English Contract Law Case Study Example | Topics and Well Written Essays - 1000 words

English Contract Law - Case Study Example Invoice sent by the company included the note which stated that the terms of the contract shall be adhered according to the original quotation. As per the original quotations Gordon has clearly specified that the servers with latest processors and maximum storage capacities are to be delivered within one month of the order and also sent the payment under the contract with the specific instruction that 'contracting under my specification'. Therefore the company is under an obligation to deliver within one month and since the delivery is not made within a month there is a clear violation of the contract. In addition there is the violation of the contract specifications as to the quality of the servers also. Since the company has sent servers which did not meet the requirements of Gordon with respect to energy sufficiency and without latest processors the company has made a second violation of the contract. The company Dodgy has fulfilled only the maximum storage capabilities requirements of the servers. The failure on the part of the company to supply the servers with the required specifications gives rise to different remedies under the contract law to Gordon. ... In this instance Gordon is entitled to the right of withdrawing from the contract since he has expressly made his desire to procure servers with energy efficiency and latest processors. Therefore these terms of specifications to the servers become the terms of prime importance to the contract and the failure to meet these terms entail the cancellation of contract by Gordon. In an alternative situation if Gordon has not made specific request for the supply of servers with energy efficiency and latest processors, he cannot repudiate the contract as there will be a case of breach of warranty only. The issue that Gordon has specified the requirements and Dodgy has not fulfilled them has resulted in a breach of the condition and therefore has altered the nature of the contract. In addition the contract would be treated as void as it is made by misrepresentation. Dodgy has made misrepresentation about its products to Gordon and Gordon has ordered the supply in utmost good faith. Since by the supply of servers not meeting the specifications Gordon has been misled by the company and Gordon therefore is entitled to treat the contract void. An additional point to consider here is that the misrepresentation by the company as regards the quality of the product is not an innocent misrepresentation but one made with the specific intention of making Gordon believe that. It is unlawful on the part of Dodgy to enter into a contract with Gordon for the goods which the company may not be able to supply at all. Even though there are mistakes committed by both the parties with regard to the terms of the contract, the contract needs to be terminated as there is no identity of minds ('consensus ad

The Balanced Scorecard (BSC) method of Lloyds TSB Bank Essay

The Balanced Scorecard (BSC) method of Lloyds TSB Bank - Essay Example The Balanced Scorecard (BSC) method of Lloyds TSB Bank The objective of the paper is to describe about the Balanced Scorecard (BSC) framework in relation to its implementation in the Lloyds TSB Bank, headquartered in the UK. The reason for choosing the organisation is that the company uses balance scorecard method for calculating and managing the performance of employees (Lloyds TSB Group plc, 2012). The paper will also attempt to evaluate several aspects of BSC in relation to Lloyds with the purpose to recognise how the implementation of BSC would help to measure the performance of the bank. Also the paper will aim at identifying the different drawbacks relating to BSC. Stating precisely, the determined objectives of the paper are to recognise different aspects of BSC and the major Key Performance Indicators (KPIs) of Lloyds. It will also aim to understand how implementation of BSC can prove to be beneficial for Lloyds along with identifying its probable limitations for the organisation which will further be used to provide recommendati ons. The research has been conducted in three phases, i.e. identification of research objectives, collection of data and analysis of the data collected. The method used for conducting the research has been based on a systematic approach. The research attempts to make a conclusion on a gradual procedure. Only secondary data i.e. information from internet sources such as company reports, books and academic journals have been used in this paper. In order to calculate and demonstrate the KPIs’ of Lloyds TSB Bank, MS-Excel application has been used. It is in this context that BSC’s four perspectives, i.e. customer perspective, financial perspective, internal business processes as well as learning and growth perspective and their related KPIs (two from each) will be examined through MS-Excel application. The excel graphs will be produced and demonstrated in order to justify the discussion of KPI. Results or Findings Balance Scorecard and Its Perspectives Generally, organisations u se BSC to embrace information regarding monetary measures. In Lloyds, BSC can provide a lucid picture about the performance. It can provide the key factors which drive the performance in the organisation. It is worth mentioning in this regard that there are four general perspectives of BSC which are measured by an organisation while judging the performance (Mooraj & et. al., 1999). The following figure will describe the four perspective of BSC: Financial Perspective: The financial perspective represents long-term objectives of an organisation. The KPIs of financial perspectives are: Sales quantity: It aims at measuring the amount of sales; for example, by taking account of the changes in sales revenue over time Market share: It aims at measuring the market competency. For example, by comparing the market exposure of the competitors and that of the organisation Return on investment: It aims at proper allocation of resources. For example, by rendering an in-depth understanding to the most profitable sectors