Essay about Adam Smith Father of Economics - 5633 Words

Final Paper | Dr. Kang: History of Economic Thought | | | | Brian Witt | | | Brian Witt Dr. Kang MBE 330.01 Final Paper Adam Smith: â€Å"The Father of Economics† Adam Smith was a Scottish moral philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment and modern economics, Smith is an author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nation, now known to be called The Wealth of Nations. Smith is commonly cited as the father of modern economics. Smith studied moral philosophy at the University of Glasgow and Oxford University. After graduating, he delivered a successful series of public lectures at Edinburgh, leading†¦show more content†¦Smith began delivering public lectures in 1748 at Edinburgh under the patronage or Lord Kames (Rae, 1895). His lecture topics included rhetoric and belles-lettres, and later the subject of â€Å"the progress of opulence.† On this latter topic he first expounded his economic philosophy of â€Å"the obvious and simple system of natural liberty.† While Smith was not adept at public speaking, his lectures met with success (Buchan, 2006). In 1750, he met the philosopher David Hume, who was his senior by more than decade. In their writings covering history, politics, philosophy, economics, and religion, Smith and Hume shared closer intellectual and personal bonds than with other important figures of the Scottish Enlightenment. In 1751, Smith earned a professorship at Glasgow University teaching logic courses. When the head of Moral Philosophy died the next year, Smith took over the position. He worked as an academic for the next 13 years, which he characterized as â€Å"by far the most useful and therefore by far the happiest and most honourable period† (Rae, 1895). Smith published The Theory of Moral Sentiments in 1759, embodying some of his Glasgow lectures. This work was concerned with how human morality depends on sympathy between agent and spectator, or the individual and other members of society. Smith defined â€Å"sympathy† as the feeling of moral sentiments. He based his explanation not on a special â€Å"moral sense,† as the third Lord Shaftesbury and Hutcheson had done, or onShow MoreRelatedAdam Smith : The Father Of Economics1599 Words   |  7 Pages The first individual to discuss is Adam Smith. One of the most notable tags associated with Smith is he is known as the â€Å"father of economics.† Adam Smith was a philosopher and thus this caused him to question all things about the world as well as other aspects of nature (Overview of Economics). As Smith studied, he examined closely the business side of the world and made some interesting predictions. He believed that people in societies, who behaved and acted in their own interest would produceRead MoreThe Father of Economics - Adam Smith3144 Words   |  13 PagesThe Father of the Economics During the 18th century, when Adam Smith lived, the most important social, moral, and technological presumptions had matured. These assumptions have helped to shape the market system as the publicly accepted and entrenched economic lifestyle, and the basis for cultural and even ethical relationships. The presumptions were market intensification and the spread of money operations, as well as the need for accounting and technical production, not the seizure of newRead MoreAdam Smith : The Father Of Modern Economics And Capitalism2619 Words   |  11 PagesApril 2014 Adam Smith was an influential 18th century philosopher who many consider to be the â€Å"father of modern economics and capitalism.† Born in 1723 in Scotland, he was one of the greatest classical liberal thinkers of all time. He is best known for his works The Wealth of Nations and The Theory of Moral Sentiments. His ideas were developed during the mid-1700s, during the Industrial Revolution. The Industrial Revolution was one of the largest social, political, and economic shifts in humanRead MoreThe Invisible Hand By Adam Smith923 Words   |  4 Pagesperson. Obvious that is Adam Smith. Even though, after ten years or thousand years the economists will recall Adam Smith. Moreover, if you visit United Kingdom you can recognize Adam Smith face in the 50 and 20 pounds. ‘Man is an animal that makes bargains†- Adam Smith (Brainy Quote, (n.d)). That is underling the people’s instinct when they make a deal. â€Å"A person, who received his education through h ard work, is like an expensive Car’- Adam Smith (Brainy Quote, (n.d)). Adam Smith encouraged people toRead MoreClassical and Neoclassical Economists: Adam Smith and John Maynard Keynes1289 Words   |  6 PagesIn order to understand how economics really work in today’s age we must think about how those economic ideas, revolutionary theories of many economists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are â€Å"the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the monetarist economics. For this essay I will only refer toRead Moreâ€Å"It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our1000 Words   |  4 Pagesof Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully understood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughtsRead MoreAdam Smith706 Words   |  3 PagesAdam Smith was a Scottish political economist and moral philosopher, who studied moral philosophy at Oxford University and University of Glasgow. Smith is considered by many to be the founding father of economics and the first free-market capitalist. In fact, in many ways his philosophies and theories have helped shape our country and our economy into what it is today. Smith introduced us to the invisible hand theory which referred to the free markets. The invisible hand theory stated that ultimatelyRead MoreAdam Smith was born in Kirkcaldy, Fife, Scotland on an un known date. While the exact birth date of600 Words   |  3 PagesAdam Smith was born in Kirkcaldy, Fife, Scotland on an unknown date. While the exact birth date of Smith is unknown, records show that he was baptized on June 5, 1723. He was the son of the comptroller of customs in his small village; however, his father sadly died approximately six months prior to Adam being born. He was then raised by a widowed mother. Around the age of 15, Adam Smith attended Glasgow University where he studied moral philosophy. About two years later, in 1940, Smith enrolled inRead MoreEconomics Essay1090 Words   |  5 PagesEconomics is an ever-changing field of study. Within that area of interest, there are many people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedm an, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed theRead MoreThe Biography Of Adam Smith1505 Words   |  7 PagesThe Biography of Adam Smith Adam Smith was born in Kirkcaldy, Scotland in the year 1923, and died in the year 1790 at the age of 67 (Stewart, 1861). His exact date of birth is unknown but was baptized on 5th June 1723. His father was a prosecutor, advocate, and solicitor but passed on two months after his birth, leaving his mother to bring him up. His mother, Margaret Douglas, played a great role in his upbringing, especially in education. He joined the Burgh school where he learned history, writing

Diseases Cancer Clusters - 1397 Words

The Centers for Disease Control and Prevention (CDC) (2013) defines cancer clusters as a larger than anticipated amount of similar cancer cases arising at a given time among members of a defined community. Cancer clusters present many challenges due to the complexity of the analytic process and the abundance of inquiries and concerns. Because the research and studies of cancer clusters in the United States have uncovered few conclusive determinants, many states are hesitant in dedicating excess resources and money to the meticulous processes. Seeing the issue of discovering potential environmental hazards as a priority, Maryland is employing a specifically appointed workgroup to process all community concerns to enforce serious†¦show more content†¦Without the knowledge of cases in specific areas, a potential cluster may be dismissed due to insufficient data. There should be further investigation in prevalent traits of the potential cluster to ensure safety (Penberthy et al. , 2012). Using the CDC’s guidelines, shaped by the National Center for Environmental Health (NCEH), as the basis for constructing legislation, each state has developed its own public health investigation response and analytic strategy regarding disease clustering (Kingsley et al., 2007). In Maryland, this was done through two legislative bills proposed to the Maryland General Assembly (GA) in the 2013 Regular Session, House Bill 1343 (HB1343) and Senate Bill 0380 (SB380). HB1343 and SB380 will help distinguish cancer clusters around the state of Maryland, and determine potential environmental factors contributing to cancer within a specific community. Amendments found in the Third Reading of both bills mandate the inclusion of the following members within the workgroup: one member of Maryland’s Senate, one member of the House of Delegates, representatives of local medical schools, patient-advocates, scientists, environmentalists, and at least one representative of a Maryland manufacturing company. This systematic group is responsible for submitting reports of its analyses and discoveries to the Governor and GA by June 30 of 2014, at which time the Department of Health and Medical Hygiene (DHMH) willShow MoreRelated Lung Cancer Essay925 Words   |  4 PagesBrief Description: Lung cancer, as with all cancers, is an uncontrollable increase of cells. It happens within the lung tissue, but it could also go on to affect other nearby tissue and spre ad to further out than just the lungs. Cellular / Molecular Basis: Lung cancer has two types; small cell and non small cell. The two types can be identified by their appearance when looked at with a microscope. It usually affects the cells that are lined along air passages in the lungs. Causes: The foremostRead MoreA Report On The Health Of Woburn Residents1117 Words   |  5 Pageschemicals found in wells G and H had any relationship with the leukemia clusters that emerged in the Woburn area. After a careful and detailed investigation, I have come to the conclusion that the hazardous chemicals that Beatrice Food Company and W.R. Grace are accused of dumping into the water supply played a significant role in the children of Woburn contracting leukemia. While there may have been cases of leukemia and other cancers in Woburn before the chemicals were dumped, childhood leukemia occurredRead MoreThe Image Processing Techniques For Breast Cancer1513 Words   |  7 Pagesimproving earlier detection and treatment stages, in which the time span or elapse is very important to discover the disease in the patient as possible as fast, especially in many tumours such as the lung cancer, breast cancer. This system generally first segments the area of interest (lung) and then an alyses the separately obtained area for nodule detection in order to examine the disease. Even with several lung tumour segmentations have been presented, enhancing tumour segmentation methods are stillRead MoreCancer Is An Issue Worldwide That Does Not Favor Race,1433 Words   |  6 PagesCancer is an issue worldwide that does not favor race, gender, ethnicity or socioeconomic status. Although, particular cancer’s can effect some individuals more than others. For example, breast cancer. According to the Center of Disease Control Preventions (2017), â€Å"Both women and men can get breast cancer, though it is much more common in women.† In the United States, breast cancer is the second leading cancer among women of any race. It is the most common cause of death from cancer among HispanicsRead MoreThe Use Of Breath Testing On The Management Of Cancer Patients1635 Words   |  7 PagesWith the ceaseless quest in health research for improved outcomes in the management of cancer patients, novel approaches to screening, diagnosis, and treatment are highly sought after. In particular, effective and relatively low cost screening tests may play an invaluable role in reducing patient mortality resulting from diagnosis early in the disease process which is crucial for proactive measures and successful therapy. However, it is critical to remain mindful of the risk of harm related to falseRead MoreCancer Case Study820 Words   |  4 PagesNext, same type of cancer cases or interrelated ones. Not all cancers have the same mode of action physiologically, so by grouping analyses we can potentially pick up on important patterns for specific cancers. In fact, rare or cancers of one type are more likely to have a common cause (Thun, 2004). Since we have them, we can use the demographic and geographic information to analyze the incidences that happens within groups of people and areas. Finally, how can we forget about incidences over timeRead MoreA Study On C hildhood Cancer1260 Words   |  6 Pageschildhood cancer cases between the age of 0.8 and 12.8 years old. Between the two locations, 14 children with Leukemia were chosen to take place in this study. The children were compared based off of demographics, urinary and blood levels (metals, tungsten, pesticides, etc.) as well as location of residence compared to the rest of the U.S. Population. Variables were used in the determination of whether or not environmental exposure was the cause of the increase in cancer related casesRead MoreDrug Delivery And Its Effect On The Body1245 Words   |  5 Pagestreatment of disease. The major goals of using nanomaterials are to reduce toxicity, increase biocompatibility, safety, and specific cell targeting. Otherwise, nanoparticle-based vehicles in drug delivery is an important technology because of their small-sizes, easy penetration through cells, increasing cellular uptake, and capacity to carry large amounts of drugs, thus decreases overall quantity of used drug. Moreover, prolonged therapeutic action is so important in treatment of diseases such as cancerRead Morewrwrwrw6715 Words   |  27 PagesDetecting Mutual Functional Gene Clusters from Multiple Related Diseases Nan Duâˆâ€" , Xiaoyi Liâˆâ€" , Yuan Zhang†  and Aidong Zhangâˆâ€" âˆâ€" Computer Science and Engineering Department State University of New York at Buffalo, Buffalo, U.S.A nandu,xiaoyili,azhang@buffalo.edu †  College of Electronic Information and Control Engineering Beijing University of Technology Beijing, China zhangyuan@emails.bjut.edu.cn Abstract—Discovering functional gene clusters based on gene expression data has been aRead MoreEssay about Childhood Cancer Clusters in California’s Central Valley1387 Words   |  6 PagesChildhood Cancer Clusters in California’s Central Valley Case report :Sakshi Arora March 22, 2012 This case study examines childhood cancers in agricultural communities of Mc Farland and Earlimart from 1978 to 1995. According to the local residents of these communities the main reason for cancer is contamination through pesticide in the agricultural farms which is the major source of employment for the residents of the community. McFarland is a small community in

The Theory Of Classical Liberalism - 1242 Words

Classical Liberalism is an idea of Liberals limiting the power of the state and maximizing the rights of the individual against arbitrary rule as stated in the Classical Liberalism powerpoint. Some classical liberals included Jean-Jacques Rousseau, John Locke, Adam Smith, and Baron de Montesquieu. These men fought for â€Å"free markets† inside and between countries as well as a limitation on the all-powerful state. The argument for a powerful government was that it would maintain peace and security. Their tenets, or philosophies, consist of 8 basic principles. The first principle of classical liberalism is individual liberty. Individual liberty relates to limiting or restrain all institutions that endanger our liberties such as government and church. These social institutions enforce rules and restrictions that act as â€Å"negative freedom† as stated in the powerpoint. The second principle relates to human nature. It states that â€Å"man is born ignorant but not wicked† Stating basically that man is influenced negatively by his surrounds such as government which stated by Thomas Paine is a â€Å"necessary evil†. By combining the third and fou rth principle you have reason and progress. By using reasoning to solve problems instead of demanding obedience you are more likely to achieve progress. Progress is defined as expansion of knowledge, improvement of conditions, and the overall advancement of mankind. Principles five and six are equality and universalism which are also related. WhenShow MoreRelatedThe Classical Liberalism Theory1016 Words   |  5 PagesIntroduction The Classical liberalism theory mainly emphasis is sited on shielding the freedom of the individual by restricting the power of the government. Classical liberalism is a wide philosophy of politics, economics, and human society that upholds individual freedom and the acknowledgement of universal human dignity. The most important features of The classical liberalism theory is consist of the following beliefs: All human beings have intrinsic dignity and worth, all individuals have intrinsicRead MoreJohn Locke s Theory Of Classical Liberalism1132 Words   |  5 Pagesdefine property as one’s personal ideas. One philosopher that is famous for his work on defining property is John Locke. Locke uses his ideals of liberalism to develop a reasonable and accurate definition of property. To fully understand Locke’s definition of property, classical liberalism needs to be understood. Locke’s theory of classical liberalism is based on natural rights, private property, and social contract, which helps in defining Locke’s perception of property. A broad definition of Locke’sRead MoreTo What Extent Does Modern Liberalism Depart from Classical Liberalism1624 Words   |  7 PagesThe classical liberal ideology emerged as a result of the Enlightenment period, which brought about new philosophies, challenging the existing assumptions about the nature of humankind and society. Modern liberalism developed around 1870 as a result of both philosophical and practical changes, including mass industrialisation. Classical liberals argue that modern liberalism has broken the principles of doctrines central to liberal thought whilst modern liberals claim that they are simply adaptingRead MoreHow Liberism has Evolved During the 20th Century980 Words   |  4 Pagescentury, liberalism has been one of the sources of political progress in the West. Liberalism is a philosophy based on ideas of liberty and quality. Liberalism is hard to define due to the term being used to describe ideas, parties, movements and practices in different s ocieties and different historical periods. The core values of liberalism are individualism, rationalism, freedom, justice and toleration . Liberalism is one of the most powerful ideologies shaping Western Politics. Early Liberalism showedRead MoreInternational Relation Theories of Realism and Liberalism Essay534 Words   |  3 PagesRealism and liberalism ‎ International relations theories are the study of international relations from a ‎theoretical perspective. Such as, realism, liberalism, maximise, socialism ‎ This assignment will be discussed about two theories of international relations ‎which are Realism the most important in international relations. Liberalism is the ‎second theory will be considered. The aim of this essay to compare between these ‎two theories. ‎ Firstly, in the first paragraphs in this assignmentRead MoreLiberalism And Its Influence On Society1329 Words   |  6 PagesLiberalism: where â€Å"people understand their own business, and their own interests better, and care for them more, than the government does or can be expected to do†, as defined by John Mill. Many individuals considered this ideology as the solution to their political, economic, and possibly their social needs; where a renewed acknowledgement of human worth and rationality materialized. Citizens were given the opportunity to delve and pursue their own desires of wealth without any government involvementRead MoreSimilarities Between Classical and Modern Liberals Are Greater Than the Differences. Discuss1729 Words   |  7 PagesSimilarities between classical and modern liberalism are greater than the differences. Discuss. (45 marks) Typically, liberalism is categorised into two separate components; classical liberalism, which was fashioned during the 19th century as a result of the industrial revolution, and the more recent Modern Liberalism which emerged as industrialisation continued within the UK. Although both divisions of Liberalism unavoidably overlap in attitudes and approaches regarding the theory behind the ideologyRead MoreThe Similarities Between Classical and Modern Liberalism Are Greater Than the Differences1725 Words   |  7 PagesSimilarities between classical and modern liberalism are greater than the differences. Discuss. (45 marks) Typically, liberalism is categorised into two separate components; classical liberalism, which was fashioned during the 19th century as a result of the industrial revolution, and the more recent Modern Liberalism which emerged as industrialisation continued within the UK. Although both divisions of Liberalism unavoidably overlap in attitudes and approaches regarding the theory behind the ideologyRead MoreLiberalism And Its Impact On International Relations Essay1427 Words   |  6 PagesAbstract Liberalism is more of a dominant philosophy in modern world more concentrating to European and American political system. Liberalism have many variations and many proposal for state. In this essay I will try to discourse different views towards liberalism is viewed. This essay views liberalism in more surficial manner but will try to touch the essential values and norms regarding liberalism. Liberalism is based on human experience and habit absorbed from society. So in same manner in thisRead MoreLiberalism And Ligalitarianism1318 Words   |  6 Pagesideologies, Liberalism, is also subcategorized into different interpretations based on how much of liberty is attainable and a governmental presence there should be. It is divided into Classical Liberalism, Social Darwinism, Egalitarian Liberalism, Libertarianism, and Libertarian Anarchism. The reason there is much contention within Liberalism as an ideology on its own, is because all of these factions idealize the concept of reaching individual autonomy but do not agree on the road to it. Classical Liberalism

Commercial Law free essay sample

First of all, the contract stipulates that ‘’Haks shall supply Yuippe with vintage Silex wines (2000) for a period of 12 months with the option of a further six months at the discretion of Yuippe. Under the term of the contract Haks is to deliver 4 instalments over twelve months with payment to be made 30 days after delivery . However, Yuippe breached express terms of the contract by not paying the first instalment because the contract stipulates that payment to make after 30 days of the delivery. In a commercial contract, the time of delivery is normally of the essence. If, the date is stipulated and if the buyer fails to give the payment that is a breach of condition. Therefore, the seller is entitled to repudiate the contract and sue for payment. In Hartley v Haymans [ 1902] 3 K. B. 475 the court was held that the time of delivery is a prima facie of the essence in commercial law. In Charles Rickards Ltd v Oenheim [ 1950] 1 K. B. 616 it was held that the notice had again made the time of essence. Section 61 of the SGA defines the delivery. In addition to, Yuippe requested Haks to make second delivery and would pay both instalments within 30 days of the second delivery to which Haks agreed. Yet, Yuippe did not settle the invoice with stipulates of 30 days but convinced Haks to make third delivery and Haks agreed to do that as well. A condition is an important or central term of the contract. In Bunge Corporation v Tradax SA [ 1981] 2 All ER 513 the commercial significance of punctual compliance with stipulation time must be taken into an account, so that at common law where the late payment is not repudiatory. Therefore, punctual payment is an essence of a condition. As discussing from this case, if punctual payment is a condition of a contract, then Yuippe breached the contract in first and second delivery. In any contract, each consignment was to be paid separately, and if the parties agree that then the court will take the contract as severable. In Jackson v Rotax Motor and cycle Co [ 1990] 2 K. B. 937 it was held that the buyer was entitled to accept the later delivery. In relation to severable contract, whether it is breach of condition in relation to one or more instalments entitles the innocent party to regard the whole contract as required or whether it confined to the instalments is a severable breach. In Withers V Reynolds (1831) 2 B amp; Ad 882, Court of King’s Bench the court was held that this was a repudiation which justified Reynolds in refusing further deliveries. In Maple Flock Co V Universal Furniture products (Wembley) [1934] 1 K. B. 148 the court held that whether the breach was a repudiatory depended on the two factors. First, the breach of the ratio bore quantitatively of the contract and the breach repeated in later instalments. In Smyth ( Ross) v Bailey [1940] 3 All E. R. 60 it was held that a sufficiently serious breach to be a repudiation of the whole contract. This situation is depending upon in circumstances. In the situation of Haks, under the terms of contract Haks is to deliver 4 instalments over 12 months with payment to be made 30 days after delivery. Moreover, it was a severable contract and Yuippe breached the contract at the time of first and second delivery. Haks can bring action against Yuippe for the breach claim for damage of ? 1. 5 million. S 49 of the SGA allows the seller to maintain an action for the price. First, as the term of the contract if the buyer has wrongfully refused or neglected to pay. Secondly, if the property has passed to the buyer or in a certain day the price is payable of irrespective delivery. The buyer’s failure to pay or refusal must have been wrongful. An action can be maintained if a particular date has been stipulated for payment after that date irrespective of whether the property has passed to the buyer. In Workman Clark v Lloyd Brazileno [ 1908]1 K. B. 968 it was held that at the relevant stages the seller could sue for instalments then due. Yuippe requested Haks should make the second delivery and would pay for the two instalments within 30 days of the second delivery. Advised to Haks could sue Yuippe for non payment Yuippe. Haks can bring action against for the breach and claim for damage of ? 1. 5 million. Moreover, Haks should also advised to bring an action against Yuippe for the breach and claim damage of ? 500,000. Section 38 of the SGA, defines as an unpaid seller. There are three options for unpaid seller such as lien, stoppage in transit and resale. Section 41 ,of the SGA 1979, deals with lien in relation to delivery by instalment. If the delivery is made by instalments, the extent of the unpaid seller’s lien, depend upon whether the contract is severable. If the seller in possession of the goods, the unpaid seller’s right of lien is his right to retain possession of the goods until the price is paid or tendered under s 41 (1) of the SGA 1979. Lien relates only to the price. In a severable contract goods are delivered by instalments which are to be paid separately. However, if the buyer’s failure to pay a repudiatory, breach of contract, not by virtue of lien, the seller can refuse the further deliveries. Upon dispatch of third delivery, but before delivery was made, Haks found out that Yuippe had serious financial problem and the business’’ could go under’’. The seller has right to stop of transit; stop the delivery from reaching the buyer. By the virtue of ownership, if the property is still to the seller then he will stop the goods. If, the buyer become insolvent then the seller has right of stoppage under s 39 (1) (b) and in s 44. Here, it can be seen fair and just mechanism for preventing goods which will not paid for being applied for paid to the debts of an insolvent buyer. The unpaid seller’s lien, the exercise of the seller of right of stoppage does not of itself withdraw of the contract of sale. It helps the seller to retake of possession of goods; the price is paid or tender until retaining them. In four circumstances, the seller can stop the delivery. S 44, of the SGA, provides that the seller can resume possession of the goods and retain them until the payment or tender to him. First of all, the seller must be an unpaid seller within the meaning of the act; the buyer must be insolvent, the goods must be in the course of transit, and the effect of sub-selling by the buyer on the seller’s right of stoppage. S 61 (4) of the SGA, is provides a definition of insolvency. Yuippe had serious financial problem and ‘business could go under. Where there is a merely rumours that buyer is insolvent or is in financial problem since it is far from clear whether this will be adequate for the exercise of stoppage. Therefore, Yuippe’s ‘business go under’ may give Haks the right to exercise of the stoppage. If Hanks wishes to stop the delivery, then he may h ave to find an alternative way. It is advised to Haks that he can bring an action against Yuippe for breach and claim for damage of ? 1. 5 million. Furthermore, Haks should bring action against Yuippe for the breach and claim damage of ? 500,000. Section 45, of the SGA 1979, deals with in the course of transit. Section 46, of the SGA deals with how of transit may be effect, whether the seller gives notice to the carrier or takes actual possession of goods The right of the stoppage, in transit to arise if the carrier is an independent contract such as independent shipping line or British Rail who has Possession, of the goods on his own behalf as carrier. If the carrier is the buyer agent, then transit never begins since the buyer has already possession of goods. While the goods are in the possession of an independent carrier, the goods remain in transit does not necessarily mean movement. In Tigress ( 1863) 32 LJM amp; A 97, Court of Admiralty it was held that the seller was acting within his right. Moreover, after exercising the stoppage right, under a duty, the unpaid seller to give to the carrier an instructions as to either the return or disposal of the goods. In Booth SS Co Ltd v Cargo Fleet Iron Co Ltd [ 1961] 2 K. B. 570 the court of appeal held that the carrier to be entitled to damages representing the amount of the freight. S 32 (1) this provision states that delivery to the carrier is prima facie deemed to be delivery to the buyer. Therefore, Haks is advised to stop the third delivery until got the payment. Because, Yuppie, requested Haks to make the second delivey and would pay for the two instalments within 30 days, of the second delivery. Yuppie did not settle the invoice within the stipulated of 30 days, after the second delivery. Therefore, Haks should request the carrier to stoppage the transit because he was an unpaid seller. In order to reduce the losses, Haks may stop the final delivery and think to resale the goods. Section 48 (2) of the SGA 1979 empowers the seller the right to resale. This subsection gives the unpaid seller to resell the goods after the exercise of unpaid seller’s right of lien or the stoppage. S 48 (2) of the SGA this statutory power only after arises if the unpaid seller exercised the right of lien or the right of the stoppage in transit. Seller can only resell the goods allowed by section 48 (3) and (4) of the SGA. In R v Ward Ltd v Bignall 2 All ER 449 contrasted the effect of Section 48 (2) and s 48 (3) which gives the seller to right to resell the goods. Of course, the seller will be concerned as to whether he can sell the goods against the first buyer, whether as well as he has a power to pass the title. The seller has right to resell as of right of initial contractual stages, if his obligation has not yet crystallized to deliver into an obligation to deliver any specific goods. Secondly, if the buyer repudiates the contract then the seller can resell the goods or accept that repudiation if he wishes, whether or not property has passed to the buyer. If, the seller does not accept the repudiation, he cannot resell the goods as of right unless this right is conferred by section 48 (3) and (4). Section 48 (3) and (4) deals with two situations, where the goods are perishable and where the goods are not erishable. The subsection modifies the effect of time of payment in s 10 of the SGA. In sale of perishables the seller is allowed to treat the contract as repudiated and to resell where unreasonably the buyer has delayed in paying for the goods. With non- perishables, notice to the buyer to make time of the essence is required, so only is given such notice and unreasonably the buyer has de layed then the seller has right to resell. In these circumstances, the buyer will be liable anyway in damages for the delay in payment. Under Section 48 (4), on the default of the buyer the seller has the right of resell, if expressly if he has reserved such a right in original contract. When, section 48 (3) and 48 (4) are compared, whereas section 48 (4) expressly provides in that a resale under that sub-section will rescind the contract, in section 48 (3) there is no parallel express provision. Whether a resale under section 48 (3) of perishables, non- perishables after notice it is not clear, will rescind the original contract of sale or not. The problem was first considered in this Gallagher v Shilcock [ 1949] 2 K. B. 765 case. The buyer failed to pay and the seller resold it. Under section 48 (3) where the seller resells the goods even part of the contract then the original contract of sale must be rescinded since the seller is incapable of performing that contract now. The court of Appeal explained the difference in wording of the two sub-sections on the ground that if the buyer failed to the payment is not a breach of justifying repudiation. However, if the seller has given notice to the buyer to pay up, time of the payment is made of the essence and thereafter failure to pay amounts to a repudiation which the seller accepts it by reselling the goods. In the light of the above discussion, it can be said that Yuppie failed to make the payment under the contract which would cause Haks to suffer a loss of ? 1. 5 million as a direct result of Yuppie’s breach. Haks will suffer a further ? 500, 000 losses if they do not pay the French winemaker and the grapes grower in the next two months. Therefore, Yuppie may be liable for ? 1. 5 million as a result of Yuppie’s breach. Haks is advised to take action for the breach by Yuppie and sue Yuppie for the damage of 1. 5 million. As Hans will further loss of ? 500, 000, therefore, in addition to suing Yuppie for the ? 00,000 as well. Haks is advised to stop the final delivery under the principle of the right of Lien, and they should resell the goods in order to reduce their loss