College: A Sound Investment Essay

Cost is consistently about misfortune. Whenever we consider opportunity cost, we consider what misfortunes an open door brings us. One of the most suffering â€Å"opportunities† people get is training. Society is submerged in messages about the advantages of instruction, yet shouldn't something be said about the expenses? Any significant choice ought to include a sound money saving advantage examination. Do the advantages exceed the expenses? This is the fundamental inquiry of choice makingâ€of venture. Is school worth the speculation? With regards to this inquiry, I would initially require a gauge of the expense of school. To start with, I would count the essential, clear expenses. Educational cost, books, food and lodging, travel costs (for workers): every one of these parts would deducts from my funds. Assume these costs mean around fifteen thousand dollars for every year. Presently, in the event that I deducted around 5,000 dollars for grant, I would be left with a net obligation of ten thousand dollars for every year. Toward the finish of my school understanding, the cost of school would associate with forty thousand dollars, right? Incorrectâ€I have neglected to consider the â€Å"hidden† expenses of school. Specifically, I have not aken into account the wages I have lost since I decided to be in the study hall instead of in the workforce. With a secondary school instruction, I may have expected a vocation that pays maybe fifteen thousand dollars every year. Four years of this compensation would leave me with a gross benefit of sixty thousand dollars. In this way, what is my general expense of school now?†¦ 100,000 dollars. What was I thinking? For one, I was imagining that without an advanced education I could have anticipated that my wages should ascend by all things considered 5,000 dollars, on the off chance that I was being liberal. No progression in my nowledge or ranges of abilities would have related with no activity development openings and subsequently no noteworthy pay development. Thusly, shy of winning the lottery, my wages would remain generally stale. I was likewise feeling that with a professional education as my support, I would have the influence to situate myself into a passage level employment that would pay at the base twenty-thousand to twenty-5,000 dollars. Further, I was imagining that passage level positions lead to headway. Section level positions lead to circumstance. With a time of solid ork ethic, I have a good possibility of breaking the forty to fifty thousand dollar obstruction, if not more. With only two years of such a pay, I would make up for the one hundred thousand dollar venture I made to guarantee my vocation. I was believing that I would much rather resign with a total assets of in the several thousands as opposed to the possibility of a retirement where the number 100,000 is still as mysterious and subtle as that triumphant lottery number. Generally significant, I was feeling that I would readily pay the â€Å"opportunity cost† today to understand the â€Å"opportunity†Ã¢â‚¬for myself and for my future familyâ€tomorrow.

Discussion Questions Essay Example | Topics and Well Written Essays - 500 words - 9

Conversation Questions - Essay Example As indicated by Maslow, â€Å"each level of need must be fulfilled before an individual is prepared to take a stab at fulfillment of the following more significant level of need.†(Milliken, 1998) The drive for accomplishment has regularly superseded the drive for fundamental needs. In some cases in a careless way, as with Picasso’s need to make causing him to overlook every other need, or once in a while it is finished with reason so as to accomplish an objective that fulfills one of different needs. The imaginative psyche will concentrate so eagerly on its creation that every other need are overlooked in the quest for the articulation that is planned to be communicated. The inquiry at that point becomes, is the focal point of the craftsman ready to characterize the person in question as intellectually solid, or by righteousness of the all devouring center is psychological maladjustment present? Accomplishment doesn't generally demonstrate great emotional well-being. With the assumption that Maslow’s progressive system is a case of a sound brain, at that point disregarding essential physical and social needs that should precede the need of innovativeness would show mental incapacity. In any case, not just a craftsman may neglect to eat or rest. Numerous callings may block the necessities of the body for the need to achieve an objective. A researcher very nearly revelation could undoubtedly neglect to eat or rest while concentrating on that objective. Any objective that has need in the psyche of the person who is wanting to accomplish that objective may meddle with the essential needs. To disregard the D-needs, or insufficiency needs for the necessities at the self-realization level is a circumstance that originates from a the idea of drive. That drive that forces those of extraordinary ability or astuteness to seek after the focal point of that blessing is excluded from the reasonable thought of Maslow’s hypothesis. The idea of higher reason for existing is likewise not mulled over in Maslow’s hypothesis. Penance for a more prominent need regularly will be taken by a person who accepts that the reason for their activities out way the

Missing Pieces

Missing Pieces As you may have read on the front page of mitadmissions.org, our fabulous Records Office team has processed all of the mail we have received. This is a good time for you to check your application tracking on MyMIT. It will show what materials we have processed for you. We should have the following: Application Part 1, Application Part 2, Secondary School Report and Transcript, Evaluation A, Evaluation B, Testing Requirements, and, if applicable, Interview Report. What happens if the tracking system is missing something? First, do not worry. We do not assign blame on why we dont have it, we just know that we have not processed it. We will not look at your application unfavorably because it is missing an application component at this time. There are still more weeks of reading to be done, so as long as you get us the copies in a timely manner, well be able to evaluate it before selection committee begins. The best way to get us a missing piece is by fax. Our Records Office fax number is (617) 258-8304. If we are missing an evaluation, the teacher may fax a copy to us. If they need another copy of the evaluation form, you can get a PDF from the tracking system. If you had an interview more than two weeks ago and we havent yet processed it, you should fill out the Conducted Interview form on the MyMIT Application Tracking Detail page. We will follow up with your Educational Counselor. If we have not processed standardized test scores that that you had the testing agency send us, then you may fax us a copy of an official score report. We will follow up with the testing agency. As mid-year grades are not yet available for most students, we do not expect that most students have sent in the Mid-Year Grade Report. You should send this in as soon as possible after your grades are available. Bottom line: do not stress if we are missing pieces. It happens every year for reasons usually beyond your control. No worries.

How Could One Not Feel Guilty When Looking Into A Test

How could one not feel guilty when looking into a test animal’s eyes and seeing all of the pain and suffering that they have endured? Over 75-100 million animals are used for scientific and medical research per year. (Baumans) Animals should not be used for scientific and medical research because it is unethical, humans and animals are not genetically identical resulting in failed tests, and there are other techniques to conduct research. â€Å"Killing by carbon dioxide asphyxiation, neck-breaking, decapitation, and other means† (qtd. ProCon) are all results of what happens to the animals after they have fulfilled their purpose in biomedical research if they are not killed during experimentation. Using animals for scientific and medical†¦show more content†¦While some may say that animals can help find cures for diseases, humans and animals react differently to many substances because theirsince the genetics are very different. Many tests have turned out to cau se more harm than good. For example, aspirin is harmful to animals but because of human research, it was found to not be harmful for humans. The sleeping pill thalidomide caused birth deformities and the arthritis drug Vioxx caused thousands of heart attacks and deaths with many thousands of people. (ProCon) Both of these drugs were previously tested on animals and had positive or no effects. Many differences are found between the species including anatomic, metabolic, and cellular differences with the genetics. Everyday, both humans and animals are exposed to different surroundings in the environment which may influence a disease or ruin a test group. Humans influence their risks of diseases with everyday decisions so animals should not be used in testing with their different mindsets. Some people say that animals are extremely similar to humans. However, if this is the case, theny shouldn’t animal captivation and research be compared to the enslavement of human beings? (Goo dwin) With the genetic differences among humans and animals along with all of the harm that they have suffered through, other methods of research should be used. If organizations are worried about the costs so much then animal testingShow MoreRelatedThe Trials Of The United States932 Words   |  4 PagesThis test states the defendant is only liable if he had done the very last act before the crime (College Law 2010). The concept of the task is to show and ensure the defendant’s intention was serious. However this also provides the defendant an opportunity to avoid liability right up until the last moment. Most courts would be very reluctant to use this method, as it does seem too strict. For example if the defendant follows his victim with a gun and takes aim he could not be charged with attemptRead MoreUse Of Gibbs Reflective Model ( Gibbs.1998 )1688 Words   |  7 Pageswant her father sat out of bed unless he was given one to one care. 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Many teachers have taken acceptable measures in improving their students’ scores, such as simply â€Å"teaching to the test†, and taking class time to teach test taking techniques and procedures often resulting in a significantRead More Standardized Testing and Teacher Cheating1640 Words   |  7 Pagestesting has resulted in a focus on extensive test preparation, as well as a large increase in the numbers of teachers cheating by alternating their students test scores. Both these phenomena are a direct consequence of the incentives and punishments directly linked to standardized test results. 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Wedding Speech My Office At Night - 1078 Words

Setting: my office at night, everyone has left but me. You come to have dinner with me because it will be a late night. Outfits: Me: khakis, dress shirt, tie, undershirt, boxers. You: white button up tucked in a short navy blue skirt, with dark pantyhose, and a pink thong, and also a sexy hot pink bra. You walk in and I greet you with a kiss and hug my babygirl. I tell you how much I love you and how thankful I am that you came to bring me dinner. You say that it s all for me, but secretly inside its because you ve been horny all day and need me to fix that for you. We go to my couch in my office and start to eat, we eat fast because I have to get back to work because I have a huge presentation in the morning, however after dinner you†¦show more content†¦You decide that you are going to spend the night with me as I work and fall asleep on my couch for about 30 minutes. When you wake up you feel the urge to cum again, however I m not able to because I m on the phone with the other person in presenting with. So in your horny state, you start to masturbate on my couch. At first I do not notice you as I m so wrapped up in my call, but then you start to moan. Once I hear it I quickly hang up the phone and try to figure out what you re doing. As I go over to you, I stop by your head and ask what you are doing, and instead of saying anything you sit up and unzip my pants and take out my semi erect penis and start to suck it. At first I try to stop you from blowing me, however feeling your wet tongue lick all around my hard dick I decide to let you keep going. After a couple of minutes, I cum my big load into your mouth and you swallow it all at once telling me how good I taste, and how you wanted to do more. At this point I have given up on my presentation and decide that I m going to spend the whole night doing you. So I decide that you ve been a bad girl and need to be taught a bit of a lesson, so I clear off my desk and put you on top. You start to giggle cause you know that you re about to have my hard dick inside you soon, however I m going to make you cum without it first. So I start to kiss your neck as you re on my desk and your breathe starts to change. After a

The Missouri Compromise Free Essays

The Missouri Compromise is one of the agreements that would eventually lead to the shaping of the United States as it is today. The controversy that has arisen prior, upon and after the institution of the Compromise is based upon the principles of the Constitution and the principles underlying the Declaration of Independence. While the Constitution of the country during the Missouri Compromise allowed for the use of slaves, the validity and morality of holding slaves have been heatedly debated upon. We will write a custom essay sample on The Missouri Compromise or any similar topic only for you Order Now The United States have declared and fought for their independence on the principle that â€Å"all men are created equal. † That the United States continues to tolerate and use slavery is a paradox to the principle from which they have gained their independence. The Northern States have been fighting to abolish slavery. However, the Southern states’ economy depended on their use of slaves, from which they have been relying upon for the past two centuries and has become an integral part of the Southern life. Slavery is an issue critical of the Missouri Compromise. For decades, the United States Senate has maintained a balance of power by having equal representatives from â€Å"free† Northern states and slave-holding Southern states until the application for statehood by the Missouri territory in 1819 as a slave state. If Missouri is allowed to enter as a slave state, slave holding states would have more representations in the Senate. Even if they were allowed to enter as a free state, the territory at that time have about 2,000 slaves and the representation would more likely to favor slavery. Simply put, the future of the country, whether it will predominantly be composed of slave-holding states or of â€Å"free† states is at stake. New York Representative James Tallmadge proposed to admit Missouri into the Union provided that the further introduction of slavery is prohibited and that all children born in the state shall be freed at the age of 25. However, the proposal was met with fierce opposition in the Senate. Fortunately, Maine has petitioned to enter as a â€Å"free† state in 1820. While Southern states refused to allow Maine into the Union without allowing Missouri to enter without restrictions and the Northern states refused to allow Missouri in to the Union without allowing Maine to enter without restrictions, the petition would resolve the balance of power in the Senate. Admitting Missouri and Maine at the same time as â€Å"slave† and â€Å"free† states respectively would result into an equal number of representations in the Senate. However, there is still the question of whether to allow future petitioners to enter the Union as â€Å"free† or â€Å"slave† states. Eventually, the Missouri Compromise was agreed upon, allowing Missouri to enter as a â€Å"slave† state and Maine as a â€Å"free† state, with provisions that all future Louisiana Purchase territories that petitions for statehood north of the 36 °30’ parallel would be prohibited to enter as â€Å"slave† states. Unfortunately however, debates regarding slavery continued to persist until the Missouri Compromise have ultimately been repealed by the Kansas-Nebraska Act in 1854. The Act provided for the settlers in the territories of petitioners for statehood whether to enter the Union as â€Å"free† states or as â€Å"slave† states. This is in contrast with the restrictions imposed upon by the Missouri Compromise. Furthermore, the United States Supreme Court in their decision in the Dred Scott case ruled that the Congress did not have the authority to prohibit slavery in the territories, implicating that the provision held in the Missouri Compromise to be unconstitutional. The debates regarding slavery would divide the nation and eventually lead to the Civil War. How to cite The Missouri Compromise, Papers The Missouri Compromise Free Essays Coming back to the beginning of the American history, when the United States consisted of only thirteen states, the representatives of the northern (lets call them as â€Å"free†) and southern (lets call them as â€Å"slave†) states had almost the equal rights in the Congress. Also, it should be pointed out that slavery problem didn’t arise during that period of time. However, the situation was completely changed, when the boundaries of United States approached to West. We will write a custom essay sample on The Missouri Compromise or any similar topic only for you Order Now Both the northern and southern parts were worried about the advantages in the parliament, which, as it is known, was formed on the basic of the following principles: the members of House of Representatives and two deputies from each state – the Senate. In fact, just the Senate became the main reason of the â€Å"battle† between the North and South later. It should be emphasized that in the first half of the nineteenth century two main tendency or saying in other words two main ways of bourgeois development took place in the U.S.: one – in the North, other – in the South. So, the main questions of the second American Revolution were the following: Would the further development of capitalism in the U.S. be provided with a way of slavery destruction and would the victory of a free farmer over the slave-owning system take place in the future? Firstly, the main reason of mass contradictions and conflicts became customs tariffs. The point is that, the Northern bourgeoisie was interested in selling the production and therefore demanded high customs for the manufactured goods which were brought from abroad. Slave-holders didn’t support them. So, Legislative Assembly of the South Caroline state in 1832 demanded the complete cancellation of customs tariffs, threatening to disconnect from the U.S.A. The main its argument was so-called â€Å"nullification† doctrine, according to which, states can ignore the decisions of the federal authority if they didn’t correspond the constitution. It is clear, that such kind of explanation was very profitable for the separatism representatives, especially in the South of the country. In general, collisions of interests of industrial bourgeoisie and slave-owners led to the unavoidable conflict, which afterwards caused the civil war.   It is obvious that, the given conflict became the beginning of the very tense fight between the following economical systems:   strengthening bourgeois system and weakening slave-holding one.   On the background of the given fight, the political history of America at the period between the independence and civil wars was more visible. Also, at the beginning of the 19-th century various disagreements arose between the representatives of the following political parties: the party of federalists and the party of democrat-republicans. The first party was established by Hamilton. So, focusing on the huge bourgeoisie and successful planters, federalists didn’t want to support the democratization of the constitution. As to the Republican party, at the head of Jefferson, it was highly supported among the industrial bourgeoisie, small planters, farmers and craftspeople. The main purposes of the given party included: the development of bourgeois-democratic freedoms and restrictions of the huge planter’s activity. The beginning of the long conflict was considered to be raising a question on Missouri State. Coming back, we can see that when the territory of Missouri applied for admission to statehood, the Congress and the nation were confronted with a unique substantive question that had far-reaching implications both for the settlement and for the future political status of all the states that might be carved from the vast area acquired from France in the Louisiana Purchase of 1803. Nevertheless, despite all faced difficulties and problems Missouri managed to become a state in 1818   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  (Bartelby, 2006, p.1). However, the settlers from Missouri also wanted their state to be a slave state. So, the question: â€Å"Should slavery be allowed in the new state of Missouri?† was suggested to be the most important for the citizens of that state at that moment (Blaustein, 1968, p.16).   The fact that southern slaveholders had already migrated into the Missouri territory made the question more than academic. The Congressmen from the North did not want another slave state. Also, at the same time Maine asked to be admitted to the Union ( p.17 ).   The discussion on the given problem was very dangerous for the U.S. because it could lead to the split of the country into two enemy sides. Planters tried to create the special law, according to which, the state would have to receive slave status, however they faced mass protests from the delegates of free states. Nevertheless, the given conflict was finished by the Missouri Compromise in February of 1820. As a result, the new agreement was reached, according to which, Missouri had a slave status, but the new Maine State was simultaneously accepted to statehood as a free one. Also, the territory north of 36†² 30†² north latitude was considered to be free ( p.17 ). Afterwards, the act of March 6, 1820 took place, according to which, fugitive slaves could be apprehended north of the compromise line and returned to their owners. As the American history showed, Missouri Compromise was regarded to be the most long-lived, because no states applied for admission to the statehood of the U.S.A. during the next thirty years. Coming to the conclusion, we can say, that obviously the acceptance of free states undermined the positions of the slave-holders in the Senate. In fact, the Missouri Compromise managed only to suspend the open battle between two economical systems. Later, it was broken when the question, which was connected with the future of such states as California, New Mexico and Utah, was raised. In 1854 the dispute over two states Kansas and Nebraska, which were located north of   Ã‚  Ã‚  36†² 30†² north latitude touched upon the Missouri Compromise again. As the result, the 36 °30 ´ proviso held until 1854, when the Kansas-Nebraska Act repealed the Missouri Compromise completely. References Bartelby, Inc. The compromises of 1820 and 1850. Retrieved July 20, 2006 from http://www.bartelby.net/65/mi/MissrComp.html    Blaustein A.P. (1968). Civil Rights and the Black American. A Documentary History, 9, 16-19                         How to cite The Missouri Compromise, Essay examples

Consideration is one of the Elements of a Valid Contract Sample

Questions: 1.Based on the above Provision, discuss the Consideration as one of the Elements of a valid Contract under the Malaysian law. By referring to the Statutes and decided cases, Compare the Position of Consideration between the Malaysian law and the English law. 2.Choose ONE Insurance Company and ONE takaful company in Malaysia. Compare and Discuss the Principles related to Insurance Contract Offered by both Companies. Support your Discussion with relevant Provisions from the Statutes. Answers: Introduction 1.Consideration is one of the elements of a valid contract. Generally, consideration is the price that a party pays pursuant to the contract. In order to understand what consideration is, a party to a contract should ask himself or herself what benefits he or she derives from the agreement or the promise. The courts in trying to establish an existence of a valid contract will establish whether there was a consideration or not. The courts will not be looking at the adequacy of a consideration since it does not matter how small it could be. Under s.2 of Contracts Act 1950 (My), the definition of a consideration is a price which a party gives in relation to a promise made to him. Such a promise is for doing something or not to do an act pursuant to the terms therein. A consideration would, therefore, be payable where a party has done something as agreed. There are two requirements that form a valid consideration. First is the legal sufficiency, in other words, the value of the performance ought to be equivalent to the value of the consideration. Secondly, the consideration must be bargained by both parties. Parties should agree on the consideration that would be payable in such an instance. Again, a party to a contract cannot rely on what he ought to statutorily do in establishing a consideration. A party to a contract should act beyond what he is ordinarily supposed to be doing. A promise by an individual or a performance of a duty that such a person is obligated to do not amount to consideration. On the aspect of bargained for, there is an exchange of promise between the contracting parties, both parties benefit from the contract or they get a detriment in accordance with their agreed terms. Under Malaysian contract laws, there are several rules relating to consideration. I have here below discussed the rules relating to both Malaysia and England and made a comparison. Past consideration Under Malaysian law of contract, it is considered that past consideration is good enough to establish a valid contract. The court applied this rule in the case of Kepong Prospecting Ltd Ors v. Schmidt (1968). A past consideration generally entails an act performed before the contract came into place. In many jurisdictions, a past consideration is not usually relied upon and is unenforceable in the court of law since it entails an act or a promise made in the past before the contract came into place. Subject to s.2 (d) and 26 of Contracts Act 1950 (My), a past consideration is valid. It has been argued by the proponents of past consideration that the courts should not be concerned whether the consideration was made earlier or not. They argue that provided there is a consideration the courts should endeavor to give effect to that consideration. As stated here above, past consideration is not enforceable in other jurisdiction, especially under common law jurisdictions. The court in the case of Re McArdle (1951) the court of appealed re-emphasized that a past consideration was unenforceable. This was in relation to a promised made after the performance. Natural love and affection as a consideration The Malaysian case of Re Tan Soh Sim Ors v Tan Saw Keow (1951), defined what natural love and affection are. In this case a mother who was about to die wanted her property to be given to her adopted children, however, the court held that since there was no natural love and affection, such a promise would not be enforceable. The promised was also unwritten. Therefore, there are instances where a valid contract would be held to be existing even though a consideration might be lacking. Natural love and affection is such an instance where consideration needs not be provided. Under Malaysian Contract Act 1950 (My) s.26 (a) natural love and affection ought to be in writing in order for it to be enforceable in Malaysia. Natural love and affection are however not a valid consideration under common law jurisdictions. In the case of Brett v JS Wife[1600] 79 ER 9 7 (2003), the court was of the view that natural love and affection does not constitute a valid consideration hence cannot be enforced by the courts. Who provides a consideration? Under common law, a consideration is ordinarily made by the promisee. The promisor ordinarily makes a promise where the promisee must provide a consideration in accordance with the promise made. However, under Malaysian, any person to a contract may enforce that contract even though he has not made or advanced any consideration. The consideration is not also always given by the promisee as is the case in common law jurisdiction. What stands out under Malaysian Contract law is the fact that a third party to the contract can provide the consideration. Pursuant to s.2 (d) of the Contracts Act 1950 (My), a third party can provide consideration. This principle can be dated back to the case of Venkata Chinnaya v Verikatara Ma'ya (1881), where the court gave effect to an instance where a third party had given the consideration. Consideration Need Not Be Adequate but Sufficient Generally, a consideration under contract law does not need to be adequate. The courts will not inquire into the adequacy of a consideration but would simply establish whether there was a consideration in place. The reason for such a decision by the courts is that parties are free to contract on whatever terms they agree on even if they are absurd or inadequate in the eyes of a reasonable person. The House of Lords in Chappel Co v Nestle (1960), held that where the economic value of the consideration is so trivial, the court would still hold a to contract to be valid. Under the Malaysian Contract law section 26, the consideration provided need not be adequate unless consent was given out of duress. In the case of Phang Swee Kim v Beh I Hock (1964) the court held that what is important is for a consideration to be present. The adequacy of the consideration is irrelevant. As I have highlighted here above, as an exception to this instance, a party to an agreement cannot claim to have provided a consideration where statutorily he performed that which he ought to have done Part Payment of Debt As a general rule, part payment of the debt does not discharge a party from payment of the outstanding balance. Therefore, part payment is not a good consideration for a discharge of the debt. However, as an exception to this principle, when parties to a contract agree that part payment is or would be for the satisfaction of the full debt, the creditor would not again sue for the outstanding balance. This principle was established in the In Pinnel's Case (1602). Where a third party is supposed to partly pay the debt as agreed for the satisfaction of the whole debt, the creditor would not sue for the outstanding balance. The court in the case of Hirachand Punamchand v Temple (1911), reiterated this principle. The court held that part payment by a third party is a valid consideration. Performance of a public duty The performance of an existing duty entails a situation where one of the parties in consideration to the promise made offers to perform what ordinarily he is supposed to do. The question that arises from here is whether in such an instance there is a good consideration. The court in the case of Currie v Misa (1875), expounded what a consideration is, and it stated that a consideration is a form of profit, benefit or advantaged gained from the agreement by a party. Consideration can also be a detriment, disadvantage or a loss occasioned under that agreement. Therefore, a consideration ought to be more than what a party is ordinarily supposed to do. The court in the case of Balfour V Balfour (1982) also held that a consideration is invalid if it entails a duty to perform what a party is ordinarily supposed to do. An existing contractual duty As a general rule, an existing contractual duty does not constitute a valid consideration. The court in the case of Stilk v Myrick (1809) held that where there is a pre-existing contractual obligation a valid consideration would be deemed to be lacking. However, if a party performs beyond his contractual duties there would be a valid consideration. The court reiterated this in the case of Hartley v Ponsonby(1857). In conclusion, from my discussion here above, it can be evident that Malaysia and English laws vary in some few rules relating to a valid contract. For instance, the issue of past consideration, a party who is advancing the consideration and natural love and affection in relation to consideration are examples of principles that vary between the two areas of jurisdiction. However, both jurisdiction share principles such as the performance of a public duty, pre-existing contractual obligations, consideration being adequate and not sufficient and part payment. 2.For purposes of our study herein, I will take Berjaya General Insurance Bhd and Great Eastern Takaful Berhad insurance companies. These companies are operational in Malaysia and they run insurance businesses. Great Eastern Takaful Berhad, which is a Takaful insurance company, offers insurances in many areas ranging from health, wealth, business and including savings. On the other hand, General Insurance Bhd which is a general insurance company offers insurance covers for traveling, for health and accidents among others. It is important to highlight the difference between the two companies in terms of their constitution. Takaful companies are Muslim related insurance companies. These companies must be compliant with Sharia law. In terms of its operation, it does not allow investment in income related fields. The other distinguishing feature between the two insurance companies is that for general insurance when a policy is bought the risks are pooled together and transferred to the insurance company. However, for Takaful participants and insurance companies, the participants generally do not transfer risks but they rather pool together their risks and share between each other (Jaffer, Ismail, Noor, Unwin Ajayi, 2010). Finally, the other distinguishing feature relates to shareholders fun. For insurance companies, this fund is owned by the company itself, since ordinarily all risks are transferred to the insurance company. For Takaful companies, however, the participants and operators in these companies own the shareholder's fund. Whenever a member encounters health issues or otherwise as provided under the policy, the donations made by the company are used to compensate. Now, let us turn to the principles of insurance that relate to the two insurances companies that I have referred to in the above paragraphs. The principle of utmost Good Faith Generally speaking, insurance law emanates from the law of contract. In contract, the parties to the contract ought to contract from utmost good faith (Kirke La Shelle Co. v. Paul Armstrong Co., 1933). The principle of utmost good faith is a fundamental principle in insurance law too. For insurance companies, the insured is supposed to provide true information within his knowledge on the subject matter to be insured. If wronged information is given, the insurers liability would be void and hence the insurer would not be compensated. In Takaful companies, this principle of insurance is also present. Its been resolved that this principle should be applied in Takaful companies (Thanasegaran, 2016). For these companies, whenever it is discovered that the terms of insurance were fraudulently given by the insured, he is not supposed to be compensated at whatsoever cost. The participant would, however, be given what he contributed to the shareholder's fund. The principle of utmost good faith has been thought to be in consonance with the Islamic Sharia law since it emphasizes on honesty in whichever activity that a person indulges in (Aziah, 2012). Principle of Insurable Interest For most insurance companies, this principle must be there. An insurer must have an insurable interest in a property that he or she seeks to insure (Insurance Act 1996 s. 186.2 (My). The above principle simply means that a property that you are seeking to insurer should either belong to you or you have an interest in the said property since you cannot insure what does not belong to you or in other words that which you have no pecuniary interests in. Insurance companies have this principle at hand. The only question that an insurer should ask himself is whether he would suffer if the said property or subject matter of insurance is affected. Therefore, for Malaysian insurance companies, a person seeking to purchase a policy must prove that they have an insurable interest. For Takaful companies, this principle has been incorporated too. During its 52nd meeting, the SAC has established that this principle does not offend Sharia law and hence it should be applicable to Takaful insurance companies. Principle of Contribution The principle of contribution is the same as the principle of indemnity (Insurance Act 1996 s.191 (My). Under this principle, the insurers are not supposed to profit from the transaction. Insurance companies are only supposed to get a compensation of what they lost and not anything or amount above. That would be contrary to the principle of contribution. Such a situation arises where an insured has purchased a policy in more than one insurer. Ordinarily, he would not be compensated above the amount that he lost. For Takaful companies and participants, an individual is only supposed to get a compensation of the amount that he lost (Takaful Act 1986 s. 16 (My). One of the principle elements in Takaful is also the contribution (s. 25). These companies only seek to indemnify and not profit a participant of in the scheme. Principle of Subrogation The principle of subrogation provides that an insured loses his right in relation to the subject matter after he has been compensated by the insurer (Soe, 1987). An insurer, for instance, would not go to a court of law to try to enforce his right in relation to the subject matter in which he has been compensated. The right in relation to the subject matter shifts to the insurer. In the above scenarios, the insurer is the one who usually pursues the interests of the insured, for instance, in claiming the amount that he paid the insured. It should not worry the insured the amount that would be payable since his claim would have already been settled by the insurer. The above principle is also applicable to Takaful insurance companies (Rose, 2013). Once the contributor has been paid the amount that he lost, the Takaful company would ordinarily take up the contributors interests and rights and seek to obtain the amount that is payable therefrom. Principle of Loss Minimization Under this principle, the insured should endeavor to ensure that the insured subject matter is well taken care of. There should be no negligence on the part of the insurer in handling the subject matter or else he faces the risk of not being compensated. The principle of loss minimization is used in many general insurance companies in Malaysia. For Takaful companies in Malaysia, this principle though silent, it is present. There is a committee in Takaful companies whose advice and opinion is to key to the operations relating to compensation. In these companies, elements of gambling, negligence or uncertainty established whether they exist or not (Mahmood, 1991). Therefore, an individual who is not sincere in relation to the subject matter in question cannot successfully claim for compensation. Principle of nearest cause The principle of the nearest cause (Giampietro, 2011), majorly applies to general insurance companies in Malaysia. It provides that where there are two or more likelihoods of causes of a loss, it is the nearest cause that would be assumed to have caused the loss. The above principle is essential to the insurer in trying to prove the cause of the loss and therefore who would pay the insurer. Distinguishing insurance principles behind Takaful There are few principles that distinguish Takaful insurance companies from other insurance companies. This paper discusses these principles here below. Risk Sharing Risk sharing is one of the key principles behind the formation of these companies. As I highlighted here above, participants in Takaful voluntarily contributes to forming a pool of resources that cover their risks. For conventional insurance companies, there is payment of premiums while in Takaful there is a voluntary contribution. At the end of the financial year, any surplus amount of loss occasioned is shared amongst the contributors. There is no such sharing in conventional insurance companies in Malaysia. Mutual responsibility and protection Takaful companies are meant to help individuals in the society that encounter misfortunes which were obviously unforeseeable. Takaful would help restore such persons to the position they were prior to the misfortune. They do not exist to make a profit, unlike conventional insurance companies. Mutual protection (Mahmood, 1991) is the consequence of mutual responsibility. Individuals are protected from losses that would obviously take them down. Risks that are otherwise not out of their fault are insured against and hence their future is taken care of. Solidarity Whenever the participants contribute to Takaful, they foster their solidarity (Takaful Act s. 4.2 (My). Takaful seems to bring Muslims together, this is especially because Muslim Sharia laws form part and parcel of the law that governs the insurance policies. Conclusion From my discussion here above, we have seen the differences in terms of the principles that govern both Takaful insurance companies and General insurance companies. To begin with, we should note that Takaful companies are Muslim related, seeking to insure them against health related incidences and generally their welfare. However, for general insurance companies in Malaysia, they are not based on religion and generally they operate general insurances running from travel related to personal insurance among others. There are several principles of insurances that are common between the two companies. They include the principle of utmost good faith, the principle of insurable interest, the principle of contribution, the principle of subrogation and principle of loss minimization. For Takaful companies, however, we should note all principles related thereto were supposed to be in consonance with Sharia law. A principle to which Sharia law is against cannot form part of the principles of insurance. Finally, what distinguishes Takaful companies is their solidarity. Their contribution is meant to foster their unity and to insure them from risks that might be occasioned. They also do not make a profit, a surplus amount is supposed to be shared by the contributors. Conventional companies are different since there is no contribution but instead there is payment of the premiums. References Aziah Abu Kasim, N. (2012). Disclosure of Shariah compliance by Malaysian takaful companies.Journal of Islamic Accounting and Business Research,3(1), 20-38. Balfour v. Balfour, 413 So. 2d 1167 (Ala. Civ. App. 1982). Chappell Co Ltd v. Nestle Co Ltd, 1960 A.C. 87 (1960). Contact Act (1950). Currie v. Misa, 10 Ex. 153 (1875). Giampietro, A. (2011). Proximate cause in Maritime Insurance. Hartley v. Ponsonby, 7 E. B. 872 (1857). Hirachand Punamchand v Temple[1911] 2 KB 330 In re McArdle, 1951 Ch 669 (1951). 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