Microecnomics mid-term outlines 2007

I have prepared an outline for microeconomics mid-term examination, you are welcome to download :)

Click here to download

consideration

1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract. Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party (such performance itself is consideration). In a contract, one consideration (thing given) is exchanged for another consideration. Not doing an act (forbearance) can be consideration, such as "I will pay you $1,000 not to build a road next to my fence." Sometimes consideration is "nominal," meaning it is stated for form only, such as "$10 as consideration for conveyance of title," which is used to hide the true amount being paid. Contracts may become unenforceable or rescindable (undone by rescission) for "failure of consideration" when the intended consideration is found to be worth less than expected, is damaged or destroyed, or performance is not made properly (as when the mechanic does not make the car run properly). Acts which are illegal or so immoral that they are against established public policy cannot serve as consideration for enforceable contracts. Examples: prostitution, gambling where outlawed, hiring someone to break a skater's knee or inducing someone to breach an agreement (talk someone into backing out of a promise). 1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract. Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party (such performance itself is consideration). In a contract, one consideration (thing given) is exchanged for another consideration. Not doing an act (forbearance) can be consideration, such as "I will pay you $1,000 not to build a road next to my fence." Sometimes consideration is "nominal," meaning it is stated for form only, such as "$10 as consideration for conveyance of title," which is used to hide the true amount being paid. Contracts may become unenforceable or rescindable (undone by rescission) for "failure of consideration" when the intended consideration is found to be worth less than expected, is damaged or destroyed, or performance is not made properly (as when the mechanic does not make the car run properly). Acts which are illegal or so immoral that they are against established public policy cannot serve as consideration for enforceable contracts. Examples: prostitution, gambling where outlawed, hiring someone to break a skater's knee or inducing someone to breach an agreement (talk someone into backing out of a promise).

Binomial Distribution in Excel

Below you can download the work I have done for the discrete Probability distributions of emplyees leaving MUST FMA each year, using binomial distribution tool in Excel.

Click here for download

Also, I find a quite helpful pdf document 'Excel中的统计应用', you can also download it here .

Contract Law notes

Here are some perfect notes which I found on http://www.jaani.net/resources/law_notes/contracts/

" These notes are based on memoranda taken during lectures, whilst reading primary and secondary materials, upon reflection, and in critique. They are structured around areas of contract law, and are intended as an introductory reference to the law as I understand it.

The jurisdiction to which these writings are most applicable is Victoria, Australia. However, other Australian states are reasonbly similar. Some parallels exist between the principles of Australian contract law and those of other common law countries, and the notes may serve as a summary for comparative purposes in that regard.

Of other students, who may make use of these materials in their preparation for examinations or moots, I ask only one thing: please report any errors — suspected or blatant, legal or typographical — to the author by one of the following means: the comments section at the bottom of the page, e-mail, or MSN Messenger using the aforementioned address."

Topic Summaries
Part I - Introduction

Part II - Contract in Private Law

Part III - Offer

Part IV - Acceptance

Part V - Consideration

Part VI - Intention

Part VII - Certainty

Part VIII - Equitable Estoppel

Part IX - The Doctrine of Privity

Part X - Incorporation of Terms

Part XI - Interpretation and Construction

Part XII - Implied Terms

Works done & find

For Chapter 2 we have learned several kinds of graphs. I have explored how to make these graphs with Excel, and below you can download works I have done for Appendix 2.2 on P66 to P75. And you are also welcome to contact me and share your works with the others!

SoftDrinkP68-70.xls
AuditP70-71.xls
RestaurantP72-75.xls

And it is also easy to do histogram by Excel:
AuditHistogrambyExcel.xls

I find a tool that can automaticly make stem and leaf graph by Excel:
Stem-and-leaf plot

Also, there is an interesting article I found which described
The Charts that Excel Cannot Do

ACCEPTANCE

(from:http://www.lawteacher.net/Contract/Agreement/Agreement%20Cases.htm)
Williams v Carwardine (1833)
The defendant offered a reward for information leading to the conviction of a murderer. The plaintiff knew of this offer and gave information that it was her husband after he had beaten her, believing she had not long to live and to ease her conscience. It was held that the plaintiff was entitled to the reward as she knew about it and her motive in giving the information was irrelevant.

Tinn v Hoffman (1873)
Acceptance was requested by return of post. Honeyman J said: "That does not mean exclusively a reply by letter or return of post, but you may reply by telegram or by verbal message or by any other means not later than a letter written by return of post."

Butler Machine Tool v Ex-Cell-O Corporation (1979)
The plaintiffs offered to sell a machine to the defendants. The terms of the offer included a condition that all orders were accepted only on the sellers' terms which were to prevail over any terms and conditions in the buyers' order. The defendants replied ordering the machine but on different terms and conditions. At the foot of the order was a tear-off slip reading, "We accept your order on the Terms and Conditions stated thereon." The plaintiffs signed and returned it, writing, "your official order … is being entered in accordance with our revised quotation …".
The Court of Appeal had to decide on which set of terms the contract was made. Lord Denning M.R. stated:
In many of these cases our traditional analysis of offer, counter-offer, rejection, acceptance and so forth is out-of-date. This was observed by Lord Wilberforce in New Zealand Shipping Co Ltd v AM Satterthwaite. The better way is to look at all the documents passing between the parties and glean from them, or from the conduct of the parties, whether they have reached agreement on all material points, even though there may be differences between the forms and conditions printed on the back of them. As Lord Cairns L.C. said in Brogden v Metropolitan Railway Co (1877):
… there may be a consensus between the parties far short of a complete mode of expressing it, and that consensus may be discovered from letters or from other documents of an imperfect and incomplete description.
Applying this guide, it will be found that in most cases when there is a "battle of forms" there is a contract as soon as the last of the forms is sent and received without objection being taken to it. Therefore, judgment was entered for the buyers.

Lord Denning in Entores v Miles Far East Corp (1955)
If a man shouts an offer to a man across a river but the reply is not heard because of a plane flying overhead, there is no contract. The offeree must wait and then shout back his acceptance so that the offeror can hear it.

Brinkibon v Stahag Stahl (1983)
The buyers, an English company, by a telex, sent from London to Vienna, accepted the terms of sale offered by the sellers, an Austrian company. The buyers issued a writ claiming damages for breach of the contract.
The House of Lords held that the service of the writ should be set aside because the contract had not been made within the court's jurisdiction. Lord Wilberforce stated that the present case is, as Entores itself, the simple case of instantaneous communication between principals, and, in accordance with the general rule, involves that the contract (if any) was made when and where the acceptance was received. This was in Vienna.
Adams v Lindsell (1818)
2 Sept. The defendant wrote to the plaintiff offering to sell goods asking for a reply "in the course of post"5 Sept. The plaintiff received the letter and sent a letter of acceptance.9 Sept. The defendant received the plaintiff's acceptance but on 8 Sept had sold the goods to a third party.
It was held that a binding contract was made when the plaintiff posted the letter of acceptance on 5 Sept, so the defendant was in breach of contract.

Adams v Lindsell (1818)
2 Sept. The defendant wrote to the plaintiff offering to sell goods asking for a reply "in the course of post"5 Sept. The plaintiff received the letter and sent a letter of acceptance.9 Sept. The defendant received the plaintiff's acceptance but on 8 Sept had sold the goods to a third party.
It was held that a binding contract was made when the plaintiff posted the letter of acceptance on 5 Sept, so the defendant was in breach of contract.

Household v Grant (1879)
G applied for shares in the plaintiff company. A letter of allotment of shares was posted but G never received it. When the company went into liquidation G was asked, as a shareholder, to contribute the amount still outstanding on the shares he held. The trial judge found for the plaintiff.
The Court of Appeal affirmed the judgment. Thesiger LJ stated that "Upon balance of conveniences and inconveniences it seems to me … it was more consistent with the acts and declarations of the parties in this case to consider the contract complete and absolutely binding on the transmission of the notice of allotment through the post, as the medium of communication that the parties themselves contemplated, instead of postponing its completion until the notice had been received by the defendant."

common stock

common stock

Securities representing equity ownership in a corporation, providing voting rights, and entitling the holder to a share of the company's success through dividends and/or capital appreciation. In the event of liquidation, common stockholders have rights to a company's assets only after bondholders, other debt holders, and preferred stockholders have been satisfied. Typically, common stockholders receive one vote per share to elect the company’s board of directors (although the number of votes is not always directly proportional to the number of shares owned). The board of directors is the group of individuals that represents the owners of the corporation and oversees major decisions for the company. Common shareholders also receive voting rights regarding other company matters such as stock splits and company objectives. In addition to voting rights, common shareholders sometimes enjoy what are called "preemptive rights". Preemptive rights allow common shareholders to maintain their proportional ownership in the company in the event that the company issues another offering of stock. This means that common shareholders with preemptive rights have the right but not the obligation to purchase as many new shares of the stock as it would take to maintain their proportional ownership in the company. also called junior equity.