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Archive for March 2012

Style Code

Style

Format

Example

0 or 100 Default. Equivalent to not specifying a style code. mon dd yyyy hh:mmAM Sep 8 2007 9:00PM
1 USA date. mm/dd/yy 09-08-2007
2 ANSI date. yy.mm.dd 07-09-2008
3 UK / French date. dd/mm/yy 08-09-2007
4 German date. dd.mm.yy 08.09.07
5 Italian date. dd-mm-yy 08-09-2007
6 Abbreviated month. dd mmm yy 08-Sep-07
7 Abbreviated month. mmm dd, yy Sep 08, 07
8 or 108 24 hour time. HH:mm:ss 21:00:00
9 or 109 Default formatting with seconds and milliseconds appended. mon dd yyyy hh:mm:ss:fffAM Sep 8 2007 9:00:00:000PM
10 USA date with hyphen separators. mm-dd-yy 09-08-2007
11 Japanese date. yy/mm/dd 07-09-2008
12 ISO date. yymmdd 70908
13 or 113 European default with seconds and milliseconds. dd mon yyyy HH:mm:ss:fff 08 Sep 2007 21:00:00:000
14 or 114 24 hour time with milliseconds. HH:mm:ss:fff 21:00:00:000
20 or 120 ODBC canonical date and time. yyyy-mm-dd HH:mm:ss 08-09-2007 21:00
21 or 121 ODBC canonical date and time with milliseconds. yyyy-mm-dd HH:mm:ss.fff 00:00.0
101 USA date with century. mm/dd/yyyy 09-08-2007
102 ANSI date with century. yyyy.mm.dd 08-09-2007
103 UK / French date with century. dd/mm/yyyy 08-09-2007
104 German date with century. dd.mm.yyyy 08.09.2007
105 Italian date with century. dd-mm-yyyy 08-09-2007
106 Abbreviated month with century. dd mmm yyyy 08-Sep-07
107 Abbreviated month with century. mmm dd, yyyy Sep 08, 2007
110 USA date with hyphen separators and century. mm-dd-yyyy 09-08-2007
111 Japanese date with century. yyyy/mm/dd 08-09-2007
112 ISO date with century. yymmdd 20070908
126 ISO8601, for use in XML. yyy-mm-ddThh:mm:ss 2007-09-08T21:00:00

 

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MBA – PM0051 :  What is the definition of cyber crime.

Answer – Cybercrime is a term for any illegal activity that uses a computer as its primary means of commission. The U.S. Department of Justice expands the definition of cybercrime to include any illegal activity that uses a computer for the storage of evidence.

The growing list of cybercrimes includes crimes that have been made possible by computers, such as network intrusions and the dissemination of computer viruses, as well as computer-based variations of existing crimes, such as identity theft, stalking, bullying and terrorism.

There are a number of controversial issues surrounding cybercrime. Opinions differ, for example, as to whether some widespread activities (suchas file sharing) should be classified as criminal acts. The U.S. Digital Media Copyright Act (DMCA) of 1998 stipulates that exchanging files of copyrighted material, such as music or videos, is illegal and punishable by law. In August, 2002, the U.S. Department of Justice announced that they would begin to prosecute cases of peer-to-peer piracy. Since that time, there have been sporadic suits brought against individuals. Such prosecutions please many in the entertainment industries but are less popular with the general public. Gary Shapiro, president of the Consumer Electronics Association, has remarked that “If we have 70 million people in the United States who are breaking the law, we have a big issue.”

Another controversy related to cybercrime is the issue of digital surveillance and its impact on civil liberties. Since the terrorist attacks on the World Trade Center in September 2001, many have deemed it necessary to curtail some individual rights to privacy of information in exchange for greater security. According to the American Civil Liberties Union (ACLU), government surveillance networks monitor enormous volumes of private communications and apply artificial intelligence (AI) applications to filter out relevant data. Although such extensive surveillance might significantly decrease the possibility of cybercrime, it is nearly impossible to do so without infringing upon individual privacy. Furthermore, because surveillance organizations operate in secret, they are not open to scrutiny. The ACLU suggests that while surveillance can be effectively used to curtail cybercrime, it must be properly overseen to ensure that it is not at the cost of individual rights.

 

MBA – PM0051 : Distinguish between companies limited by shares and companies limited by guarantee.

Answer: – When you want to start a business, there are several ways to structure a company. The different formations refer to different tax and profit sharing methods. Two of these formations that are more popular in Britain and Ireland are Companies Limited by Shares and Companies Limited by Guarantee.  Potential business owners often find them confusing and do not know which one they should use. There are similarities and differences between the two.

Company Limited by Guarantee

A company limited by guarantee is not as common as a company limited by share, but it is the more popular of the two. It is mainly used when setting up a non-profit business. Instead of having shareholders, this company has members. The company is formed for the sole purpose of providing a service to the public.

There are specific clauses associated with the organization that determine the manner and the areas in which they can operate. For example, businesses that exist for the purpose of charity have specific restrictions about the donations they receive so that donors know exactly how the money is being spent. Because of this companies limited by guarantee find it easier to raise money because they can show the donors how they plan to use the money.

These companies do not have any share capital. The members pledge to donate a set amount of money at the start of the organization or per year. This is the case with such companies limited by guarantee as schools, churches, clubs, etc., when the initial money is needed to purchase property and erect a building.

Company Limited by Shares

A company limited by shares is an ordinary business in which the owners want to make a profit. Therefore there are shareholders and the clauses in their guiding statements that give them the liberty to engage in all kinds of activities that let them make a profit provided that these activities are legal.

Similarities

Both companies limited by shares and companies limited by guarantee have a similar structure. Each one has a director, a secretary and a declarant at the time of the business startup.

Summary

Companies limited by shares are the most popular form of business.

Companies limited by guarantee are non-profit organizations, but companies limited by shares are those designed to make a profit.

Companies limited by guarantee have members and companies limited by shares have shareholders.

Companies limited by guarantee so not have share capital and have regulations that require them to show donors how they plan to use the money that they raise.

 

MBA – PM0051 : What is the distinction between cheque and bill of exchange.

Answer :- A cheque differs from a bill of exchange in the following respects:
1. Drawee:
A cheque is always drawn on a bank or a banker while a bill of exchange can be drawn on any person including a banker.
2. Acceptance:
A cheque does not require any acceptance while a bill must be accepted before the drawee can be made liable upon it.
3. Payment:
A cheque is payable immediately on demand without any days of grace, but a bill of exchange is normally entitled to three days of grace unless it is payable on demand.
4. Crossing:
A cheque may be crossed but there is no such provision in the case of a bill of exchange.
5. Notice of dishonor:
When a cheque is not met, notice of dishonor is not necessary. Want of assets in the hands of the banker is sufficient notice. It is necessary to give a notice of dishonor in order to make the drawer of a bill liable.
6. Payable to bearer on demand:
A cheque can be drawn payable to bearer on demand. But a bill of exchange cannot be so drawn.
7. Stamp:
A bill of exchange must be stamped, whereas a cheque does not require any stamp.
8. Countermanding payment:
A cheque may be revoked by countermand of payment. The payment of a bill, however cannot be countermanded.
9. Noting and protesting:
A cheque is not noted or protested for dishonor and is generally inland.
10. Presentment:
A bill of exchange must be duly presented for payment otherwise the drawer will be discharged. The drawer of a cheque is not discharged by failure of the holder to present it in due time unless the drawer has sustained damage by the delay.
11. Protection:
A banker is given statutory protection with regard to payment of cheques in certain circumstances. No such protection is available to the drawee or acceptor of a bill of exchange.

 

MBA-PM0051 :  Distinguish between indemnity and guarantee.

Answers: – Indemnity vs. Guarantee

Indemnity and guarantee are two important ways to safeguard ones interests when entering into a contract. There are many similarities between the two concepts though they differ a lot also. This article will highlight the differences between Indemnity and guarantee to enable readers to choose one of the two depending upon circumstances and requirements.

Indemnity

When you agree to an indemnity agreement, you agree to assume all responsibility and liability for any injuries or damages to someone else. Whenever there is an indemnity contract and one party suffers any losses, the other has the liability to indemnify for the consequences. The common phrases that are included in indemnity contracts say that the person agrees to indemnify and hold harmless or to defend, indemnify and hold harmless. If there is a clause or obligation to defend, you should also get a clause included requiring the person who is being indemnified to tender the defense to you. At least you should get the clause of right to control defense. In the absence of these provisions, the party that you are indemnifying can cost you dearly by raking up huge attorney fees and other sundry expenses. But if you are controlling the defense, you can have a say in the selection of attorney thereby minimizing litigation costs.

In general indemnity agreement covers damages, loss, costs, expenses and fees of attorneys. If there is no mention of attorney fees, the court may not require the person promising to indemnify to pay attorney fees.

Guarantee

In sharp contrast to an indemnity, a guarantee is a promise to answer for debt, default or other financial liability of another. You promise to pay for any damages or default in the event of the principal person refusing to do so or when he cannot do so. If you are a guarantor, once you have paid the principal obligation, your obligation is terminated. Guarantee clause is not the main agreement and is generally collateral to some other obligation or debt. You are held accountable or liable for this debt or obligation after you have fulfilled your obligation as a guarantor. It is therefore prudent to study all clauses or underlying contract before signing any guarantee contract.

Difference between Indemnity and Guarantee
• A guarantee is a promise to someone that a third party will meet its obligation to them. “If they do not pay you, I will pay you”.
• An indemnity is a promise to be responsible for another person’s loss and to agree to compensate them for any loss or damage on mutually agreed terms. For example, one agrees to pay the difference of repairs if they exceed a certain limit.

 

MBA- PM0051 : what are the remedies for breach of contract.

Answers: – Before you file a breach of contract lawsuit, you should know which type of remedy you are seeking. Many people simply want monetary compensation for the grief caused by the other party’s breach of contract. Types of damages for breach of contract include:

Compensatory Damages – money to reimburse you for costs to compensate for your loss

Consequential and Incidental Damages – money for losses caused by the breach that were foreseeable (foreseeable damages are when each side reasonably knew that–at the time of the contract–there would be potential losses if there was a breach

Attorney Fees and Costs – only recoverable if expressly provided for in the contract

Liquidated Damages – damages specified in the contract that would be payable if there is a fraud

Punitive Damages – money given to punish a person who acted in an offensive and egregious manner in an effort to deter that person and others from continuing to act in this way. You generally cannot collect punitive damages in contract cases.

The controlling law, the conduct of the violating party, and the extent of harm you suffered can influence which of these damages for breach of contract will be awarded in your situation. The more egregious and intentional the behavior, the greater the chance you have of being awarded larger, punitive damages. If the breach was unintended and arose from negligent behavior, you will probably receive compensatory or consequential damages.

MBA-PM0051: Distinguish between fraud and misrepresentation.

Ans. Fraud -is generally defined in the law as an intentional misrepresentation of material existing fact made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage. Fraud may also be made by an omission or purposeful failure to state material facts, which nondisclosure makes other statements misleading.

Misrepresentation – Means a false statement of fact made by one party to another party, which has the effect of inducing that party into the contract. For example, under certain circumstances, false statements or promises made by a seller of goods regarding the quality or nature of the product that the seller has may constitute misrepresentation. Finding of misrepresentation allows for a remedy of rescission and sometimes damages depending on the type of misrepresentation.

Difference between fraud and misinterpretation:-

1. In misrepresentation the person making the false statement believes it to be true. In fraud the false statement is person who knows that it is false or he does not caret know whether it is true or false.

2. There is no intention to deceive the other party when there is misrepresentation of fact. The very purpose of the fraud is to deceive the other party to the contract.

3. Misrepresentation renders the contract voidable at the option of the party whose consent was obtained by misrepresentation. In the case of fraud the contract is voidable It also gives rise to an independent action in tort for damages.

4. Misrepresentation is not an offence under Indian penal code and hence not punishable. Fraud, In certain cases is a punishable offence under Indian penal code.

5. Generally, silence is not fraud except where there is a duty to speak or the relations between parties is fiduciary. Under no circumstances can silence be considered as misrepresentation.

6. The party complaining of misrepresentation can’t avoid the contract if he had the means to discover the truth with ordinary diligence. But in the case of fraud, the party making a false statement cannot say that the other party had the means to discover the truth with ordinary diligence.


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