Willpower What It Means - 890 Words

Willpower: What it means. Willpower can be defined as being your biggest goals and your highest values in your life. It is also the ability to hold your goals and values even when self-doubt is present. Also, possessing the ability to stay focused on the things that matter most. Willpower is not only being able to say that you are going to do something, but also the decisions you make to do, or not to do to achieve your goals. In my personal opinion, willpower is telling yourself that you are going to do something, then taking the proper steps to fulfill that decision. Willpower is setting a future goal, staying focused on that goal, and succeeding in that goal. The biggest goal that I have set for myself, is returning back to school and obtaining a degree in the career that I wish to pursue. I knew that by going back to school, I would be sacrificing my social life, family, and personal wants. In the long run, I understood that obtaining my degree would lead to bigger and better rew ards later in life, and that is what I want. Even though, I am still working on this goal, knowing that I have taken the steps entailed to fulfill this dream, is satisfying. As each day passes, I know that I am one step closer to reaching my ambitions. As a college student, I am faced with decisions every day that are imperative to my success. The most challenging is staying focused on what I am trying to achieve. One way that I am able to stay focused is by setting a Self-defining futureShow MoreRelatedWeek 2 Worksheet RVSD 1 16 15 Essay935 Words   |  4 PagesSelf-Regulation and Willpower Instructions: Use this worksheet to reflect on self-regulation and willpower. Items with a blue asterisk require completion (*). 1. Summarize the main ideas from the video and article in one paragraph each. A. Video – â€Å"The Science of Willpower: An Interview with Kelly McGonigal†* In this video Kelly McGonigal speaks about what willpower is to her and gives examples of what it could be. Kelly also speaks about reaching goals and how you need willpower to reach them. AtRead MorePSY 202 Week 2 Assignment Essay799 Words   |  4 Pages202 Assignment: Week 2 Assignment Start Date: 2/9/15 Title: Willpower Paragraph One: The Video for week 2 assignment is all about willpower and how it works. Having inner experiences and impulses and still directing the energy and attention to the things that matter the most to you. You have to know what you really want and not let the universe impose on you! You need to take action to have the ability to say yes to yourself. Willpower is like having three (3) powers, I (will), I (wont) and I (want)Read MoreMartin Seligman s Exploration Of Learned Helplessness, And Roy Baumeister s Study On Athleticism Depletion1271 Words   |  6 Pagesexplain an overarching topic. For example, two studies that are interrelated are Martin Seligman’s exploration of learned helplessness, and Roy Baumeister’s study on willpower depletion. Both are important in their own rights, but by comparing both Seligman and Baumeister’s experiments, scientists can discuss the overarching concept of willpower as a depletable resource. Psychologist Martin Seligman conducted an experiment that aimed to understand more about classical conditioning. In his study, he rangRead MoreNature And Its Effect On Our Lives999 Words   |  4 Pagesborn to the day we die, yet we rarely ask ourselves what our identities are composed of. The concept of nature relates to a predisposition in our genes—for example, an individual can be more susceptible to performing violent acts due to certain genetic traits— that can greatly shape our identities. The concept of nurture relates to the environments in which we grow in, our experiences, and their influences in our development. However, willpower is the force behind our pursuits, and entitles free-willRead MoreStartup Business Plan Essay1088 Words   |  5 Pages This means that you will have to estimate how long it will take you to accomplish certain stages drawn in your plan (point 3). This task mostly involves setting a timing for things such as your initial startup finances, your initial list of contacts, your possible business plan, the list of your initial team (the people you will work with from the beginning), to name a few. Giving a timing to these initial activities will give more structure to your plan, and it also works as a willpower boosterRead MoreHope-Focused Marriage Counseling1337 Words   |  6 Pagesthese counseling times is dependent upon the couple’s ability to visualize what resolution they desire (56) with one issue at a time (59). This particular approach focuses on instilling willpower, waitpower and waypower (30). Willpower speaks of motivation for the couple to make things work; waitpower to be patient while their efforts are bringing fruit; waypower gives the couple resources to make it work. Willpower is affected greatly when people understand that marriage is an organism thatRead MorePersonal Review : Write A Journal And Wake Up Early 1239 Words   |  5 Pagesmindfulness habit because you completely focus on putting your thoughts onto paper†¦Further, the act of writing in longhand, which is a must for Morning Pages, adds to the experience of being present. Handwriting forces you to slow down, to think about what you’re writing, and it engages more areas of the brain than typing†¦Journaling can help you focus on your inner world, your goals, and even your nightly dreams†¦You can use journal prompts that you create for yourself or that you find online†¦The purposeRead MoreWhat Makes You Successful?844 Words   |  4 Pagesdream job, getting accepted into the school of our dreams, or even getting that special someone. Willpower means having the determination and drive to accomplish whatever goal you might have. Having a strong willpower will only benefit you, it will help you overcome any obstacles and give you a push to never give up. Reflect back on a time in your life when you were highly motivated to accomplish a goal. What made you successful? Dancing has always been a big part of my life, it is my first love, andRead MoreThe Prince Was Written During A Time Of Political Turmoil And Instability843 Words   |  4 Pagesperception, and human nature all play a major role in governing an entity. Throughout The Prince, the line between ethics and accomplishment in politics is discussed. In politics and government there is a question of when to separate morality from what needs to be done, and how much â€Å"evil† is acceptable when trying to achieve a certain outcome. For example he proposes that, â€Å"It is necessary for a prince wishing to hold his own to know how to do wrong and to make use of it or not according to necessity†Read MoreThe Theme Of Persistence In Where The Red Fern Grows1093 Words   |  5 Pagessaid, â€Å"Success means having the courage, the determination, and the will to become the person you believe you were meant to be.† Sheehan meant in this quote that you can do anything if you are willing to use your willpower and energy to do so. This leads to the theme shown in Where the Red Fern Grows by Mr.Rawls. In the development of the book Where the Red Fern Grows the main theme persistence will lead to your own success is shown stro ngly throughout. To demonstrate the means of how Rawls showed

A Report on the Strategic Culture and Marketing Strategy of Canon - Free Essay Example

Sample details Pages: 9 Words: 2591 Downloads: 2 Date added: 2017/06/26 Category Marketing Essay Did you like this example? This is a report and detail analysis of internal structure and culture of Canon. Canon is an established international firm in the photocopy and imaging industry. It operates in diverse range of markets which includes business solution, computer imaging, broadcast and communication, medical system and industrial product. This report further evaluates the overseas opportunities of Canon using PESTEL framework. PESTEL is used to analyse the macro environment and to indentify the key drivers of change affecting the company. The analysis of the internal structures and culture of Canon was carried out by using the McKinseys 7S model and SWOT framework to analyze the company internal capabilities. This report is divided into three parts. The first part focuses on the analysis of internal structures and culture of Canon. The McKinseys 7S model and SWOT framework are used in this section for the analysis. The second part relies on Ansoff matrix to assess the overseas growth op tions available to Canon. The last segment is an analysis of the overseas opportunities for Canon and recommend a suitable overseas market for the company to entry. 2.0 An assessment of Canon internal structures and culture The structure in organization arises as a result of the necessity of the people in organization to know who is in charge, what their role is and who to turn to if there is any concern. Therefore, whether small or large, local, national or multinational, an organization has to have a structure. Henry Mintzberg (1983, p.2) submits that the structure of an organization is the sum total of the ways in which its labour is divided into distinct tasks and then its coordination is achieved among these tasks. Canon as a horizontal organisation includes worldwide Group companies and management committees which are established to address important management issues, and serve a mutual-check function complementing its system of products and operations  [1]  . In th is regard, the structure of Canon significantly affects how the company pursue and realized its strategic objectives. It allows or constraints workers (as the case may be) to actually makes changes and get culturally align with the company strategy. All of the company strategic initiatives rely on the ability of the worker to manipulate the culture of the company that guide employee behaviour in the organization. Cooperate culture is the sum of the sociological markers and behaviours of those within an organisation. The degree to which this aligns with the organisation core values is a powerful driver for success. In using the McKinseys 7S model and SWOT framework, the analysis of Canon internal structures and culture are further expatiated. 2.1 Canon Global: McKinseys 7-S and Swot analysis Introduced by McKinsey and Company in the 1970s, the 7-S model has revolutionalised the way management thinks about organisation effectiveness. It is essentially a framework developed to ad dress the critical role of coordination, rather than structure in an organisation. The 7-S that is strategy, structure, staffing, style, skills, system and shared value are used to analysed Canon simultaneously below. 2.1.1 Analysing Canon: The Mckinseys 7S model In terms of strategy, Canon aims to achieve and sustain its goal of becoming a truly excellent global photocopy and imaging company through its five key strategies for growth. Particularly, its strategy follows from the company adoption of the kyosei philosophy in a global corporation plan. Canon operates a flat structure. It is a horizontal organisation which includes worldwide Group companies and management committees (Refer to Appendix 1). It is important to note that different firms are structured in different ways depending on their size, their culture, their activities and their history. Canon represents what Boje and Dennehy submits as a post modern organisation (2000) and therefore able to strategically respon d to the contemporary business environment. A post modern organisation comprises a networked set of diverse, self-managed, self-controlled teams with poly-centres that is many centres of coordination that fold and unfold according to the requirements of the tasks. Being a post modern organisation not only explains the systemic nature of Canon, the ability of the company to implement the kyosei philosophy in every segment of the company is also a clear example. Likewise, teams are organized in flat design, employees are highly empowered and involved in the job, information is fluid and continuous improvement is emphasized throughout. Canon is a flat organization that values and entrust the experience of its staffs to do what is right in the organization. As of December 31, 2009 Canon staff strengths stood at 25,683 globally. It is has highly technical and talented staffs. Canon recognises that learning and development is an important aspect of an organisation growth and developmen t (Sadler-Smith, E 2006, p.2), it has invested on training its staffs and this has leads to an improved skills and knowledge by its staff and in particular area of staff expertise. Canon approach to the articulation of its value is based on aligning individual and organisational goals. Therefore with well trained staff, Canon has developed the ability overtime to compete favourably in the industry. Canon has sustains a vitalised culture among its employee for a long period of time (Kono and Clegg 1998, p. 176). The company ability to ensure that its shared value are integrated into the company as a whole and that they are limited to the management levels explains its style and shared value. Furthermore, the style at which an organisation chooses to pursue its objectives is crucial to the successful realization of those objectives. The core values are foundational to everything that the company does, and organisational style of doing things is part of the core values. It helps def ines how the employee, dealers and suppliers are going to help the company contribute to achieving the organisation vision. Canon is an organisation that prides on excellence and technology. Canon of invention is an invincible powerful force that gently nudges the workers into compliance with being continuously innovative. Canon marketing campaign often takes account the local consideration and languages. The kyosei corporate philosophy symbolizes the corporate value which is the shared value of the company. Kyosei means living and working together for the common good which embody the broader share value of the organisation All people regardless of race religion or culture, harmonising living and working together into the future. 2.1.2 The Swot analysis of Canon This section involves the identification of strengths, weaknesses, opportunities and threats as regards to Canon. The SWOT analysis is a management instrument for developing structured response options to deal with ext ernal threats and exploit opportunities. 2.1.2.1 Strengths The unique concept and quality of the services offered by Canon is its one major competitive strength. It has been able to sustain this through its focus on inventions and also continuous management innovative reforms. Improved management quality refers to the achievement of real-time management that immediately puts into practise strategies based on well-horned decision-making process (The Canon Story, 2009/2010). The strength of the company to maintain its competitiveness also emanates from good customer relationship it has established with its customers overtime. It has succeeded in transforming the mindset of its employee to be focus on total optimization and profit and has thus enable the employees to relate to customers in an effective and efficient ways. In addition, it has multi skilled labour that cut across all segment of the organisation expertise and they are very effective in matching both the tangible and intangible company resources to its strategies. 2.1.2.2 Weakness Despite the fact that Canon is a global name, it has not extensively exploits other business areas and domains outside its traditional markets of Europe, United States, China and Japan. It should not only restrict its participation to exhibitions in markets outside its traditional zones, it has to be seen to establish production lines in such emerging economies like Brazil and South Africa. This has the potential of sustain its global competitiveness and these markets are rapidly growing with major global impacts. It will also bolster the company diversification process. 2.1.2.3 Opportunities Although, the company expansion into China is also applicable to all major brands in the imaging industry, Canon major opportunity for competitiveness stems from this expansion into Asian countries. In this light, it will be able to benefits from the rise in the demand for digital product in these countries. It bolste rs its capability to capture growing demand worldwide for digital products. By focusing on China and other Asian markets, Canon can benefits from the growth potential of these rapidly emerging markets. 2.1.2.4 Threats The major threats to Canon in the industry are from its competitors products. There are intensive competitions among the major players such as Sharp, Toshiba, Sony, Samsung and others each striving for excellence. This creates intensive competition for substitutes products that Canon has to deal with. However, it should be noted that Canon is responding adequately by establishing fully automated production lines built around automated machinery and robot to sustain international competitiveness. 3.0 An examination of Canons strategic business growth In this section, the Ansoff Matrix is used to analyse the process of Canon strategic business growth. The Ansoff growth matrix is a tool for strategic business planning. Although, it must be used along with othe r decision making tools, the Ansoff Matrix is a tool that can be used to formulate growth strategy for business and market. Table 1 shows the matrix as developed by Igor Ansoff below: As shown in the above diagram, the matrix formulation considers two growth areas which could be the launch of a new or existing product in the markets and growth of a new or expansion of the existing markets. Therefore the growth strategies are developed based on the formulation of growth strategy for the business concerning the products and markets. These are: One, existing product in an existing market, which is indicated as market penetration. Two, new products in an existing market, this is indicated as product development. Three, existing product in new markets, this is market development, and four, new product launch in new markets which is the diversification strategy. Canons Ansoff Matrix 3.1.1 Market Penetration The market penetration strategy of Canon is focus on selling the exist ing product in existing markets. The company in selling its existing products in the markets can embark of product price cuts in other to increase the sales in existing products. The primary objective is to continue to achieve higher market share in existing markets which of course involve improving the elements of the marketing mix. 3.1.2 Market Development This will involves launching the existing products into a new market overseas or targeting new segments in the home market. For example, Canon launch its products in various countries with different purchasing powers therefore the company will have to match the cost of production of their product in competition with others existing business in the same county. 3.1.3 Products development This simply involves the development of a new product for their loyal customers in the existing markets. This mainly is been carried out by creating new products with modified feature to attract customers. Canon uses this as strategy of continuously developing and upgrading its products while at the same time aiming to ensure the loyalty of its customers. 3.1.4 Diversification Diversification involves that Canon enter a new market with completely new products. This strategy may be suitable for Canon as it has gained a market share in established markets and are seeking new growth opportunity of business which has reach saturation in their markets. Therefore, it can invest completely in new areas as it is doing now medical imaging and other advanced technologies. 4.0 An evaluation of overseas opportunities for Canon The PESTEL framework is used here to analyse Canons overseas opportunities and its suitability for overseas market entry. The market environment where an organisation stands contains both the micro and macro aspects of the environment. PESTEL is used to analyse the macro environment and to indentify the key drivers of change affecting customer buying behaviour in the photography and imagin g industry. The PESTEL framework for Canon in three countries is first tabulated below before the short analysis is done. Factors (PESTEL) China USA Brazil Political Attract Investment Investment friendly Attract investment Economic High consumer demands High consumer demand High consumer demand Social Rapidly expanding middle class Large middle and buoyant middle class Growing middle class Technological Growing rapidly Established Growing Environmental Conducive Conducive Conducive Legal Unstable Stable Stable Table 2: PESTEL Analysis The above table shows a simple evaluation of how the political, economic, social, technological, environmental and legal factors affect Canon business expansion in three countries. In terms of the political factor, China, USA and Brazil political environment are conducive for investment. They are attractive for investment and as such there is opportunity for expa nsion by Canon. In China, the economy has been growing between 9%-11% every year since the 1980s. Chinas rapid economic growth is reflected in a high concentration of Ultra-High Net Worth Individual (Ultra-HNWIs); it raises the peoples standard of living. This is also similar to Brazil where consumers purchasing power is on the increase. Therefore the Chinese economic development over the past three decades, Brazil growing consumer consumption and United States large middle class are indications of market opportunities for Canon. The rapidly and upper class in China seeks to enhance its identity and quality of life with luxury goods which is a good opportunity for Canon as its concentrates into high-tech products. China is not only an attractive market because of its large population, Chinese consumer markets is increasingly tending towards high-tech products. The growing demand for medical imaging products in China is an opportunity that Canon has to tap into. In regards to the environmental factors, a keenly awareness of the industry, market, trends, demographics and burgeoning technologies is important for Canon strategic business development. For instance, there is growing global need for technology that protects the environment and as such Canon can seek to expand its capacity in this area. The tremendous opportunities that springs from globalization should be balanced by the need to remain vigilant of changes in the societal, political and business climate of the world at large. While the existing laws in China which is in various jurisdictions governing issues such as taxes, personal privacy of China is uncertain and unstable, the legal factors in USA and Brazil are very conducive for Canon rapid business growth and expansion programmes. 4.1 Canon market entry strategy The market entry strategy pursue by a company depends on its vision, the company attitudes towards risks and importantly the available investment capital. The level of risks and financial rewards increases as a company moves from market entry strategy such as exporting to joint venture to licensing and ultimately to direct investment. Canon evaluates the revenue channels such as licensing, investment and strategic alliances/partnership and uses that as a market entry strategy with minimal risks. A firm choice of mode of entry to a market is central to the implementation of its international strategy (Pehrsson, 2008). Canon has often taken a broad approach to international market entry. This is because most of its products are often available through distributors in many major capitals. It makes the company an already existing entity even before any major entry into such markets. With the advantage of first player in the market, Canon has build up a strong reputation to maintain market position. However, when existing company seeks to enter developing markets, there are additional strategies and issues to address. Canon usually replicates its style and th e strategy that have serves it well without significant adaptation. Therefore, Canon normally enters new markets with the objectives of achieving greater market penetration. Largely, this approach has been successful for the company in China. Don’t waste time! Our writers will create an original "A Report on the Strategic Culture and Marketing Strategy of Canon" essay for you Create order

Essay on Film Developing - 1911 Words

Film Developing Basics of film developing This step, basics of film developing, is very important that can make a person becomes a great photography. After knowing how to use the camera and how to take the pictures, the next step is learning how to develop the film. Although the person has a good negative; but a person doesnt have a good develops skill ,or doesnt know the right way about developing, how can that person makes a good picture. He/she should know how to develop film and how to roll the film. Basic things about how to develop the film are listed in the book entitled, INTRODUCTORY PUBLICATIONS PHOTOGRAPHY written by Dr.C. Wm. Horrell and Robert A.Steffes. That is 1. Turn off all the lights in the darkroom and†¦show more content†¦12. After developing time has elapsed, pour developer back into the bottle. Do not pour it into the sink unless using a one-shot developer. 13. Immediately fill the tank with a short stop rinse and agitate for about 30 seconds to a minute. When acid rinse is omitted, the film should be rinsed in running water for about 30 seconds. 14. If acid rinse is to be re-used, pour it back into the bottle; otherwise, pour it into the sink. 15. Fill tank with fixing bath solution and agitate vigorously for about 15 seconds. The lid may now be removed from the tank. The film should be left on the reel in the tank for twice the time it takes to clear the film of its milky appearance. 16. This illustration shows the milky appearance of a film just after it is placed in the fixer. The film is opaque, and all of this mildness must be dissolved out for proper fixation. Any hint of mildness, general or localized, is a positive indication the film is insufficiently fixed. If the film takes too much time to clear, the fixer is exhausted. 17. When properly fixed, the film is transparent and clear, as shown below. 18. The fixer is then poured back into the bottle. Do not pour it into the sink. 19. Place the tank under a cold water faucet or insert a hose into the center of the tank and wash for 15 or 20 minutes. If the wash water is colder than 65 degrees, it is advisable to treat the films in a hypo clearing agent beforeShow MoreRelatedDebate of Globalization Essay825 Words   |  4 Pages Globalization affects national sovereignty of both developing countries as well as developed countries. By sovereignty, we mean the independence of countries to make decisions and conduct policy in different areas like the economy, corporate and industry related legislation, environmental regulations, politics, etc. From the video, please provide one example each of how globalization infringes on the national sovereignty of, a) a developing country, and, b) a developed country? How, and throughRead MoreThe New Rulers Of The World794 Words   |  4 Pagesof the West have exploited Asia especially Indonesia. The film turns the spotlight towards the new rulers of the world, the great multinational and governments. Looking into the functionality of international institutions such as the IMF, World Bank, and more recent WTO the successor to GATT (general agreement on Tariffs and Trade). Under whose rules millions of people worldwide have suffered loosing their jobs and livelihood. The film demarcates the West having increased its stranglehold on poorRead MoreGlobalization Is An Indispensable Influence On My Life And Surroundings1080 Words   |  5 Pagescreated an effective platform for outsourcing ideas and even activism. I am definitely a media enthusiast, who enjoys being able to access foreign news outlets, blogs, music, film, web series, and television shows. I love that I am able to stay in contact with friends who live abroad. Additionally, I’ve discovered I enjoy Bollywood films, K-pop, manhwa, anime, Shankaboot, and even BBC’s Sherlock and Doctor Who. Despite its great impact on media, globalization’s greatest influence can be seen in its changingRead MoreBlack Gold, The Ethiopian Coffee Farmers911 Words   |  4 Pagesputting forward are not really made to benefit the living standard of the people. Instead, they are actually there to help corporations accumulate higher profits and produce benefits to the rich countries which controls the institutions. Throughout the films and readings that we’ve covered in class, we’ve found several examples of how these institutions and other entities are degrading the living standard of the ordinary people for the benefits of the rich western countries. Black Gold In the movie â€Å"BlackRead MoreLife And Debt And My Readings935 Words   |  4 PagesFrom my analysis of the film Life and Debt and my readings, I have come to the opinion that economic globalization works in favor of powerful and wealthy countries while undermining the interests of poorer, less developed countries to cultivate their own economy and establish a substantial quality of life for their civilians. In the film Life and Debt, this situation is exemplified through Jamaica’s decades-long grapple with economic globalization in their involvement with the IMF, World Bank, andRead MoreDoes globalization affect negatively on civilizations? The term globalization means the procedure800 Words   |  4 Pagescultures is the most dangerous issue produced by globalization. Damaging cultures is divided into two main issues, the first is the materialistic subject, and the second is the transfer of cultures from developed and strong countries to the poor and developing countri es. According to Rifkin (2003), globalization is about making of consumer values that people must be award about is that the origin of happiness is coming from money and in material progress. In addition, this will switch the human societyRead MoreEssay on Analysis of the Film Plant Money T-Shirt Project597 Words   |  3 Pages Its most recent profit increase is a result of developing countries and cities such as India, Abu Dhabi, and China making money from manufacturing garments and textiles. This financial gain was due to the Multi-fibre Arrangement (MFA) deal that limited the amount of allowance a developing country could export to a developed country expiring on January 1, 2005 (Dicken, 2011). The purpose of this accord was to protect exploited workers in developing nations while maintaining the capitalistic economyRead MoreGlobalization And The Global Warming895 Words   |  4 Pagesthe first world countries do not take it into consideration and they don’t take it fo r the crisis that it is. According to French, the government ignore the role of relative prices and externalities on the environment. This ignorance is causing developing countries to deal with industrial chemicals that they did not invent. We are shortening the time we have on this earth by creating a planet that could be unsustainable just like Mars, in future years. Overproduction and the continuous use of fossilRead More`` The Total Economy `` By Wendell Berry1719 Words   |  7 Pagespay the money and move on with my life. The surplus of labor and raw materials previously mentioned to keep the free market in business is the upsetting aspect. The same urbanization that fueled the Industrial Revolution is still at work today in developing nations. When massive amounts of people leave the countryside to live in the cities and work in the factories, corporations running the factories have more people than positions. People accept barely-livable wages, long hours, and horrible conditionsRead More1.Briefly Describe Your Favorite Character From Literature,1859 Words   |  8 Pages1. Briefly describe your favorite character from literature, television, or film. Using your sociological imagination, explain some of the problems that character had/has from a sociological perspective. Be sure that you clearly define and identify the sociological perspe ctive and the sociological imagination. Be careful not to give a detailed summary of the character – stick to the sociology! The New View about The Jungle Book of 2016 Scientists believe that every child is born as a blank sheet

Business Law Commercial and Corporations

Question: Discuss about the case study Business Law for Commercial and Corporations. Answer: Introduction: Issue arises since Jane had made a promise to endow her vehicle to Jack free of cost. The market price of this vehicle here in this case, Lotus Super 7 Sports car was $25,000. However, to form an agreement, two basic elements are required i.e. a valid offer/promise made by offeror/ promisor and a valid acceptance/ confirmation made by offeree/promisee. These two basic elements are sufficient to enact a valid agreement. However, as per the provision of contract law, any agreement can be termed as enforceable agreement, when there is a presence of valid consideration. This element is essential because this can influence the party to complete the promise as per the consideration amount (Latimer, 2005). Consideration can also be expressed in termed of an exchange of something. It can be any product, money or another promise. This element is very specific in terms of legal authority. If consideration is not present in any particular case, then the parties cannot claim in court because no legal enforceable agreement can be enacted without valid consideration between the parties. This type of promise is termed as gratuitous promise. Gratuitous promises cannot be held legally valid because it is having lack of consideration (Harvey, 2009). In this case these are some facts which can decide whether the agreement is enforceable for promisee Jack. Jane, the promisor was going abroad hence, offered her Lotus car to Jack. She did not receive any consideration from Jack with respect to car. Jack, the promisee confirmed to take the car from Jane without any other terms and conditions. Therefore, Jane and Jack both the parties had not discussed nay consideration amount, while both the parties realised that the Lotus car was having a sizable value in the market, still they did not mention any particular value for the vehicle. Hence, no consideration is present in this situation and the nature of the promise become gratuitous promise and consequently, no enforceable agreement for Jack. The critical issue arises in this case, when the offeror Jane had promised to sell her Lotus car to Jack in the price of $ 25,000. The market cost of same type of vehicle like Lotus car was $25,000. When as the law any agreement is enforceable, then it called valid agreement (enforceable). There are certain requirements that must be met in order to form a legal contract (Gibson Fraser, 2014). Presence of valid agreement, which includes a lawful offer and lawful acceptance Intent of both the parties to bind into the contractual relation Consideration, also termed as benefits that must be provided from both the party in swap of each others promise Consideration amount must be legal as per the contract law, any unlawful object or amount which can be used for unethical or criminal activity, cannot be considered as legal consideration According to the verdict of Re McArdle(1951) Ch 669, past consideration cannot be liable to enact any present contract Contract law, has provided the freedom to the parties to extend the consideration with the sound mind and willingness Legal capacity of the parties to enact into the agreement Concurrences to the agreement must be specified and genuine The object or promise must be under contrary to law Jane had already mentioned the consideration amount of $25,000 to Jack in the exchange of her Lotus car. Jack accepted the offer and agreed to pay $ 25,000 in the exchange of Lotus car. This shows that both the parties were involved in the agreement willingly. Hence, the present of valid offer, acceptance and valid consideration value made the agreement enforceable. This case satisfied the requisite requirements as per the common law. Therefore, Jack has an enforceable agreement. Jane had made a promise to give her Lotus car to Jack in the price of $ 2,500. Jack had accepted this offer from Jane and ready to purchase the Lotus car in $ 2,500. However, the car cost was around $ 25,000 in the market. In such situations, when the parties have decided a different consideration value from the ongoing market value then the adequacy of consideration rule needs to be kept in mind. This states that the presence of consideration amount is imperative, irrespective of its adequacy or equality with the actual amount (Taylor Taylor, 2015). In the present case, when Jane had offered much lower consideration amount than the real amount of the car, then the principle of adequacy of consideration is applicable as per the contract law. This principle tells that the presence of the valid consideration is enough to enact an enforceable agreement for offer, besides the adequacy of the consideration. This law also provides the statement that the consideration must have a real value or a word in exchange of the promise (Lindgren, 2011). It can be seen that even a single dollar can be worked as a valid consideration for a large house which has a market worth of millions. Majority of the cases the adequacy of the consideration is not required. However, the adequacy of the consideration value is become essential element, when there is a presence of the unconscionable conduct between the parties, because both offeror and offeree treated to be equal (Pathinayake, 2014). Therefore, according to the principle of adequacy of the consideration, an enforceable agreement is binding on Jane as the consideration amount of $ 2,500 was decided by her only for the vehicle. Issue The primary aim in the given case is to opine on the chances of success of the buyer with regards to recovering the $ 3million payment made to the shipbuilder which was obtained under the influence of threat. Law Contract execution requires a plethora of conditions to be fulfilled. The most elementary condition in this regard is the presence of acceptance which is voluntary in nature. A voluntary acceptance is one where all the parties that are part of the contract give their consent with free will to be bound in a contractual relation. Any contract or agreement in which consent is forced would not stand the test of law and may be declared void due to one or more parties acting in bad faith (Harvey, 2009). At times, post execution of contract, certain changes may be required to be brought but it should be done with the consent of all the parties that enacted the actual contract in place. Typically, for a party to agree for a change there must be some incentive in the form of incremental consideration. In case, the contract amendments are detrimental to the interest of a particular party then consent would not be given unless some compensation is provided. In such cases, amendments cannot be d riven through unilateral moves or consent of one of the parties (Pendleton Vickery, 2005). A situation where threat is used for ensuring consent to a particular condition is referred to as duress. Contract executed through duress are involuntary agreements and thus the aggrieved party can declare such contractual relationships as void (Taylor Taylor, 2015). This also extends after the discharging of contractual obligations and such cases are common where in wake of loss caused to the aggrieved party by complying with the wrong demands, damages may be claimed through legal means. In such cases, the critical aspect that the plaintiff needs to establish is that the demand by defendant was unreasonable and only agreed to due to threat perpetuated by the defendant (Paterson, Robertson Duke, 2015). In the court of law, initially only physical duress was taken into account which typically involves the use of violence or physical force as a mechanism of perpetuating threat. However, in the recent times, the scope has been expanded and also includes cases where the superior economic position is abuse to perpetuate threat for making contractual relationships. In order to prove that the plaintiff has indeed been subject to economic duress, the following points need to be established (Lindgren, 2011). Behaviour by the defendant prompted by bad faith so as to leverage the superior position and thereby posing threat for plaintiff. Due to threat, the choices available with the plaintiff become narrow and there is one rational choice which is to comply with the condition levied by the defendant. This forced agreement to comply effectively binds both parties into contractual relationship. From the above, the mechanisms to detect the presence of economic duress and the rights available to the plaintiff are established. However, another crucial aspect in this regard is timing when the plaintiff actually approaches the court for relief. In this regard, it is pivotal that the plaintiff should avail legal help for recovering damages within the reasonable time. The term reasonable time does not have an objective definition and essentially stems from the underlying circumstances and is to be decided by the court of law (Gibson Fraser, 2014). The decision of the North Ocean Shipping v Hyundai Construction (The Atlantic Baron)[1979] QB 705 case stands testimony to the above aspect. In the given case, there was ample evidence with regards to the existence of economic duress and the consent of the plaintiff being taken through the usage of threat. However, despite that, the plaintiff was not successful in recovering the excess payments made under threat from the defendant. This is because the plaintiff approached the court only after eight months had elapsed since the discharge of contractual obligations and this the court ruled does not fall within the ambit of reasonable time. The excess delay amounted to contract acceptance being provided by the plaintiff thus giving right to hold the contract void (Harvey, 2009). Application North Ocean Tankers executes a contract with a shipbuilder for tanker construction. However, during the construction period, due to USD devaluation the proceeds realised by the builder were adversely impacted. In order to make up for this adversity, $ 3 million was demanded from North Ocean against which the company protested as such payments were not as per the contract terms. However, later payment was made due to the shipbuilder threatening to stop the work so as to ensure delivery on time. However, after nine months, North Ocean Tankers approach the court to recover $ 3 million payment made under threat from shipbuilder. It cannot be denied that all the elements to indicate that company was threatened though usage of economic pressure by the shipbuilder are present North Ocean Tankers protested against the payment at the initial stage but after being threatened only made the payment. Also, when threatened, the company had no choice as non-compliance would have led to delay and heavy losses. Thus, due to economic duress, North Ocean Tankers did have the right to recover the excess payment made then. However, the wait of nine months after the delivery of tanker is more than the reasonable time available as indicated in the North Ocean Shipping v Hyundai Construction (The Atlantic Baron)[1979] case. The court would view this delay as a tacit approval from the company to the contract and thus no recovery can be made now. Conclusion From the discussion above, it is evident that delay beyond reasonable time has jeopardised the claim chances of North Ocean Tankers and hence their claim would not be successful. References Gibson, A Fraser, D 2014, Business Law, 8th eds., Pearson Publications, Sydney Harvey, C. 2009, Foundations of Australian law. 3rd eds., Tilde University Press, Prahran, Victoria Latimer, P 2005, Australian business law, 24th eds., CCH Australia Ltd. Sydney Lindgren, KE 2011, Vermeesch and Lindgren's Business Law of Australia, 12th eds., LexisNexis Publications, Sydney Paterson, J, Robertson, A Duke, A 2015, Principles of Contract Law, 5th eds., Thomson Reuters, Sydney Pathinayake, A 2014, Commercial and Corporations Law, 2nd eds., Thomson-Reuters, Sydney Pendleton, W Vickery, N 2005. Australian business law: principles and applications, 5th eds., Pearson Publications, Sydney Taylor, R Taylor, D 2015, Contract Law, 5th eds., Oxford University Press, London