2010 (May 22, 2011) Schiano, W. T. (2004) CyberLaw: Text and Cases, pp. 158-159 Starke, J. G., Seddon, N. C. and Ellinghaus, M. P. (1992) Cheshire and Fitfoots Law of Contract pp. 663- 773 Case Law (Stellard Pty Ltd Anor (Stellard) v North Queensland Fuel Pty Ltd [2015] QSC 119 Vantage Systems Pty Ltd v Priolo Corporation Pty Ltd [2015] WASCA 21 Universal Music Australia Pty Limited v Pavlovic, [2015] NSWSC 791 Statute Electronic Transactions Act (Vic) 2000

Essay Topics That Will Help You Make Sure That You Are Writing Your Essay

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