Payments and Finance Case Study Example | Topics and Well Written Essays - 3000 words

Payments and Finance - Case Study Example by July 07, 2009 as per terms of contract between Alpha and Delta. This case is akin to the case of The Honorable Society of the Middle Temple v.Lloyds Bank Plc, and Another (1999) I All ER (Comm) 193, in which, the English agent of a foreign bank partook of a robbed crossed cheque and credited the proceeds into the account of a third party instead of the payee. This agent was held to have acted in negligence. The learned Court, distinguishing between the duties the agent owed to the third party vis-'-vis what it owed to its principal, especially when the agent was duty bound, under the ordinary course of business to take cognizance of its principals' instructions. Thus, under this case, the agent was held negligible for failing to take steps to protect the payee's interests. As the Court observed, "This was not so where the loss arose from the agent's negligence in the actual performance of the collecting bank's request." 1 Similarly, in this case too, Mega Bank could be held... The instructions from Royal Bank to Mega Bank were to credit Alpha's account with the advance money within a day and yet this was not done. The advance payment forms an integral part of the agreement between the seller and buyer, and the inability of the buyers to meet this clause, could, at the option of the seller, lead to cancellation of the contract. As a matter of fact, the entire contract hinges, at the initial stage of the contract, on the release of the advance payment of the contract down payment of '50,000 on the part of the buyers, and the inability on the part of the buyers to effectuate and confirm this payment by July 07, 2009 could, at the option of the seller, lead to nullification of the contract. The contract could be rendered void by seller due to non-receipt of the advance payment within stipulated time that is within July 07, 2009. In this case the contract does not stipulate when the buyer should pay in the money, but stipulates that it should be received by the seller within 7 days of the contract. In other words, it mandates the minimum time within which the payment has to be effected and before t he time, after which the contract may lapse. "The moment the agreed period of deferral came to an end, the requirement to pay arose." (Litigation letter, 2004, para.1). In the event the sellers, Alpha, cancels the contract, the buyers, Delta is at liberty to proceed against the bank that has committed the error, that is Mega bank. From the point of view of the Grande Bank in Paris they have acted according to instructions of the buyer client, Delta. They had debited the buyer's account and had, at the same time also sent a Payment Advice through SWIFT to its correspondent bank in UK, Royal Bank

Gps systems in todays society Research Paper Example | Topics and Well Written Essays - 750 words - 1

Gps systems in todays society - Research Paper Example 4). The space segment is made up of at least 24 GPS satellites that orbit the earth twice a day in a specific pattern. The control segment is the segment responsible for constantly monitoring from the ground, the satellite’s movements, signals and orbital configuration. The user segment consists of the GPS receiver which collects and processes signals from the GPS satellites which then determines and computes location, velocity and time. Three aspects were emphasized during the development of the GPS3 (Zogg 9). First, it must assist its users in determining position, speed, and time, whether an object is in motion or at rest. Second, irrespective of the weather, it must have a continuous global, 3-dimensional positioning capability with a high degree of accuracy. And lastly, even ordinary people must be able to use it. This last aspect is the reason why GPS is now widely used not only in military operations but also in our everyday lives. GPS has a plethora of uses in our society today. Its applications can be found in various industries. Foremost among its uses is the tracking of people, commodities and the different modes of transportation. GPS receivers are used for determining position, speed and time. It can be used everywhere except in areas where receiving a signal is impossible such as innermost parts of buildings, caves, underwater or other subterranean locations. In the military which was originally the intended purpose of the GPS, aircrafts, ships, submarines and tanks use it for basic navigation, target designation, close air support and weapon technology4 (Garmin Ltd. 6). In aviation, GPS is very useful because pilots use it for navigation and determining airport approaches. In space, GPS helps track and control satellites in orbit. Space shuttles also use the same technology. At sea, the most typical use of GPS is for navigation by recreational