Compare Article 5-109 (a) of the ( Amercian) Uniform Commercial Code Essay - 1

Compare Article 5-109 (a) of the ( Amercian) Uniform Commercial Code with the approach under english, the full question is in the attachment - Essay Example This also stands to be true in a scenario when the transaction being backed by a letter of credit does not actually take place. On the one side, the letters of credit extend to the sellers the assurance of a guaranteed payment, while on the other side they safeguard the interests of the buyers by necessitating the presentation of the right documents that to a large extent ensure performance. Such documents may be the like of insurance forms, transportation documents and quality related certificates. The underlying dogma supporting the autonomy principles associated with letters of credit is that the transaction backed by a letter of credit stands to be autonomous of the sales deed formalized by the buyer and the beneficiary. To put it simply, the two essentially contractual arrangements mentioned above are regarded as being independent of each other. In other words, the utility of a letters of credit is pragmatically solemnized by the severance of services and documents. It is this principle that is the legal ground on the basis of which banks agree to such transactions. As already mentioned, a letter of credit is the legal and financial instrument, which extends to the beneficiary the security of getting the payment due to one. Yet, this bolstering of security to the beneficiary in a way dilutes the security against risk or loss to the account party. Thus, in the letters of credit, the balance of risk is tilted more in favour of the seller. Though the autonomy principle practically assures the expected commercial results in business transactions, this principle stands to be defective and inequitable when the underlying transaction is vitiated by a fraud. Under such circumstances, the autonomy principle gets limited by the fraud exception. In the United States, in Maurice O’Meara Co v National Park Bank, the court of law simply denied the possibility of invoking a fraud exception.

The Ritzer`s Globalization Essay Example | Topics and Well Written Essays - 1000 words

The Ritzer`s Globalization - Essay Example The author talks about how technology is critical to globalization. He shows how the ever-changing information technology, for example, the invention of the World Wide Web (WWW), has enhanced connectivity of people across the world. According to the author, global organizations have benefited a lot from increased globalization. A global organization with its head office in the US can easily manage its branch in China owing to advanced information technology. This is possible with the Internet whereby operations reports in China may be sent to the head office.  The author shows how the invention of containerization has boosted globalization. Goods can now move from one corner of the world to the other at a lower cost compared to a couple of decades ago. A global organization can manufacture goods in the United States and transport them to China for sale at competitive prices due to the decrease in transport costs.  According to the author, governments have as well fueled globalisa tion by elimination of trade barriers. The author compares international trade today to international trade a couple of years ago. The author shows how globalisation has boosted international trade by elimination of trade barriers. Many countries have entered into trade agreements eliminating the trade barrier. Global organisations have benefited immensely from this because goods can move freely from one country to another.  The book shows how the increased competition in the world of business has fuelled globalisation. Businesses have spread operations beyond borders to take advantage of the large global market. This has increased movement of goods, services and people, thus enhancing globalisation. Global organisations are taking advantage of the emerging markets, for example, Brasil, China, and India, where there is an increasing demand for goods and services as their middle class grows rapidly.