Paper assignment Example | Topics and Well Written Essays - 1500 words

Paper - Assignment Example His conformity to the society makes him act in ways that are not ideal for an individual. If he existed in the 21st century, he would probably be accommodative to the society’s liberal view. Babbitt realizes the hypocrisy and dissatisfaction of his life when it is too late to rebel from it. The story captures the 1920 ban on alcohol by the American government (ONeal 91). However, Babbitt and many other middle-class and wealthy people continued to consume illegal alcohol. American society’s hypocrisy at the time is partly revealed through the consumption of alcohol by Babbitt and his friends. For example, one of the reasons the prohibition was put in place was because it was morally wrong for Americans to drink and merry while its young men went to war (ONeal 91). From Babbitt, it seems that most Americans in the middle and upper class were too self-indulged to remember the soldiers at war. Additionally, the prohibition was repealed because people were willing to drink a lcohol provided they did not speak (ONeal 92). Babbitt is an example of people that publically rebuked taking alcohol but secretly and constantly took alcohol. He even practiced it publicly at the time when he rebelled. When Verona Babbitt expressed interest in working for charity, her father quickly dismissed her and the idea of charity as a whole (Lewis 24). According to Babbitt, charity was almost an equivalent of socialism. He said that encouraging charity enfeebled a working man’s willpower to fend for and feed his children. Additionally, he claimed that it gave children of the lower class notions above their status. Babbitt represents the selfish and self-indulged nature of the middle-class society at the time. The 1920’s were spent crashing labor unions and reducing wages (ONeal 71). In fact, Babbitt is one of the people in the 1920’s that opposed labor Unions. As a business owner, he believed that while radical unions destroyed property and good labor unions were useful in

Origin of Oceania and Tradition Essay Example for Free

Origin of Oceania and Tradition Essay The Origin and the navigational techniques used by islanders to travel over large Open Ocean has given question to academic writers, on how the islanders are able to travel and settle in this remote part of the earth. Pacific Islanders used traditional navigational knowledge to travel against storms and current on Pacific Ocean over past centauries, by using canoes. This essay will discuss the two theory of migration with archaeological evidence of origin, the traditional techniques of navigation shared by Steve, and it will state, why and how the ancient navigation is more favored than modern navigation. There are theories that explain how Pacific islanders had settled over the years by people who came to our region at various times. One classical example of such theory is by Andrew Sharp, who stated through his hypotheses that Hawaiian were settled by voyagers on a drifting canoe blown of its course while sailing between closed spaced islands (unit 2 Arrival). However, some of the debated theories has been disapproved due to archaeological evidence and traditional navigational knowledge. The two wave of migration was later believed to be true into Pacific, when it was proven with evidence by archeologist Roger Green. It was stated that ancient theory of migration was occurred around 40,000 years ago and the second wave of migration in the pacific was occurred around 3000 to 4000 years ago (unit 2 Arrival). The first theory of migration refers to the group that entered the Pacific and settled at Huon Peninsula and the high lands of New Guinea and later migrate to bigger Islands in the Pacific such as the Solomon, the Bismarck and Vanuatu. They were named as â€Å"Near Oceania†. This ancient migration is supported by the slow boat model of migration where Near Oceania mingled, this can be seen through, intermarriage of islanders and they are widely populated. The second wave of migration, was occurred around 3000-4000 years ago which it was believed that they were originated from Southeast Asia. According to Gibbons, Beellwoods argues that archaeological evidence has trace the uniqueness of pottery that are seen in Vanuatu and New Caledonia, and later in Fiji around 300 years ago and they believed that these people then migrate far east with the red -slipped pottery decorated with geometric pattern to Tonga and other Islands (Gibbons, 2001). From these two migration theories, archaeological evidence and the DNA of Y chromosomes of the Pacific islanders, it had proven that the inhabitants of the Pacific, had Originated from south east Asia. Furthermore, Oral knowledge is equally valid as written knowledge, by looking at how early inhabited Islanders had travel the open Ocean, using various navigational techniques. Steve from Ulithi of Federated state of Micronesia has discussed the ideas of traditional navigational skills that are pass down by their ancestors through chants and oral histories. Steve explained navigational techniques, by displaying seven shells on a mat as a teaching venue in which, it represents stars and islands. As Steve had stated, a navigator should know the names, the position of the stars in terms of direction and which star for an islands (unit 2 Arrival). Navigational chants help navigators to memories directions when they are confused or meet storms that move them from their position of the destination. Weather condition and the sky itself also give suitable time to travel as well as when to travel within a year. As a navigator, it is important to know the bearing by using land reference as a guide line to and from where the destination is heading until the island disappears from the horizon. However, when unfavorable weather approaches, sailors have to put down sail, roll it up, adjust mast to be straight, secure up ropes, and balance the canoe to keep it afloat on the water (unit 2 Arrival). Additionally, when a storm approaches a navigator should know where the wind is heading or come from, and observe the current of waves in order to locate the right direction. According to Andrade, a navigator is like an eye of the canoe, by keeping the vessel on the course, using the appearance of the heavenly bodies such as the moon, planet and the sun through oral knowledge. Assessing the two sailing techniques, the modern way and the ancient way of navigation, the ancient navigational technology is more preferred than the modern technology. This is because; ancient way of navigation doesn’t need technical people or qualification to travel the open ocean as compared to modern way. For instance, early islanders equip with chants, oral knowledge and navigational skills to search far distance Islands in the Pacific Ocean with food, water, animal and other important plants. Most importantly, preserving and learning the techniques of ancient navigational techniques is the matter of concern, in order for the Islanders to pass this knowledge from one generation to another. Additionally, ancient navigation helps native Islanders to know natural things around them through observing, the color of sky, the movement of waves and the wind and the position of the stars. To conclude, there are debated theories of how the Islanders had settled in the Pacific over the past years. Through archeological evidence and DNA tests, it has known that the early Pacific islanders had settled in the Pacific through two wave of migration. Steve from Ulithi had shared important techniques of navigation through understanding the nature such as the stars, the sky and the waves in order to navigate the open ocean. Thus, many Pacific Islands relied on oral knowledge and beliefs in terms of chants, history and myths, which are equally valid as written knowledge. As a result, the ancient navigation techniques are more favored than the modern navigation technique.

Effect of Family Disruption on Family Finances and Children

Effect of Family Disruption on Family Finances and Children Critically discuss the evidence underlying the claim that the deterioration of economic conditions that usually results from family disruption is the major explanation for the lower ability and achievement of children in disrupted families. This paper considers whether, and to what extent, the deteriorated economic situations caused through family disruptions and economic deprivations are the main reasons for children’s lower competences and attainments. Firstly, the association between disrupted family and economic circumstances are considered in line with some recent economic theory. Secondly, the reasons why economic circumstances arising from family disruptions are identified as being the foremost predictors for lower ability and attainment of children in disrupted families. This claim is examined. In addition, issues within previous studies are then investigated. Lastly, the implications for enhancing children’s outcomes regarding this issue are also discussed. How family disruptions are linked to deteriorated economic conditions Due to a dramatic change of family structure in modern societies, questions about the impact of family disruptions (e.g. separation/divorce, step-parenting, remarriage) on economic conditions, measured by home ownership, income and size of the residence, have appeared to be increasingly significant. There have been a number of studies explaining the relationship between disruptions in family life and economic circumstances. Numerous longitudinal and cross sectional research reveals that disruptive events in families cause economic disadvantage (e.g. Amato, 2000; Duncan, Yeung, Brooks-Gunn and Smith, 1998). Divorced individuals typically have greater economic deprivation than married individuals (Marks, 1996; Ross, 1995). Researchers have reported that women are likely to have more serious problems with economic consequences in comparison with men (e.g. Holden and Smock, 1991; Ross, 1995; Smock 1994) and that lone mothers are considered to be in the poorest situations after separation or divorce (Ram and Hou, 2003). For example, the longitudinal study of Bianchi, Subaiya and Kahn (1999); focusing on the gender gap in economic well-being among the couples with children after family disruptions in the United States, found that there was a 36% decline in living standard of custodial mothers, whilst noncustodial fathers experienced a 28% increase. It can be seen that in general, mothers’ post-divorced standards of living was merely a half that of the fathers. Moreover, to compare with divorced men or married women, lone mothers tend to have more monetary problems over longer period. Amato (2000) explains this incidence that â€Å"women, compared with men, have more interrupted work histories prior to divorce, experience greater work–family conflict (due to their responsibility for children), and are more likely to experience employment and wage discrimination† (p.1277). However, the deleterious economic conditions can be relieved in step-parent families (Amato, 2000) Why is economic deprivation from family disruptions claimed to be the major predictors for low outcomes of children? Over the last few decades, researchers have focused attention on the economic consequences of changes in family structure, identifying family disruptions as key causal explanations for lower children’s outcomes. It has been found that the deterioration of economic conditions, caused by disruptive events in the family such as single-parenting and divorce are greatly related to negative outcomes among children (Pearson and Thoennes, 1990; Bronstein, Stoll, Clauson, Abrams and Briones, 1994; McLanahan and Sandefur, 1994; Duncan, Brooks-Gunn, Yeung and Smith, 1998; Gue, 1998; Amato, 2000; Ram and Hou, 2003). Household income is often considered to be significant in explaining children’s outcomes (Mulkey, Crain, Harrington, 1992). Congruent with the explanation of Haveman and Wolfe (1995) The income level of the family in which a child grows up is perhaps the best measure of the level of economic resources devoted to the child by the parents, and is often included in the studies of children’s educational attainment (p. 1855). It is well known that different types of family have different effects on children’s ability and outcomes due to their differing economic situations (Schneider et al., 2005). Intact families usually have more income than single-parent families, and this advantage becomes a part of developing children’s educational outcomes (McLeod and Shanahan, 1993; Duncan et al., 1998; Schneider, Atteberry, Owens, 2005). On the other hand, children from single parent-households have more limitations in economic resources in comparison with children from intact families. Single parents, particularly lone mothers often spend more time outside of the home to compensate for the economic loss due to separation or divorce. This is likely to affect children’s ability and academic outcomes because of reducing time for involvement with their children. Parents who have lower incomes due to a separation or divorce are less able to provide their children with material resources such as school equipment, computers and extra lessons (Ross, 2005) Negative impacts on academic achievement of children related to living in separated families, often results from reduced provision of economic resources. Boggges (1998) has suggested that there are few effects on children’s academic performance when the economic status is controlled in research, achievement were found. However, persistent negative effects on graduation rates were found. In addition, Schneider et al. (2005) argues that although step-parenting families (non-traditional families) are often more advantaged in economic resources, the outcomes of the children remain lower than the outcomes of children from traditional families. This is because step parents may not provide step children with the resources like they might towards their biological children (Schneider et al., 2005). Ram and Hou (2003) similarly propose that â€Å"children in step families are no different from those raised in lone-parent families in a number of spheres, including cognitive skills, hyperactivity, and indirect aggression, even after economic condition and familial resource variables when held constant† (p. 326). This is commonly compatible with the studies of some researchers who found children from step families less well performing in school and exhibiting more emotional and behavioural difficulties (Coleman, Ganong, and Fine, 2000; Hanson, McLanahan, and Thomson, 1997; McLanahan and Sanderfur, 1994; McMunn, Nazroo., Marmot, Boreham and Goodman, 2001) In addition, children who live with other types of two-parent households, such as with grandparents or relatives, are also likely to have more disadvantages than children living in intact households, and the same or lower level than children in lone-parent households (Chase-Lansdale, Brooks-Gunn and Zamsky, 1994). According to Downey (1994), although children in lone-mother families often lack economic resources, some children in lone-father families have problems with a deficiency of interpersonal resources such as involvement in children’s tasks. He also suggests that children’s outcomes in both types of family are roughly equal (Downey, 1994). Moreover, it was found that children who live with the same gender or opposite gender parents slightly differ in outcomes. While economic situations have often been considered as the most significant factors in explaining children’s outcomes of the disruptive families, the study of Kerr and Beaujot (2001) investigating Canadian children found that there are low income is less important than other factors such as the function of family, number of children in households, educational level and age of the parents. Similarly, Mulkey et al (1992) argue that economic conditions are not a significant mediator between lone-parent families and the low attainment of children. They also state that living in lone-mother households is not more detrimental than living in lone-father families, and income is not the major issue explaining the relationship between family structure and children’s academic performance. Problems with the studies The findings of some studies have been ambiguous when indicating the association between family structure changes and children’s outcomes. For example, do deteriorated economic conditions in disruptive families often affect the child’s educational outcomes? Or do children with lower ability or lower attainments usually come from families with monetary problems? In addition, the prior problems before parental divorce or separation are often neglected. According to longitudinal research by Ram and Hou (2003) children of several disruptive families were already registering academic difficulties. Second, there is little specific mention regarding the time within the lifecycle of the child of the deteriorated economic situations. Duncan et al. (1998) suggest that the economic situations amongst children in the early years have the most influential impact on attainment, especially among children in low-income families (Cherlin, Chase-Lansdale and McRae, 1998; Duncan et al., 1998; Amato and Sobolewski, 2001). This should be different from the findings derived from adolescents. Therefore, a clearer specification of period when economic deprivation takes place should be inserted. Third, the comparisons of income across different types of households are ambiguous. There is an unclear distinction between the income before disruptions and the income after disruptions. For example, some families may have financial problems before disruptions. Furthermore, the stability of income also should be considered because earning cycles in each family differ, and may vary across the year. Lastly, it can be seen that ethical considerations are not adequately addressed in a number of studies even though the research touches upon highly sensitive areas of family life and predictions of children’s achievement. Such matters are usually quite confidential and the complicated relationship that might negatively affect the subjects, so the reader needs to know how the data for the research was gathered and in what conditions. For example, the protection and welfare of the participants, the use of deception, confidentiality and the anonymity of data are issues that should have been addressed and considered more fully in order that subsequent research operates within accepted ethical boundaries. Implications Public policy Public policy should be more focused on the welfare of single-parent families, particularly lone-mothers. As several studies have reported, single-mothers or custodial mothers are more likely to have more financial problems than any other types of family (e.g. Holden and Smock, 1991; Ross, 1995; Smock 1994). After disruptions, they have to spend more time outside of the home in order to earn money to compensate for the loss of family income. This association in single-parent families seems to be unrelieved until re-marriage happens. In addition, if income can be considered as a significant factor in predicting childrens’ later achievement, it also acts as the resource to provide the means for their progression. One implication of these findings is the need for critical considerations about higher pay for women and income support programmes, in particular, for single mothers who have to bring up their children on their own to assist them cope with problems derived from economic deprivation after disruptions. Also, more extensive child care and support should be provided in order to meet the needs of these children. Schools Teachers should be more deliberately concerned with their reactions and behaviour to children from lower income families. Some teachers tend to react to such children differently due to their economic backgrounds (Mulkey et al., 1992). In addition, the understanding of misbehaviour of the student is important. Some inappropriate behaviours of students in classrooms may occur due to depression or bereavement from disruptive events in their family. Therefore, whenever the behavioural problems of students appear, instead of focusing on them only, teachers should consider the contexts of students such as family backgrounds in order to prevent misunderstanding as well as find the way to assist and support children. Furthermore, teachers in schools should have more concern and care about their own behaviours as a role model for all students because the students, especially the children in their early years tend to observe and replicate teachers’ behaviours. Parents Parents are the individuals who are likely to be the most influential role models for children’s lives. A careful family plan may be one strategy to ensure stability for the child. The home environment should also be considered because it is a significant source of learning. â€Å"The quality of the home environment – its opportunities for learning, the warmth of mother-child interactions, and the physical condition of the home – accounts for a substantial portion of the powerful effects of family income on cognitive outcomes† (Duncan et al., 1998, p.209). Furthermore, having a stable level of income is important because low and unstable income leads to economic pressures that may cause conflict between partners experiencing serious financial issues (Conger et al., 1993). The income level of the family is a powerful predictor of the economic pressure that has both direct and indirect impacts on children’s achievement (Duncan et al, 1998). Conflictin g or disruptive events in the families can also be traumatising events for children. Parents should avoid using force and presenting unpleasant behaviours at home and in front of the children, because it may be the cause of later aggressive behaviours from children. Conclusion It appears in several studies that economic conditions are the significant explanations for the association between family structure and children’s achievement. The diminution of material resources due to deteriorated economic conditions, which often derive from disruptive events in families, has significant impacts on educational outcomes of children (Ram and Hou, 2003). In several studies, when income is restricted, children in disrupted families tend to have lower attainments than children in intact or non-divorced families. Research reports that the majority of children in intact families are at an academic and social advantage in comparison with children in non-intact families. A child’s achievement generally depends on the economic resources that are given by parents, children who live in an intact family tend to have high attainments. This is because lone-parents have less income and have less time to be involved in household activities such as helping children to do their homework. This leads to the lower outcomes of children. Children who grow up in lone-mother families tend to have the lowest attainments in comparison with growing in other types of families. In addition, although children who live with step families have opportunities to have more economic resources than those who live with single-parent families, the researchers state that there is no difference between the educational outcomes of children in lone families and the child outcomes in step-parenting families (Coleman et al, 2 001; Henson et al, 1997; Ram and Hou, 2003). It might therefore be concluded that the deterioration of economic circumstances after separation or divorce may explain part, but by no means all, of the lower outcomes among children who have experienced parental disruptions.

The Lakefront Essay -- Descriptive Essay Examples, Observation

The Lakefront    Have you ever been to a place that you did not want to leave? This is the way I feel when I go to the lakefront. This is one of the most beautiful places that I have ever been. At night you can almost reach out and touch the stars and the sound of the water splashing is so peaceful.    I have many fond memories about the lakefront, it is the place where I can just get away and think. I have been to the lakefront thousands of times and every time is a different experience weather I am with my friends or if I go alone. When I was younger my mother would take me on the lakefront and I would play on the swings and the slides, little did I know my mother used to take me out so I could exert energy so I could get tired and she could put me to sleep.    I remember early mornings my dad would wake me up to go fishing on the lakefront and we would sit and listen to birds chirping and watch the boats passing. It seemed like we would never catch anything, but the time was never wasted. Every year we have our family reunion on the lakefront, there is...

Rbi and Its Roles

1. RBI and its Roles Reserve Bank of India (RBI) Reserve Bank of India (RBI) is the central bank of India. It monitors, formulates and implements India’s monetary policy. Established in the year 1935, RBI was nationalized in the year 1949. Owned fully by the Government of India, Reserve Bank has 22 regional offices in various state capitals of India with its headquarters located in Mumbai. It has a majority stake in the State Bank of India. Role of RBI RBI formulates the monetary policy, thus regulating and supervising the economy of India. RBI is the supreme banking authority in India.It sets the guidelines according to which the banking operations and financial systems within the country functions. i. Issuer of currency RBI is the sole authority for the issue of currency in India. Major currency is in the form of RBI notes, such as notes in the denominations of two, five, ten, twenty, fifty, one hundred, five hundred, and one thousand. RBI has two departments – the Is sue department and Banking department. The issue department is dedicated to issuing currency. All the currency issued is the monetary liability of RBI that is backed by assets of equal value held by this department.Assets consist of gold, coin, bullion, foreign securities, rupee coins, and the government’s rupee securities. The department acquires these assets whenever required by issuing currency. The conditions governing the composition of these assets determine the nature of the currency standard that prevails in India. The Banking department of RBI looks after the banking operations. It takes care of the currency in circulation and its withdrawal from circulation. Issuing new currency is known as expansion of currency and withdrawal of currency is known as contraction of currency. ii. Banker to the governmentRBI acts as banker, both to the central government and state governments. It manages all the banking transactions of the government involving the receipt and payment of money. In addition, RBI remits exchange and performs other banking operations. RBI provides short-term credit to the central government. Such credit helps the government to meet any shortfalls in its receipts over its disbursements. RBI also provides short term credit to state governments as advances. RBI also manages all new issues of government loans, servicing the government debt outstanding, and nurturing the market for government's securities.RBI advises the government on banking and financial subjects, international finance, financing of five-year plans, mobilizing resources, and banking legislation. iii. Managing government securities Various financial institutions such as commercial banks are required by law to invest specified minimum proportions of their total assets/liabilities in government securities. RBI administers these investments of institutions. The other responsibilities of RBI regarding these securities are to ensure – * Smooth functioning of the marke t * Readily available to potential buyers * Easily available in large numbers Undisturbed maturity-structure of interest rates because of excess or deficit supply * Not subject to quick and huge fluctuations * Reasonable liquidity of investments * Good reception of the new issues of government loans iv. Banker to other Banks The role of RBI as a banker to other banks is as follows: * Holds some of the cash reserves of banks * Lends funds for short period * Provides centralized clearing and quick remittance facilities RBI has the authority to statutorily ensure that the scheduled commercial banks deposit a stipulated ratio of their total net liabilities. This ratio is known as cash reserve ratio [CRR].However, banks can use these deposits to meet their temporary requirements for interbank clearing as the maintenance of CRR is calculated based on the average balance over a period. v. Controller of money supply and credit RBI has to regulate the claims of competing banks on money suppl y and credit. RBI also needs to meet the credit requirements of the rest of the banking system. RBI needs to ensure promotion of maximum output, and maintain price stability and a high rate of economic growth. To perform these functions effectively, RBI uses several control instruments such as – * Open Market Operations Changes in statutory reserve requirements for banks * Lending policies towards banks * Control over interest rate structure * Statutory liquidity ration of banks vi. Exchange manager and controller RBI manages exchange control, and represents India as a member of the international Monetary Fund [IMF]. According to foreign exchange regulations, all foreign exchange receipts, whether on account of export earnings, investment earnings, or capital receipts, whether of private or government accounts, must be sold to RBI either directly or through authorized dealers. Most commercial banks are authorized dealers of RBI. ii. Publisher of monetary data and other data R BI maintains and provides all essential banking and other economic data, formulating and critically evaluating the economic policies in India. In order to perform this function, RBI collects, collates and publishes data regularly. Users can avail this data in the weekly statements, the RBI monthly bulletin, annual report on currency and finance, and other periodic publications. 2. Asset and Wealth Management: mutual fund, different types of mutual fund and various products and services offered by mutual fund companies Mutual FundA mutual fund is a professionally managed Medium or vehicle that pools money from many investors and invests it in stocks, bonds, short-term money market instruments and other securities. Mutual fund is managed by professional managers who have deep knowledge and understanding of Stock Market, Bonds, money market. The combined holdings the mutual fund owns are known as its portfolio. Types of mutual fund Mutual Funds are of various types depending upon the f ollowing: 1) On the basis of structure This includes open-ended funds and close ended funds I.Open-ended funds Liquidity is the key feature involved which means these funds are like Open Box where investors can enter into or exit from an open-ended scheme anytime at NAV (Net Asset Value) related prices. Open ended funds are popular with investors because they operate in similar way to stock market where no maturity or lock-in period is involved. II. Close-ended funds A close-ended fund or scheme has a stipulated maturity period for eg. 5 – 7 years. The fund is open for subscription only during a specified period at the time of the launch of the scheme.Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchange where the units are listed. In order to provide an exit route to the investors, some close-ended funds give the option of selling back the units to the mutual fund through p eriodic repurchase at NAV related prices. 2) On the basis of asset class On the basis of Asset classes there can be Equity scheme wherein you invest in shares, Debt or Income scheme wherein you can invest in govt. ecurities, balanced scheme wherein you can invest in both equities and fixed income securities. 3) On the basis of investment objectives Investment objectives can be Growth scheme or Income scheme or Balanced scheme. | Growth Scheme| Income Scheme| Balanced Scheme| Aim| To provide capital appreciation over medium to long term| To provide regular and steady income to investors| To provide both growth and income by periodically distributing a part of the income ; capital gains they earn| Invests| Invests a major part of their fund in equities| Invest in fixed income securities like bonds and corporate debentures. Invest in both bonds and shares| 4) Other types A. Sector specific scheme Invest only in sector for eg. Infrastructure fund would invest in infrastructure companies . Sectoral funds carry a higher risk along with a higher potential to generate returns. This is because their fate moves with the sector in which they invest. Therefore if that sector performs well, they generate excellent returns. B. Index scheme Index attempts to replicate a stock market index or as closely as possible by investing in the stocks that form that index in the very same proportion.So a NIFTY index fund would have the same 50 companies that make up Nifty in the same weightage. The aim of an index fund is to replicate the performance of that market index. So if the markets are rising, then your investment will rise with almost the same percentage and if it is falling, you will get similar negative returns. The main advantage of investing in an index fund is the low Expense Ratio that is incurred in these funds as compared to other investments because it is passively managed funds. C. ELSS (Equity linked saving schemes)An Equity-linked saving scheme (ELSS) is a great inv estment option that offers the double benefits of Tax saving and capital Gains. Money collected under ELSS is mainly invested in equity and equity related instruments. ELSS Schemes have 3 years Lock-in period. Because of this, fund manager can have portfolio of stocks that can outperform over a period of time. The best way to invest in ELSS is through Systematic Investment Plan (SIP). With SIP you can invest a small amount every month for a specific time period.

Steinberg V the Chicago Medical School

Steinberg v The Chicago Medical School Appellate Court of Illinois, First District, Third Division. Mejda, P. J. , and McGloon, J DEMPSEY, Justice: In December 1973 the plaintiff, Robert Steinberg, applied for admission to the defendant, the Chicago Medical School, as a first-year student for the academic year 1974–75 and paid an application fee of $15.The Chicago Medical School is a private, not-for-profit educational institution, incorporated in the State of Illinois. His application for admission was rejected and Steinberg filed a class action against the school, claiming that it had failed to evaluate his application and those of other applicants according to the academic entrance criteria printed in the school's bulletin.Specifically, his complaint alleged that the school's decision to accept or reject a particular applicant for the first-year class was primarily based on such nonacademic considerations as the *806 prospective student's familial relationship to members of the school's faculty and to members of its board of trustees, and the ability of the applicant or his family to pledge or make payment of large sums of money to the school.The complaint further alleged that by using such unpublished criteria to evaluate applicants the school had breached the contract, which Steinberg contended was created when the school accepted his application fee. In his prayer for relief Steinberg sought an injunction against the school prohibiting the continuation of such admission practices, and an accounting of all application fees, donations, contributions and other sums of money collected by the school from its applicants during a ten-year period prior to the filing of his suit.He did not ask the court to direct the school to admit him, to review his application or to return his fee. The defendant filed a motion to dismiss, arguing that the complaint failed to state a cause of action because no contract came into existence during its transaction with Stein berg inasmuch as the school's informational publication did not constitute a valid offer. The trial court sustained the motion to dismiss and Steinberg appeals from this order. The 1974–75 bulletin of the school, which was distributed to prospective students, epresented that the following criteria would be used by the school in determining whether applicants would be accepted as first-year medical students: ‘Students are selected on the basis of scholarship, character, and motivation without regard to race, creed, or sex. The student's potential for the study and practice of medicine will be evaluated on the basis of academic achievement, Medical College Admission Test results, personal appraisals by a pre-professional advisory committee or individual instructors, and the personal interview, if requested by the Committee on Admissions. In his four-count complaint Steinberg alleged, in addition to his claim that the school breached its contract (Count I), that the school 's practice of using selection standards which were not disclosed in the school's informational brochure, constituted a violation of the Consumer Fraud and Deceptive Business Practices Act (Ill. Rev. Stat. , **589 1973, ch. 121 1/2, par. 261, et seq. ) and of the Uniform Deceptive Trade Practices Act (Ill. Rev. Stat. , 1973, ch. 121 1/2, par. 311, et seq. ) (Count II); fraud (Count III), and unjust enrichment (Count IV).Since we are in accord with the trial court's decision that the complaint did not state a cause of action under Counts II, III and IV, we shall limit our discussion to Count I. A contract is an agreement between competent parties, based upon a consideration sufficient in law, to do or not do a particular thing. It is a promise or a set of promises for the breach of which the law gives a *807 remedy, or the performance of which the law in some way recognizes as a duty. Rynearson v. Odin-Svenson Development Corp. (1969), 108 Ill. App. 2d 125, 246 N. E. 2d 823.A contrac t's essential requirements are: competent parties, valid subject matter, legal consideration, mutuality of obligation and mutuality of agreement. Generally, parties may contract in any situation where there is no legal prohibition, since the law acts by restraint and not by conferring rights. Berry v. De Bruyn (1898), 77 Ill. App. 359. However, it is basic contract law that in order for a contract to be binding the terms of the contract must be reasonably certain and definite. Kraftco Corp v. Koblus (1971), 1 Ill. App. 3d 635, 274 N. E. 2d 153. A contract, in order to be legally binding, must be based on consideration. Wickstrom v.Vern E. Alden Co. (1968), 99 Ill. App. 2d 254, 240 N. E. 2d 401. Consideration has been defined to consist of some right, interest, profit or benefit accruing to one party or some forbearance, disadvantage, detriment, loss or responsibility given, suffered or undertaken by the other. Riddle v. La Salle National Bank (1962), 34 Ill. App. 2d 116, 180 N. E. 2 d 719. Money its a valuable consideration and its transfer or payment or promises to pay it or the benefit from the right to its use, will support a contract. In forming a contract, it is required that both parties assent to the same thing in the same sense (La Salle National Bank v.International Limited (1970), 129 Ill. App. 2d 381, 263 N. E. 2d 506) and that their minds meet on the essential terms and conditions. Richton v. Farina (1973), 14 Ill. App. 3d 697, 303 N. E. 2d 218. Furthermore, the mutual consent essential to the formation of a contract, must be gathered from the language employed by the parties or manifested by their words or acts. The intention of the parties gives character to the transaction and if either party contracts in good faith he is entitled to the benefit of his contract no matter what may have been the secret purpose or intention of the other party.Kelly v. Williams (1911), 162 Ill. App. 571. Steinberg contends that the Chicago Medical School's informatio nal brochure constituted an invitation to make an offer; that his subsequent application and the submission of his $15 fee to the school amounted to an offer; that the school's voluntary reception of his fee constituted an acceptance and because of these events a contract was created between the school and himself.He contends that the school was duty bound under the terms of the contract to evaluate his application according to its stated standards and that the deviation from these standards not only breached the contract, but amounted to an arbitrary selection which constituted a violation of due process and equal protection.He concludes that such a breach did in fact take place each and every time during the past ten years that the school evaluated applicants according to their *808 relationship to the school's faculty members or members of its board of trustees, or in accordance with their ability to make or pledge large sums of money to the school. Finally, he asserts that he is a member and a proper representative of the class that has been damaged by the school's practice. The school counters that no contract came into being because informational brochures, such as its bulletin, do not constitute **590 offers, but are onstrued by the courts to be general proposals to consider, examine and negotiate. The school points out that this doctrine has been specifically applied in Illinois to university informational publications. People ex rel. Tinkoff v. Northwestern University (1947), 333 Ill. App. 224, 77 N. E. 2d 345. In Tinkoff, a rejected applicant sued to force Northwestern to admit him, claiming that the university had violated the contract that arose when he demonstrated that he had met the school's academic entrance requirements and had submitted his application and fee.His primary contention was that the school's brochure was an offer and that his completion of the acts, required by the bulletin for application, constituted his acceptance. In rejectin g this argument, the court stated: ‘Plaintiffs complain Tinkoff, Jr. was denied the right to contract as guaranteed by the Illinois and United States constitutions. We need only say that he had no right to contract with the University. His right to contract for and pursue an education is limited by the right which the University has under its charter.We see no merit to plaintiff's contention that the rules and regulations were an offer of contract and his compliance therewith and acceptance giving rise to a binding contract. The wording of the bulletin required further action by the University in admitting Tinkoff, Jr. before a contract between them would arise. ‘ The court based its holding on the fact that Northwestern, as a private educational institution, had reserved in its State charter the right to reject any application for any reason it deemed adequate.Although the facts of the Tinkoff case are similar to the present situation, we believe that the defendant's re liance upon it is misplaced. First, Steinberg is not claiming that his submission of the application and the $15 constituted an acceptance by him; he is merely maintaining that it was an offer, which required the subsequent acceptance of the school to create a contract. Also, it is obvious that his assertion that the bulletin of the school only amounted to an invitation to make an offer, is consistent with the prevailing law and the school's own position.More importantly, Steinberg is not requesting that the school be ordered to admit him as a student, pursuant to the contract, but only that the school be prohibited from misleading prospective students by stating *809 in its informational literature, evaluation standards that are not subsequently used in the selection of students. Furthermore, the school does not allege, nor did it demonstrate by way of its bulletin or its charter that it had reserved the right to reject any applicant for any reason. It only stated certain narrow st andards by which each and every applicant was to be evaluated.In relation to the preceding argument, the school also maintains that the $15 application fee did not amount to a legal consideration, but only constituted a pre-contracting expense. Consequently, the school argues that as a matter of law the $15 is not recoverable as damage even if a contract was eventually entered into and breached. Chicago Coliseum Club v. Dempsey (1932), 265 Ill. App. 542. In the Dempsey case, boxing promoters incurred expenses and entered into several contracts that were necessary for the staging of a heavyweight championship fight.However, most of the contracts were entered into prior to signing Dempsey (the then heavywright champion) for the event. For example, approximately a week prior to Dempsey's signing, the plaintiff entered into a contract with a fighter named Wills, who was to be the champion's opponent. Dempsey signed a contract but later breached it, and the fight promoters sued him for e xpenses incurred by them under the Wills contract and under other contracts **591 which had been entered into by them in anticipation of the champion signing a contract and fulfilling his obligation thereunder.The court stated: ‘The general rule is that in an action for a breach of contract a party can recover only on damages which naturally flow from and are the result of the act complained of. . . . The Wills contract was entered into prior to the contract with the defendant and was not made contingent upon the plaintiff's obtaining a similar agreement with the defendant Dempsey. Under the circumstances the plaintiff speculated as to the result of his efforts to procure the Dempsey contract. . . Any obligations assumed by the plaintiff prior to that time (of contracting with Mr. Dempsey) are not chargeable to the defendant. ‘ The defendant's reliance on the Dempsey case is also misplaced. Although it is a leading case for the proposition that expenses incurred during p reliminary negotiations to procure a contract are not recoverable as damages, it has no relevance to the allegations of Steinberg's complaint. The defendant misconceives and misstates his position when it asserts that the Tinkoff and Dempsey cases ‘are completely ispositive of plaintiff's argument that the informational brochure constituted an ‘offer' to evaluate applicants solely on the basis of criteria set forth therein, and the submission of an application with the $15. 00 fee the ‘consideration' *810 binding that offer and effecting a consummated contract. ‘ He does not claim that the brochure was an offer and his submission of a fee an acceptance of that offer. To repeat, what he does claim is that the brochure was an invitation to make an offer; that his response was an offer, and that the school's retention of his fee was an acceptance of that offer.We agree with Steinberg's position. We believe that he and the school entered into an enforceable contr act; that the school's obligation under the contract was stated in the school's bulletin in a definitive the school's stated criteria. application fee–a valuable consideration–the school bound itself to fulfill its promises. Steinberg accepted the school's promises in good faith and he was entitled to have his application judged according to the school's stated creiteria.The school argues that he should not be allowed to recover because his complaint did not state a causal connection between the rejection of his application and the school's alleged use of unpublished evaluation criteria. It points out that there is an equal probability that his application was rejected for failing to meet the stated standards, and since the cause of his damages is left to conjecture they may be attributed as easily to a condition for which there is no liability as to one for which there is. This argument focuses on the wrong point.Once again, Steinberg did not allege that he was damage d when the school rejected his application. He alleged that he was damaged when the school used evaluation criteria other than those published in the school's bulletin. This ultimate, well-pleaded allegation was admitted by the school's motion to dismiss. Logan v. Presbyterian-St. Luke's Hospital (1968), 92 Ill. App. 2d 68, 235 N. E. 2d 851. The primary purpose of pleadings is to inform the opposite party and the court of the nature of the action and the facts on which it is based.The Civil Practice Act of Illinois provides that pleadings shall be liberally construed to the end that controversies may be settled on their merits. Jorgensen v. Baker (1959), 21 Ill. App. 2d 196, 157 N. E. 2d 773; Ill. Rev. Stat. , 1973, ch. 110, par. 33(3). Therefore, a cause of action should not be dismissed unless it clearly appears that no set of facts can be proven under the pleadings which will entitle the plaintiff to recover. **592 Herman v. Prudence Mutual Casualty Co. (1968), 92 Ill. App. 2d 22 2, 235 N.E. 2d 346. Additionally, a complaint will not be dismissed for failure to state a cause of action if the facts essential to its claim appear by reasonable implication. Johnson v. Illini Mutual Insurance Co. (1958), 18 Ill. App. 2d 211, 151 N. E. 2d 634. A complaint is not required to make out a case which will entitle the plaintiff to all of the sought-after relief, but it need only raise a fair question as to the existence of the right. People ex rel. Clark v. McCurdie (1966), 75 Ill. App. 2d 217, 220 N. E. 2d 318.Count I of Steinberg's complaint stated a valid cause of action, and the portion of the trial court's order dismissing that count will be reversed and remanded. Alternatively, the school asserts that if Steinberg is entitled to recover, the recovery should be limited to $15 because he is not a proper representative of the class of applicants that was supposed to be damaged by the school's use of unpublished entrance standards. Fundamentally, it argues that it had no contract with Steinberg and since he does not have a cause of action, he cannot represent a class of people who may have similar claims.We have found, however, that he does have a cause of action. The primary test for the validity of a class action is whether the members of the class have a community of interest in the subject matter and the remedy. Smyth v. Kaspar American State Bank (1956), 9 Ill. 2d 27, 136 N. E. 2d 796. Even if the wrongs were suffered in unrelated transactions, a class action may stand as long as there are common factual and legal issues. Gaffney v. Shell Oil Co. (1974), 19 Ill. App. 3d 987, 312 N.E. 2d 753. The legal issue in this case would be the same as to each member of the class, and the factual issue–the amount payed by each member, an application fee of $15– identical. Steinberg alleged that in applying for admission to the school, each member of the class assumed that the school would use the selection factors set out in its 1974†“75 bulletin, and that admission fees were paid and contracts created, but that each contract we breached in the same manner as his.This allegation established a community of interest between him and the other members of the class in terms of subject matter and remedy, and since he has a valid cause of action against the school, the class has also. He is a proper representative of the class and his suit is a proper vehicle to resolve the common factual and legal issues involved even though the members of the class suffered damage in separate transactions. However, the class action cannot be as extensive as Steinberg's complaint requested.Recovery cannot be had by everyone who applied to the medical school during the ten years prior to the filing of his complaint. His action was predicated on standards described in the school's 1974–75 brochure; therefore, the class to be represented is restricted to those applicants who sought admission in reliance on the standards in that brochure. We agree with the school's contention that a State through its courts does not have the authority to interfere with the power of the trustees of a private medical school to make rules concerning the admission of students.The requirement in the case of public schools, applicable because they belong to the public, that admission regulations *812 must be reasonable is not pertinent in the case of a private school or university. 33 I. L. P. Schools, s 312. We also agree that using unpublished entrance requirements would not violate an applicant's right to due process and equal protection of law. The provisions of the due process clause of the Federal constitution are inhibitions upon the power of government and not upon the freedom of action of private individuals. 16 Am.Jur. 2d, **593 Constitutional Law, sec. 557. The equal protection clause of the 14th Amendment does not prohibit the individual invasion of individual rights. Gilmore v. City of Montgomery (1974), 417 U. S. 55 6, 94 S. Ct. 2416, 41 L. Ed. 2d 304. The order dismissing Counts II, III and IV is affirmed. The order dismissing Count I is reversed. The cause is remanded for further proceedings not inconsistent with the views expressed in this opinion. Affirmed in part; reversed in part and remanded with directions. MEJDA, P. J. , and McGLOON, J. , concur.