Financial Challenges in Companies

Introduction Though managing an organisation involves long-term thinking and careful consideration of the organisational dynamics, many corporations cannot handle untimely alterations of the business environment. This is because the global monetary crisis comes at an unprecedented time, making it difficult for some organisations to put their operations in a manner that helps them cope with such financial challenges.Advertising We will write a custom essay sample on Financial Challenges in Companies specifically for you for only $16.05 $11/page Learn More Despite the reality that financial challenges have hit global business operations in one way or the other, and at different times, the horizon at which the companies operate has not been so proactive (Gustavo, Michaely Swaminathan 2002, p. 379). For instance, the corporate finance and agency problems have created monetary conflicts that exist between the management of the company and their stockholders, an issue that has really affected the decisions at the corporations (Gustavo, Michaely Swaminathan 2002, p. 389). The conflicts are relevant to corporate finance since the managers of the company, who are meant to act for the best interest of the shareholders, often fail to do so as expected of them. These managers, who act as agents of the shareholders, are meant to make decisions that are geared towards maximising the stockholders’ wealth. However, they fail to do so due to their desire to maximise their own wealth. In essence, these agency problems are related to the corporate finance in the sense that they help in understanding and analysing the stockholder’s equity, corporate governance, and agency costs. Contemporary studies demonstrate that the non-responsive nature of the management to information related to the eventual financial crisis lead to compromised decisions about the specific monetary problems. Literature review Corporate stakeholders are often face d with the conflict of interest to pursue personal goals other than the intended objectives of the company. This makes it difficult for them to formulate guidelines, which might help the company avoid the impacts of financial crisis through pre-empting the market situation and other financial environment of the company (Gustavo, Michaely Swaminathan 2002, p. 389). Therefore, there is a need to put in place appropriate mechanisms so as to effectively deal with the potential conflicting issues in the organisation. Research attributes the ignorance of the management to offer advisory opinion about looming financial crisis as it depicts the pursuit for personal interests, rather than that of the company.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The conflict of interest among the stakeholders of the company might make the shareholders pass a vote-of-no-confidence on some of the board mem bers during the members’ board meetings (Gustavo, Michaely Swaminathan 2002, p. 397). The presidents of the company are awarded bonuses due to their hard work in order to motivate them. However, when the performance is dwindling, as witnessed in the Coca-Cola Company, the stakeholders might be forced to terminate the contracts of the top management team of the corporation, if it is assumed that their roles would compromise the productivity in the company. Indeed, the dividend policy of any firm can be regarded as irrelevant owing to the fact that the corporations that often pay many dividends to the shareholders give little price appreciation (Gustavo, Michaely Swaminathan 2002, p. 389). However, this must offer the same sum of revenue returns to the investors, depending on their risk characteristics as well as the cash flows generated from the investment ventures (Jackall 1988, p. 55). In fact, since there are lack of taxes, but if there is any, both the capital gains as w ell as the dividends are often taxed under a similar rate. Therefore, the investors ought to be indifferent to get their expected returns in both the price appreciation as well as in dividends by adopting an effective property management strategy. Property management is critical in the success of any given company. The relationship between the two has been explored through the SWOT analysis, which helps business to assess whether a particular strategy is viable for business operations, as well as to establish ways of moving forward. Carrying a SWOT analysis for property management helps the management adopt ways of getting cash out of price appreciation. It also provides a strategy that facilitates provision of dividends to the stakeholders without involving the transaction cost and floatation, thus resulting to fair prices for the stakeholders (Jackall 1988, p. 61). Gustavo, Michaely, and Swaminathan (2002, p. 389) have found out that analysing property management helps the company increase effectiveness and efficiency in the management system. Through an analysis of threat, it is clear that the management is able to refrain from taking chances on the company’s financial status since it gets into a position of assessing the dividends payable to the stakeholders as well as the amount of capital resources required to run the business.Advertising We will write a custom essay sample on Financial Challenges in Companies specifically for you for only $16.05 $11/page Learn More Thus, it is imperative to note that management of property in a company is highly influenced by the decision making process adopted. For case in point, when a company adopts satisficing decision making without a careful analysis, then it is bound to fail. This stems from the fact that satisficing decision making entails adopting the readily available decision to address a particular problem facing the company. For case in point, a company is bound to fail when it takes the readily available decision and makes a decision that results in conflict of interest among the stakeholders, information asymmetries, and taxes levied (Sunder Myers 1999, p. 219). Despite the fact that the stakeholders prefer large sums of dividends, satisficer decision-making model can play a critical role in wasting the resources of the company, leading to higher taxes for the company (Sunder Myers 1999, p. 219). It is for this reason that an organisation should find ways of adapting effectively to the dynamic organisational changes, as this would facilitate a suitable avenue for establishing a positive feedback on the future of the company’s prospects, as well as future declaration of dividends (Lyandres Zhdanov, p. 54). Achieving a financial target for a firm has been highlighted as one of the major divers to organisational changes, as it helps to avert financial crisis with respect to internal and external stakeholders of the firm. In this regard, Su nder and Myers (1999, p. 219) have found out that if a company takes a positive approach towards organisational changes and announces dividends, it gets into a position of increasing its stock prices. However, Sunder and Myers (1999, p. 220) have also considered a number of barriers that may hinder a given company to adopt the dynamic organisational changes, which would facilitate management of capital resources. Key amongst these barriers is capital for compensating the shareholders. This barrier creates a challenge for the company, making it seek for funds elsewhere. And in a bid to curb the change management crisis, the company might decide to include new investor’s board, and this, in turn, may adversely affect the company’s culture. This stems from the fact that organisational changes are not only characterised by financial improvements but also a change in people attitudes as well as their behaviors. Moreover, Sunder and Myers (1999, p. 221) have emphasised on th e relationship between time and effective change management process, stating that it is not a worthy venture for a company to issue new stocks in order to pay dividends in the same financial year. More so, the authors have added that a company should not pay dividends to shareholders immediately after a financial crisis in an effort of creating a positive attitude for the firm.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Property management is not only affected by barriers to organisational changes but goal setting with regard to defining short, middle, and long term strategies to be adopted by the firm. This has elicited a study on establishing the management approach that should be adopted by diverse firm following an analysis liquidity and credit worthiness, among other factors (Sunder Myers 1999, p. 222). As such, it has been established that payment of dividends should not be classified as a short-term strategy since dividends have a high possibility of causing additional problems during the period of financial crisis (Lyandres Zhdanov 2007, p. 61). Additionally, managerial functions, such as planning and evaluation, have influenced the manner in which property management of a given firm is handled. Proper planning is crucial in property management since it facilitates a good cash flow for the firm after subtracting the capital expenditure (Thompson McHugh 2002, p. 48). Additionally, proper planning plays a critical role in projecting whether the company could be faced with a financial crisis in future; hence, it analyses how the company is able to counter such financial risks by assessing the possibility of mergers and acquisitions (Thompson McHugh 2002, p. 52). As such, the managers involved in the planning process should ascertain whether the planning process is in line with the organisation mission and vision. In doing so, the company gets into a position of coping with the upcoming business challenges without involving many outsiders, who have the capacity of changing organisational culture. In addition to this, Thompson McHugh (2002, p. 52) have found out that implementing proper planning with regard to cash flow projection is critical since it helps in understanding the motives behind adopting a merger and acquisition by availing sufficient amount of cash to carry out such transactions. The theory of planning recommends that it is paramount to come up with a c ash hypothesis that helps in understanding the periods that the company is likely to be sold out to other investors’ companies (Timmer 2011, p. 102). The leverage buy-outs is imperative in the planning process since it helps firms that are in big debts to obtain sufficient funds for settling their outstanding debt through collateral from the company in order to secure loan. Though this often comes with interest, it is beneficial in the sense that the company is able to set cash from the secured loans in order to carry out some of is intended activities during and after the financial crisis ( Timmer 2011, p. 103). Evaluation is also a managerial function that helps to establish that financial crisis has the probability of halting the operations of a given company. Timmer (2011, p. 104) has found out that countering financial challenges through mergers and acquisition can create a disadvantage to the company that has succumbed to failure as it involves transferring most of its assets to the acquiring firm. The acquiring firm partially settles the debts of the failing firm, creating room for goodwill for the acquiring firm. In his study of performance evaluation, Watson (2001, p. 224) points out that debt is a cheaper option of handling financial crisis than equity simply because equity involves holding partnership with the shareholders, who share in the company’s productivity. And even though the shareholders are instrumental in facilitating the success of the company, they do not offer some technical expertise and knowledge in running the business since their work is to contribute capital to the business, not decision making on management of capital (Watson 2001, p. 225). Therefore, this can be regarded as an added cost in the management of property because in case of losses, the business bears it alone since the investors are only involved in sharing the returns, which are given in the form of dividends. On the other hand, Watson ( 2001, p. 225) has found out that inasmuch as the company would want to adopt a long term goal for debt repayment, it is sometimes unable to do so as debts are always periodic and have time limits for completion. This leaves the company with only one option that does not require time limit: dividends paid on the equity. Assessing the financial status of a company is critical in the planning process as it helps to ensure successful Implementation of business strategy. Watson (2001, p. 226) has pointed out the rationale of evaluating bankruptcy cost in regards to the firm’s capital structure and its response to financial crisis. This demonstrates that the management should note the role played by Bankruptcy costs since they form the foundations of financing policies of the firm. Thompson McHugh (2002, p. 53) have also demonstrated the role of bankruptcy costs, stating that these costs act as the counterweight to those taxes that have been deducted on the interest payments. Moreover, Thompson McHugh (2002, p. 53) ascertain that the costs associated with the bankruptcy, such as the reorganisation costs and tax credit losses, directly impact on the capital structure of the firm, since they demonstrate poor managerial practice with regard to planning and evaluation. By using the SWOT analysis, the organisation should be in a position to identify the threats in property management. More so, this analysis facilitates an understanding of the management strategy that should be adopted since the manager gets information on the unknown information through a cost-benefit analysis. In this regard, the management should note that when leverage of the company is on an upward trend, the firm is bound to suffer losses due to negative present value (NPV), as this makes the managers under invest in such projects (Watson 2001, p. 227). Additionally, the management should note the opportunities within the strategy, and key amongst them is the fact that the equity holders are attracted by the net benefits of the project; this creates an avenue for passing the rest of the costs to the bondholders. Capital structure is the strategy in which a corporation finances its own assets through combining equity, debt, or through hybrid securities (Baker Jeffrey 2002, p. 4). Management of capital structure will not only facilitate the management of financial resources but also the human resources, the company’ s assets, as well as the structure of the business. A vast majority of managers adopt external financing by issuing shares to the public, thus creating room for external ownership of the company (Baker Jeffrey 2002, p. 5). However, Myers Majluf (1984) argue that equity is not a preferred method of raising capital that could help the company during financial crisis and in the post crisis period. This stems from the fact that the practice threatens the values and norms of the company, creating a conflict between the managers and the new investors. While the new in vestors may tend to think that the company has value, the management takes this advantage to raise capital for the firm, and this may result in low company’s shares after sometime (Baker Jeffrey 2002, p. 7). Thus, the management should be in a position to choose a control system that has less risk in long-term basis. However, sometimes, the management faces challenges emanating from lack of knowledge on previously made decisions and the actual occurrence when the financial problem arises (Baker Jeffrey 2002, p. 15). In this case, the management should adopt traditional approaches, as they help to choose a capital management that has the lowest probable cost of capital for the company. Myers Majluf 1984 ( p.188) have described how management should use organisational controls that facilitate a reduction of debt ratio, while making sure that leverage-increasing actions like stock repurchases and debt-for-equity interactions are employed. This creates a differentiation betwee n the management approach that should be adopted before and after the financial crisis faced by the management (Myers Majluf 1984, p. 194). As such, Knights Willmott (2006, p. 22) recommend focused management in controlling future financial crisis. Conclusion In sum, the practical monetary managers will try to retain financial flexibility while making sure they attain long-term survival of their companies even after financial crisis. This will also help the company in planning for the possible financial problems. The research indicates that through improved and effective administrations of the organisation, the managers have to dedicate their time to work, which involves long-term thinking and vigilant consideration of the company changes. In this regard, many corporations are perceived to be unable to make alterations of the business setting so that the organisation could implement most of the fiscal strategies prior to, or after, a monetary crisis. This shows that such financial problems could effectively be realised only through the practice of objective and focused management. The justification was that since the global monetary crisis reaches at an untimely situation, thus, not quite practical for a number of companies to realign their manufacturing and administrative processes to match the predicted financial positions and the global trends that might be in order with their operations. Such attempts might help the companies cope with such financial challenges. Regardless of the realism that the fiscal challenges have had gross affects on global business operations in a number of ways and at different instances, the magnitude at which the entities operate has not been so hands-on to deal with increasing affects of financial crises. For instance, large business finance and organisation tribulations have resulted in monetary shortfall that exist and affect the link between the management of the company, customer base, and the suppliers. This situation has really compromised the choices, which the corporation could arrive at. Finally, the standoff could be relevant to corporate changes since the management of the entity that should make the decision in the best interest of the entire parties involved in its management often fail to execute their duties. Literally, these managers, who should act on behalf of the board as a watchdog of the financial alterations in the company, end up disappointing the shareholders. In fact, they are meant to make choices, which should be in favor of the shareholders. Essentially, Managers fail to act appropriately owing to their mixed interest and desire to maximise their own gain. References Baker, M Jeffrey, W 2002, â€Å"Market Timing and Capital Structureâ€Å", Journal of Finance vol. 57 no.1, pp. 1–32. Gustavo, G Michaely, R Swaminathan, B 2002, â€Å"Are Dividend Changes a Sign of Firm Maturity?†, The Journal of Business, vol. 75, No. 3, pp. 387-424. Jackall, R 1988, ‘Loo king up and looking around excerpt from Moral mazes: the world of corporate managers’, Oxford University Press, Oxford. Knights, D Willmott, H 2006, ‘Management and Leadership: Introducing Organizational Behaviour and Management’, Thompson, London. Lyandres, E Zhdanov, A 2007, ‘Investment Opportunities and Bankruptcy Prediction’, Harcourt College Publishers, Fort Worth. Myers, S Majluf, S 1984, â€Å"Corporate Financing And Investment Decisions When Firms Have Information That Investors Do Not Haveâ€Å", Journal of Financial Economics, vol.13, no. 2, pp. 187–221. Sunder, L Myers, S 1999, â€Å"Testing Static Tradeoff Against Pecking Order Models of Capital Structure†, Journal of Financial Economics, pp. 219-244. Thompson, P McHugh, P 2002, ‘Work Organizations: A Critical Introduction’, (3rd Ed.), Palgrave Macmillan, Basingstoke and London. Timmer, J 2011, ‘Understanding the Fed Model, Capital Structure, and th en Some’, Fort Worth, Harcourt College Publishers. Watson, T 2001, â€Å"The Emergent Manager and Processes of Management Pre-Learning†, Management Learning, vol. 32, no. 2, pp. 221-235. This essay on Financial Challenges in Companies was written and submitted by user Libby Blake to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Essay Analysis of George Orwells A Hanging

Essay Analysis of George Orwells A Hanging This assignment offers guidelines on how to compose  a  critical analysis of A Hanging, a classic narrative essay by George Orwell. Preparation Carefully read George Orwells narrative essay A Hanging. Then, to test your understanding of the essay, take our multiple-choice reading quiz. (When youre done, be sure to compare your answers with those that follow the quiz.) Finally, reread Orwells essay, jotting down any thoughts or questions that come to mind. Composition Following the guidelines below, compose a soundly supported critical essay of about 500 to 600 words on George Orwells essay A Hanging. First, consider this brief commentary on the purpose of Orwells essay: A Hanging is not a polemical work. Orwells essay is intended to express by example what it means to destroy a healthy, conscious man. The reader never finds out what crime was committed by the condemned man, and the narrative isnt primarily concerned with providing an abstract argument regarding the death penalty. Instead, through action, description, and dialogue, Orwell focuses on a single event that illustrates the mystery, the unspeakable wrongness, of cutting a life short when it is in full tide. Now, with this observation in mind (an observation that you should feel free to either agree with or disagree with), identify, illustrate, and discuss the key elements in Orwells essay that contribute to its dominant theme. Tips Keep in mind that youre composing your critical analysis for someone who has already read A Hanging. That means you dont need to summarize the essay. Be sure, however, to support all your observations with specific references to Orwells text. As a general rule, keep quotations brief. Never drop a quotation into your paper without commenting on the significance of that quotation. To develop material for your body paragraphs, draw on your reading notes and on points suggested by the multiple-choice quiz questions. Consider, in particular, the importance of point of view, setting, and the roles served by particular characters (or character types). Revision and Editing After completing a first or second draft, rewrite your composition. Be sure to read your work aloud when you revise, edit, and proofread. You may hear problems in your writing that you cant see.

The Relationship Between Predators and Scavengers Essay

The Relationship Between Predators and Scavengers - Essay Example The issue raised in the story has raised the emotions of the readers. Luna the most loved whale dies in British Columbia waters. The orphaned whale had won the heart of many whale lovers around the world the globe. The appearance of the young killer whale at Nootka had attracted much attention from the media around the world. The whale enjoyed developing relationship with people and played with anything around it including the boats. The close relationship between the whale and the humans was, unfortunately, the cause of its death. The young Luna was killed had been killed by a boats propeller in 2006. Even though the occurrence saddened many people, a few individuals were relieved since the animal’s curious behavior had resulted in number problems that had not yet been resolved. Luna’s playfulness had destroyed many boats creating conflicts with the boat owners. The challenges were difficult to determine by fisheries officers (Henderson, 160-162). Groc was not successf ul in avoiding emotional response. The writer tried to explain the issues that may have led to the whale being lonely. The writer continued to explain how the whale had struggled to develop a relationship with the human beings. It was desirable for the writer to produce an emotional response with an intention of keeping the reader on the track. The authors desire to look at the issues objectively and equitably were effectively achieved. She explains how the orphaned whale had developed friends and enemies in different measures. Despite the whale struggling to build a relationship with humans, she was killed by the same people that she used to play with. I totally agree that humans were responsible for the demise of the orphaned Luna, since the whale was discovered.

Scanning Electron Microscope Essay Example | Topics and Well Written Essays - 1500 words

Scanning Electron Microscope - Essay Example Areas that range from a width of one centimetre to as minute as five microns can be seen in scanning mode using techniques in scanning electron microscopy. The magnification ranges from 20X to 30,000X with spatial resolution of fifty to one hundred nanometres. The SEM also has the capability of analysing specific locations found on the sample, with this approach being particularly useful in semi-quantitative and qualitative determination of crystal orientations, crystalline structure, and chemical compositions. A scanning electron microscope images samples via scanning them with electron beams with the sample in a raster scan pattern (Reimer, 2008 p 97). The electrons released by the SEM interact with sample atoms and produce signals that consist of information revealing the composition and topography, as well as electrical conductivity. In its functioning, accelerated electrons carry specific amounts of kinetic energy which is dissipated in form of various signals derived from inter actions between the sample and the electrons (Reimer, 2008 p97). This occurs when the electrons incident on the sample are decelerated on contact with the sample. The received signals could be in form of secondary electrons, heat, visible light, photons, and diffracted backscattered electrons. Backscattered electrons and secondary electrons are usually utilized for sample imaging, with secondary electrons also used for showing the topography and morphology of the sample with backscattered electrons are used for contrast illustration of multiphase sample composition. X-rays are produced by through inelastic collisions of electrons incident on the sample and the electrons present in the sample atom’s discrete shells. During these electrons return to their lower energies, they give out fixed wavelength X-rays. Each element in the mineral being investigated produces X-rays which are characteristic to it when excited by the beam of electrons. This process is non-destructive as the se X-rays do not cause any change in volume of the sample when they are lost. Thus, the same material can be investigated continuously. A scanning electron microscope has the following essential components (Reimer, 2008 p90): Source of electrons Electron lenses Stage for the sample Sensors for detecting all signals required Devices for data output and display Power supply, cooling system, vacuum system, electric and magnetic field free room, and a vibration free floor SEMs will always possess one detector usually for detection of secondary electrons, with most having more detectors. The accommodated detectors critically determine the instrument’s specific capabilities. Scanning electron microscopes are normally used for the generation of high-resolution images of various samples and their chemical spatial variations (Goldstein, 2009 p63). They aid in the acquisition of elemental maps or EDS assisted spot chemical analysis and phase discrimination using the sample atomsâ€℠¢ mean atomic number. They also give the compositional maps which they base on trace element differences. The scanning electron microscope is also used for the identification of phases with basis on crystalline structure and/or qualitative chemical analysis (Goldstein, 2009 p63). Specific measurement of extra small features which could be to fifty nanometres in size can also be done using scanning electron

Complete alignment of purposes Essay Example for Free

Complete alignment of purposes Essay Functionalism is the complete alignment of purposes of different sectors of society. This encompasses the inter-dependence of different social attributes to make the society survive (McClelland 1). In terms of schooling in the US, educational institutions serve as the primary educating sector for the population. The main function of schooling is to promote the total knowledge build up of younger individuals so that they may be able to contribute good effects not only to their respective lives but to function as an element for the whole society. More importantly, schooling functions to disseminate what is supposed to be the norms and roles of each individual. In the classroom, the main approach to realize the functional contribution of schools is by using instructors. The teachers have a delegated format of teaching which exposes the students to day to day â€Å"functional† tasks such as participating in discussions, taking examinations and interacting with each other to fulfill a certain goal say for example in completing a group project. Basically, the main advantage of having a functionalist perspective is that each member works for the survival of the system. Although there may be a generic principle in making the mindsets of individuals aware of the natural goal, they can be divided into segments according to their capabilities and possible contributions. In such a way, a functionalist perspective starts to regard the importance of each small parts arriving at a single union of goals for the whole system. However, there are also disadvantages in using the philosophy of functionalism. For one, functionalism reduces the possibility for improvement. Social change may be too difficult to achieve if all of the parts of the system have already accepted their roles and became highly attached to them. The society may then become too static and might face a great dilemma if ever it wants to drastically change itself for the better. Works Cited McClelland, Kent. Functionalism. Grinell. 2000. 29 Jan 2008 http://web. grinnell. edu/courses/soc/s00/soc111-01/IntroTheories/Functionalism. html.

Who Are the Women in Shakespeares Macbeth? Essay -- Macbeth essays

Who Are the Women in Macbeth? Â   Shakespeare in his tragedy Macbeth has a very limited assortment of women characters. In fact, there is only one who has a sizeable role - Lady Macbeth; the other, Lady Macduff, makes only a brief appearance, and the witchesare questionable as females. In his book, On the Design of Shakespearean Tragedy, H. S. Wilson mentions the very wife-like manner in which the queen fulfilled her essential role in the tragedy: It requires an extraordinary exertion of will and persuasion from Lady Macbeth to strengthen his wavering purpose. Professor Kittredge used to point out to his classes that Lady Macbeth, in urging Macbeth to act, uses the three arguments that every wife, some time or other, uses to every husband: "You promised me you'd do it!" "You'd do it if you loved me!" "If I were a man, I'd do it myself!" But Macbeth's mind is made up by her assurance that they may do it safely by fixing the guilt upon Duncan's chamberlains. (72) Blanche Coles states in Shakespeare's Four Giants that Macbeth's wife had considerable leverage over her husband's mind: This was her opportunity to do as she had promised herself she would do after she had read the letter - to pour her spirits into his ear, to chasten with the valor of her tongue all that might impede him from the golden crown. We may be sure she took this opportunity to use all her monstrous powers of persuasion. Thus he goaded himself, or was goaded by his wife, into searing the terrible oath, whether he had any clear purpose of keeping it or not. (48-49) In Fools of Time: Studies in Shakespearean Tragedy, Northrop Frye shows that a lady is the actual driving force in the play: That Macbeth is being hurried into a premature ac... ...900. Ann Thompson and Sasha Roberts, eds. Manchester, UK: Manchester University Press, 1997. Kermode, Frank. "Macbeth." The Riverside Shakespeare. Ed. G. Blakemore Evans. Boston: Houghton Mifflin Company, 1972. Knights, L.C. "Macbeth." Shakespeare: The Tragedies. A Collectiion of Critical Essays. Alfred Harbage, ed. Englewwod Cliffs, NJ: Prentice-Hall, Inc., 1964. Shakespeare, William. The Tragedy of Macbeth. http://chemicool.com/Shakespeare/macbeth/full.html, no lin. Siddons, Sarah. "Memoranda: Remarks on the Character of Lady Macbeth." The Life of Mrs. Siddons. Thomas Campbell. London: Effingham Wilson, 1834. Rpt. in Women Reading Shakespeare 1660-1900. Ann Thompson and Sasha Roberts, eds. Manchester, UK: Manchester University Press, 1997. Wilson, H. S. On the Design of Shakespearean Tragedy. Toronto, Canada: University of Toronto Press, 1957.

Manila Motor Company Essay

In May 1954, Manila Motor Company filed in the Municipal Court of Manila a complaint to recover from Manuel T. Flores the amount of P1,047.98 as chattel mortgage installments which fell due in September 1941. Defendant pleaded prescription:chanroblesvirtuallawlibrary 1941 to 1954. The complaint was dismissed. On appeal, the Court of First Instance saw differently, sustaining Plaintiff’s contention that the moratorium laws had interrupted the running of the prescriptive period, and that deducting the time during which said laws were in operation — three years and eight months 1 — the ten-year term had not yet elapsed when complainant sued for collection in May 1954. Wherefore said court ordered the return of the case to the municipal judge for trial on the merits. Defendant appealed. Issue: Whether or not the moratorium laws did not have the effect of suspending the period of limitations, because they were unconstitutional, as declared by this court in Rutter vs. Esteban, 49 Off. Held: In Montilla vs. Pacific Commercial SC held that the moratorium laws suspended the period of prescription. That was rendered after the Rutter-Esteban decision. It should be stated however, in fairness to Appellant, that the Montilla decision came down after he had submitted his brief. And in answer to his main contention, the following portion is quoted from a resolution of this Court. Rutter vs. Esteban (93 Phil., 68) may be construed to mean that at the time of the decision the Moratorium law could no longer be validly applied because of the prevailing circumstances. At any rate, although the general rule is that an unconstitutional statute  Ã¢â‚¬â€Ã¢â‚¬Ëœconfers no right, creates no office, affords no protection and justifies no acts performed under it.’ (11 Am. Jur., pp. 828, 829.) There are several instances wherein courts, out of equity, have relaxed its operation (cf. notes in Cooley’s Constitutional Limitations 8th ed., p. 383 and Notes 53 A. L. R., 273) or qu alified its effects ‘since the actual existence of a statute prior to such declaration is an operative fact, and may have consequences which cannot justly be ignored’ (Chicot County vs. Baster, 308 U. S., 371) and a realistic approach is eroding the general doctrine (Warring vs. Colpoys, 136 Am. Law Rep., 1025, 1030).† Judgment affirmed, without costs.