Risk Essay Example Competitive Environment and Risk Assessment

Competitive Environment and Risk Assessment Barclays Bank is one of the leading banks in the world with operations in 60 international countries. The current financial crisis has caused serious problems for financial institutions, and Barclays is no exception. The recent fiasco has thus strengthened the argument that there must be a more comprehensive corporate governance code for the financial institutions. (Kalbers, 2009). Barclays therefore has to prepare itself for the relatively new and more radical changes that may take place in future in terms of new corporate governance challenges. Competitive Pressures Historically, it has been observed that the Britain’s Corporate Governance movement has been hijacked by top accountancy firms in order to maximize value for shareholders; other stakeholders, such as employees, customers and the community, have been relatively neglected.(Cassidy, 2003).   Today’s environment is relatively more volatile than beforehand due to perceived threats to the global financial system specially in the aftermath of the current financial crisis. It is critical to note that in such an environment, the overall competitive pressures are mounting on many financial institutions including Barclays to maintain their positions within the market. Of great significance is that the current financial crisis has resulted in the decline of loanable funds to the consumers; this will likely result in a drastic decrease in revenue as well as profitability for Barclays Bank. The recent results however, indicate that the firm has been able to withstand pressures and the results of the first half of 2009 has shown considerable improvement by the bank. Strategic Challenges One of the most important challenges faced by the Barclays Bank is to keep its dominance over its traditional markets. Though the bank has been able to meet the current global financial crises however, its ability to service the market has reduced due to overall external economic conditions. Firm therefore needs to revise its internal control mechanism in such a manner that it successful withstands external challenges. The new capital requirements under BASEL II are another significant challenge because it will require Barclays to manage and maintain a certain level of capital against its assets. Similarly, the collective malpractices in financial system as a whole is another significant challenge because banks have indulged themselves into activities which   Customer services is another significant challenge in such scenario where profits are declining and expectations are rising for more efficient customer services. In order to cope with the increased pressures of the financial c rises, Bank of England has significantly lowered the interest rates whereas the overall cost structure of the banks have remained the same which therefore resulted into lose profitability for the banks. This also indicates the UK’s financial institutions are still finding it hard to achieve a balance between risk and reward and subsequent development of corporate governance mechanisms which can help achieve organizations this aim.(Gentle, 2009). Recommendations In order to overcome these strategic challenges, Barclays has to strengthen its internal controls and procedures. The non-existence of checks and balances on the activities of the managers provide incentives to the managers to engage into such activities which are potentially not in favor of all stakeholders. The overall focus shall therefore be on ensuring complete and more transparent reporting of the all issues of the bank while at the same time implementing an effective corporate governance code by strengthening the role of various other stakeholders. References Cassidy, D (2003) Maximizing shareholder value: the risks to employees, customers and the community. Corporate Governance. 3 (2) 32 – 37 Gentle, (2009) Work in progress?: How the credit crunch has its roots in the lack of integrated governance and control systems. The Journal of Risk Finance. 9 (2) 206 210 Kalbers, L (2009) fraudulent financial reporting, corporate governance and ethics: 1987-2007. Review of Accounting and Finance. 8 (2) 187-209 So Shall We Write Your Assignment Too? We’ve done it for thousands of students, and they are thankful and satisfied. Since you’ve been reading all this, you most probably want to pay someone to do your assignment. Trust us; that someone is our company! Open your account and place order now.

Suppressing superficiality essays

Suppressing superficiality essays OK, so guys are stupid and compete with each other in endeavors more pointless than ABC's Thursday night lineup. But at least we're honest with ourselves, girls. You've at least got to give us thathey, it's more than we can say for you. Ask a guy what he wants in a girl. Chances are he'll mention intelligence, confidence, fun, etc. But you can be damn sure somewhere on the list, closer to the top than not, will be attractiveness. Looks. Hotness, desirability, bootiliciousness whatever you want to call it, men want it. Damn straight we're superficial. And you know what? It doesn't matter. Acknowledge something, give it acceptance, and it ceases to be an issue. Yeah, we care. And yeah, girls know it. Which leads to things like eating disorders, low self-esteem and Cosmo. This sucks a lot. But at least it's out there. You can accept it, deal with it. The opposite of girls, guys are told from an early age their looks don't matter that much (though the importance of paycheck size is never in doubt). Be a nice guy, be a provider that's what's important. Then, when it turns out looks are important, we're confused. We've been lied to, led astray. Goddamnit, if you'd just admit it matters what we wear, we'd be more than willing to dress up a little. But you keep saying it doesn't and then act all standoffish because we're wearing a Weezer T-shirt and our We might not mind a little more pressure to conform if it meant expectations were clearer. Hey, I think I could handle constantly dieting; at least then I'd know my oversized ass was why I never get hit on. As it is, I'm left to assume I must not have presented a convincing enough image as a future husband. Or was it because I lost that pool game? Uncertainty's a bitch. So we're superficial dicks. You're never going to hear a man go: "Well, yeah, ...

Community Oriented Policing and Gags in America Research Paper

Community Oriented Policing and Gags in America - Research Paper Example It assists the police in tracing the social foundation of the criminal gangs, which is important in setting up strategies for termination of their activities. Community Policing in America was introduced with the aim of promoting and maintaining peace in the society through a community based approach whereby the community is given the mandate to find a solution to transgression and general social disorders that occur amongst its members. This is achieved through establishing partnerships between the community and the police. It was also aimed at enhancing service delivery by the police to the community. It involves consultations within the community in local meetings whereby police acquire information from the community that is essential in prioritization of policing activities. It is a practice that that is assumed to remove the barriers that separate the public from the police and bringing convergence in their activities for a common interest (Wilson 2006 p 242). The practice has had many effects on the community in general as well as on the operations of the police. This essay is a critical evaluation of the current effects of modern c ommunity policing on gangs in America. It mainly concentrates on current community policing geared efforts to combat criminal gangs. Community policing is a practice that has promoted partnership between the law enforcement officers, local government and the public in setting strategies to combat crime in America. It has been successful in ensuring that crime within the communities is contained, as well as reduction of fear among the people, mainly because they feel protected due to the fact that they are close to the security personnel (Katz and Webb 2006 p 96). It has helped in the improvement of the quality of life amongst the Americans since people no longer live in fear. However, the practice is still new in the security system and therefore

GI Jane Movie Review Example | Topics and Well Written Essays - 750 words

GI Jane - Movie Review Example As a Navy topographic analyst, O’Neil was determined to prove that women would be able to adhere to the rigorous training, where even men reportedly fail. The film shows the manner by which O’Neil struggled to emphasize and prove that she can comply with all the physical, emotional and mental demands of the training. Shaving her hair to ultimately depict her demand to be treated as a soldier, not as a woman, O’Neil braved exerting her physical limits under different weather conditions: doing push-ups under ice-cold surf, training under the rain, crawling through muddy ground, being resourceful for food from trash, and being subjected to all sorts of physical torture (getting punched, kicked, shot at). O’Neil was also constantly being mentally and emotionally barraged by her drill trainer, Master Chief John James Urgayle, portrayed by Viggo Mortensen. Due to O’Neil’s remarkable persistence and success within weeks of training, she was termed â€Å"G.I. Jane† by the civilian media The climax of the film finally tests O’Neil’s preparedness to go into combat through a mission in Libya where she commandeered a platoon to rescue a team of U.S. Rangers who were set to recover a satellite with plutonium that fell into the Libyan dessert. O’Neil’s skills and leadership enabled her and the team to rescue her Master Chief who got injured and, therefore, rendered her worthy to be accepted among the Navy SEALs. The clearly explicit backdrop of gender discrimination in the Navy was the ultimate example that formed the plot of the film.The initial recruitment of O’Neil in the program was a form of test to prove that women can indeed succeed in the rigorous training predominantly dominated and passed by men only. Another example of discrimination is the initial perception of the male trainees on O’Neil, who sneered and expected her failure just because of her gender. The stereotyped perception

The Evolution Of Macroeconomics in the UK Essay

The Evolution Of Macroeconomics in the UK - Essay Example According to Keynes the demand for the goods in the long run could be altered by the governments. The monetarists however argued otherwise. They criticized the long run and the short run objectives of the Keynesian model because they argued that problems like the inflationary expectations could result. According to the monetarists the Keynesian model was based on a lot of assumptions. They also argues over the rules and the discretion stating that the governments and the banks could make rules but in order to achieve the long run objectives the implementation was compulsory. This discretion was not that likely practically. They argued that discretion was necessary instead of the rules. Say’s law states that ‘the creation of one product immediately opens a vent for other products’. By this, Say wants to imply that the supply makes the demand for itself. This means that he argues that excess supply would result the demand to increase too so that the demand is ‘created’ for the supply. Keynes on the other hand believed that demand did not change all of a sudden. Rather it had to be managed by some practices. He criticized the law stating that the UK economy had been demand deficient during the war. Keynes also stated that if Say’s Law was to be true, then during the war the demand should have been created for the excess supply. On the contrary, what really had happened was that the demand had been deficient during the war. In the circular flow model, if the business sector does not produce anything, then the households do not earn any income. This is where Say’s law is reflected in the model. Keynes critique to this notion was that although the revenue earned by the production in the firms does end up as income for the households, this may not happen instantaneously. Households are likely to spend as much income as they have. In the 1940s the main change that had occurred in Britain was the switch to a market economy. The economy

Globalization and Income Inequality in Latin America

Globalization and Income Inequality in Latin America Ivan Mendoza Globalization and Income Inequality in Latin America and The Caribbean Introduction Over the past two decades, â€Å"developing countries have gradually committed themselves to more engagement with the global economy by following the path of trade liberalization and openness toward international markets† (J.D.K. Chap. 10 p.416). As a result, â€Å"many developing countries have experienced increases in within- country income inequality. The growing income inequality has coincided with the period of increasing exposure of countries to globalization through an increased of trade flows and investment across international borders. These development have sparked a large debate in the academic and policy circles about the effects of globalization on income inequality within- countries† (J.D.K. Chap. 10 p.564). This paper will discuss whether globalization has contributed to within- country income inequality by focusing on one aspect of globalization, mainly the countries’ trade flows, specifically exports. Test- Hypothesis Considering that â€Å"the interest of developing countries might be more in line with those of the developed/ advanced countries, reflects the integration of emerging and developing countries to the global economy through a rapid pace of trade globalization to create opportunities that will create speed economic growth and development. This wave of trade liberalization has had a great impact on the income inequality within developing countries. Therefore, I argue that globalization should lead to an increase of the income inequality within emerging and developing countries, in other words, an increase in total trade (exports) is highly related to the increase of the income inequality within a developing country. Method and Data Collection In order to test the hypothesis that an increase in exports is highly related to the increase of the income inequality of developing countries, I will examine the economic growth and trade of emerging and developing countries, with emphasis on the region of Latin America and the Caribbean. Some of the countries in the region have experienced rapid economic growth and development, but â€Å"in the last years this growth has slowdown† (WEO p. 56), so examining their growth is a good way to study the effects of globalization and the within-country income inequality. Also, we might find other aspects of globalization that are associated with income inequality. In order to test the hypothesis, I collected data to show the economic performance of 32 developing countries in the Latin America and the Caribbean region covering the period of 1996-2013. This data has been collected from reliable sources such as World Economic Outlook (October 2014) released by the International Monetary Funds (IMF) and the World Development Indicators (WDI) report from World Bank (WB). This data contains the dependent variables and the expansionary variable along with other supplemental data. Moreover, to accomplish the objective of this paper; providing some evidences on the effects of globalization on income inequality within developing countries I will be using the following data table: (i) the Real Gross Domestic Product (GDP) table, which shows the annual percentage economic performance for the selected developing countries, (ii) the Trade table, which shows the sum of exports and imports percentage in terms of GDP percentage, this reflects the integration of the countries in the global economy. (iii) the Exports of good and services table, since exports is a component of trade and GDP, it shows the effects of trade on GDP because if exports is positive, then GDP increases, (iv) Gini Index, which is the standard measure for income inequality. Relationship between the variables Considering the effects of globalization on the income inequality within a country, we have trade as the variable for globalization and â€Å"the amount of income inequality within a country is generally measured by using the Gini Index. The Gini Index ranges from 0 to 100, where a value of 0 indicates that everyone has the same income (that is, perfect inequality) and a value of 100 indicates that all the income is earned by one individual (that is, maximum inequality)† (p. 564). However, since most of these countries economy depends on trade, as we can see on the Trade (% GDP) table (high percentage means they import more than what they export/produce) to simplify the relationship between globalization and income inequality, I will using the Export of goods and services, which is one of the components of trade. So, using the data of Exports (% GDP) as the expansionary variable and Gini index as the dependent, we can see for the selected countries that have experience decreas e in Exports shares, can be associated with a decrease of income inequality. For example, in countries such as Colombia, Dominican Republic, El Salvador, Paraguay and Peru after 2006 their exports have gone through a period of highs and lows along the same range and inequality has moved accordinly to the change in exports, but most of the time its been going down. Although inequality has gone in most of the selected countries, in cases such as Costa Rica and Panama, theres been period where Exports goes increase and the Gini index still goes down. This shows that the impact of Exports (trade) on income inequality is not significant as expected and that there might be other components of globalization affecting income inequality. Conclusion In conclusion, the evidences show that there is positive relationship between trade liberalization and the income distribution within developing countries in the Latin America and the Caribbean; As Exports (trade) increases/ decreases the level of income inequality, according to the Gini Index, increases/ decreases. However, we found that there is not a significant change on income inequality when Exports changes. Discussion Moreover, this finding provides an exploratory support to other hypotheses that other components of globalization might have a greater impact on within- country income inequality. â€Å"Other factors that drive income inequality are the importance of technology in virtually all sectors of the global economy, and the advances in information and communication technology (ICT) that helped make globalization possible.† (J.D.K. Chap. 14 p. 564). Source: World Economic Outlook (IFM p.189) https://www.imf.org/external/pubs/ft/weo/2014/02/pdf/text.pdf Trade (% of GDP) Country Average20062007200820092010201120122013 (1996- 2005) Antigua and Barbuda37.6 119.7117.4116.3 105.1106.0104.897.8 Argentina 25.2 36.2 36.2 36.7 30.6 32.5 33.9 29.9 29.3 Bahamas, The 102.3 100.1 100.7 100.0 87.5 90.2 101.0 107.7 Barbados 88.8 94.4 94.4 99.6 86.0 96.9 93.0 96.8 Belize 115.2 122.8 122.3 131.9 107.7 115.6 124.3 Bolivia 51.4 74.5 76.1 82.9 68.6 75.5 82.5 85.1 Brazil 22.4 25.8 25.2 27.1 22.1 22.8 24.5 26.6 27.6 Chile 61.0 71.9 75.8 81.0 66.8 69.8 72.9 68.4 65.5 Colombia 35.1 38.2 36.3 38.1 34.3 33.7 38.7 38.2 37.4 Costa Rica 92.6 104.4 102.2 100.6 84.0 79.1 79.2 78.7 73.9 Dominica 101.7 89.8 93.1 99.4 87.3 90.9 86.9 88.6 Dominican Rep. 77.5 68.0 66.7 64.7 52.5 57.2 60.4 59.1 57.6 Ecuador 49.5 59.7 62.6 68.1 52.1 62.1 66.0 64.0 63.6 El Salvador 65.8 71.8 74.2 76.6 61.9 68.8 74.6 69.7 72.2 Grenada 99.5 80.1 82.4 77.7 69.4 70.9 74.0 73.3 Guatemala 55.9 66.8 67.9 64.1 57.1 62.1 64.0 61.0 58.6 Guyana 203.2 Haiti 47.8 59.5 52.2 56.9 56.7 73.7 67.6 61.4 Honduras 114.3 133.1 135.1 135.7 96.9 109.4 122.2 120.6 117.5 Jamaica 90.0 100.8 101.3 113.6 86.9 80.9 83.9 83.4 Mexico 51.3 56.4 57.1 58.1 56.0 60.9 63.7 66.4 64.2 Nicaragua 60.4 76.8 82.6 87.8 77.9 85.5 95.8 101.0 92.9 Panama 144.5 146.2 145.4 149.0 138.7 139.7 158.3 154.8 137.7 Paraguay 93.6 107.8 103.5 103.5 96.3 106.6 102.7 99.9 92.7 Peru 36.6 51.1 53.9 56.6 46.4 50.0 55.2 51.7 48.4 St. Kitts and Nevis 103.2 88.4 83.6 86.6 72.9 77.2 74.6 80.3 St. Lucia 116.1 112.7 105.1 114.5 101.0 113.0 106.7 103.6 St. Vincent and the Grenadines 103.4 88.0 89.8 92.2 86.0 84.0 84.6 85.7 Suriname 66.3 Trinidad and Tobago 99.2 118.7 102.3 107.1 90.9 92.4 151.0 Uruguay 43.1 62.0 59.2 65.2 55.3 53.4 54.0 55.8 Venezuela, RB 49.9 58.7 56.2 51.8 38.5 46.1 49.6 50.4 Source: World Development Indicators. http://databank.worldbank.org/data/views/reports/tableview.aspx?t=tableviewsavedlg=1 Exports of good and services (% of GDP) Country Average20062007200820092010201120122013 (1996- 2005) Antigua and Barbuda 65.0 48.0 45.1 46.4 46.6 46.1 47.6 46.3 Argentina 14.0 20.4 19.8 19.9 17.4 17.5 17.8 15.8 14.5 Bahamas, The 43.2 44.7 46.7 46.0 39.9 40.9 43.6 44.8 Barbados 42.3 44.9 45.3 46.0 41.5 46.3 39.3 42.5 Belize 52.5 61.1 61.1 62.3 51.6 58.2 61.2 Bolivia23.2 41.8 41.8 44.9 35.7 41.2 44.1 47.3 Brazil 11.3 14.4 13.4 13.7 11.0 10.9 11.9 12.6 12.6 Chile 31.2 42.4 43.8 41.5 37.2 38.1 38.0 34.2 32.6 Colombia* 16.0 17.6 16.5 17.8 16.0 15.9 18.7 18.3 17.7 Costa Rica** 45.3 49.1 48.7 45.4 42.3 38.2 37.2 37.2 35.1 Dominica 44.9 37.8 35.8 35.9 32.4 35.7 33.8 38.8 Dominican Rep.* 36.2 30.0 28.8 25.5 22.2 23.0 25.0 25.1 26.0 Ecuador* 24.0 30.3 31.9 34.2 25.2 28.7 31.5 30.9 30.5 El Salvador* 25.6 25.7 25.9 26.9 23.2 25.9 28.0 25.6 26.4 Grenada 39.1 23.0 24.9 23.0 22.6 21.8 23.7 24.1 Guatemala 22.5 24.9 25.6 24.7 24.0 25.8 26.6 24.9 23.7 Guyana 94.9 Haiti 12.6 14.5 13.2 12.7 14.1 12.1 13.4 13.3 Honduras 51.0 56.1 53.5 51.3 39.5 45.8 51.3 50.4 47.9 Jamaica 37.5 40.1 39.7 41.9 34.5 31.3 30.4 30.4 Mexico 25.4 27.6 27.7 27.9 27.3 29.9 31.2 32.631.7 Nicaragua 20.0 27.0 29.0 31.3 30.9 35.9 40.1 43.0 40.5 Panama** 73.9 76.7 76.1 78.7 75.5 70.6 79.3 79.8 71.0 Paraguay* 51.6 58.7 56.7 54.0 51.5 55.1 52.6 51.3 49.7 Peru* 17.5 30.2 30.5 28.4 25.2 26.6 29.7 26.6 23.7 St. Kitts and Nevis 42.2 37.4 33.7 31.3 23.9 28.8 31.3 34.3 St. Lucia 53.7 43.2 39.9 45.3 46.1 50.2 43.2 44.7 St. Vincent and the Grenadines 43.8 34.7 31.0 30.2 28.5 26.9 27.5 27.6 Suriname 24.5 †¦ Trinidad and Tobago 54.3 81.4 65.2 71.4 52.3 58.9 88.1 Uruguay21.3 30.3 29.1 30.2 28.0 27.2 26.8 26.2 Venezuela, RB 30.2 36.5 31.1 30.8 18.1 28.5 29.9 26.2 Source: World Development Indicators. http://databank.worldbank.org/data/views/reports/tableview.aspx?t=tableviewsavedlg=1 Change in Income Inequality is the Selected Countries http://databank.worldbank.org/data/views/reports/chart.aspx# Works Cited Frieden, Jeffry, and Lake, David, and Kenneth Schultz. Chapter Ten-â€Å"Development: Causes of the Wealth and Poverty of Nations†, World Politics: Interests, Interactions, Institutions. 2nd Ed. New York: W. W. Norton, 2012. p. 386-418. Print . Chapter Fourteen-â€Å"The Future of International Politics†, World Politics: Interests, Interactions, Institutions. 2nd Ed. New York: W. W. Norton, 2012. p. 534- 577. Print IMF (International Monetary Fund). World Economic Outlook. Washington, DC. 2014. https://www.imf.org/external/pubs/ft/weo/2014/02/pdf/text.pdf IMF (International Monetary Fund). Chapter Four: Globalization and Inequality. World Economic Outlook. Washington, DC. 2007. http://www.imf.org/external/pubs/ft/weo/2007/02/pdf/c4.pdf World Bank (WB). World Development Indicators. Trade (% of GDP) http://databank.worldbank.org/data/views/reports/tableview.aspx?t=tableviewsavedlg=1 World Bank. World Development Indicators. Exports of goods and services (% of GDP) http://databank.worldbank.org/data/views/reports/tableview.aspx?t=tableviewsavedlg=1 World Bank. World Development Indicators. Gini Index. Created 12/12/2014 http://databank.worldbank.org/data/views/reports/chart.aspx#

Chapter hw – law

P may recover, as this Is a breach of the contract. P, in agreeing to accept the pension, forfeited his rights to take another Job In the Industry. This is a legal detriment to P, the promise – one which did not exist prior to the formation of the contract. B- This is not enforceable. This is an example of past consideration, which is not consideration. P had already rendered the service at the time the company's promise was made. In other words, the service was not induced by or given in exchange of the promise.If the promise were in writing and acknowledged the past inconsideration, however, this contract would be enforceable. 3) This Is an example of payment on liquidated debt. Because D assumed a new legal detriment – that is, he would not only pay the originally-agreed upon $50,000, but also pay 9% interest on top of that amount – C is legally bound on his promise. 4) No, the debt is not discharged, as this is a matured liquidated debt and is only satisfied when the debtor completes his/her entire obligation – full payment.In addition, as NY GOLD 5-1103 states, a signature endorsing a check Is not legally sufficient for accepting a lesser amount to satisfy an existing debt. In other words, there must be accompanying documentation with the promise signature, indicating the acceptance of a lesser amount to satisfy the debt. 5) S may not recover here, as there exists accord and satisfaction in a disputed form of liquidated debt. In this particular instance, accord and satisfaction occurs when B sends a check for a Boniface disputed amount, based on the expert opinion that the refrigerators were damaged upon shipment.The acceptance and cashing of the check by S discharged the remaining debt by cashing the check. If S had indicated, under protest† or â€Å"without prejudice† when endorsing the check, he would have prevented accord and satisfaction from occurring, per New Work's interpretation of USC 1-207. 6) s may not recover. Because s signed a note, walling the additional SSL ,oho that was owed in the contract, he released B from his requirement to pay the full amount of the order. This satisfies the requirement put into effect by NY GOLD 5-1103. ) a- Barry Is entitled to the dilation $350, as Ann, the promise, did not incur a legal detriment by paying a lesser amount and Barry, the promise, did not obtain a legal benefit. Ann was under a pre-existing legal duty to pay the full amount of the debt, which is liquidated and undisputed. B- If Barry had provided Ann a signed receipt, then, yes, under NY GOLD 5-1103, the remaining debt would be considered discharged, even though there exists no consideration for the promise. ) This Is a case of unlimited debt, In which the payment amount Is In question accept a lesser amount, $7,000 ($6,000, plus the $1,000 on the promissory note), to settle the claim serves as valid consideration. If Barbara had indicated, â€Å"under protest† or â€Å"witho ut prejudice† when endorsing the check, he would have prevented cord and satisfaction from occurring, per New Work's interpretation of USC 1-207. 10) a- C will recover nothing here.By re-negotiating the payment terms, there is a new set of consideration at play, as D obtains a new legal detriment of needing to give his stamp collection, along with the new (stated) dollar amount – something which D did not have to include with his payment beforehand. B- C will recover the full $1,000 in this case, as the original $10,000 debt amount is liquidated and past due. Additionally, D did not incur a new legal detriment in paying a lesser amount, nor did C gain a new legal benefit. If C agreed in a signed writing to discharge the debt, then, yes, under NY GOLD 5-1103, the debt would be considered paid off. 12) a- C is only entitled to the $50,000 sum. The promise, O, does not obtain a new legal benefit, and the promise does not incur a new legal detriment. In fact, C was bound by a pre-existing duty to complete the Job for a total of $50,000, which he received. B- According to NY GOLD 5-1103, this would be considered a written agreement (substituted contract), which is valid. As a result, C would be entitled to the full $55,000 amount, even though there does not exist any new consideration.