The Agreement And Living Together Contracts - 775 Words

Nonmarital Agreement Living Together Contracts Under Nonmarital agreements and simple â€Å"living together contracts they both function similarly to prenuptial agreements. The two are set up as business agreements which set forth how money, property and debt will be handled during and after the relationship. Living together contracts are more suitable for long-term relationships where a significant amount of money, property and debt are expected to accumulate. For example, the purchase of homes, combining financial assets, adopting children, etc. These type of agreements work well for couples opposed to marriage, but are typically left undone and these couples just go about their lives without implementing this contracts. This is unfortunate because although no one expects their relationship to end, this helps to equally divide up assets if it does happen. The Origins of Family Law The challenges faced under Family Law in the U.S. have changed through shifting legal definitions of family law terms and through changing dynamic of court procedures. Family law in the United States has much of its roots in European feudalism, which was introduced into England by William the Conqueror at the Norman Conquest of 1066, English common law, Catholic canonical law and, increasingly, which is a significant change, civil law. There are two types of law that derived from this time that is important to family law. Canonical law: a system of ecclesiastical law and regulations that is basedShow MoreRelatedThe Case Of Balfour V Balfour ( 1919 )1274 Words   |  6 PagesThe starting point traditionally is for determining this intention is the use of different presumptions for both domestic and commercial agreements. 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David Hume And Renee Descartes s Theories Of Knowledge...

Philosophers David Hume and Renee Descartes have opposing views about the origination of ideas. Hume claims that all ideas are copies of impressions, which come from sensation. Descartes disagrees with this, arguing that in order to obtain knowledge, there must be a rational method for obtaining it, and that the senses are not a reliable source. This essay will present both philosopher’s arguments and compare and contrast each perspective regarding matters of knowledge and ideas. I will then argue how Hume’s philosophy is the more viable theory, and give you my reason’s as to why it is a stronger argument, in comparison to Descartes’ more rational take on the origin of ideas and knowledge. As an Empiricist, David Hume supports the theory†¦show more content†¦Because ideas are mere copies of the real thing, ideas are far more easily mistaken or confused, which is less likely with impressions, being the original experience its self. This would also mean there is no such thing as innate knowledge and babies are born with a blank slate, no one is born with any prior knowledge and knowledge is acquired and developed from sense experience over the years. Renee Descartes, as a Rationalist viewed knowledge as something that we achieve through reason. Descartes begins his theory of knowledge by assuming that nothing exists. By doing this he would have to trust nothing. Not his senses, not anything that he has thought. As a Rationalist he sought to eliminate all doubt and anything else that wasn t completely credible. Because he found that his senses were not one hundred percent reliable, as he found they sometimes deceived him, he did not trust them. Descartes believed that in order to obtain knowledge, there must be a rational method for obtaining it, and that the use of the senses, or any personal experience was not a reliable source. Finally, in Meditations on First Philosophy he concludes that he is a thinking thing: â€Å"I think, therefore I am†. He knows that this is true because he thinks, and to disprove that would require thinking and since heShow MoreRelatedStephen P. Robbins Timothy A. Judge (2011) Organizational Beha viour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesand permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers

Mass Media and Younger Generation Free Essays

string(54) " sport can make a youth be identified with the sport\." Abstract Entertainment has a significant influence on the people. The effects of entertainment can both be positive and negative. This influence of the entertainment industry has grown tremendously over the years. We will write a custom essay sample on Mass Media and Younger Generation or any similar topic only for you Order Now The influence can be greatly attributed to the advancement of technology. Entertainment is mostly through the media which includes; the television, magazines, newspapers, radio, and internet, among others. The influence of entertainment on the younger generation affects the way that they dress, talk, and act. This is because the current generation and society depends on entertainment as a form of communication and information. The society, therefore, turns to entertainment for the daily activities like education, health care, traveling, work, and personal relationships. This paper is going to look at the effects of entertainment on the younger generation. In addition, it is going to look at how entertainment affects the young generation in terms of their acts, the way they dress, and talk. Introduction A nation like America is an example, of a country that has developed in terms of entertainment (Fisher 58). It is one of the countries that has got and has produced some of the greatest entertainers. The country is one of the leading producers of entertainment in the planet. In addition, it is one of the nations that there is a greater influence of entertainment on the younger generation. The effects of entertainment on the younger generation in America can be said to be both positive and negative. The influence is mostly on entertainment media such as television, radio, and the internet. The influence on the upcoming generation has affected their expression and vies on the culture of America. The influence is on how they talk, dress, and act on the society. This has been caused by the social media pressure that is sweeping through the country. These are the influences that entertainment has on the younger generation in the country. Entertainment The citizens of America depend on communication and information for their daily activities. These activities include; work, education, entertainment, traveling, personal relationships, and health care (Kearney and Crandall 89). The people use the newspapers or television to get news. They make phone calls, browse over the internet where possible to make decisions that re based on the information that they need and get. The decisions should be made depending on the values and beliefs that exist in the society. The younger generation, therefore, need to have facts and use experience when making certain decisions. The media are the place where most people get the latest and current facts and news on significant issues. Most of the younger generation, therefore, turns to the media which is a form of entertainment to get news and education. This in effect, has influence on the younger generation. The upcoming generation, gets influenced by the mass media and this in turn affects the way that they conduct themselves in the society. The influence works in several ways and can be caused also because of several reasons. This can be either positively, negatively, or even both. How the influence works The television is the common and most known form of entertainment that has got influence. The television exposes the upcoming generation to thousand of images. These images include; celebrities advertisement, violence, sex, among many others. The exposure to the younger generation is too high when considered in terms of years (Scott 9). The media should be responsible for the programs they air. They are the ones who should help in shaping the beliefs, values, and decisions that the upcoming generation makes. The companies that own the media are the ones who are in charge of entertainment movies, radio and television broadcasts. Moreover, they are the ones who authorize the programs, sports, and video entertainments. In addition, most of the companies that offer these services are also integrated in the wireless phones, telecommunications, music industry, electronic media, video game software, and more. Therefore, the companies should consider programs that nature cultural values and beliefs that do not have a negative influence on the upcoming generation. However, some companies have merged to shape the beliefs and opinions of the users. It is significant to consider what the younger generation is exposed to daily through the entertainment avenues. This calls for the other people in the society to be vigilant in protecting the values and beliefs of the country. They should look at the entertainment that is given from, different perspectives; as opposed to ho the media gives it. The advertisement done by the media is another exposure to the upcoming generation. Although, the media makes a lot of money from the advertisements, they have some negative influences to the younger generation. Many citizens are influenced, by the advertisements, and this makes them buy the things that they are told that are good. Decisions are made from the advertisements that the citizens are exposed to daily. This is based on what is seen on the newspapers, magazines, or television. The product is deemed to be the best and most people make decisions based on what the media is propagation. This creates influence as people tend to trust the media. The same applies to the younger generation that is exposed to this form of entertainment. The effect and influence on the upcoming generation makes them buy what they watch over the televisions. This is mostly influenced by what they consider being their celebrities’ favorites. The upcoming generation will buy what favorite celebrity has advertised and what they deem to be acceptable in the society. This is based on the fashion that the media has created and imposed on the minds. The influences can be at times positive or negative. A positive example can be a sport that is getting media attention. Many of the younger generation will want to be identified with that sport. The popularity in the society and among the friends for the sport can make a youth be identified with the sport. You read "Mass Media and Younger Generation" in category "Essay examples" This will make the upcoming generation start practicing for the sport with the idea that it is cool. The influence will turn out to be positive as the youth will become healthier from the exercise and have fun with friends. An example of a negative influence for the younger generation can be the use of cigars. This can be as a result of seeing a celebrity movie star using a cigar. In addition, the exposure to images with excessive violence, junk foods, and sex can influence the upcoming generations negatively. The upcoming generation is in a stage of life that needs some acceptance from the peers. They would like to feel loved and be successful in whatever they venture and try (White and Andsager 72). Therefore, the creation of the media of ideal images of beautiful women and handsome men as the real characteristics of successful people through television and movie influences the younger generation. This will make the upcoming generation want to look as the celebrity. They will copy the dressing styles so as to feel cool and successful like the images of the celebrities. The youth are, hence exposed to buying dresses and stuff that can make them look like the celebrities who are considered to be cool and successful. The influence of the entertainment industry has had an effect on the youth’s obesity and anorexia nature. Many upcoming generations in the country are fighting obesity. This is happening, while, they are exposed to most advertisements that carry junk food advertisements. The advertisements are there, yet, they give ideal images of successful people as wealthy and thin. The women are the ones who are mostly affected with this type of influence. They are so obsessed with loosing even in cases which they are not declared as obese. Many women are thin in the society as they want to resemble and look like the thin celebrities, and super models that they see in the images, in the entertainment industry. The women, are, therefore, engaged in disorder eating habits that mostly lead to severe issues of health and in worse cases even death. Effects of violence in media Watching a movie or television exposes the upcoming generation to images of many people hurting others and violence. This type of exposure can have some influence on the upcoming generation. A person can easily become disturbed because of such exposure. This normally happens to the children who are exposed to this type of entertainment more and more each passing day. As the children grow, they begin shaping their personalities. This includes both beliefs and values. A child who is exposed to this form of entertainment can become very aggressive. In addition, these children can lose their sense of fiction and reality on what they are exposed in the movies and television. There are incidents and scenarios that have been reported of children carrying guns to school. Such kind of incidences where the children also hurt others can be attributed to the influence of the entertainment. This affects the cultural values and beliefs of such children. The behaviors of this type are associated with children who are mostly exposed to the excessive use of war images and violent video games (Coleman 112). The media using real war as a form of entertainment also exposes the upcoming generation to negative influences. The children need to be educated and informed, on the good forms of entertainment, to be watched. In addition, they need to be informed that the video games do not have winners or losers just as in the real war. Entertainment impact on society and the upcoming generation is significant. In addition, the influence of entertainment on public opinion cannot be ignored. The entertainment forms can change the public opinion of the upcoming generation in different ways. This depends on the objective of the form of entertainment. Television as one of the greatest discoveries of all times has so much influence on the upcoming generation. Television can be used for many purposes. This depends on the choice of the individual that uses the device. This can be used for entertainment purposes, like; watching music or soap. The shows that they youths are exposed to when watching television have created so many controversies. This is because of the influence that they have on the younger generations (Petley and Barker 34). The television has both advantageous and adverse effects on the youth. This will depend on what the viewer sees. This explains why the entertainment shows that are aired are full of controversies. Most of the shows are just on dates and celebrities. These types of shows are what influences the future generation that includes the children and youth. Most of the influences unfortunately are not positive. Studies indicate that there is a trend that is coming up where most shows are just for publicity purposes. This makes the youth find themselves easily influenced to be part of the shows to feel cool. The shows that help in increasing learning processes on the youth receive little publicity. These are the shows that can help the youth to nature good moral values and beliefs (Desilet 109). The television promotes entertainment and education. However, it is an individual’s responsibility to derive what he wants from the shows. Most young people are corrupted in the minds by the entertainment forms that they see. The youth fall prey to the many of the misleading advertisements in place. They get confused by asking on the celebrities that are being advertised. Furthermore, they get manipulated in their thinking. This makes them think of violence and criminal things. The more the youth is exposed to the entertainments the more they get influenced to the message that they get. Their social and cultural behavior is affected by the entertainment. The children are exposed to the negative influence of entertainment as parents are not there to control them. Some parents work till late and when they get home they are too tired to help the children in activities. They get glued to the television plus their children. Upcoming generation feels confident and they do what they feel like. In addition, visual effects normally lasts long on a person and this can leave some adverse effects to such an exposed victim. The advancement of technology has made things worse. Most of the television stations relay their programs through the satellite. This has left the parents with no control on the programs watched, and, therefore, the children remain exposed to indecent entertainment forms. The youth has also taken advantage of the same. They use the entertainment field to get knowledge and information from the television. Most of the young generation normally watches programs that are mostly entertaining. No wonder, television is considered as a source of entertainment instead of a source of knowledge. This is the reason as to why television has to a great extent adversely affected the upcoming generation. Many youths have favorite celebrities that they look up to, as role models in their lives. This makes them to look for them in the movies or magazines. The reason behind this is to get the latest fashion trends or air styles. The youths look, on the magazines, to see what the celebrities have and the scope of the new trends that are considered hot. The entertainment industry is constantly changing perceptions of the youth. This changes the perception of who they are and what they think of themselves. In addition, the entertainment industry is what can be attributed to the changing trends in cultural ways. Most people look at the celebrities and entirely change their own ideals and views so as to mach what is considered to be perfection. The youth wants to be associated with money, ideal cars, and careers. The simple things in life are becoming less appreciated. This happens as people tend to look up for those with more wealth. They compare their lives with such people. The youth wants something bigger and something more. This is what makes entertainment have a constant impact on the societal trends. It is the aspects of the entertainment industry that makes the youth know how much they are rich and how famous they need to be in life. The constant advertisements, magazine covers, and other entertainment forms are what overwhelm the society. Moreover, the entertainment industry is what is responsible for most of the upcoming generations changing trends and perceptions on culture and the way of life. The shows that are aired make the youth look at their own lives. This makes them feel the need to do something different. Divorce is also becoming common in the society. The trend is mostly seen in celebrity couples. Cases of the celebs getting divorced are there every day. This has made it like a routine to those who are also in the media industry. The divorce cases are publicized in the media as something normal and good in the society. This has made the youth look at divorce as something that is insignificant. The society has also not carried any negativity on divorce of late. People run to marriages instead of dating. This whole situation has been created by the celebs. The celebrity couples have made divorce a trend. Moreover, the celebs have made the meaning of divorce be of less meaning and look like normal in the society. This trend has caused the youth to follow suit. The entertainment industry can be said to be the reason behind the change of perception and trend of divorce. The youth has been influenced, by the entertainment industry, to do cosmetic surgery. The trend has already swept through the society and is common with people who want to look like celebs or be more beautiful. There are shows in the television programs like DR. 20210 that have made plastic surgery be the in thing (Durham 120). The shows make the youth want to look like the celebrities. They do this by trying to transform them to look like celebrities. They give them the different cosmetic and plastic surgery procedures that exist. The message passed is that a person in his own identity is not handsome and good. The tren d encourages the youth to try plastic surgery in order to have perfect bodies. Therefore, the reason of not having a perfect look is not there as there is the option of cosmetic surgery. This has made the celebrities, to, also, have plastic surgeries to enhance their appearance. This is done with the belief that it will help in carriers, but, the youth just emulate the trend for the sake of it. The trend has made many youth to lack self fulfillment as they feel they are not good looking or good enough. Conclusion The entertainment industry has both positive and negative influence on the youth, but, it is not entirely bad. The negative effects and influences that the industry has, on the upcoming generation need, to be changed and recognized. This can help the youth so that their minds are not that clouded with the celebrity perfection ideas. The youth need to be educated and informed on the need for self confidence and self fulfillment as they are fundamental to true happiness in life. These traits are hard to attain for the youth because of entertainment and media industry. The industries are constantly showing and sending messages to viewers on the definition of perfection. This makes it hard for many of the youths to be contented and happy with their personalities and looks. The youth should stop to look for celebrities, movies, and television shows, for ideal and perfect life. The obsession created by the entertainment industry influences the youth’s way of life. They change the way they dress, walk, and even act. The entertainment industry will continue to have effects and influences on youth and societal trends. The influences should be worked on, to make them have positive effects on society and society as a whole. This can involve the transformation of the celebrities, actors, and models in the entertainment industry. The effect can be huge and tremendous on the upcoming generation and society. The changing trends in societal beliefs and values can be influenced to be positive ones on the youth. Things can be better when the effects of the entertainment industry lean more towards the positive influences than the negative influences on the youth. This can be done knowing very well that America is one of the leading producers of entertainment and as such it is a significant component in influencing the behavior of the younger generation. The entertainment industry has influences on the upcoming generation views and expression of culture. This is depicted by the way that they talk, dress, and act on society through social media pressure in the country. You can get a custom research paper[-0] on this topic at EssayLib. com. Feel free to buy your paper written from scratch! Â ·Tags: entertainment research paper[-1], essay on entertainment[-2], research paper on social media[-3], social media essay[-4] Comments are closed. [-0] – http://www. essaylib. com/research-paper. php [-1] – http://www. essaylib. com/blog/tag/entertainment-research-paper [-2] – http://www. essaylib. com/blog/tag/essay-on-entertainment [-3] – http://www. essaylib. com/blog/tag/research-paper-on-social-media [-4] – http://www. essaylib. com/blog/tag/social-media-essay How to cite Mass Media and Younger Generation, Essay examples

Professional Accounting Ecological Management and Restoration

Question: Discuss about the Professional Accounting for Ecological Management and Restoration. Answer: Consideration and Enforceable Agreement According to the Australian Contract Law consideration is a price that exists between promisor and promisee to enforce a promise between them. In certain cases, payment of consideration is not essential to bind a contract but as per the requirements of common law, it is important to provide considerations for enforceable agreement (Restubog et al. 2015). Further, Enforceable agreement is analyzed by the rules of offer and acceptance between the parties. In order to bind a contract it is important to set out the terms and conditions of the contract with the knowledge of the acceptance party as well as there must be communication between the two parties. The important elements of enforceable agreement are consideration, contractual capacity, intention and certainty (Broadhurst et al. 2015). In the given case, Jane is travelling overseas and offers to give her Lotus Super 7 sports car to Jack. The prevailing market value of this sports car in good condition is approximately $25,000. Jack accepted the offer but the payment or communication of consideration is not clear in the present case. As per the regulations and provisions of contract law an agreement is enforceable if there are rules of offer and acceptance as well as communication. Another important element of the enforceable agreement is consideration which may or may not be in monetary terms. However, there has to be some exchange of offer between the parties to enforce a promise for undertaking a particular act (Scollo et al. 2015). In the present case, the information about the consideration between Jane and Jack is not clear but the communication of offer and acceptance is clear between the parties. Further, the information about the market price of the car provided in the question cannot be regarded as the price of consideration. Hence, in the first case, consideration of the exchange is not present between the parties. Moreover, the agreement is enforceable between Jane and Jack since there exist proper communication and promise of offer and acceptance. In the second case, Jane offers a transaction for sale of her Lotus Super 7 sports car to Jack for a value of $25,000. The market value of the same type of car in good condition is also $25,000. Jack provides the acceptance of the offer for the sale transaction. In this case, consideration in a contract is present as a value of exchange in a promise among the parties. As the element of consideration is an essential factor to have an enforceable agreement of offer and acceptance, it is not necessary to have a monetary consideration. However, in the present case offer made my Jane for the sale of car for $25,000 has been accepted by Jack is a valid agreement. Therefore, it can be said that the consideration is present in the second situation. Additionally, for the purpose of enforceable agreement there are significant elements that should be present between the parties. First element is the rule of offer and acceptance and communication between the parties, which may be oral as well as written. In the given situation both the rules of first element are present between the parties Jane and Jack. The offer and acceptance element and an oral communication for the transaction of sale of car is also present. The second element of an enforceable agreement is consideration i.e. value of exchange for promise between promisor and promisee. In the given case, consideration of $25,000 is accepted by the promise, Jack for the agreement of sale of spots car as an exchange of promise by the promisor, Jane. Another significant element of a legally binding agreement is a capacity to enter the contract. Parties to the contract need to have the ability to enter the contract because minors, unstable or mentally challenged parties may not ha ve the adequate capacity to enter the legally enforceable contract. Other important elements of a valid contract are intention of parties to enter the contract as well as there must be certainty to complete and indentify the rights and commitment to enforce the agreement. In the last situation Jane offered the sale of her Lotus Super 7 sports car to Jack for a consideration of $2500 whereas the market value of the same in good condition is $25,000. The terms of contract were communicated and Accepted by Jack. As per the provisions of Australian Contract Act, consideration is a significant element of a valid and enforceable agreement which is an exchange value that is paid or agreed to be paid between the parties. According to the common law, a promise between the parties is enforceable if it is supported by consideration or a value of exchange. However, consideration can be in terms of money, kind or even a promise to pursue the act (Swaminathan 2016). As per the law of Australia, a consideration is giving something in return for an act or promise you received which can either be single or a joint. In case of joint promises or joint contract, consideration might flow from one of the receiver party. It means if the agreement or contract is made between the parties where one is promisor and other two parties are promisee then the consideration might flow from one promisee on behalf of the other one. Further, the law of contract does not state the mode of consideration as well as the value of consideration. For example the prevailing market price for a product that is exchanged between the parties might be different from that of actual price considered, but that difference in price falls under the criteria of consideration (Martin 2016). Similarly, in the given case, consideration of the contract for sale of sports car was agreed at $2500, which was less than the prevailing market price. However, the contracted amount is considered as consideration under the Australian Contract Act because there is a flow of promise from the promisee, Jack to the promisor, Jane in lieu of the transfer of sports car. Further, an enforceable contract is required to have some other elements other than the consideration. One of the important elements for a valid agreement is capacity to offer and accept the contract with the terms and conditions. The law of contract act states that the parties to the agreement must have the ability to implement the promise. Parties involving minors, unsound mind, mentally challenged are not eligible to enter the contract. If there is a lack of capacity or ability to make or keep the promise, then the agreement would turn void (Chih et al. 2016). Another element of a valid contract is intention of the parties to enter the contract. There must be intention to form legal bonding between the promisor and promisee to validate an agreement. This element has been considered to differentiate the agreement in commercial and social contracts. An agreement without the intention cannot be regarded as an enforceable agreement between the promisor and promisee under the provisions of Australian Contract Act (Broadhurst et al. 2015). Moreover, a valid contract should also have the elements of formalities and certainty among the parties. Although it is not mandatory to have a written contract to make it validate, a contract entered orally is also valid provided there are formalities and certainty in the contract entered. However in certain types of agreement, written documents are necessary to legally bind the agreement like agreements of marine insurance, fire insurance or any other critical and commercial contracts. Apart from that, there must be certainty to validate an agreement between the parties. Sometimes the contract may be vague or indefinite for several reasons, then such contracts are called as uncertain agreement and cannot be enforced as an agreement by the court (Martin 2016). In the given situation, the agreement between Jane and Jack incorporates all the elements of a valid contract as per the contract law of Australia. Therefore, it can be said that Jack has an enforceable agreement for the transfer of sports car from Jane at $2500. As per the provisions of Australian Contract Act, a contract is legally enforceable if it has the rules of propose and acceptance along with the terms and conditions. A propose in the contract indicates the willingness to bind the act with the other party as receiver in terms of specified conditions. On the other hand, acceptance is a willingness to agree with the terms and conditions of the offering party. Another significant element of a legal contract is consideration which should be paid or agreed to be paid by the receiver in exchange of deliver the contracted service. It may be monetary or non- monetary but it is essential to have a certain consideration for a valid contract (Chih et al. 2016). On the other hand, in case of commercial contracts it is important to have written documents to set out the terms and conditions of the legal contract. Such terms and conditions may include the nature of the service, names of the parties involved, price and consideration for delivering the contracted service and tenure of service. However, it is essential to include other terms in the contract with respect to any escalations, fluctuations in currency exchange in case the contract covers overseas transaction or any other possible fluctuations. Although these factors are not certain and cannot be evaluated with certain amount but can be analyzed with necessary speculations and provisions for certain percentage. It is important to forecast and incorporate the uncertain speculations in order to hedge the expected loss from currency fluctuations or any other reasons (Martin 2016). In the given situation, a legal contract entered between a shipbuilder and North Ocean Tankers for building a tanker by the shipbuilder. The contract agreed for considerations to be paid in US dollars but the same did not have any provisions on gain or loss from fluctuations of currency. Further, the currency of United States being devalued its currency exchange by 10% and as a result shipbuilder encountered currency loss. Accordingly he demanded further payment of US$ 3 million which was paid by the buyer reluctantly. However, the buyer did not attempt to recover the excess payment for around nine- months. The above case is a situation arising from the absence of escalation clauses as terms and conditions of an enforceable agreement. There was no provision for the recovery of losses due to currency fluctuations. However, the builder forcefully recovered the losses incurred by him which is a cause of undue influence on the contractee, North Ocean Tankers. As per the Contract Law of Australia it is an illegal act that may void the contract and parties to the contract depending on the actions by the parties (Restubog et al. 2015). Further, the provisions of the contract law of Australia states that a party who suffers the loss or damage from the agreed contract is eligible to recover such losses incurred by the party. In addition, the parties to the contract are required to present the intention and capability to enter the agreement with all the necessary terms and conditions. If the enforceable contract covers overseas transactions then it is essential to incorporate the provisions for currency fluctuations (Swaminathan 2016). The escalations may be based on the prevailing market rates, trends and economic conditions of the contracted countries. In the given situation both the parties, shipbuilder and North Ocean Tankers did not consider the provision for currency fluctuations and consequently the buyer had to bear the extra payment of $3 million. However, the provisions of the contract law specify the conditions to recover the excess payment if the same has not been occurred as per the terms and conditions of the contract. In the given situation, the buyer did not commence any action on recovering the excess payment for nine months from the date of delivery. In such circumstance, the Australian Contract Act states that the parties to the contract if suffers any losses due to absence of such provisions in the agreement, then such party can claim to recover within six months from the date of completion or delivery of contracted service, whichever is earlier (Restubog et al. 2015). Since, the buyer did not take action to recover his extra payment for nine months from the date of delivery, the buyer will not succeed in recovering the extra payment made to the seller. However, the buyer can approach to the higher authority for recovering the excess payment due to absence of provision on currency fluctuations providing the valid reasons for not taking actions till the specified time. Apart from that, the buyer has to present necessary documents and reasoning for entering a contract without incorporating specified provisions of Contract Act. As, a validate contract or agreement is required to be entered between the parties in lieu of consideration, capability, intention and formalities, a contract entered with partial terms is not valid in some cases. Hence, to make such contract valid and legal it is essential to revise the agreed terms and conditions between the parties (Restubog et al. 2015). In other words, the contract between the shipbuilder and North Ocean Tankers could be revised on acceptance of the change in provisions for the currency fluctuations gain or losses. An enforceable agreement should contain offer and acceptance of considerations, tenure of providing services, mode of providing services and other necessary fluctuations. In the given situation the contract between shipbuilder and North Ocean Tankers did not contain complete provisions of the agreement with respect to the foreign currency fluctuations and mode of recovering any such losses. Therefore, the contention of seller in recovering the devalue d loss in US currency is not valid and the buyer is eligible and will succeed in recovering the excess payment. Reference List Broadhurst, L., Driver, M., Guja, L., North, T., Vanzella, B., Fifield, G., Bruce, S., Taylor, D. and Bush, D., 2015. 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