Investment Appraisal Report to Purchase a New Super Cruise Ship - Free Essay Example

Sample details Pages: 8 Words: 2459 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Business Finance Contents Don’t waste time! Our writers will create an original "Investment Appraisal Report to Purchase a New Super Cruise Ship" essay for you Create order Introduction Task-1 Investment Appraisal Report to Purchase a New Super Cruise Ship Task 2 (a) Sales, Purchases, Production and Cash flow Budget (b) Forecasted Income Statement and Balance Sheet Task-3 Guidance to the directors of Utopia on managing business finance Conclusion Reference Introduction Business is combination of the human activities directed for earning profit and giving service to the society. The activity of the business makes the product and service ready for consumer by the help of industry and commerce. Industry collects the consumable goods from the nature and processes it to make consumable goods. Again, commerce makes the goods and service available for the customers. But in all type of activities executed by industry and commerce needs capital and loan able funds. From where the finance will be collected, how much cost has to be sacrificed as cost of capital and other different things can be learned from business finance. Business finance helps stakeholder and business to understand how finance can be successfully used to derive most benefit from the finance. A successful business man can take necessary steps such as investment appraisal methods; understand the financial environment of the company to take investment decision. In that report, there is a dis cussion of investment appraisal report, different budget such as cash budget, production budget, guidelines on managing business finance are discussed in detail. Task-1 Investment Appraisal Report to Purchase a New Super Cruise Ship Investment Appraisal report Carnival, A Quality Cruises. I. Introduction Carnival Cruise is one of the renowned cruises and largest vacation company in the world. Their portfolio of cruise has branded cruises. It wants to expand its business by purchasing a new super cruise ship for $900 million. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why they go for different investment appraisal technique to know whether it is better purchase the cruise or not. This report will describe the financial viability of that company. Carnival Cruise has initial investment, sales and costs data. These data will help determine the suitability of purchasing the ship. In fine the report will make a recommendation by evaluating the results, strength and weakness of investment appraisal technique. In that report four investment appraisal methods are used. These are Accounting rate of return (ARP), Net present value (NPV), Payback period and internal rate of return. The result of these four methods may not be same because of their approaches and calculation. But it will help evaluate the results with different technique and make final decision. II. Investment appraisal methods Four appraisal methods can be categorized into two methods- discounting methods and non-discounting methods. The APP and Payback period are non-discounting and NPV and IRR are discounting methods. ARR can be found by dividing Average income by Average investment (Hansen and Mowen, 2007, p. 568). That method doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t consider the time value of money. It is considered as the drawback for ARR. To identify the recovery period of initial investment, payback period is commonly used (Brigham and Houston, 2007, p. 373). Result which provide shorter payback period is preferable rather than longer payback period. It ignores cash flow after payback period and time value of money (Kinney Raiborn, 2011, p. 655). In case of NPV method, we can find net value of the project by discounting cash flow at a specific rate. The major advantage of NPV is the discount of the future cash flow and it is preferable than any other methods. The disadvantage is that it supposes constant gearing for cost of capital (Delaney, 2008, p. 37). It is difficult to calculate cost of capital that is used for discounting cash flows (Howe, 1992, p. 34). Unlike NPV, IRR is used to discount the future cash flows. It tells about the margin of safety in term of decline of rate of return (Brigham and Daves, 2009, p. 421). III. Results of investment analysis Accounting Rate of Return (ARR): Particulars 2012($) 2011($) 2010($) Revenue 7688024 7537263 6752504 (-):Expenses 6899470 6605635 5949871 Operating profit 788,554 931,628 802,633 Net profit 788,554* 931,628* 802,633* *Tax effects should be ignored. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why net profit is same as operating profit. Average profit= ($788554+$931628+$802633)/3=$840,938 Average investment= ($900,000,000+0)/2= $450,000,000 ARR = Average profit / Average investment = $840,938/ $450,000,000 = 0.19% Payback Period: Initial Investment is $900,000,000 Year Cash flow $ Cumulative cash flow $ 2008-Year-1 300,000,000 300,000,000 2009-Year-2 230,000,000 530,000,000 2010-Year-3 130,000,000 660,000,000 2011-Year-4 400,000,000 1060,000,000 2012-Year-5 70,000,000 1130,000,000 Payback period = 3 + ($240,000,000/$400,000,000) = 3.6 years. Net Present Value (NPV): The incremental cash flows are: Year Cash flow $ 2008-Year-1 300,000,000 2009-Year-2 230,000,000 2010-Year-3 130,000,000 2011-Year-4 400,000,000 2012-Year-5 70,000,000 As, interest rate is 6% or, 0.06, The PV =$(300,000,000/1.06) + (230,000,000/1.06^2) + (130,000,000/1.06^3) + (400,000,000/1.06^4) + (70,000,000/1.06^5) =$966,014,093 So, NPV = PV à ¢Ã¢â€š ¬Ã¢â‚¬Å" Initial investment =$966,014,093-$900,000,000 =$66,014,093 Here, all the data are assumed. Internal Rate of Return (IRR): Internal rate of return is the interest rate that results in the net present value to zero. In that case, à ¢Ã¢â€š ¬Ã…“guess and checkà ¢Ã¢â€š ¬Ã‚  is the most popular to find it out. Assume, cost of capital is 8%. Here, initial investment $900,000,000 Year Cash flow $ 2008-Year-1 300,000,000 2009-Year-2 230,000,000 2010-Year-3 130,000,000 2011-Year-4 400,000,000 2012-Year-5 70,000,000 Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s try 10% interest rate: Now: PV= -$900,000,000 Year-1: PV=$300,000,000/1.10=$272,727,272 Year-2: PV=$230,000,000/1.10^2=$190,082,645 Year-3: PV=$130,000,000/1.10^3=$97,670,924 Year-4: PV=$400,000,000/1.10^4=$273,205,382 Year-5: PV=$70,000,000/1.10^5=$43,464,493 Adding those up gets: NPV = -$900,000,000+$272,727,272+$190,082,645+$97,670,924+$273,205,382+$43,464,493 = -$110,849,284 I will take a better guess now, and try an 11% interest rate: Continued at 11% interest rate Now: PV= -$900,000,000 Year-1: PV=$300,000,000/1.11=$270,720,270 Year-2: PV=$230,000,000/1.11^2=$186,673,159 Year-3: PV=$130,000,000/1.11^3=$95,054,879 Year-4: PV=$400,000,000/1.11^4=$263,492,389 Year-5: PV=$70,000,000/1.11^5=$41,541,593 Adding those up gets: NPV = -$900,000,000+$270,720,270+$186,673,159+$95,054,879+$263,492,389+$41,541,593 = -42,517,710 I will take a better guess now, and try a 13% interest rate: Continued at 13% interest rate Now: PV= -$900,000,000 Year-1: PV=$300,000,000/1.13=$265,486,726 Year-2: PV=$230,000,000/1.13^2=$180,123,737 Year-3: PV=$130,000,000/1.13^3=$90,096,521 Year-4: PV=$400,000,000/1.13^4=$245,327,491 Year-5: PV=$70,000,000/1.13^5=$37,993,196 Adding those up gets: NPV = -$900,000,000+$265,486,726+$180,123,737+$90,096,521+$245,327,491+$37,993,196 = 80,972,329 I will take a better guess now, and try a 10.3% interest rate: Continued at 10.3% interest rate Now: PV= -$900,000,000 Year-1: PV=$300,000,000/1.103=$271,985,494 Year-2: PV=$230,000,000/1.103^2=$189,050,056 Year-3: PV=$130,000,000/1.103^3=$96,876,138 Year-4: PV=$400,000,000/1.103^4=$270,245,171 Year-5: PV=$70,000,000/1.103^5=$42,876,614 Adding those up gets: NPV= -$900,000,000 +$271,985,494+$189,050,056+$96,876,138+$270,245,171+$42,876,614 = -28,966,527 10.3% interest rate is good enough because using that interest rate we find the result close to zero. So, internal rate of return is 10.3% We can say investment will yield to 10.3% (if all goes as per plan). IV. Analysis of results IRR of 10.3% is also higher than the cost of capital of 8% which again approves the purchase. The ARR 0.16% which is substantially lower than the cost of capital of 8% and hence the ARR method does not approve the investment. The NPV is positive $66,014,093. Investment in cruise is also approved under the NPV method. Payback period is better when it is lower. V. Conclusions The results of the four different appraisal methods- Payback period, NPV, IRR and ARR may not provide same or unanimous result. In that report there has been a description about NPP, Payback period, ARR, IRR and these results may be compared with other project to find the suitability of the purchase of the cruise. Here, we compare our result with cost of the capital but will be more informative if we can make a comparison among or between companies. VI. Recommendations When we will compare the result between or among the projects, in that case we can recommend the suitable approach for the company. For an example, when one companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s payback period is less than other. In that case the first company is better to choose. Task 2 (a) Sales, Purchases, Production and Cash flow Budget Information given, Capital =  £70,000 Cutting machine =  £45,000 Delivery van =  £18,000 Estimated life of the machine = 10 years Estimated life of the van = 5 years Predicted cost for each toy, for wood =  £5.00 For varnish coating =  £1.00 Sales price per toy =  £12 Ending inventory at each month = 80% of sales Wages =  £5,000 Electricity costs per quarter =  £2,000 Rent for 12 months =  £12,000 Insurance =  £9,000 The forecasted sales in units are as follows: Month Sales Ending inventory (80%) Beginning inventory June 4,000, 3,200 0 July 5,000, 4,000 3,200 August 5,000, 4,000 4,000 September 8,000 6,400 4,000 October 9,000 7,200 6,400 November 9,000 7,200 7,200 December 11,000 8,800 7,200 January 6,000 4,800 8,800 Production Budget: Production Budget (units) = sales Budget (units) + Target ending finished goods inventory (units) à ¢Ã¢â€š ¬Ã¢â‚¬Å" Beginning finished goods inventory (units) Month Calculation Output Sales budget Ending finished goods inventory Beginning finished goods inventory Budgeted production June 4,000 4,000 0 = 8,000 July 5,000 4,000 4,000 = 5,000 August 5,000 6,400 4,000 = 7,400 September 8,000 7,200 6,400 = 8,800 October 9,000 7,200 7,200 = 9,000 November 9,000 8,800 7,200 = 10,600 December 11,000 4,800 8,800 = 7,000 Sales budget: Sales budget = (Forecasted units sale * Price per unit) à ¢Ã¢â€š ¬Ã¢â‚¬Å" Sales discount and allowances Month Calculation Output Forecasted sale Price per unit Discount allowances Budgeted sales June 4,000 12 0 48,000 July 5,000 12 0 60,000 August 5,000 12 0 60,000 September 8,000 12 0 96,000 October 9,000 12 0 1,08,000 November 9,000 12 0 1,08,000 December 11,000 12 0 1,32,000 Purchases Budget: Particulars June July August September October November December Production Budget 8000 5000 7400 8800 9000 10600 7000 (+)Ending Inventory 3200 4000 4000 6400 7200 7200 8800 Total Requirement 11,200 9,000 11,400 15,200 16,200 17,800 15,800 (-) Beginning Inventory 0 3200 4000 4000 6400 7200 7200 Purchased(In Unit) To be made 11,200 5,800 7,400 11,200 9,800 10,600 8,600 Purchased Budget(W-1) 67,200 34,800 44,400 67,200 58,800 63,600 51,600 Cash budget: Cash disbursements: June July August September October November December Production 8,000 5,000 7,400 8,800 9,000 10,600 7,000 Direct material: Wood ( £5) 40,000 25,000 37,000 44,000 45,000 53,000 35,000 Varnish coating ( £1) 8,000 5,000 7,400 8,800 9,000 10,600 7,000 Total 48,000 30,000 44,400 52,800 54,000 63,600 42,000 Cash budget: Particulars June July August September October November December Collections from customers 0 48,000 60,000 60,000 96,000 1,08,000 1,08,000 Disbursements: Manufacturing cost: Direct material (0) (48,000) (30,000) (44,400) (52,800) (54,000) (63,600) Wages (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) Non-manufacturing costs: Rent (7,000) Machinery van purchase (45,000) (18,000) Insurance (9,000) Ending balance (84,000) (5,000) 25,000 10,600 38,200 49,000 39,400 (b) Forecasted Income Statement and Balance Sheet Forecasted Income Statement Neptune Toys For the year ending December 31, 2015 Particulars Amount Amount Revenues 6,12,000 Cost of goods sold (W-2) (3,65,000) Gross margin 2,47,000 Operating cost Depreciation(W-3) 4,050 Wages (5000 * 7) 35,000 Electricity(2000*2+670) 4,670 Rent(12000/12*7) 7,000 Insurance (9000/12*7) 5,250 (60,100) Operating income 1,91,030 Forecasted Balance Sheet Neptune Toys As at December 31, 2015 Particulars Amount Amount Amount Assets: Current assets: Cash Ending Inventory(N-5) Prepaid electricity cost Cutting Machinery (-)Depreciation Delivery Van (-)Depreciation 45,000 (2250) 18,000 (1800) 73,200 271800 4,670 42,750 16,200 Total asset 408,620 Liability Equity: Current liabilities: Accrued Wage(5000*7) Rent Payable Insurance payable Account Payable Equity: Ownerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Capital Retained earnings(Operating income) 35,000 7,000 5,250 100,340 70,000 1,91,030 Total Liability Equity 408,620 Notes to the financial statement- Notes-1: Purchase cost for toy: In June=11,200*(5+1) =67,200 In July =5,800*(5+1) =34,800 In August =7,400*(5+1) =44,400 In September =11,200*(5+1) =67,200 In October=9,800*(5+1) =58,800 In November =10,600*(5+1) =63,600 In December: Purchase cost for toy=8,600*(5+1) =51,600 Notes-2: Cost of goods sold: Particulars Amount Amount Total Beginning finished goods inventory, June 1, 2015 0 Direct materials used 3, 34,800 Direct manufacturing labor 0 Manufacturing overhead: Wages (5,000 * 7) 35,000 Cost of goods manufactured 3,69,800 Cost of goods available for sale 3,69,800 Ending finished goods inventory, Dec. 31, 2015 (4,800) Cost of goods sold 3,65,000 Notes-3: Depreciation calculation: Cutting Machine= (45000/10) =4500/2=2250 Delivery van= (18000/5) =3600/2=1800 Total Depreciation=2250+1800=4050 *Depreciation is calculated following Straight line Method. **Calculated half year depreciation. Note-4: Ending Inventory Calculation: Total Production unit= 55,800 Total production cost: Manufacturing cost 369,800 Electricity Bill 2,000 Total cost 371,800 Assume insurance and rent expenses are for office. Production cost per unit= (371,800/55,800) =6.663 (approx.) Ending Inventory= 40,800 Ending Inventory cost= (40,800*6.663) =271,800 (approx.) Task-3 Guidance to the directors of Utopia on managing business finance Utopia resort is one of the well-known company operates its exclusive holiday resort around the world. This holiday resort company charge  £4,000 for each of the person who enjoys their entertainment. Again there are lots of holiday Resort Company existing in the world that are competitor of Utopia company. So, it needs to manage its financial resources to strength its position in that type of business. A business may be benefited if they prudently and strategically manage its finance and it may help that company unlock additional financing and avoid uncertain cash flow problem (Cinnamon, Helweg-Larsen and Cinnamon, 2010). Managing Business Cash: The aim of the business is to ensure its sufficient cash facilities to keep that business going. It means it will get full on time payment for the respectable customers and successfully pay to its creditors and suppliers. Here Utopia is listed to London Stock Exchange to become a levered firm (Connolly, 2007). Managing Business Credit: How to successfully obtain credit is mainly focused in the business. Businesses must have to manage actively the business credit by credit payment and identifying and issues related with finance. Utopia needs to manage its credit by taking loan from the bank or from the stock market. Some important steps that need to follow to maintain better relationship with the bank includes: To inform bank about the business performance that it is doing well or not. To present current and accurate financial information. To invite bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s relationship office to monitor how it operated. To be stick to the term of lending agreement. They should follow the above criteria to satisfy the Bank office to get financial support in time of need (Eiteman et al., 2001). Managing Business Credit policy: Getting paid in time is very important for any business to survive. That is also applicable for Utopia Resort Company. To minimize the credit loss, there is a need of clear and comprehensive credit policies, management and proper systems (Crowther, 2004). Financial Planning: To understand business financial position, to persuade lender to the business, there a necessity of good, proper and accurate financial planning. Utopia needs to structure a good financial planning to make them competitor for the other company in the holiday business (Groppelli and Nikbakht, 2000). Here some suggestion for the Utopia for their future financial plans: As there is a stiff competition from the other global competitor like USA companies etc in the market, the need to be careful in case of setting service charges. They should highlight some features of their business that are insufficient in other company. Such as, Utopia can take the advantage from media coverage of ship sinking, fire, virus in ship. And say the customer that they are free from these problems and there is a sufficient life saving boats in the mother ship. They can take help from bank and make them listed in the Stock exchange to make their business stronger and acceptable. They need to set most challenging financial strategies to keep control of the profitability in the expansion phase of the company (Myddelton, 2000). Conclusion Business and finance are interrelated with each other. Any business can be successfully operated if there is sufficient capital and effectively manage finance in the business. Here, in the assignment we discuss how a quality cruise plc uses investment appraisal techniques to find out how effective it will be if he/she invests his/her capital to buy a super cruise ship. We also use different accounting information to make that report knowledgeable. Here different budget like sales budget, purchase budget are calculated and forecasted income statement and balance sheet is given. There is a guideline of the director of Utopia about how to manage business successfully in time of expansion of the business. For that reason they have to maintain a good relation with the bank and they can go for stock exchange borrowing for their future finance needs. Reference Arya, A., Fellingham, J.C., and Glover, J.C., 1988. Capital budgeting: Some exceptions to the net present value rule. Issues in accounting education, Vol. 13, No. 3, pp. 499-508. Brigham, E.F., and Daves, P.R., 2009. Intermediate Financial Management. 10 edn. South-Western Cengage Learning. Brigham, E.F., and Houston, J.F., 2007. Fundamentals of financial management. 11 edn, Thomson Higher Education. Delaney, C.J., Rich, S.P., and Rose, J.T., 2008. Financing costs and NPV analysis in finance and real estate. Journal of Real Estate Portfolio Management, Vol. 14, Issue 1, pp. 35-40. Hansen, D.R., and Mowen, M.M., 2007. Managerial accounting, 8 edn. Thomson South-Western. Howe, K.M., 1992. Capital Budgeting Discount Rates Under Inflation: A Caveat. Financial Practice Education, Vol. 2, Issue 1, pp. 31-35. Kinney, M.R., Raiborn, C.A., 2011. Cost Accounting à ¢Ã¢â€š ¬Ã¢â‚¬Å" Foundations and Evolutions. 8 edn, South-Western Cengage Learning, Mason. Cinnamon, R., Helweg-Larsen, B. and Cinnamon, P. (2010). How to understand business finance. 1st ed. London: Kogan Page. Connolly, M. (2007). International business finance. 1st ed. New York: Routledge. Crowther, D. (2004). Managing finance. 1st ed. Amsterdam: Elsevier Butterworth-Heinmann. Eiteman, D., Stonehill, A., Moffett, M. and Kwok, C. (2001). Multinational business finance. 1st ed. Reading, MA: Addison-Wesley Longman. Groppelli, A. and Nikbakht, E. (2000). Finance. 1st ed. Hauppauge, N.Y.: Barrons. Myddelton, D. (2000). Managing business finance. 1st ed. Harlow, England: Financial Times/Prentice Hall. 1 | Page

Why College Tuition in America Should Be Lowered - 1496 Words

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The Castle of Otranto †a Gothic Novel Free Essays

string(116) " of King Richard the Third† Apart from the above-listed works, Walpole is known for his extensive correspondence\." The Castle of Otranto – A Gothic Novel Picture of the Title Page of the Second Edition A Dossier by Luisa Hiller, Johannes Klein, Benjamin Priebst, and Claudia Haack Table of Contents: 1. Introduction – The Gothic Novel 2. Horace Walpole 2. We will write a custom essay sample on The Castle of Otranto – a Gothic Novel or any similar topic only for you Order Now 1. The Life of Horace Walpole 2. 2. The Works of Horace Walpole 3. â€Å"The Castle of Otranto – A Gothic Novelâ€Å" 3. 1. Introduction 3. 2. Index of Characters 3. 3. Summary of the Plot 3. 4. The Characters’ Appearance 3. 5. The Character Constellation 3. 6. Gothic Elements in The Castle of Otranto . Bibliography 1. Introduction – The Gothic Novel In the first half of the 18th century the word â€Å"Gothic† was mainly related to the Nordic invaders, the Goths, who were disliked because of their barbarous behaviour and their brutal invasion. Therefore â€Å"gothic† had a pejorative connotation, which, nevertheless, changed in the middle of the 18th century into a word being related to supernatural and fantastic events. The first gothic novel appeared in 1764, when Horace Walpole? s â€Å"The Castle of Otranto† was published. From this time on to approximately 1820 there was an explosion of gothic writings, which almost turned into addiction, especially for the female readership, who were craving for popular entertainment. This form of writing dominated British literature during this period and can be described as a hybrid between novel and romance, also encompassing drama and poetry. Though the gothic novel had many critics, it became unexpectedly successful due to the fact that it signified morality, beauty, a lack of reason and feudal beliefs which formed, at that time, a sharp contrast to the actual values of the Age of Enlightenment. Consequently, the gothic novel functioned as a mirror of 18th century conventions and values. The emergence of this new development in literature implied the assumption that there was a need for sacred and transcendent forces due to the denial of the existence of supernatural forces by the modern enlightened society. So the gothic novel provoked a rebellion against the predominant ideal of order and unity, which caused a lot of annoyance and was a socially subversive force for many critics. Finally, the author? intention was to evoke fear and terror, but also grandeur, and to make people be reverential. Writers of that period wanted, moreover, to wind up the reader? s feelings. This aim could be achieved by the usage of particular elements, which appeared in almost every gothic novel. Some of these elements are mentioned below. setting The action usually takes place in some ruined castle or abbey in a remote and dark time, like the Middle Ages. Furthermore, the buildings are in many cases full of crypts, catacombs, dungeons, trap doors and secret underground passages. atmosphere The atmosphere of the whole story seems threatening and mysterious due to some inexplicable events as ancient prophecies and curses coming true, visions or other supernatural occurrences which sometimes can be elucidated. There are, furthermore, extreme landscapes as thick forests and rugged mountains often containing caves. Additionally a terrifying atmosphere is created by the apparent gloom, shadows, moonlight or a flickering candle. emotions A gothic novel always contains powerful emotions like pride, anger, sadness, surprise, and especially, terror. Romantic elements like love and its often tragical implications (uncertainty of reciprocation, rival lovers, †¦ ) are also part of many gothic novels. Characteristics for the partly overwrought emotions are crying and melodramatic speeches, as well as panic and fainting. distressed women Frequently women are oppressed and threatened, either by male relatives or other powerful men, for instance kings or lords which are mostly tyrannical. These women are often the main characters, demanded to do something unbearable as marrying someone they do not love. After the outstanding success of the gothic novel in the 1790? s, it began to fade in 1820. One reason for this was the frequent imitation, so that people became bored and the gothic novels stereotypes. Moreover, critics have been slow to accept the gothic novel as a valuable genre, for which reason it has almost vanished from European literature. The most important representatives: Horace WalpoleThe Castle of Otranto (1764) Ann RadcliffeThe Italian; or the Confessional of the Black Penitents (1797) Mary ShelleyFrankenstein (1818) Charles MaturinMelmoth the Wanderer (1820) 2. Horace Walpole 2. 1. The Life of Horace Walpole Horace Walpole was born on September 24 in London, the forth son of later Prime Minister Robert Walpole. Rumour has it that the eight-year-old boy met Alexander Pope during a summer holiday spent at Cambridge House, Twickenham, in 1725. Stages of his education include such famous names as Eton (1727-1734) and King? s College, Cambridge (1735-39). The following two years of his life were spent on the obligatory â€Å"Grand Tour†. Walpole was accompanied by his schoolfriend, the poet Thomas Gray, and the two of them toured France and Italy. When he returned to England in 1741, Walpole could immediately take up office, having been elected Member of Parliament for the family borough Callington in Cornwell while he was still abroad. For the following quarter of a century Walpole served as an MP in varying constituencies, before he finally retired in 1767. 1747 marked the beginning of a lifelong â€Å"obsession†. In this year, Walpole took up residence at Strawberry Hill, Twickenham, and began transforming his domicile into â€Å"the most celebrated Gothic House in England†. In 1757, a private printing press was set up at Strawberry Hill and Walpole brought out some of his own works by means of it. After the death of his nephew in 1791, Horace Walpole succeeded him as fourth Earl of Orford. He died five years later, on March 2, 1797. 2. 2. The Works of Horace Walpole –1747First book, â€Å"Aedes Walpolianae†, a description of the paintings at Houghton (the family seat in Norfolk), published –1751Walpole starts writing his â€Å"Memoirs†, a process continuing until 1791 –1758â€Å"Catalogue of Royal and Noble Authors†, 2 vols. 1762â€Å"Anecdotes of Painting in England†, 5 vols. (-1780) –1764December 24, â€Å"The Castle of Otranto† published –1768â€Å"The Mysterious Mother† (a tragedy) â€Å"Historic Doubts on the Life and Reign of King Richard the Third† Apart from the above-listed works, Walpole is known for his extensive correspondence. You read "The Castle of Otranto – a Gothic Novel" in category "Papers" 4000 of his letters have been preserved. 3. â€Å"The Castle of Otranto – A Gothic Novel† 3. 1. Introduction On December 24, 1764, the English readership was presented with â€Å"The Castle of Otrantoâ€Å", a novel which gave rise to a new literary genre: the Gothic Novel. Its author – Horace Walpole – obviously had not reckoned with the immediate success of his work. Why else would he have published the first edition of it anonymously? In fact, Walpole concealed his authorship by a rather complex story of the origin and discovery of â€Å"The Castle of Otrantoâ€Å". His anxiety about the reception of his novel was basically founded on the â€Å"novelty of the attemptâ€Å" (Otranto 7). Two aspects shall be mentioned to explain what he meant. Firstly, one of Wal-pole? s major intentions in writing the book was â€Å"[†¦ to blend the two kinds of romance, the ancient and the modernâ€Å" (Otranto 7), the former distinguished by imagination and improbability, the latter by a more realistic presentation of life (Walpole himself used the term â€Å"natureâ€Å" rather than â€Å"realisticâ€Å"). His object was to reconcile the two different approaches by showing people acting in a natural way while being exposed to the most u nnatural situations. The second motive that originally prevented Walpole from revealing his authorship were the super-natural elements contained in the story; ironically enough the very reason for its later fame. But by the time of its publication Walpole could not be sure that the mysterious events around â€Å"The Castle of Otrantoâ€Å" would meet with the approval of mid-18th century readers. After all, this was the Age of Enlightenment, the period of â€Å"cold reasonâ€Å" (Letter to Mme du Deffand, 13 March 1767, quoted from Otranto x) in which there was no place for ghosts, spectres, visions, prophecies and the like supernatural phenomena. With his fears not being confirmed and the positive reception of the novel, Walpole finally revealed his authorship with the appearance of the second edition in April 1765. The second edition brought another innovation: the subtitle â€Å"A Gothic Novelâ€Å" was added to the book, thereby providing the term for a whole literary branch which became very popular with readers in the following decades. Beside the above-mentioned supernatural elements which can be applied to any Gothic story there are several elements which are peculiar to â€Å"The Castle of Otrantoâ€Å". One of them can be perceived whenever servants and aristocratic characters meet. In writing these scenes Walpole was inspired by and imitated another prominent figure of English literary history, and he freely admits: â€Å"That great master of nature, Shakespeare, was the model I copiedâ€Å" (Otranto 8). And in another passage from the second edition Walpole describes the function of the domestics in the following way: â€Å"The simplicity of their behaviour, almost tending to excite smiles, [†¦ ] appeared to me not only not improper, but was marked designedly in that manner. My rule was nature. [†¦ In my humble opinion, the contrast between the sublime of the one [the noble characters] and the naivete of the other, sets the pathetic of the former in a stronger lightâ€Å" (Otranto 8). Finally, the last aspect to be mentioned is one that is not missing from any description of Walpole? s life and works. At the end of the preface to the first edition Walpole writes: I will detain the reader not longer than to make one short remark. Though the machin e- ry is invention, and the names of the actors imaginary, I cannot but believe that the groundwork of the story is founded on truth. The scene is undoubtedly laid in some real castle. The author seems frequently, without design, to describe particular parts. â€Å"The chamberâ€Å", says he, â€Å"on the right hand: the door on the left hand; the distance from the chapel to Conrad? s apartmentâ€Å": these and other passages are strong presumptions that the author had some certain building in his eye (Otranto 5-6). This extract could well be seen as a proof for Walpole? s sense of humour. In fact, the author – Walpole himself – did have a certain building in mind, namely his own domicile, Strawberry Hill. . 2. Index of Characters Manfred, Prince of Otranto†¢Hippolita, Princess of Otranto Conrad, their son and heir†¢Matilda, their daughter Isabella, engaged to Conrad, daughter of †¢Frederic, Marquis of Vicenza Bianca, the princesses’ chambermaid †¢Jaquez and Diego, the prince’s servants Theodore (heir to Alfonso the Good,)son of†¢Jerome (Count of Falconara,) friar of the church of St. NicholasTwo knights, Frederic? s escort†¢A herald A giant knight, Ghost of Alfonso the Good†¢A phantom, ghost of a wise hermit Manfred? s servants, soldiers, people of the nearby village 3. 3. Summary of the Plot The story takes place in the old castle of Otranto, south Italy, in the Late Middle Ages. Because of an inscrutable prophecy, Manfred, Lord of Otranto, fears the downfall of his dynasty. After his only son Conrad’s sudden and mysterious death on his wedding day, Manfred intends to merry Conrad’s fiancee Isabella, which results in her flight from the castle. Theodore, a suspicious stranger, seems to be involved in her escape. Later, Frederic, Father of Isabella, who was reckoned to be lost in the last crusade, arrives to claim the authority over the Castle. He pretends to be the successor of Alfonso, the former legitimate Lord of Otranto, who died during the crusade. By offering his beautiful daughter Matilda to the challenger, Manfred tries to come to an arrangement with Frederic. Frederic should merry Matilda and Manfred should become husband to Isabella. Manfred’s wife Hippolita does not offer much resistance. However, because of increasing cryptic occurrences that remind Frederic of a prophecy he had been told, he rejects Manfred’s offer. Meanwhile, Manfred is becoming more and more jealous of Theodore, suspecting him to be Isabella? lover. His jealousy leads to the sad climax of the drama: Manfred, taking his daughter for Isabella, kills her accidentally when he discovers her secretly meeting Theodore. Manfred slays his only heir. Completing the prophecy, the giant ghost of Alfonso appears and Manfred resigns his dominion. Theodore? s identity as the true heir of Alfonso is revealed and he becomes the legitimate Lord of Otranto. 3. 4. The Characters? Appearance Throughout the Chapters (Only characters significant to the plot have been indexed. ) Man-fredHippo- litaCon- radMatil- aIsabel- laTheo- doreJeromeFrede-ricBian- caJaquez + DiegoGiantPhan- tom 1. XXXXXX—XX- 2. XX-X- XX-X— 3. X–XXXXX—- 4. XX-XXXXX—- 5. XX-XXXXXX-XX 3. 5. The Character Constellation 3. 6. Hippolita Frederic Jerome Manfred Isabella Theodore Matilda Bianca Manfred + Hippolitamarried; he wants to divorce her; she obeys him in everything (exception: authority of the church) Manfred + JeromeM. respects the friar, but suspects and scorns the man; J. exercises the authority of his position and his knowledge of the prophecy Manfred + TheodoreM. suspicion, anger, jealousy, aversion, but respect; T. obedience, ‘superiority of manners’ Manfred + Frederic business-like relationship, trying to come to an arrangement Manfred + IsabellaM. she is the object of his desire I. repulsiveness, fear Isabella + Fredericfather and daughter; I. dutiful child; F. considers ‘exchanging’ her for Matilda Isabella + TheodoreT. a friend in need, chivalrous helper I. thankful for the assistance of the ‘peasant’ T. , later falls in love with the ‘ true heir’ T. Isabella + Matildamutual affection and confidence (like sisters); for some time rivals ( Theodore) Matilda + Theodoretragic lovestory Jerome + Theodorefather and son; J. fatherly love and concern; T. less emotional, retains some distance Jerome + Hippolitathe friar as confidant and advisor; H. devoted and obedient Christian Matilda + Biancamistress and maid-servant 3. 6. Gothic Elements in â€Å"The Castle of Otrantoâ€Å" Not before the second edition did Horace Walpole admit that he himself wrote the book, which in its initial edition had the title: The Castle of Otranto, A Story. Translated by William Marshal, Gent. From the Original Italian of Onuphrio Muralto, Canon of the Church of St. Nicholas at Otranto (Otranto 1). But it was not before the work had been such a success that he admitted that â€Å"The Castle of Otranto† was in fact a work of fiction and not, as he had claimed in the preface of the first edition, which was published in 1764, â€Å"[†¦ ]found in the library of an ancient Catholic family in the north of England† (First Edition 3) and had only been translated. To further strengthen the point that the original story was based on reality, he adds that â€Å"Though the machinery is invention, and the names of the actors imaginary, I cannot but believe that the groundwork of the story is founded on truth† (First Preface 5) and proves his conviction by giving the reader examples of where he thinks that the original author must have unconsciously been referring to a specific place: â€Å" ‘The chamber,’ says he, ‘on the right hand; the door on the left hand; the distance from the chapel to Conrad’s apartment’ [†¦ †(Second Preface 6). Through the preface to the first edition Horace Walpole sets the setting and describes the scene to have happened â€Å"[†¦ ] between 1095, the era of the first crusade, and 1243, the date of the last, or not long afterwards† (First Preface 3). Main themes of a gothic novel include ancient prophecies that are almost forgotten. In this case there are two which are both linked to the true heir of Alfonso and thus the rightful lord of Otranto. The reader hears the first one already in the second paragraph where it says, â€Å"[t]hat the castle and lordship of Otranto should pass from the present family, whenever the real owner should be grown too large to inhabit it† (Otranto 15). The next one is more in the sense of a classical prophecy: â€Å"Where? er a casque that suits this sword is found, [w]ith perils is thy daughtercompass’d round: Alfonso? s blood alone can save the maid, [a]nd quiet a long-restless prince’s shade† (Otranto79). It is in rhyme and not, as the first one, passed on oraly, but written on a giant sabre which was found far far away from the castle of Otranto. Another defining characteristic of a gothic novel are inexplicable sounds: â€Å"At that instant the portrait of his grandfather, which hung over the bench where they had been sitting, uttered a deep sigh, and heaved its breast† (Otranto 23). Furthermore, there are visions of things that can not possibly exist: â€Å"[I]t is a giant, I believe; he is all clad in armour, for I saw his foot and part of his leg, and they are as large as the helmet below in the court† (Otranto 33). And, most importantly, the one that sets the whole story in motion: â€Å"He beheld his child dashed to pieces, and almost buried under an enormous helmet, an hundred times more large than any casque ever made for human being, and shaded with a proportionable quantity of black feathers† (Otranto 17). Further characteristics include women in distress. Since Hippolita, Manfred’s lawfully wedded wife, can not concieve any more children, and Conrad has been squashed by the gigantic helmet, Manfred needs a male heir and thus decides to divorce Hippolita and to marry Isabella:â€Å"Isabella, since I cannot give you my son, I offer you myself (Otranto 23). In the end, every hint that has been given throughout the story is packed together in a great vision for all the protagonists to see: A clap of thunder at that instant shook the castle to its foundations; the earth rocked and the clank of more than mortal armours was heard behind. [†¦ ] The moment Theo- dore appeared, the walls of the castle behind Manfred were thrown down with a migh- ty force, and form of Alfonso, dilated to an immense magnitude, appeared in the centre of the ruins. Behold in Theodore, the true heir of Alfonso! â€Å" said the vision: and having pronounced those words, accompanied by a clap of thunder, it ascended solemnly to- wards heaven, where the clouds parting asunder, he form of saint Nicholas was seen; and receiving Alfonso? s shade, they were soon wrapt from mortal eyes in a blaze of glory. The beholders fell prostrate on their faces, acknowledging the divine will (Otran- to 108). 4. Bibliography Walpole, Horace. The Castle of Otranto. 1764. Oxford: O xford University Press, 1964. How to cite The Castle of Otranto – a Gothic Novel, Papers

Contract Dispute Case Study

Question: Write aboout theContract Dispute Case Study. Answer: Introduction The primary purpose of the law of contract is to oversee that people keep the promises that they make to each other. The law recognizes that when two persons enter into an agreement, the have an implied duty to act in good faith. The failure of one party to perform its obligation will resort to damages on the side of the other party. And since neither the court nor the law forces people to create agreements, the law must come when any of the parties invites it for two reasons. It either comes to force the breaching party to fulfill its promises or to make the other party compensate the innocent party the losses it underwent due to the breach. This paper will be an examination of the application of contract law using a case between of Hopwood Investments Ltd and GastroFood Ltd. Case Study: Hopwood Investments Ltd and GastroFood Ltd In the first place, this paper would To start, the law of contract requires that a valid agreement to have an offer to coming from the offeror. From that point, it also requires that the offeree respond with acceptance. An offer establishes three components. The common law directs that the offeror should confirm its full intention to making an agreement. Additionally, the offeror must communicate the offer to the offeree, plus the offer should maintain lawful consideration.[1] In simple, the offeror has to exert a degree of earnest and sensible purpose to a legitimate offer. The main method of determining the intention to whether the offeror had the intention to create an offer is basing the situation in a reasonable man's perspective, given all the ground that the offeror would have. For this reason, the offeror would create an invalid offer when acting on his/her anger, excitement or duress while creating the offer.[2] For example, the alleged offer "I'll pay them a $1 million" was not an offer but a statement of excitement that the defendant said.[3] In this case, the defendant was an attorney in a capital murder trial. In a heated interview, the defendant (lawyer) stated that he would give $1 million to anyone who can challenge him by providing the facts that his client accused was the one who had committed the murder. The plaintiff took the challenge and decided to claim the $1 million from the defendant. Another rule for an offer is that it should have a lawful consideration. Consideration was explained as; Some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss, or responsibility, given, suffered or undertaken by the other. "[4] Another explanation of consideration is the "price that one to a contract pays for the promise or the performance of the other party."[5] In analyzing the case for Hopwood Investments Ltd and GastroFood Ltd, its well clear that the statement "Can offer latest 'Speedy Rice Cookers' at $100 each" was a valid offer with both intention and consideration. After an offeror presents its offer to the offeree, the offeree should reply with an acceptance to create a valid agreement. Like an offer, a valid acceptance requires some elements. These are the willingness to accept, and it should be unconditional.[6] In addition, the law of contract states that acceptance must be definite or unequivocal. Plus, the offeree needs to communicate its assent to the offeror. If the offeree replies with a condition, the condition terminates the offer through a counter-offer. The effects of a counter-offer were explained as; At common law, the mirror image rule requires that the offerees acceptance match the offerors offer exactly. In other words, the terms of the acceptance must mirror those of the offer. If the acceptance materially changes or adds to the terms of the original offer, it will be considered not an acceptance but a counteroffer which, of course, need not be accepted. The original offeror can, however, accept the terms of the counteroffer and create a valid contract.[7] Following this explanation, Hopwood Investments Ltd terminated the offer through a counter offer by stating that, "Will have fifty. Need delivery by November 1, 2015." On the other hand, this came back to GastroFood Ltd as an offer which it could choose to accept or reject. Like explained above, the reply form GastroFood saying "thank you for your email which is receiving our attention" was a reply from Hopwood Investments Ltd terminated the offer counter offer "Will have fifty. Need delivery by November 1, 2015." This construes that GastroFood accepted the offer, and this resulted to a conclusion of their agreement. Now, it was upon each party to perform its obligation in good faith. GastroFood was to deliver by the stated date, and Hopwood was to pay $50 on delivery. However, before the date of delivery, Hopwood decided to forfeit its obligation. Its a good point to know that parties are not allowed to back from the deal after making a contract. In simple terms, the execution expected of the parties acting under contract os sales involves the obligations that each party owes under their terms as asserted in the contract.[8] This means that both companies were supposed to carry out their obligation. However, Hopwood called GastroFoods and clearly communicated that it was not willing to perform its part. When one party backs from the sale of goods deal, it leads to an anticipatory breach of repudiation. An anticipatory repudiation is the cancellation of one party's performance just sometimes before the actual performance occurs. It may occur expressly when that party communicates of the annulment to the innocent party informing it that it's impossible to perform as per the agreement. If this anticipatory repudiation causes the innocent party some d amages, that party can elect the following actions. For one, it can choose to wait and hope that the breaching party may change its mind and execute the performance. Secondly, it may opt to end the contract and claim for damages.[9] This explanation clarifies the fact that GastroFood can end the contract and Sue for anticipatory damages. To clarify, a mirror case to GastroFoods situation was ruled in Hochster v De la Tour.[10] In this case, the defendant had an agreement with the claimant for a service of a courierThe claimant was to begin work on June 1st, 1852. After the contract, the respondent wrote to the plaintiff on May 11th asserting that he didn't require the assistance of the plaintiff. Also, he refused to repay the compensation. Subsequently, the claimant obtained another contract, but he could not start working until the July 4th of that year. Appropriately, the plaintiff filed a suit against the defendant on May 22nd for a breach of their contract. On the other hand, the defendant refused breach claiming that it was just 22nd May and yet the contract was commencing June 1st. However, the court ruled that the claimant need not wait since the defendant had already communicated that he wouldn't perform . Similarly, Gastrofood can decide to take action against Hopwood for a breach of contract. Notably, Gastro cannot ask the court to force Hopwood to accept the rice cooker. That would be an equitable remedy for specific performance. This remedy is not available when damages are an adequate remedy.[11] Conclusion The law of contract enforceable peoples agreement to make sure that they perform as they had agreed. When one party fails, the law will always come in either to enforce the agreement, or to issue damages for the breach. Therefore, it is paramount that people should enter into the agreements that they are sure they would perform. This paper was a study for formation of agreement and their breach. Biography Goldman, Arnold J, and William D Sigismond. 2013. Business Law. 9th ed. Mason, OH: South-Western Cengage Learning. Pg 140 Roger LeRoy Miller.,2013. Essentials Of The Legal Environment, 4th ed. [. Mason, Ohio [u.a:]:Cengage Learning Mann, Richard A., and Barry S. Roberts. 2015. Essentials Of Business Law And The Legal Environment. 11th ed. Cengage Learning. Miller, R. and Jentz, G. 2010. Business law today. 9th ed. Mason, Ohio [u.a.]: South-Western Cengage Learning. Meiners, R.E., Ringleb A.H., Frances L., Edwards F.E.,2016. Legal environment of business. 13th ed. [. Mason, Ohio [u.a.]: Cengage Learning. Cases Currie v Misa(1875) LR 10 Ex 153 Dunlop Pneumatic Tyre Co Ltd v Selfridge Co Ltd[1915] UKHL 1 Hochster v De la Tour (1853) 2 E B 678 Kolodziej v. Mason, 774 F.3d 736 (11th Cir. 2014).