Reliant energy services inc. is an international company that provides energy in the United States of America. Recently, the company was charged for interfering with the energy market in the State of California which was as result of manipulation. The investigation that was carried out onto the allegations brought up by the residents of a town in the State of Texas against the company and a number of its officers were proven beyond reasonable doubt. The district attorney-general concluded that the business practices amounted to criminal activities and that company was therefore answerable to criminal charges. The company’s actions were tantamount to crime because they violated laws concerning commodity therefore, they were subject to statutory penalty for the felony of commodity manipulation. More so, the company was found guilty of conducting wire transfer frauds.
Therefore, the Reliant energy services inc. committed a felony as they knew very well the rules and regulations governing the commodity pricing. At the same time WorldCom Telecommunication Company was in court facing charges for crimes it had.
Committed, with the chief officer by the name Ebbers who had been charged with several counts of Crimes, the nature of his crime led to the eventual closure of the company due to fraud involving colossal amount of money to projects that never benefited the company. Though, Ebbers claimed to have no knowledge in accounting, it was obvious that he used his juniors to commit the crime of defrauding the company of money (Scott, 2006). All the crimes he committed with his fellow workers as his accomplices were all counted as felonies; this is especially so because the company workers used the guise of their positions to defraud investors edge out fellow competitors out of business and finally led to the collapse of the company.
The factors considered when delivering the penalties included; the seriousness of the crimes, the companies past history on issues regarding such crimes, and the prevalence of the similar crimes the companies had committed.
Electronic contracting involves the use of electronic transactions with the use of electronic signatures instead of the normal handwritten signatures and hard copy records. Therefore given that the rate of technological demands are growing high there is need to ensure the legality of these electronic contrasting. More so cost incurred when preparing paper contracts like stationary is bound to come down by embracing the Electronic contracting and this will cut down on transaction costs. Electronic contracting is bound to change the nations business as this will phase out the traditional paper contracts that we have been used to. This will give the businesses a competitive edge over other competitors. Moreover, electronic contracting will bring efficiency, speed and save on time used signing paper contracts, of more benefit will the reduction of crimes committed through false fully manipulated signatures in paper contracts. Electronic signatures will provide sure prove against forgery hence protect the businesses from paper crimes.
In addition electronic storage of the contracts will reduce paperwork thereby easing bulk in the businesses storage or filing system brought about by paper contracts while at the same time providing a safe and secure way of storing them.
Whoever electronic contracting does not lacks some few pitfalls? Some extra cost will be incurred when installing hardware such as computers used in electronic contracting while at the same time finances for running the electronics will also be needed regularly.
At the same time organizations may be forced use the traditional paper contracts as not all your clients are comfortable with the electronic contracts hence bring more additional costs of running the business (Duncombe & Heeks, 2006).
Electronic transactions at times may distract the businesses from other important events other than contract signing which is also part of any business transaction like personal meetings with your clients or potential investors. The method is also not good for the new in the businesses world because they have not yet developed a strong trusted customer base who may wish to use the method.
The international court of justice was established to take over the permanent court of international justice which was in existence before the 1945. Therefore, it was not the first world court but rather widen it scope and jurisdiction under the charter of the united nation. It is the only empowered court under the United Nations charter to issue advisory opinions. It is also mandated to solve disputes involving sovereign countries. This is done on request from it agencies and other important bodies. The international court of justice usually use the same procedures and rules followed in other courts when handling cases submitted to them for different countries.
The people filing a dispute must submit a memorial showing the validity of their claim. Upon this, the respondent also file a memorial showing the have accepted the case and lodges defense against the claims.
The international court of justice handles all civil cases from its member countries. The international court only arbitrates cases involving countries and not individuals or companies. The procedure is voluntary and the countries are not legally bound to the decisions made the international court. The disputing countries must present their grievances before the court. The procedures followed when issuing a decision involves giving a majority opinion. Once the opinion is issued the countries which have presented disputes are not allowed to appeal thought they may seek clarification on the decisions made. Whoever unlike the international court of justice the United States federal courts are not allowed to use advisory opinions except in special cases where the supreme courts are allowed to issue advisory opinions. The international court of justice describes the head of the court as the president.
Advisory opinions are given by courts when they want to advice on certain issues involving the law interpretations and constitutionality of the cases brought forward.
Bankruptcies is a state that allows the creditor to repossesses assets belonging to persons who owe then money and auction them off to recover their money. Whoever, it limits the creditor to current assets and earnings and the creditor cannot repose any future assets or earnings from the persons who have filed for this kind of bankruptcy. This kind of bankruptcy is classified as the regular type where businesses or even individuals can file for it. It handles all kind debtors whether with big or small debts.However; significant changes have been made to chapter 7 kind of bankruptcy. They include the taking of a mean test by the debtors to ascertain whether they are eligible for this type of bankruptcy. The determining factor is usually the income of the person filing for the bankruptcy.
Other new requirements are compulsory before filing a petition. In addition, one is limited to only one chance for this kind of bankruptcy for a period of not less than eight years and you are supposed to bring a proof of income and their tax returns. Ignoring all these can lead to denial of chapter seven bankruptcies.
Moreover, the chapter 7 kind of bankruptcy offers limited protection when it comes to handling secured (Donald, 2009).
Usually, people files for bankruptcy when the face repossession of their property and personal cars by their creditors. Others file for bankruptcy when faced with eviction from the house due to delayed payments of the mortgage loans.On the hand; filing for bankruptcy clears you the obligation of honoring your creditor’s debts at that particular time. Moreover, some file for bankruptcy after loss of a stable source of income or when they incur huge hospital bills arising from illness or accidents.
Sometime debtors are forced to file for bankruptcy when they face claims that are more than what they owe to their creditors. In so doing, they are able to challenge the creditors in a court of law hence putting to an end any fraudulent claims. Bankruptcy is said to influence interest rates on the loans. This is because the people lending the money transfer the risks involved when lending money on the interest rates charged on the loan. Moreover, the credit cards are also charged high and can be much more for those with a bad credit history. More so banks deny incentives to people who have ever experienced bankruptcy or on the verge of bankruptcy.
Reference
Donald D. (2009). Mergers, Acquisitions, and Other Restructurings, Elsevier, Academic Press, 5th edition.
Duncombe R. & Heeks R. (2006). Ecommerce for Small Enterprise Development: A Handbook for Entrepreneurs in Developing Countries. IDPM, University of Manchester.
Sandage A., Scott (2006). Born losers: a history of failure in America. Cambridge, Mass.: Harvard University Press.