1.
Contract
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A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition, Contract law concerns the rights and duties that arise from agreements. A contract arises when the parties agree that there is an agreement, formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party to a contract must have capacity to enter the agreement, minors, intoxicated persons, and those under a mental affliction may have insufficient capacity to enter a contract. Some types of contracts may require formalities, such as a memorialization in writing, at common law, the elements of a contract are offer, acceptance, intention to create legal relations, and consideration. Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound, a so-called gentlemens agreement is one which is not intended to be legally enforceable, and which is binding in honour only. In order for a contract to be formed, the parties must reach mutual assent and this is typically reached through offer and an acceptance which does not vary the offers terms, which is known as the mirror image rule. An offer is a statement of the offerors willingness to be bound should certain conditions be met. If a purported acceptance does vary the terms of an offer, it is not an acceptance but a counteroffer and, therefore, the Uniform Commercial Code disposes of the mirror image rule in §2-207, although the UCC only governs transactions in goods in the USA. As a court cannot read minds, the intent of the parties is interpreted objectively from the perspective of a reasonable person and it is important to note that where an offer specifies a particular mode of acceptance, only an acceptance communicated via that method will be valid. Contracts may be bilateral or unilateral, a bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. For example, in a contract for the sale of a home, less common are unilateral contracts in which one party makes a promise, but the other side does not promise anything. In these cases, those accepting the offer are not required to communicate their acceptance to the offeror, in a reward contract, for example, a person who has lost a dog could promise a reward if the dog is found, through publication or orally. The payment could be conditioned on the dog being returned alive. Those who learn of the reward are not required to search for the dog, but if someone finds the dog and delivers it, the High Court of Australia stated that the term unilateral contract is unscientific and misleading. In certain circumstances, a contract may be created. A contract is implied in fact if the circumstances imply that parties have reached an agreement even though they have not done so expressly, quantum meruit claims are an example. Carbolic, a firm, advertised a smoke ball marketed as a wonder drug that would, according to the instructions
2.
Indentured servitude
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An indentured servant or indentured labor is an employee within a system of unfree labor who is bound by a contract to work for a particular employer for a fixed period of time. The employer is permitted to assign the labor of an indenturee to a third party. Indenturees usually enter into an indenture for a payment or other benefit or to meet a legal obligation. Upon completion of the contract, indentured servants were granted freedom or occasionally plots of land, in many countries, systems of indentured labor have been outlawed. Until the late 18th century, indentured servitude was very common in British North America and it was often a way for poor Europeans to emigrate to the American colonies, they signed an indenture in return for a costly passage. After their indenture expired, the immigrants were free to work for themselves or another employer, the consensus view among economic historians and economists is that indentured servitude occurred largely as an institutional response to a capital market imperfection. In some cases, the indenture was made with a ships master, most indentured servants worked as farm laborers or domestic servants, although some were apprenticed to craftsmen. The terms of an indenture were not always enforced by American courts, although runaways were usually sought out, between one-half and two-thirds of white immigrants to the American colonies between the 1630s and American Revolution had come under indentures. Indentured people were numerically important mostly in the region from Virginia north to New Jersey, other colonies saw far fewer of them. The total number of European immigrants to all 13 colonies before 1775 was about 500,000, of the 450,000 or so European arrivals who came voluntarily, Tomlins estimates that 48% were indentured. About 75% of these were under the age of 25, the age of adulthood for men was 24 years, those over 24 generally came on contracts lasting about 3 years. Not all European servants were sent willingly, several instances of kidnapping for transportation to the Americas are recorded. An illustrative example is that of Peter Williamson, one spirit named William Thiene was known to have spirited away 840 people from Britain to the colonies in a single year. Historian Lerone Bennett, Jr. notes that Masters given to flogging often did not care whether their victims were black or white. Indentured servants could not marry without the permission of their master, were subject to physical punishment, to ensure uninterrupted work by the female servants, the law lengthened the term of their indenture if they became pregnant. But unlike slaves, servants were guaranteed to be released from bondage. At the end of their term they received a payment known as freedom dues, one could buy and sell indentured servants contracts, and the right to their labor would change hands, but not the person as a piece of property. The American Revolution severely limited immigration to the United States, but economic historians differ on the long-term impact of the Revolution
3.
Apprenticeship
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An apprenticeship is a system of training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study. Apprenticeship also enables practitioners to gain a license to practice in a regulated profession, Apprenticeships typically last 3 to 7 years. People who successfully complete an apprenticeship reach the journeyman or professional level of competence. In early modern usage, the clipped form prentice was common, the system of apprenticeship first developed in the later Middle Ages and came to be supervised by craft guilds and town governments. A master craftsman was entitled to employ young people as a form of labour in exchange for providing food, lodging. Most apprentices were males, but female apprentices were found in such as seamstress, tailor. Apprentices usually began at ten to fifteen years of age, in Coventry those completing seven-year apprenticeships with stuff merchants were entitled to become freemen of the city. Subsequently, governmental regulation and the licensing of technical colleges and vocational education formalized and bureaucratized the details of apprenticeship, Australian Apprenticeships encompass all apprenticeships and traineeships. They cover all sectors in Australia and are used to achieve both entry-level and career upskilling objectives. There were 470,000 Australian Apprentices in-training as at 31 March 2012, Australian Government employer and employee incentives may be applicable, while State and Territory Governments may provide public funding support for the training element of the initiative. Australian Apprenticeships combine time at work with formal training and can be full-time, part-time or school-based, Australian Apprentice and Traineeship services are dedicated to promoting retention, therefore much effort is made to match applicants with the right apprenticeship or traineeship. This is done with the aid of aptitude tests, tips, information and resources on potential apprenticeship and traineeship occupations are available in over sixty industries. The distinction between the terms apprentices and trainees lies mainly around traditional trades and the time it takes to gain a qualification, Australia also has a fairly unusual safety net in place for businesses and Australian Apprentices with its Group Training scheme. It is a safety net, because the Group Training Organisation is the employer and provides continuity of employment and it lasts two to four years – the duration varies among the 250 legally recognized apprenticeship trades. About 40 percent of all Austrian teenagers enter apprenticeship training upon completion of compulsory education and this number has been stable since the 1950s. The five most popular trades are, Retail Salesperson, Clerk, Car Mechanic, Hairdresser, there are many smaller trades with small numbers of apprentices, like EDV-Systemtechniker which is completed by fewer than 100 people a year. The Apprenticeship Leave Certificate provides the apprentice with access to two different vocational careers, the person responsible for overseeing the training inside the company is called Lehrherr or Ausbilder. An Ausbilder must prove he has the qualifications needed to educate another person
4.
Real estate
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Also, the business of real estate, the profession of buying, selling, or renting land, buildings or housing. It is a term used in jurisdictions whose legal system is derived from English common law, such as India, the United Kingdom, United States, Canada, Pakistan, Australia. Residential real estate may contain either a family or multifamily structure. Residences can be classified by, if, and how they are connected to neighbouring residences, different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by an entity and leased out. Major categories in North America and Europe Attached / multi-unit dwellings Apartment or Flat – An individual unit in a multi-unit building, the boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in apartment buildings. Multi-family house – Often seen in multi-story detached buildings, where each floor is an apartment or unit. Terraced house – A number of single or multi-unit buildings in a row with shared walls. Condominium – Building or complex, similar to apartments, owned by individuals, common grounds and common areas within the complex are owned and shared jointly. There are townhouse or rowhouse style condominiums as well, semi-detached dwellings Duplex – Two units with one shared wall. Single-family detached house Portable dwellings Mobile homes – Potentially a full-time residence which can be movable on wheels, houseboats – A floating home Tents – Usually very temporary, with roof and walls consisting only of fabric-like material. The size of an apartment or house can be described in square feet or meters, in the United States, this includes the area of living space, excluding the garage and other non-living spaces. It can be described roughly by the number of rooms. A studio apartment has a bedroom with no living room. A one-bedroom apartment has a living or dining room separate from the bedroom, Two bedroom, three bedroom, and larger units are common. Major categories in India and the Asian Subcontinent Co-operative Housing Societies Condominiums Chawls Villas Havelis The size is measured in Gaz, Quila, Marla, Beegha, and acre. See List of house types for a listing of housing types and layouts, real estate trends for shifts in the market
5.
Deed
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For the British cargo ship, see SS Deed. For the reality series, see The Deed. A deed is any instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered. It is commonly associated with transferring title to property, the deed has a greater presumption of validity and is less rebuttable than an instrument signed by the party to the deed. A deed can be unilateral or bilateral, deeds include conveyances, commissions, licenses, patents, diplomas, and conditionally powers of attorney if executed as deeds. The deed is the descendant of the medieval charter. The traditional phrase signed, sealed and delivered refers to the practice of seals, however, agreements under seal are also called contracts by deed or specialty, in the United States, a specialty is enforceable without consideration. Specialties, as a form of contract, are bilateral and can therefore be distinguished from covenants, which, being also under seal, are unilateral promises. At common law, to be valid and enforceable, a deed must fulfill several requirements, It must state on its face that it is a deed and it must indicate that the instrument itself conveys some privilege or thing to someone. The grantor must have the ability to grant the thing or privilege. It must be executed by the grantor in presence of the number of witnesses. In some jurisdictions, a seal must be affixed to it, originally, affixing seals made persons parties to the deed and signatures optional, but seals are now outdated in most jurisdictions, so the signatures of the grantor and witnesses are primary. It must be delivered to and accepted by the grantee, conditions attached to the acceptance of a deed are known as covenants. A deed indented or indenture is one executed in two or more according to the number of parties, which were formerly separated by cutting in a curved or indented line known as the chirograph. A deed poll is one executed in one part, by one party, having the edge polled or cut even, in the transfer of real estate, a deed conveys ownership from the old owner to the new owner, and can include various warranties. The precise name and nature of these differ by jurisdiction. Often, however, the differences between them is the degree to which the grantor warrants the title. The grantor may give a general warranty of title against any claims, the latter type of deed is usually known as a special warranty deed
6.
Bond (finance)
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In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds, interest is usually payable at fixed intervals. Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market and this means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market. Thus, a bond is a form of loan or IOU, the holder of the bond is the lender, the issuer of the bond is the borrower, and the coupon is the interest. Bonds provide the borrower with funds to finance long-term investments, or, in the case of government bonds. Certificates of deposit or short term commercial paper are considered to be money market instruments and not bonds, the main difference is in the length of the term of the instrument. Bonds and stocks are both securities, but the difference between the two is that stockholders have an equity stake in the company, whereas bondholders have a creditor stake in the company. Being a creditor, bondholders have priority over stockholders and this means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy. Another difference is that usually have a defined term, or maturity, after which the bond is redeemed. An exception is a bond, such as a consol, which is a perpetuity, that is. Bonds are issued by authorities, credit institutions, companies. The most common process for issuing bonds is through underwriting, when a bond issue is underwritten, one or more securities firms or banks, forming a syndicate, buy the entire issue of bonds from the issuer and re-sell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have contact with investors and act as advisers to the bond issuer in terms of timing. The bookrunner is listed first among all participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners willingness to underwrite must be discussed prior to any decision on the terms of the issue as there may be limited demand for the bonds. In contrast, government bonds are issued in an auction. In some cases, both members of the public and banks may bid for bonds, in other cases, only market makers may bid for bonds
7.
England
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England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west, the Irish Sea lies northwest of England and the Celtic Sea lies to the southwest. England is separated from continental Europe by the North Sea to the east, the country covers five-eighths of the island of Great Britain in its centre and south, and includes over 100 smaller islands such as the Isles of Scilly, and the Isle of Wight. England became a state in the 10th century, and since the Age of Discovery. The Industrial Revolution began in 18th-century England, transforming its society into the worlds first industrialised nation, Englands terrain mostly comprises low hills and plains, especially in central and southern England. However, there are uplands in the north and in the southwest, the capital is London, which is the largest metropolitan area in both the United Kingdom and the European Union. In 1801, Great Britain was united with the Kingdom of Ireland through another Act of Union to become the United Kingdom of Great Britain and Ireland. In 1922 the Irish Free State seceded from the United Kingdom, leading to the latter being renamed the United Kingdom of Great Britain, the name England is derived from the Old English name Englaland, which means land of the Angles. The Angles were one of the Germanic tribes that settled in Great Britain during the Early Middle Ages, the Angles came from the Angeln peninsula in the Bay of Kiel area of the Baltic Sea. The earliest recorded use of the term, as Engla londe, is in the ninth century translation into Old English of Bedes Ecclesiastical History of the English People. According to the Oxford English Dictionary, its spelling was first used in 1538. The earliest attested reference to the Angles occurs in the 1st-century work by Tacitus, Germania, the etymology of the tribal name itself is disputed by scholars, it has been suggested that it derives from the shape of the Angeln peninsula, an angular shape. An alternative name for England is Albion, the name Albion originally referred to the entire island of Great Britain. The nominally earliest record of the name appears in the Aristotelian Corpus, specifically the 4th century BC De Mundo, in it are two very large islands called Britannia, these are Albion and Ierne. But modern scholarly consensus ascribes De Mundo not to Aristotle but to Pseudo-Aristotle, the word Albion or insula Albionum has two possible origins. Albion is now applied to England in a poetic capacity. Another romantic name for England is Loegria, related to the Welsh word for England, Lloegr, the earliest known evidence of human presence in the area now known as England was that of Homo antecessor, dating to approximately 780,000 years ago. The oldest proto-human bones discovered in England date from 500,000 years ago, Modern humans are known to have inhabited the area during the Upper Paleolithic period, though permanent settlements were only established within the last 6,000 years
8.
Exchequer
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It can be found used in various financial documents including the latest departmental and agency annual accounts. It also developed a role along with its accountancy responsibilities. Similar offices were created in Scotland around 1200 and in Ireland in 1210. The Exchequer was named after a table used to perform calculations for taxes, the name Exchequer referred to the resemblance of the table to a chess board as it was covered by a black cloth bearing green stripes of about the breadth of a human hand, in a chequer-pattern. The spaces represented pounds, shillings and pence, the term Exchequer then came to refer to the twice yearly meetings held at Easter and Michaelmas, at which government financial business was transacted and an audit held of sheriffs returns. By the time of the Dialogue, however, there was an exchequer in Normandy and it survived the Norman conquest of England as William the Conqueror consolidated control of his new Kingdom. The earliest surviving record of the Exchequer is from 1130, in the reign of King Henry I, in the first surviving Pipe Roll for that year, which also shows continuity from previous years. Pipe Rolls form a continuous record of royal revenues and taxation, however, not all revenue went into the Exchequer. The Chancellor of the Exchequer then questioned him concerning debts owed by private individuals, appeals were to the Court of Exchequer Chamber. Following the proclamation of Magna Carta, legislation was enacted whereby the Exchequer would maintain the realms prototypes for the yard and these nominal standards were, however, only infrequently enforced on the localities around the kingdom. From the late 1190s to the expulsion of the Jews in 1290, there was a division for taxation of Jews. Through most of the 1600s, goldsmiths would deposit their reserve of treasure with the Exchequer, charles II shut up the Exchequer in 1672, forbidding payments from it, in what Walter Bagehot described as one of those monstrous frauds. This ruined the goldsmiths and the credit of the Stuart Government, in 1694, the credit of William III of Englands government was so bad in London that it could not borrow, which led to the foundation of the Governor and Company of the Bank of England. The records of the Exchequer were kept in the Pell Office, adjacent to Westminster Hall, the office was named after the skins from which the rolls were made. In the 19th century, a number of reforms reduced the role of the Exchequer, the Exchequer became unnecessary as a revenue collecting department in 1834 with the reforms of Prime Minister William Pitt, who also served as Chancellor of the Exchequer. The government departments collecting revenue then paid it directly to the Bank of England, the name continued as the Exchequer and Audit Department from 1866 until 1983 when the new National Audit Office was created. In modern times, Exchequer has come to mean the Treasury and, colloquially, pecuniary possessions in general, the Scottish Exchequer dates to around 1200, with a similar role in auditing and royal revenues as in England. The Scottish Exchequer was slower to develop a separate judicial role, even then, the judicial and the administrative roles were never completely separated as with the English Exchequer
