Law of Contract (case study) Case Study Example | Topics and Well Written Essays - 1250 words

Law of Contract ( ) - Case Study Example ess was examined in the Heron II. This casenote explains the judgments in the Heron II, paying particular attention to the division of opinion among the Law Lords in relations to the degree of probability required in the test of remoteness. The second limb of Hadley requires the court to consider the degree of probability necessary to attract liability. Indeed, the degree of probability was considered in the Heron II and it was on this point (i.e., the degree of likelihood of an event which had to be contemplated by the parties at the time of contract) that the Law Lords' opinion differ.8 Lord Reid argued that although the shipowner was not aware that the charterer wanted to sell the sugar promptly on arrival, he knew that there was a sugar market at Basrah. Thus, if he had thought about the matter, he must have realised that it was not unlikely that the charterer wanted to sell the sugar. ... He must have also known that in an ordinary market the price of sugar fluctuates daily, meaning that if the cargo arrived late, it would affect the price which the charterer could obtain for his goods. Therefore, the question for decision was whether a plaintiff could obtain damages for loss of a kind, which the defendant ought to have known was not unlikely to result from a breach of contract.9 To answer this question, Lord Reid went through the reasoning of Alderson B's in Hadley. He interpreted Alderson B's judgment to draw a distinction between results of a breach which were likely because they would happen in the great majority of cases, and results which were unlikely because they would only happen in a small minority of cases. A defendant would be liable in the former case since the result should reasonably be regarded as having been in the contemplation of the parties.10 Applying Alderson B's distinction, he decided that a party in breach was liable for any loss arising from a result which was contemplated as "not unlikely".11 Applying the first limb of Hadley, Lord Morris considered if the loss suffered by the charterers could reasonably be said to arise naturally from the appellant's breach. He found that although the appellant did not know of the charterers' precise plan, the appellant had instruction "to proceed at all convenient speed to its destination".12 Hence, at the very least, the appellant should have contemplated that if the vessel was late, the charterers might suffer some financial loss.13 In other words, the appellant need not know that a loss to the charterers was certain or inevitable to be liable. He need only know of a possibility of loss.14 Lord Hodson also probed into the meaning of

The comparative case study of Developed (G-8 & G-20 countries) Term Paper

The comparative case study of Developed (G-8 & G-20 countries) - Term Paper Example The United Nation’s definition of the poor indicates that they are such persons living on less than a dollar a day. The more alarming indications that the developed economies classified under the G-8 and the G-20 have their share of economic problems points out the seriousness of this issue. The world’s giant economies are classified under the G-8 whereas the G-20 are the fast growing economies of the world that have continued to be a threat to the developed nations in terms of economic power. The World Bank has made projections to the effect that developing countries or the G20 are likely to reach full capacity in terms of growth and consequently slowing growth from the year 2010’s 7.3 percent to a region of around 6.3 percent annually as from 2011-2013. On the other hand, the G8 will encounter a slowed growth from the lower growth reflected by the 2010’s 2.7 percent to the year 2011’s drop to 2.2 percent. They will experience a rise of up to 2.7 percent in the end of 2012 and a further drop to 2.6 percent in 2013, which shows a fluctuating economy in the giant economies1. If these statistics are to be believed, the developing world is steadily catching up with their developed counterparts even though there are obstacles that they must overcome. This paper examines the macroeconomic indicators of two selected countries (United States and Saudi Arabia) that are in the G-8 and G-20 categories. The period of examination shall be in the last five years a nd indicators such as the GDP, unemployment rates, GNP, consumer and producer price index and GDP per capita among others will be used to analyze their macroeconomic conditions. United States is slowly picking up from the worst economic downfall in decades. On the other hand, the Arabic nation of Saudi Arabia has not been affected much by the global economic crisis but that does not mean that the citizens of the