Report on Cybermediaries Free Essays

string(30) " reputation and market image\." 4. 724 E-BUSINESS A REPORT ON THE CYBERMEDIARIES OF THE NEW ZEALAND RESTAURANT INDUSTRYÂ   The use of the information systems and applications to drive and support the processes of a business, mainly using the web technology is known as E-Business. This helps the companies to connect their processes (Internal and External) much more effectively and efficiently. We will write a custom essay sample on Report on Cybermediaries or any similar topic only for you Order Now This also allows them to have a much more closed interaction with their suppliers and partners, which leads to a higher level of customer satisfaction and overall business performance (The National B2B Centre). The business process which lies in between the ends of a value chain is known as Intermediation. These businesses have a much classified role of being the entities that serve the market by connecting multiple buyers and sellers. The core essence of the intermediary is mainly a content provider (service based on information). Hence when these kinds of businesses take place using the web is known as Cybermediation. In the present business world, all the companies are trying to develop their virtual image with the help of the internet. The restaurant industry is one of the major industries contributing to the New Zealand economy. Hence the development of cybermediaries in the NZ restaurant industry is very obvious. There are lots of different websites which work as cybermediaries for the NZ restaurant industry, but in this report we specifically concentrate on two of them, and they are 1) www. menumania. co. nz 2) www. menus. co. nz 1|P ag e 2. 0 SIMILARITIES AND DIFFERENCES Cybermediaries 1: www. menumania. co. nz Menu Mania is a community based guide for restaurants in New Zealand founded in 2006 by Cristian Rosescu. The primary aim of the Menu Mania is to connect the people with great local restaurants or eating places. It provides a platform for the passionate and influencing people to share their experiences about various eating places. It provides a great channel for local businesses to market themselves at no extra cost. Menu mania knows that recommendation of friends is the best and the most reliable way of finding restaurants, so it collects and organizes the recommendations and suggestion of people in one place. Thus www. menumania. co. nz is a site where people find where and what to eat on the basis of the real reviews given by the real people. Cybermediaries 2: www. menus. co. nz Menus is considered to be one of the oldest websites in New Zealand related to restaurants. The website has on an 2|P ag e average of more than 64,000 visitors every month (Menus). Menus can be considered as the easiest mode for the local businesses that are related to food industry to create or increase their internet exposure, as they have partnerships and associations with reputed companies. The website basically provides a basic free listing for the local businesses, it provides free coupons to their registered customers at specific occasions, the go extra mile to provide reservation facilities to their customers, they provide personalized list of menu according to the preference of the member and also gives a map featuring the location of the restaurant. Thus www. menus. co. z wants the people to comment and give reviews of the restaurants that are listed on their site. They appreciate both the positive and negative comments and feedback, while expect the customers to give their suggestions on positive improvements. Thus both the cybermediaries namely www. menumania. co. nz and www. menus. co. nz have their own market importance. Customers and businesses u se them as a guiding factor for either the selection of the restaurant or menu from customer’s perception while the businesses use the comments, reviews or suggestions of the customers in order to improve themselves and create their image in the market. Both the websites have similarities and differences in the service they provide, which are discussed as under. 3|P ag e 2. 1 Similarities The selected cybermediaries of the Restaurant Industry have certain similarities which can be considered as the basic features of the cybermediaries, which are as under: Reviews and Comments: Both the cybermediaries have lists of restaurants from all over New Zealand and these websites give people a chance to give their personal reviews about different restaurants they have visited. It also allows them to give a negative feedback if they had a bad experience and asks for suggestions. Mobile Application: These websites have developed a specific application for I-Phone users in order to make it much more convenient to their customers, as the trend is shifting from using computers to mobiles for internet access. – Search Options: Both the cybermediaries have a search option which helps the consumers to find their required restaurant much more e asily. In the given search option the consumers can search restaurants on the basis of location, cuisine, kind of restaurant, categories and key words. 4|P ag e – Member Login: These websites have a special login facility for the members; this is kind of a loyalty program for the frequent visitors of the website. They send newsletters, articles, reviews, deals and special offers of different restaurants. – Featured Restaurants: These websites have an especially dedicated portion of their website for the featured restaurants or businesses, which display some of the best and the finest restaurants of the selected place. – Best for Occasion: These websites have a special search option in which the customers can search and choose the restaurants that are best for the particular occasion. They have options of restaurants for the occasions like Private Functions, Business dinners, wedding functions, private parties, romantic dinners, group outings, kids friendly, kids parties, outdoor catering and many more. Thus these are some of the similarities in the two chosen cybermediaries of the New Zealand Restaurant Industry. 5|P ag e 2. 1 Differences The selected websites are for a particular restaurant industry and thus needs to differentiate from each other in order to create their own reputation and market image. You read "Report on Cybermediaries" in category "Essay examples" Menu Mania: What’s New: The website gives the information about the new things happening in the particular area. This section gives information about the new menus, the new photos of the restaurants that the customers have uploaded and the reviews about the two. Browse by Price: This is an extra feature provided in order to help the customers to differentiate or categorize the restaurants according to the price of the food they sell. They categorize the restaurants as Cheap (Under $15), Moderate ($15 – $25), Spendy ($25 – $35) and Splurge (Above $35). Hot in City: This section of the website gives the information about the latest restaurants in the particular area. It gives the information about the good restaurants for different cuisines like Japanese, Asian, A La Carte, Middle Eastern, Fast Food and many more. 6|P ag e – Latest News: This section of the website gives the latest information about the new updates on the website, restaurants, cuisines, culture and others. It also gives the information about the various competitions and awards happening in the restaurant industry. – Special Offers: The special offer section of the website gives the special deals to their customers from the restaurants that offer them. – Browse by more features: This section of the website gives the customers to browse the restaurants on other features like the restaurants Good for Groups, Outdoor Seating, Wifi Access, BYO and Wheelchair Accessible restaurants. Menus: Categories of Venues: This website gives the option to the customers to choose venues more easily by categorizing the restaurants as Bars Bistros, Cafes, Pubs, Restaurants, Takeaway Foods, Wine Bars and Wineries Vineyards. 7|P ag e – Craving Something? This is a special section of the website that helps the customers to view some of the best restaurants for the particular food item they wish to eat. Reservation Facilities This website gives the option to the customers to do reservation for the restaurants they wish to go. This is very beneficial for the customers, as they view the comments or feedback for the restaurant and then do the reservation for the same. – Competitions They organize competitions for the customers who visit their w ebsite. They give away prices for the winners in the form of gift vouchers or coupons for the various restaurants. – Menu Articles This section of the website gives the customers an option for reading articles for different sections like General Interest, Where to Eat, Best for and Spotlight Recipes This section of the website gives the recipes for different cuisines. These recipes are uploaded by the different customers. 8|P ag e 3. 0 CONSUMER BENEFITS The selected cybermediaries of the New Zealand Restaurant Industry have several benefits for the customers, who visit their websites. ? These websites provide the customers or the food lovers with a platform to give their opinion or review about their experience of a particular restaurant or a local eating place so it can be positive or negative. For Example if a person had some very good experience about a particular restaurant, then he can come to the website, and write about his experience on the listing of that restaurant. ? Based on the reviews or comments of other people, its gives a fair idea about the restaurants or eating places to the other customers. Hence it becomes much easier for them to choose good restaurants from the list. For Example if a person is searching restaurant for Japanese food, then it becomes easy for him to decide which one to go in, on the basis of the reviews and comments of the other customers who had already visited the restaurant. These websites also categorize the different eating places into different types such as Bars, Cafes, Restaurants, Takeaways and many more. ? They also provide the customers with the different search options, which make it easy for them to choose the restaurants or other places according to the type of the cuisine, location, occasion, price and other features. 9|P a g e ? These websites have special sections in which they provide the special offers or deals of the different restaurants that use this medium as a mode of marketing themselves. ? They also make use of the latest technologies like the Mobile Applications, which makes it more convenient for the customers to access the information. For example if a customer wants to suddenly find a restaurant providing the best Chinese food, while he is driving he can check on his mobile application for the best Chinese restaurant/takeaway in the particular location. ? These websites also provide a lot of extra information to their viewers in the form of articles related to the restaurant industry, award functions, competitions and others. ? These are also a very good platform for the food lovers and the ones who try making new dishes. The people can upload their own recipes and others can learn new recipes and comment on these recipes. ? These websites along with finding the proper restaurant also provide the customers with the details of restaurant like the menu, contact details and timings. Some of them also provide them with the extra facility of reservation or booking a table at their chosen restaurant. For Example the customer can find a good place for eating Thai food from the lists, now they can use the reservation facilities provided and can book a table for the numbers of prop 10 | P a g e 4. REVENUE MODEL The revenue model of any E-business is the model which shows how the company generates revenue for the particular period of time. The cybermediaries identified for the New Zealand Restaurant industry also have some particular revenue models which helps the companies to make revenue from the services they provide. The revenue model for the identified cybermediaries www. menumania. co. nz can be considere d to be consisting of one major way and that is the Advertisement Charges. 4. 1 Advertising Charges Menu Mania website offers two different kinds of advertising options. The first option is ‘Restaurant Advertising’ where in businesses related to the restaurant industry can give their ads on the website and the second option is ‘Banner/Display Advertising’ where companies other than the restaurant industry can give their ads. 4. 1. 1 Restaurant Advertising In the first option of advertising the restaurants or the eating places give their ads. These ads are featured at two places in the website namely on the top of the search result for that particular category in which the restaurants falls and in between the other restaurant pages. 1 | P a g e On the Top of the Search Result Between the page of other Restaurant 12 | P a g e They have weekly charges for giving advertisements, they charge $12/week if the customer pays for one whole year or they charge $13/week for one month. They also have option of pay the whole amount at one go that is $600 + GST for one year or $55 + GST for one month. They also give their customers a speci al option of 30 days free trial and if customer wants to continue advertising they charge $15. 92 + GST/ Week or $69 per month. They also provide 20% discount to the members of the Restaurant Association or the Hospitality Association (Menu Mania). 4. 1. 2 Banner / Display Advertising In the second option of advertising, any company can give ads on the website of Menu Mania at the fixed location. The advertising banners are on the right side of the website. 13 | P a g e 5. 0 CONCLUSION Thus it can be concluded that with the development of the internet, there is development of different businesses which are only virtually present on the web. These cybermediaries are helpful to both the customers as well as the businesses. The businesses get a better way to promote their business to the particular targeted audience and in the same way the customers get the benefits of the price comparison, product comparison, get to know news products and services. Hence the cybermediaries are main source of information for the customers irrespective of the industry the customer is looking for. 14 | P a g e REFERENCES Chaffey, D. E-Business E-Commerce Management. Prentice Hall – Pearson Education Limited. Menu Mania. (n. d. ). Retrieved Nov 2012, from Menu Mania: http://www. menumania. co. nz/restaurants/browse/auckland-city Menu Mania. n. d. ). Advertising on MenuMania. Retrieved Nov 2012, from Menu Mania: http://www. menumania. co. nz/restaurant/advertising. php Menus. (n. d. ). Retrieved Nov, from Menus: http://www. menus. co. nz/ Menus. (n. d. ). Why should I list my business on Menus? Retrieved Nov 2012, from Menus: http://www. menus. co. nz/help/list-business/ The National B2B Centre. (n. d. ). What is E- Business? Retrieved November 2012, from http://www. nb2bc. co. uk/what_is_ebusiness/ Vidal, D. (2012). E-Business. Lecture Notes / Module Slides . Auckland, New Zealand. 15 | P a g e How to cite Report on Cybermediaries, Essay examples

Competitiors of Bitcoin Essay Example For Students

Competitiors of Bitcoin Essay Despite the growing number of cryptocurrencies (more than 100+) shaping the way for the future cashless world, bitcoin-mania has shown no diminishing effects even though its competitors are gaining considerable attention in the market. They have been trying and developing strategies that Bitcoin cannot fulfill. Bitcoin is considered as the leader or â€Å"The Godfather† of all cryptocurrencies and will continue to maintain its unique standing in these roles. But as advancement and growth in technology can never be controlled nor predicted the stability of bitcoin may be affected when the competitors develop methods to overcome the specific niche operational roles of digital currency. For example, Ethereum looks at smart contracts, Zcash looks at anonymity etc. The following are the major rivals of bitcoin that are rapidly on the rise: Ripple (XRP) Ripple is a real-time global settlement network that offers international payments instantly with end-to-end transparency as well as with low-cost. It is considered to be bitcoin’s logical successor by certain industry experts. It was released by the former bitcoin developers in 2012. Unlike Bitcoin, Ripple is not just a currency but a system through with any currency can be traded or transferred at lower costs. Also, mining is not required for Ripple, unlike bitcoin. Because of this, it gains an advantage of reducing network latency and the usage of computing power. Ripple believes that ‘distributing value is a powerful way to incentivize certain behaviors’ and thus currently plans to distribute XRP primarily â€Å"through business development deals, incentives to liquidity providers who offer tighter spreads for payments, and selling XRP to institutional buyers interested in investing in XRP.† Ethereum (ETH) Ethereum was launched in 2015 and is a decentralized software platform that enables Smart Contracts and Distributed Applications (DApps). These are allowed to be built and run in a secure way such that it works without any downtime, fraud, control or interference from a third party. Ethereum initially launched a pre-sale for ether and received an amazing response during 2014. Ethereum is a platform-specific cryptographic token, which is used for running the applications of Ethereum. It is like a vehicle for moving around on the Ethereum platform and is mostly required by the developers who try and look forward in developing and run applications inside Ethereum. According to Ethereum, it can be used to â€Å"codify, decentralize, secure and trade just about anything.† Following the attack on the DAO in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC). Ethereum (ETH) has a market capitalization of $41.4 billion, second after Bitcoin among all cryptocurrencies. (Related reading: The First-Ever Ethereum IRA is a Game-Changer). Litecoin (LTC) Litecoin, was introduced into the market in the year 2011, was among the initial cryptocurrencies following bitcoin. It was often referred to as ‘silver to Bitcoin’s gold.’ Charlie Lee, an MIT graduate, and former Google engineer was the creator of litecoin. Litecoin is based on an open source global payment network and uses â€Å"script† as a proof of work, the decoding can be done by as simple methods as with the help of CPUs of consumer grade. The open source global payment is not controlled by any central authority. Although Litecoin is like Bitcoin in many ways, it has a faster block generation rate and hence offers a faster transaction confirmation. Other than developers, there are a growing number of merchants who accept Litecoin to process a large volume of small transactions. Zcash Zcash is another decentralized and open-source cryptocurrency released towards the end of 2016. It came up with the concept of anonymity amongst all the emerging cryptocurrencies. With the saying, â€Å"If Bitcoin is like HTTP for money, Zcash is https† they offer privacy and selective transparency of transactions. Hence like https, Zcash claims to have extra security with all the transactions being recorded and published on a blockchain. Certain details such as the sender, recipient and amount remain anonymous. .u5e373dab826d7dcf429fb88e817ef413 , .u5e373dab826d7dcf429fb88e817ef413 .postImageUrl , .u5e373dab826d7dcf429fb88e817ef413 .centered-text-area { min-height: 80px; position: relative; } .u5e373dab826d7dcf429fb88e817ef413 , .u5e373dab826d7dcf429fb88e817ef413:hover , .u5e373dab826d7dcf429fb88e817ef413:visited , .u5e373dab826d7dcf429fb88e817ef413:active { border:0!important; } .u5e373dab826d7dcf429fb88e817ef413 .clearfix:after { content: ""; display: table; clear: both; } .u5e373dab826d7dcf429fb88e817ef413 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u5e373dab826d7dcf429fb88e817ef413:active , .u5e373dab826d7dcf429fb88e817ef413:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u5e373dab826d7dcf429fb88e817ef413 .centered-text-area { width: 100%; position: relative ; } .u5e373dab826d7dcf429fb88e817ef413 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u5e373dab826d7dcf429fb88e817ef413 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u5e373dab826d7dcf429fb88e817ef413 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u5e373dab826d7dcf429fb88e817ef413:hover .ctaButton { background-color: #34495E!important; } .u5e373dab826d7dcf429fb88e817ef413 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u5e373dab826d7dcf429fb88e817ef413 .u5e373dab826d7dcf429fb88e817ef413-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u5e373dab826d7dcf429fb88e817ef413:after { content: ""; display: block; clear: both; } READ: We the People EssayZcash offers its users the choice of ‘shielded’ transactions, which allow for content to be encrypted using an advanced cryptographic technique or zero-knowledge proof construction called a zk-SNARK developed by its team. IOTA (MIOTA) IOTA is another newest contender in the cryptocurrency field, founded in 2015. It is an open-source distributed cryptocurrency focused on providing payments and communications between machines on the Internet of Things securely. Unlike the commonly used technology of blockchain, IOTA uses a directed acyclic graph (DAG) called Tangle, partnered with Microsoft, Fujitsu and several other companies. Considering itself as the first marketplace powered by the Internet of Things, IOTA provides transaction free regardless of the size of the transaction. The number of transactions handled by the system can be unlimited as well as with faster confirmation times.

Music Appreciation Unit One Lab Questions free essay sample

Describe some of the influence of Latin music in the US in the early part of the twentieth century. In the early part of the twentieth century, Latin music influenced the creation of a new type of music, Afro-Cuban Jazz. 2. What was the significance of Macho and HIS Afro-Cubans? Macho and HIS Afro-Cubans created the genre of Afro-Cuban Jazz and created a bridge between the two cultures, and found success with white people. 3.How did Dizzy Gillespie Incorporate Latin music Into his music? Dizzy Gillespie invited a player from Cuba named Chant, and the two of them worked together. 4. What was the Palladium? Palladium was located in mid-town Manhattan. It was a former dance studio, but it was transformed into the home of the Mambo. 5. How did the television and films increase the exposure of the US to Latin music? The television and films increased the exposure of the US to Latin music, because it allowed the public to slowly become ameliorated with it. We will write a custom essay sample on Music Appreciation Unit One Lab Questions or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Television shows like l Love Lucy showed that white women and Cuban men could be together. Due to the fact that the men were Cuban, they also played their music on the show as well. 6. How did Latin music influence rock music? Latin music Influenced rock music they both had the same chord progression, bass lines and rhythms. 7. Why do you think Latin music had such a great Influence on the development of popular music?I believe that the reason why Latin Music had such a great influence on the development of popular music, is because it was new, and its upbeat rhythms made it easy to listen to and encouraged people to dance and have a great time. 8. Do you think that any of the music that you listen to has Latin influences? Why or why not? Yes, I do believe that Latin music has influenced the music I listen to. I listen to Latin artists such as Pitiful, and I enjoy his music very much. At the same time, I listen too lot of upbeat rhythm songs that have somewhat off Latin feel to them.

Natural Born Killers essays

Natural Born Killers essays How Quentin Tarantino and Oliver Stone use technical aspects of filmmaking to create and disseminate meaning in the film Natural Born Killers. Natural Born Killers is an overblown and fantastically creative commentary on violence and the complicity of the media and the public. This is how the film critic Brian Webster described one of the most contraversual films of the 1990s. In this essay I will be looking at how and why Quentin Tarantino (who wrote the film) and Oliver stone the director have used film to show that the media can promote, cause violence in the public. Id like to begin by saying that Natural Born Killers is not a film without a sense of contradiction. The director and writer both claim they have created a film that shows how badly the media can manipulate our minds into causing acts of violence. However the film itself as media is quite ironic in the fact it also creates the potential for being a cause of violence. But i suppose with this sort of film contradiction cannot be a avoided. The film is primerally seen as part of the art genre, due to the points created and the fact that its not something a that relies on a narrative to be what it is. Im also unsure if the film is even there to entertain as many asepcts of the film are very disturbing and confusing. The film is centralised around two main characters Mickey and Malary knox, outlaw lovers who kill and rob from people they feel deserve it. The media in the film glammorises the things they are doing and turns them into celebrities. Everytime they kill their actions are over dramatised and put in an entertainment perspective which the public are currupted by. However there is alot of disagreament for the point Stone and Tarantino are trying to make with this notion. For instance many people would argue that Natural Born Killers is a film that shows a reflection of our society, meaning that...

Analysis of the Idea to Use More Automation in Business

Analysis of the Idea to Use More Automation in Business Through studying business and computer science, I hope to make the world around us a better place with technology. I believe that better technology and more automation will always improve our lives, and will serve as the great equalizer for all marginalized people. My interest is bridging the gap between technology and business particularly in venture capital and investment strategies. Women are often discriminated against when seeking venture capital for their business or idea, and I believe this is a huge opportunity for value creation both for investors and for the world. My long-term goal is to develop an application that uses AI to guide venture decisions, allowing for startups to be judged on merit and destroying the glass ceiling for female and minority entrepreneurs. Although Im not a particularly math-oriented person, I have had a passion for computer engineering and have since a very young age. Attending entrepreneurship conferences and trade shows as well as going to an engineering program in high school has shown me how male-dominated the field can be, and despite being a man myself, I see the losses we take. I’ve seen this very personally: throughout middle school, I was involved with my moms startup company, helping where I could and even pitching to potential investors and customers. However, as a barely 53 woman, she had a very hard time being taken seriously despite the momentum she was gaining, and she could no longer afford to run it. This got to me, but I couldnt place why until I started my own last year: even as a student, I was taken seriously and talked to as an equal by nearly everyone, even local businesspeople. Seeing this difference has made me realize the discrepancy between the sexes in small business and instilled in me a drive to correct it.

ESL II Essay Example | Topics and Well Written Essays - 2500 words

ESL II - Essay Example On the other hand, some students would be happy to wait and listen to their teachers of the lesson delivered and then develop strong concepts in learning English. Some students are keen to learn the basics or grammar as the foundation of learning English while others would be try to put the words in place by listening to the language conversation. It is, therefore, important for the teachers to switch to right approaches by understanding the needs of the classroom. Traditional methods The traditional methods of teaching English as a foreign language talk about the approaches of teaching English in a way that has been followed over the years. Various educationalists and eminent personalities could be spotted who have learnt English in the traditional approach. The traditional methods have been described below. Grammar Translation The grammar translation approach is one of the oldest approaches that were carried out in earlier days for teaching Latin in the countries of Europe. This is an intellectual way of learning language which was later applied by the teachers in the lessons of English as a foreign language. The method concentrates more on the reading and writing of English language. The speaking and the listening skills are not really tested in this approach. The teacher provides the students with the grammatical exercises and the students are asked to solve the problems. The students are first questioned orally and followed by answering the exercises in writing which is the major part of grammar translation. The only communication in this method is between the student and the teacher where the teacher plays the authoritarian role. Example of grammar translation method includes explaining the grammatical rules and concepts with the help of presentation, written exercises to the students. Direct Method The direct method of teaching developed languages in the nineteenth century when the educationalists observed the child language learning trends and applied t he direct method of learning English as a foreign language for the learners. In this method, the translation of the foreign language is not required. The students are required to read aloud the specialized texts of grammar and vocabulary in English language. The emphasis is put on guided conversation of the students where the teachers play an important role in helping the students to understand the usage of various words in English. Examples of the direct method of learning English as a foreign language includes conduct of exercises using fill-in-the-blanks, dictation and demonstration to the students by the teachers. The students also required to undertake comprehension exercises directly in English in order to understand the foreign language through the direct method. Audio lingual The audio-lingual method of teaching English as a foreign language developed from the time of Second World War when the army personnel were trained to speak in different languages such as German, French , Japanese, etc. This method has been later applied for teaching English

International Corporate and Contract law Essay Example | Topics and Well Written Essays - 3750 words

International Corporate and Contract law - Essay Example Contract and business law are increasingly composite and at the present they affect every industry and all types of commercial contract; from entering into an agreement, to ensure the validity of purchase circumstances. A contract law is generally an agreement enforceable through law. For the legal contract law to become legal, it must satisfy certain legal necessities. There are various courses of contracts which, though ideal so far it relates to structure, consideration and contract, are not specified. All the agreements are deemed to be contracts, if the agreements are prepared by the free consent of the parties, capable to contract, for a legal consideration with a legal objective, and are not specifically declared as invalid. The following are considered as the necessary elements of a valid contract: agreement, intention to create a legal relationship, free and genuine consent, and parties competent to contract, legal consideration, legal object, agreements not declared void or illegal, certainty of meaning, possibility of performance and the necessary legal formalities. In this particular problem scenario, there is no written agreement among the parties to the agreement so this is not a valid contract. As a case in point, John is not liable to pay compensation to Gold Iron Inc. As he, John John, claims that he did not enter into any binding agreement wit the firm, and that his signature produced by the Gold Iron Inc. was forged. â€Å"The Contract Act is the law of those agreements which create obligations, and in case of a breach of a promise by one party to the agreement, the other has a legal remedy.† (Law of Contracts n.d). The Fact of the Case: In this case, Gold Iron Inc, which is a steel manufacturer company, is incorporated in Pennsylvania (USA). John, is an Italian citizen, is an engineering consultant who has spent much of the time traveling round the earth. When he is not at work, he spends his time with his family in Italy and also wit h his mistress in England. John’s assets are mostly located in England. During his journey he happened to meet the president of Gold Iron Inc that is Mr. Unwin at a conference in New York. As a result of this relationship is that John agreed to carry out some consultancy work on behalf of Gold Iron Inc. John, on the other hand, claims that he did not go into any kind of binding agreement and that his signature was forged. The Agreement enclosed a clause of dispute resolution that says: Any argument arising out of this agreement consisting of questions regarding its validity and existence will be exclusively referred to the courts in English, and that the governing rule of this agreement shall be Italian law too. After few months Gold Iron Inc started legal proceedings against John in the courts of Italy for breach of contract. In the course of the actions John’s lawyer claimed that Gold Iron Inc was intentionally seeking to delude the court by forged written proof. The court decided that the proof was not forged and completed that John was in breach of contract. The Italian court handed down a verdict in December in Gold Iron Inc’s favour, ordering John to pay compensation of â‚ ¬5 million. â€Å"Since a very substantial body of European contractual and commercial law derives its inspiration from Roman law, it is appropriate that modern Italian law be taken as representative of the contract and commercial law