Tuesday, January 22, 2008

I wish you enough

Recently I overheard a mother and daughter in their last moments together at the airport. They had announced the departure. Standing near the security gate, they hugged and the mother said, "I love you and I wish you enough". The daughter replied, "Mom, our life together has been more than enough. Your love is all I ever needed. I wish you enough, too, Mom". They kissed and the daughter left.
The mother walked over to the window where I was seated. Standing there I could see she wanted and needed to cry. I tried not to intrude on her privacy but she welcomed me in by asking, "Did you ever say good-bye to someone knowing it would be forever?". Yes, I have," I replied. "Forgive me for asking, but why is this a forever good-bye?". "I am old and she lives so far away. I have challenges ahead and the reality is - the next trip back will be for my funeral," she said. "When you were saying good-bye, I heard you say, 'I wish you enough'. May I ask what that means?". She began to smile. "That's a wish that has been handed down from other generations. My parents used to say it to everyone".
She paused a moment and looked up as if trying to remember it in detail and she smiled even more. "When we said , 'I wish you enough', we were wanting the other p erson to have a life filled with just enough good things to sustain them". Then turning toward me, she shared the following as if she were reciting it from memory..
I wish you enough sun to keep your attitude bright no matter how gray the day may appear.
I wish you enough rain to appreciate the sun even more.
I wish you enough happiness to keep your spirit alive and everlasting.
I wish you enough pain so that even the smallest of joys in life may appear bigger.
I wish you enough gain to satisfy your wanting.
I wish you enough loss to appreciate all that you possess.
I wish you enough hellos to get you through the final good-bye.
She then began to cry and walked away.
They say it takes a minute to find a special person, an hour to appreciate them, a day to love them but then an entire life to forget them.

Saturday, January 12, 2008

What is the difference between a bank guarantee and a usual guarantee?

Following are some points of difference between a bank guarantee and a usual guarantee:A usual guarantee is governed by Sec. 126 of the Indian Contract Act, 1872. A bank guarantee is not directly governed by Sec. 126. An ordinary guarantee is a tri-partite (3 parties) agreement involving the surety, the debtor and the creditor.
But a bank guarantee is a contract involving two parties i.e. the bank and the beneficiary. In an ordinary guarantee, the contract between the surety and the creditor arises as a subsidiary to the contract between the creditor and the principal debtor. The bank guarantee is independent of the main contract. In an ordinary guarantee, the inter se disputes between the debtor and the creditor have a material effect upon the surety's liability. However, the bank guarantee is independent of the disputes, arising ex contractu (arising out of the contract). An ordinary guarantee does not have any time limit before which the debt has to be claimed. Bank guarantees generally have a specific time within which they are functional.

Can the invocation of a bank guarantee be prevented by initiating arbitration proceedings?

If the bank guarantee is unconditional, arbitration proceedings would in no way affect the enforcement of the guarantee. This is because an unconditional bank guarantee is independent of the main contract which refers disputes to arbitration.However, if the bank guarantee includes a clause to the effect that it could not be invoked prior to the decision of the arbitrators, such a bank guarantee, which is conditional, cannot be invoked and an injunction can be granted.

How can a beneficiary restrain the invocation of a bank guarantee?

The invocation of a bank guarantee by the beneficiary can be restrained by an injunction under the Civil Procedure Code, 1908, or the Specific Relief Act, 1963. However, the normal considerations, which apply in granting an injunction, will not apply in cases of a bank guarantee.Courts are usually reluctant to grant an injunction against a bank guarantee. If a bank guarantee has to be restrained, it has to satisfy the following conditions:


Irretrievable injustice or injury

How do bank guarantees help in commercial contracts?

Guarantees are important instruments used to minimize the risks that are involved in commercial contracts. For the enforcement of ordinary guarantees, as construed dependence of the guarantee on the main contract may lead to unnecessary disputes and litigation, arising from the main contract. These disputes may have a material effect on the guarantee, thereby blocking funds in litigation. Hence, there was a need for an innovative instrument which would enable the guarantee to serve its original purpose; namely, providing a form of security.The bank guarantee is one such innovative financial instrument whereby, if the beneficiary perceives that there has been a breach of contract by the other party, he can encash the guarantee and avail of the amount immediately, without having to undergo the hassles of litigation. Thus, the relevance of a bank guarantee achieves relevance.

What does the term 'bank guarantee' mean?

A bank guarantee is a commercial instrument in the nature of a contract, intended between two parties, to secure compliance with the contract. It is an off-shoot of the main contract between two parties. A bank gaurantee is a guarantee made by a bank on behalf of a customer (usually an established corporate customer) should it fail to deliver the payment, essentially making the bank a co-signer for one of its customer's purchases.

Friday, January 11, 2008

Contract Act_Practicle Problems_70

S knew that on account of his criticism of the plays in the past, he would not be allowed entry to the performance of a play at the theatre. The managing director of the theatre gave instructions that no ticket should be sold to S. S, however, obtained a ticket through one of his friends. On being refused admission to the theatre, he sued for damages for breach of contract. Discuss the legal position.

Contract Act_Practicle Problems_69

A woman by falsely misrepresenting her to be wife of a well-known Baron (a millionaire), obtained two pearl necklaces from a firm of jewellers on the pre­text of showing them to her husband before buying. She pledged them with a broker, who in good faith paid her Rs 1,00,000. A suit was filed by the jeweller against the broker. Discuss the legal position.

Contract Act_Practicle Problems_68

X entered into a contract for the hiring of a room for witnessing the coronation procession of Edward VII. Unknown to both the parties, the procession had already been cancelled. Is this contract valid?

Contract Act_Practicle Problems_67

P inquired about the price of rifles from H suggested that he might buy fifty lifles. On receiving the quotation, P telegraphed “Send three rifles”. But be­cause of the mistake of the telegraph authorities, the message transmitted was “Send the rifles”. H despatched fifty rifles. P accepted three rifles and re­turned the remaining forty-seven rifles. Is this agreement valid?

Contract Act_Practicle Problems_66

X offers to sell a painting to Y which X knows is the copy of a well-known master piece. Y, thinking that the painting is the original one, decides to buy it at a very high price. Is this a valid contract?

Thursday, January 10, 2008

Contract Act_Practicle Problems_65

X chartered a ship to Y which was described in the ‘Charter party’ and was represented to him as being not more than 2,800 tonnage register. It turned out that the registered tonnage was 3,045 tons. Y refused to accept the ship in fulfilment of the charter party. Is Y's action valid?

Contract Act_Practicle Problms_65

X sells by auction to Y a horse which X knows to be unsound. The horse appears to be sound but X knows about the unsoundness of the horse. Is this contract valid in each of the following alternative cases:

Case (a) X says nothing about the unsoundness of the horse to Y.
Case (b) If X says nothing about it to Y who is X’s daughter who has just come of age.
Case (c) If Y says to X “If you do not deny it, I shall assume that the horse is sound.” X says nothing.

Contract Act_Practicle Problms_64

X. an agent, refused to hand over the account books of Y, the principal to the new agent appointed in his place unless the principal released him from all liabili­ties. The principal had to give a release deed as demanded. Is this release deed binding upon the principal?

Fresh Fish

Am interested to share the below ……..a small story with you.

The Japanese have always loved fresh fish. But the water close to Japan has not held many fish for decades. So to feed the Japanese population, fishing boats got bigger and went farther than ever. The farther the fishermen went, the longer it took to bring the fish. If the return trip took more time, the fish were not fresh.

To solve this problem, fish companies installed freezers on their boats. They would catch the fish and freeze them at sea. Freezers allowed the boats to go farther and stay longer.

However, the Japanese could taste the difference between fresh and frozen fish. And they did not like the taste of frozen fish. The frozen fish brought a lower price. So, fishing companies installed fish tanks. They would catch the fish and stuff them in the tanks, fin to fin. After a little thrashing around, they were tired, dull, and lost their fresh-fish taste. The fishing industry faced an impending crisis! But today, they get fresh-tasting fish to Japan. How did they manage? To keep the fish tasting fresh, the Japanese fishing companies still put the fish in the tanks but with a small shark. The fish are challenged and hence are constantly on the move. The challenge they face keeps them alive and fresh!

Have you realized that some of us are also living in a pond but most of the time tired and dull? Basically in our lives, sharks are new challenges to keep us active. If you are steadily conquering challenges, you are happy.

"Your challenges keep you energized. Don't create success and revel in it in a state of inertia. You have the resources, skills and abilities to make a difference. Put a shark in your tank and see how far you can really go..!"

Wednesday, January 09, 2008

Do not act like an elephant

Do not act like an elephant. Strange statement, isn’t it? But read carefully because it can make a difference of success and failure in your business and private life.

You may know that in India elephants are used for manual labor. But what to do with them when they are not working? How to restrain them?

Their handlers came up with the idea to "program" them while they are still very young by setting self-imposed limits into their thinking.

how does it work?
When the elephants are still small, weighing around 150 pounds they get tied up with a very heavy rope. All day long, the elephants try to get rid of it, whine, tug at it and some of them even try to chew it. But they can’t break free.

Finally the elephant gives up and the fight is over. From this moment on, they strongly believe that there is absolutely no chance to get rid of the rope.They accept the "fact" that the rope limits them. And with this imprinted belief in place, their handlers are able to tie them with extremely small ropes, even as adults weighing 8,000 pounds and more, they never attempt to break free, because they "know" they have no chance at all! Thus, elephant's limits are not real but they exist only in their mind.

We also have built-in boundaries. They are also not real but exist only in our minds. But it doesn’t have to stay this way. Our negative belief systems don’t have to limit us for good. If you truly want to become successful and are not kidding yourself, you can change your inner belief system, your attitude, and break your inner boundaries.
You might feel that there are certain characteristics of your personality that are part of you and therefore cannot change; it's just the way you are, the way God made you. Although it's true that you have certain inborn traits, certain strengths and weaknesses, this doesn't mean that you can never change. You might wonder how this can be, how you can change what you feel is a long-standing habit, an almost ingrained characteristic, and turn it into something different.
All things are possible !!! It just takes a sincere desire to receive His help, and determination to follow through.

You always have the inner strength, the personal power to change everything in your life for the better.
Just try!!! Never give up. And never act like an elephant. !!!!

Good quote

Lovers plan to suicide. Boy jumped first.
Girl Closed her eyes but returned saying love is blind.

Boy in air opened his parachute & said love never dies.

Monday, January 07, 2008

visit the site....


Motivational quote

Your most valuable asset can be your willingness to persist longer than anyone else. -Brian Tracy

To achieve something you've never achieved before, you must become someone you've never been before. -Bria Tracy

The secret of happiness is not doing what one likes, but liking what one has to do. -James M. Burrie

The older I grow, the more I listen to people who don't say much. -Germain G. Glidden

I do not pray for a lighter load, but for a stronger back. -Philip Brookes

Not doing more than average is what keeps the average down. -William M. Winans