Is One Per Cent Inspiration, Ninety- Nine Per Cent Perspiration Essay Example for Free

Is One Per Cent Inspiration, Ninety- Nine Per Cent Perspiration Essay In our culture a lot of times people advise us to compare ourselves with others. You should be like your father, You can win; the others aren’t as good as you, You must be the best of your class, etc., and this is not always the best way of thinking. There are many reasons to change this way of thinking and begin to compare ourselves only with ourselves. This is the way it should be, and in this paper I will discuss some of the most important reasons for this. The first reason to avoid comparing yourself with others is that there will be always someone better than you. It doesn’t mater in which aspect, but it is always true. Therefore, you could feel  inferior to others and maybe without a real reason. For example, you can be an incredible architect and the best of your generation, and this can make you feel incredibly good, but if someday someone is better than you are, you could feel sad although you are still the same incredible architect that you were before. The second reason to elude this kind of comparison is that you will always find someone worse than you, but as opposed to the first reason, this can make you feel better than the others, and this feeling can turn into a horrible pride. For example, if you are the second best student of your class, and one day the very best student leaves the school, you will then be the best one although you are still only as good as you were before. These two first reasons leads us to a third one: If you want to be better than the others, you don’t need to improve yourself; you only have to make the others look bad. If I want to be the leader of the group, but you are the leader now, what I need to do is to make you look like a traitor or stupid and then I can take your place. Then I will be better than you. A fourth reason to stop comparing ourselves is that the one who compares him/herself with others is judging, and this doesn’t help us develop as human beings. Nobody knows the internal reality of the other; nobody knows his/her story and his/her most deep intentions, and when we judge it’s harder to accept the others. The last but most important reason to avoid comparing ourselves with others is that when we do, we can be tempted to copy them, to do the same things, and to act and think like them. The problem with this is that if we copy someone, we will never know who we really are and what we really want, and then we will never grow spiritually. For all these reasons and because we are unique, we should not compare ourselves with others, only with ourselves. The only comparison pattern that we really have is our consciousness. So, if we use this pattern we will not feel less or more than others; we will not try to make others look bad; we will not judge so much; and we will accept ourselves as we really are. In other words, we will live happier. â€Å"Genius is one per cent inspiration, ninety- nine per cent perspiration.† This famous saying by Thomas Alva Edison is very relevant in our present day context.It means that it is hard work that makes a person a  genius.Edison was of the view that geniuses are made, not born.I agree with his views.Not everyone in this world who has good luck is a genius.Usually we find that the people who work hard to achieve their goal are the ones who are successful.Many times while mentioning a person who is very successful we say†Oh!He is a genius. †But we don’t think about the amount of hard work they have put in to succeed in life. Most geniuses have made enormous efforts to equip themselves with special qualities. They all work extremely hard. Successful people also have the inspiration which drives them to work hard. They usually look up to someone for motivation.It may be their parents or some other person.It is the combination of both inspiration and hard which brings an individual success. The first example I would like to give is about Edison himself.Edison never completed his schooling in a proper school.His mother was a great influence on him and taught him at home. It was his mother who made him feel that hecould succeed in life. Therefore he started studying hard and invented many useul things like the bulb. Next we have Dr.APJ Abdul Kalam who was greatly influenced by his father. He worked very hard in life and became a space scientist at the ISRO and later became the president of india. Abraham lincoln was a political genius who worked hard and fought against slavery.He lost two times in the presidential elections but he did not give up. He persevered and then he won the elections.Lincoln strongly admired Henry Clay.

Essay on The Holy Bible - The Nature of God in Genesis -- Holy Bible G

The Nature of God in Genesis  Ã‚   The depiction of God in the Bible’s story of creation, namely Genesis, brings to mind the image of an omnipotent, almighty and all-powerful child playing in a sandbox. Like a child his sole purpose seems to be to simply amuse himself, and possibly acquire a source of unconditional love. These needs are in contrast to the classic view of God acting with the idea of an ultimate plan. His actions clearly show that there is no perfect plan, or if there is it must be grossly overcomplicated. Consistently God makes poor decisions, and then eventually acts to fix the situation. The whole scenario conjures up an image of the crew of Apollo 13, alternately breaking things and then patching it together with duck tape.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   God’s initial idea was a good one. He was alone in the void. Either out of boredom or perhaps out of a need to have someone else to confirm his greatness, he creates the Earth, plants, animals and most important (both for the sake of this argument and in God’s own mind) mankind. By design, man is supposed to be ignorant. So, for a time, God is happy and he has a source of praise. This is a rather mundane existence, however. As any kid will tell you, the game is no fun if you know you are going to win. Sure, it’s amusing for a while, but in the long run what the hell good is it? The game, in this case, is life, namely God’s life. (If that concept strikes you as odd, feel free to call it God’s existence) In any case, God makes sure there is temptation for man. It’s no accident that Adam and Eve have been made to live in close proximity to the one thing that is forbidden to them, the tree of knowledge. God wants his children to not o... ...en dominion over animals, which is completely different. Dominion would mean that mankind were the keepers of animals, looking after them essentially. With Noah, God specifically says that the animals will fear man, and they will provide mankind with food. Once again, this forces us to ask why God didn’t just do this in the first place, with Adam? Once again this indicates not a plan on the part of God, but more like him throwing things together on the fly.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If God does have a plan, it seems to hold mankind’s welfare in little regard. A great example of this is the tower of Babel, where God willfully acts to destroy the clear progress of man. If God is not interested in mankind’s evolution, then it seems very clear to me that we should have as little to do with him as possible. It appears to be working so far.    Essay on The Holy Bible - The Nature of God in Genesis -- Holy Bible G The Nature of God in Genesis  Ã‚   The depiction of God in the Bible’s story of creation, namely Genesis, brings to mind the image of an omnipotent, almighty and all-powerful child playing in a sandbox. Like a child his sole purpose seems to be to simply amuse himself, and possibly acquire a source of unconditional love. These needs are in contrast to the classic view of God acting with the idea of an ultimate plan. His actions clearly show that there is no perfect plan, or if there is it must be grossly overcomplicated. Consistently God makes poor decisions, and then eventually acts to fix the situation. The whole scenario conjures up an image of the crew of Apollo 13, alternately breaking things and then patching it together with duck tape.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   God’s initial idea was a good one. He was alone in the void. Either out of boredom or perhaps out of a need to have someone else to confirm his greatness, he creates the Earth, plants, animals and most important (both for the sake of this argument and in God’s own mind) mankind. By design, man is supposed to be ignorant. So, for a time, God is happy and he has a source of praise. This is a rather mundane existence, however. As any kid will tell you, the game is no fun if you know you are going to win. Sure, it’s amusing for a while, but in the long run what the hell good is it? The game, in this case, is life, namely God’s life. (If that concept strikes you as odd, feel free to call it God’s existence) In any case, God makes sure there is temptation for man. It’s no accident that Adam and Eve have been made to live in close proximity to the one thing that is forbidden to them, the tree of knowledge. God wants his children to not o... ...en dominion over animals, which is completely different. Dominion would mean that mankind were the keepers of animals, looking after them essentially. With Noah, God specifically says that the animals will fear man, and they will provide mankind with food. Once again, this forces us to ask why God didn’t just do this in the first place, with Adam? Once again this indicates not a plan on the part of God, but more like him throwing things together on the fly.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If God does have a plan, it seems to hold mankind’s welfare in little regard. A great example of this is the tower of Babel, where God willfully acts to destroy the clear progress of man. If God is not interested in mankind’s evolution, then it seems very clear to me that we should have as little to do with him as possible. It appears to be working so far.   

How great is gatsby?

The term ‘Great' can be Interpreted in a variety of ways. Fitzgerald doesn't mention the word great in his book. ‘The Great Gatsby apart from In the title; this Incredibly short title shows a lot of meaning behind the character of Gatsby. It could be Ironic, mysterious or an ode to Gatsby himself. However the title could be alluding to Gatsby great heart or love with Daisy The name ‘Great Gatsby Immediately Invokes the thought of a showman or a magician, especially with the' in the title.The simple and humble beginnings of Jimmy Gate were almost miraculously transformed into he lavish lifestyle that Gatsby thought was his destiny. In this respect Jimmy Gate is the ‘Great Gatsby' his whole life is an illusion that he conjured up to change his life completely. However there are holes in the lifestyle he created compared to the way he acted, especially during his extravagant parties, he never fully mastered the role of host, he didn't talk to all the guests inste ad he tended to skulk and hope that Daisy would appear from across the lake.There are major problems with Gatsby decision to obliterate his past life, namely he no longer feels completely comfortable In myself. This means that he can't be considered a great man within society. In the sass a Great man was considered to know everyone, throw lavish parties and be successful. This was Gatsby to an extent, he was able to manipulate the law through his connections to keep him out of trouble, he threw spectacular parties and he can be considered successful. However he could no longer connect with people, even with Daisy he often lost his nerve and ability to speak to her.Nick has to make him talk to Daisy the first time they meet again you're acting like a little boy†¦. Not only that UT you're being rude'. This is again a sign that Gatsby isn't naturally a socialite; he wasn't brought up with money and didn't attend parties so he doesn't know how to host or to make small talk. He's th erefore not a Great socialite man. He manages to reinvent himself, through his sudden increase In money, his friendship with Mr.. Dan Cody and his need to be with Daisy; this Is what makes him great in Nick Caraways eyes.Nick admires Gatsby to the extent that he's amazed at the life Gatsby has managed to attain purely for the love of a girl, Daisy. However Nick believes that Gatsby love was misplaced, he believed that the Daisy that Gatsby had desired and dreamed about, had been romanticists so heavily by Gatsby, that the real Daisy could no longer fulfill Gatsby dream of her. In Gatsby mind Daisy is a dream that he is striving to achieve, he tries desperately to get close to her. When he finally buys the house across the lake from her, he sees the green light.This light is his hope for the future and the thing that makes him want to fight harder to become the Great man that Daisy deserves. When Daisy finally gets to his house the green light is no longer kibbles and the dream Is sh attered. This is where Gatsby greatness fails; in Gatsby mind Daisy was supposed to leave her husband and run away with him, live In the house he built for her and starts their lives again but Daisy couldn't satisfy this dream. HIS misplaced faith In this dream life with Daisy was Gatsby ultimate downfall.Gatsby was In some respects the noble denotation of ‘Great' he was successful and self-sacrificing purely for Daisy, he showed some aspects of heroic wanted. However the majority of the heroic actions were done out of selfish intent, ND Gatsby failure to accept that the girl he loved had moved on. Yet he carried on trying to make everything the way he wanted, he ended up getting so caught up in his own warped version of their life together instead of saving Daisy he ended up making her run away.He may have done everything out of love but the outcome was a warped tragedy. The connotations associated with a ‘Great man' are incredibly varied; Gatsby certainly was not a goo d man so it's questionable if he can be considered great. His amorality is a very important part of the book because it is set n the sass's hypocritical society. Gatsby was the source of gossip and scandal. People would go to his parties, drink his illegal alcohol and Judge his illegality and suspect him of having connections with the Kaiser.The rumors circulating may not have all been true but a fair few were accurate, Gatsby made his money through bootlegging, this doesn't make him a good person. Throughout the book there is the omniscient poster of TX Cocklebur, therefore it's very possible that although Gatsby suffered retribution for a crime he didn't commit, he perhaps suffered it for one of is many other crimes. In Conclusion, Jay Gatsby was a Great Illusionist and liar but not a Great man.He created a life that changed his morals and Judgments so he could please an idealized girl who he hadn't seen for 5 years. Although he may have had the best intentions to start with they were only centered on his own happiness and then refused to accept that Daisy could have moved on. The Great Gatsby ended up almost breaking up a marriage, causing severe heartbreak to the people he loved, and implemented the events that led to his own unnecessary downfall.

The Impact Of Internet On Public Opinion On Society

Today, the Internet is where society can find any type information, including the news worldwide. Companies, advertisers and online systems have personalized Internet experiences to draw in users. In other words, users are forced to read certain topics based on their search history and are recommended more of the same topics. This causes a large impact on public opinion in society, but the ability to find diverse content is more of an issue. The challenges to overcome diversity include, the user s motivation, awareness and ability to seek for diverse content (Hoffman et al. 1). With the obstacles of filtering and web programming, are users receiving all the different viewpoints? Media content with filtering, personalization and†¦show more content†¦Based on the user’s search history, filtering is applied in the system. Programming would find a way to determine the search, in some way, similar to previous searches. Hoffman discusses more that, â€Å"The awareness chal lenge lies in users inability or difficulty in experiencing diversity due to a lack of knowledge about the production, filtering, and consumption mechanisms at play† (3). This forces users to view only what they are given. It will have viewers looking at stuff based on their previous searches. With this in mind, users awareness of different content is becoming nearly impossible if filtering is applied. The media is becoming more specific from large companies such as Google or Facebook, that can draw us to different sides with filtering technology for profit benefits. In Engin Bozdag’s 2013 article, he shares that personalization is a major aspect for advertisers, and can be used for online targeting for potential customers (107). There are more online product purchases than ever before, and advertisers design these online personalization systems to persuade customers (Li and Unger 623). Advertisers collect customer data to design recommendations. Bozdag also adds, â€Å"Facebook uses various profile elements to display targeted advertising including age, gender, marital status, and education† (98). These companies earn large profit with advertisements because of filtering and personalization. In addition, itShow MoreRelatedPublic Participation and Internet Regulation1432 Words   |  6 PagesPublic participation, a process involving citizen or stakeholder engagement in decision-making, has gained increasing emphasis in recent years. Interestingly, the emergence of the concepts of â€Å"e-governance†, â€Å"e-government† and â€Å"e-democracy† reflects the increasing connection of online tools such as the Internet with the concept of public participation (Freeman, 2013). Does governmental regulation of the Internet necessarily not promote public participation then? I think not; to my mind, there areRead MoreHuman Resource Training For The Media Sector1679 Words   |  7 Pagesimportant role in the development of today s society. It impacts on the social consciousness to establish and consolidate a system of political thought leaders for society; associate members of society into a unity, a whole on the basis of the stance, political attitudes generally. Mass media also perform monitoring functions, and social management, monitoring, detection, promptly report the problems, new conflicts arise, contributes political stabili ty to society. Such an important role, to focus on developingRead MoreDoes Social Networking Have A Positive And Or Negative Affect On Individuals?942 Words   |  4 Pagesof children. In my opinion, I agree with greenfield’s statement because many individuals are relying on their social media accounts for everyday use. However, social networking has greatly influenced the way individuals communicate with one another. An example of the positive effects of social networking include: reconnecting and or connecting with friends/family, receiving information, and building relationships. Social media has a positive impact on individuals in society because individualsRead MoreFreedom Of Speech : Positive And Negative Impact On The World1251 Words   |  6 PagesFreedom of speech had a link of positive impacts to the world. One positive impact would be the citizens questioning the government about their personal interests and opinion on free speech. This means that before freedom of speech was questioned, many citizens did not have a voice. The government was not concerned with increasing individual’s voices based on personal opinions and beliefs. When citizens began to question the government, the government had not one motive behind not giving individualsRead MoreThe Impact Of Online Media On The Society Of Bangladesh1589 Words   |  7 PagesBangladeshi society. They become sources of contr oversial issues , they become the catalyst of mass protest , they are now the medium of becoming united to raise voice against violations and again they are also used or exploited to do some kind of violations. Increasing number of Facebook and blog users in Bangladesh is creating some incidents those indicate that the pattern of public responses is changing because of the online media. Bloggers and Facebook users expressing theirs opinions about societyRead MoreHow Media Influences Public Opinion Essay1621 Words   |  7 PagesAbstract In our democratic society, mass media is the driving force of public opinion. Media sources such as Internet, newspaper, news-broadcasts, etc, play significant roles in shaping a person’s understanding and perception about the events occurred in our daily lives. As long as the newspapers, internet, network television, etc, continued to be easily accessible to the public, the media will continue to have an influence in shaping its opinions. Factors such as agenda-setting, framing andRead MoreA Comparison Of The Internet On Batman And Ballot Boxes778 Words   |  4 PagesOn Batman and Ballot Boxes Batman and the internet have much in common. Both positively impact society, but both do it through controversial and sometimes blatantly flawed methods. How do they do this? Batman stops crime through violence and vigilante justice, while the internet aids democracy but also spreads rumors and dissension. 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Computer Ethics Essay - 895 Words

As of September 2003, there were approximately 70 million Americans or about 62 percent of the American population had at least one home computer. Another statistic is that about 55% of people also have internet on there home computers. In everyday life it is important for a person to have good ethics; this is also true about computer usage. Due to the fact that more then half of the American population owns computers, computer ethics are a growing concern in a rapidly changing society. Computer ethics can be broken down in to many topics including piracy, hacking, viruses, spam, phishing, and responsibility of use of software, cyber porn, and invasion of privacy and the use of the computer in the work place. Also there are many issues†¦show more content†¦Many hackers who break into commercial Web sites are looking for customers private financial data including bank account and credit card numbers. A hacker who causes a network to crash can cost a company hundreds of th ousands of dollars in lost productivity. Also because we are a society that relies on computers so heavily there is also the potential for loss of life is say the police or air traffic control computers were to get hacked. A topic that goes hand in hand with hacking is viruses. A computer virus is a small program that impairs-or simply destroys-a computers ability to function properly. Most viruses are designed to spread themselves over the Internet often via email programs before they inflict harm on their host computers. Frequently, hackers use viruses to create problems with in a persons computer to get in deeper and cause more problems. Two more computer ethic topics that go hand in hand are spam and phishing. 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Producer Protection, Prior Market Structure and the...

Producer Protection, Prior Market Structure and the Effects of Government Regulation Assignment on Regulatory Economics 1/5/2012 INTRODUCTION The direct economic regulation of business by independent government commissions has a one-hundred year history on the North American continent. It is generally asserted that the purpose of such commissions is to protect consumers from exploitation by limiting the economic powers of certain firms having pervasive effects on the public interest (for example, transportation companies and public utilities). . However, the findings of the relatively few em-pirical studies of the economic effects of regulation indicate that important differences actually do exist in these effects. The†¦show more content†¦One group should include those industries whose prior market structure was a natural monopoly. This group would include electric utilities, natural gas pipelines, local gas distribution companies, telephone companies, etc. The second group should consist of industries having oligopolistic or competitive market structures prior to the implementation of regulation, for example, ai rlines, motor carriers, railroads, and water carriers. If the producer-protection hypothesis is descriptive of the fundamental effects of regulation, one would expect to find regulation having little or no effect on the first group, whereas the second group would experience substantial changes following the effective implementation of regulation. NATURAL MONOPOLY INDUSTRIES Among other things, effective monopolies are characterized by relatively high price levels, by extensive price discrimination, and by rates of return on investment exceeding those attainable if the firm operated in a competitive market structure. Thus, the producer-protection hypothesis implies that following the implementation of regulation over natural monopolies, the price level will be essentially unchanged and will be above marginal costs, price discrimination will continue to be widely practiced, and rates of return will remain above those which would exist under competition. Price level At least three studies have been made regarding the effects of regulation on electric utility priceShow MoreRelatedThe Entangled Political Economy Of Copyright1933 Words   |  8 Pagesentangled political economy framework developed by Wagner (2014) to analyze the effects that copyright legislation has on content producers and pirate communities. I identify Digital Rights Management (DRM) technologies as part of the superfluous discovery process that results when politically enforced copyright legislation works to subsidize the cost of creating property rights in creative goods. I also analyze the effects that criminal sanctions against copyright infringement have on how pirate communitiesRead MoreImport quota analysis8051 Words   |  33 Pagesrestrictions, are used to benefit the producers of a good in a domestic economy at the expense of all consumers of the good in that economy. Import Quotas are a type of Non- Tariff Barrier to trade. Non-tariff barriers to trade  (NTBs) are  trade barriers  that restrict  imports  but are not in the usual form of a  tariff. Some common examples of NTB s are anti-dumping  measures and  countervailing duties, which, although called non-tariff barriers, have the effect of tariffs once they are enacted. 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Letters of Credit in International Business Autonomy, Strict Compliance and Other Solutions Essay Example For Students

Letters of Credit in International Business: Autonomy, Strict Compliance and Other Solutions Essay Introduction The rises in international trade over the last few decades lead to the boost in popularity of Letters of credit as a payment instrument. The considerable time lag between when the goods leave the country of the seller and reach the country of the buyer meant that the traditional methods of payment used in the case of domestic transactions were unsuitable. Two critical features of the letters of credit, resulted in it being considered as the best alternative. 1. The principle of Autonomy of the Letter of Credit 2. The doctrine of Strict compliance Doctrine of Strict Compliance According to the doctrine of strict compliance, banks are bound to pay the beneficiary the amount due under the credit upon the presentation of documents as mentioned in the letter of credit. Autonomy of the Letter of Credit According to the principle of autonomy of credit, the letter of credit which is a contract entered into between the applicant and the issuing bank is a separate and independent transaction from the underlying contract of sale entered into between the buyer and the seller. This principle was first recognized in common law. For example it was stated by Jenkins L. J. in Hamzeh Malas Sons v British Imex Industries Ltd. that, â€Å"the opening of a confirmed letter of credit constitutes a bargain between the banker and the vendor of the goods, which imposes upon the banker an absolute obligation to pay, irrespective of any dispute there may be between the parties as to whether the goods ( conform ) are up to contract or not. † Parties to a letter of credit often regard the principle of Autonomy of credit as a term of the credit, by expressly indicating in the text of the credit that it is subject to the rules of the UCP 600. The principle of Autonomy of Credit is confirmed by Article 4 of the UCP, which provides that, â€Å"a credit by its nature is a separate transaction from the sale or other contract on which it may be based†. The efficacy of letters of credit relies on the combination of the doctrine of strict compliance and the principle of autonomy of credit for the purpose of providing security to the beneficiary of the instrument against default by its counterparty under contract and for the purpose of protecting a beneficiary from carrying credit risk during the course of a dispute under the underlying contract, or in order to support the obligation of the account party to pay a sum of money to the beneficiary. Exception to the Principle of Autonomy of Credit Fraud as an exception to the principle of autonomy of credit, although has been considered by the judicial systems of various jurisdictions, the Judges have been reluctant to intrude on the working of the instrument on any basis. The perspective of the Judiciary has been that any interference would hamper the efficacy of the process, and as a result sole purpose the letters of credit was designed to serve would be lost. This is seen in the first English case to consider fraud as an exception to the principle of autonomy, which was Discount Records Ltd v Barclays Bank Ltd Lloyd’s Rep 444 where it was held that a mere allegation of fraud was insufficient to issue an injunction. However, with time Judicial systems have attempted to strike a balance between on the one hand safeguarding the efficient working of letters of credit as an instrument of payment, and on the other ensuring that no one benefits at a cost to another, through the commission of acts of fraud, or engaging in conduct which is considered to be unconscionable by the wider society, and/or provisions of statute in some jurisdictions. Following is an analysis of the changing attitudes of Judges and the legislatures of a few key territories. Position in the United States The position in the United States is laid down in Article 5-109 of the Uniform Commercial Code, which provides that: 1. If a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant: the issuer, acting in good faith, may honor or dishonor the presentation. 2. If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons. The UCC has not provided an answer to the question, as to how the word ‘material’ should be interpreted or when n a particular transaction would be regarded as â€Å"materially fraudulent†. Therefore the key in attempting to obtain an injunction against a beneficiary of a letter of credit would be to examine the point of view of the Judges. It was held in the case of Ground Air Transfer v. Westates Airlines (1990) that: â€Å"Westates, the beneficiary, can truthfully say that it satisfied the letter of credits express conditions; it mailed a ten day notice to Charter One . More importantly, since Westates has at least a â€Å"colorable† claim that it acted lawfully under the contract in doing so, Westates’ call would not fall within the traditional exception for forgery or fraud. † The courts further went on to lay down certain circumstances in which granting an injunction would be justified, such as where the fraud is, â€Å"so serious as to make it obviously pointless and unjust to permit the beneficiary to obtain the money, . . . Where the circumstances plainly show that the underlying contract forbids the beneficiary to call a letter of credit, . . . where they show that the contract deprives the beneficiary of even a colorable right to do so, . . . where the contract and circumstances reveal that the beneficiarys demand for payment has absolutely no basis in fact, . . where the beneficiarys conduct has so vitiated the entire transaction that the legitimate purpose of the independence of the issuers obligation would no longer be served . . . † In the case of Mid-America Tire v. PTZ Trading Ltd Import and Export Agents , the courts held that the statement must be narrowly limited to situations of fraud in which the wrongdoing of the beneficiary has vi tiated the entire transaction and/or the demand for payment under the letter of credit has absolutely no basis in fact. Following a thorough examination of the UCC and a string of cases decided by the US courts, one may arrive at a conclusion that the decision of Justice Shientag in the case of Sztejn v J. Henry Schroeder Banking Corp. is continued to be applied as the standard. In this case Justice Shientag stated : This is not a controversy between the buyer and seller concerning a mere breach of warranty regarding the quality of the merchandise; on the present motion, it must be assumed that the seller has intentionally failed to ship any goods ordered by the buyer. In such a situation, where the sellers fraud has been called to the banks attention before the drafts and documents have been presented for payment, the principle of the independence of the banks obligation under the letter of credit should not be extended to protect the unscrupulous seller. A close evaluation of Justice Shientag’s decision in the context of the UCC would lead one to the conclusion that the standard applied in that case is synonymous to the standard the UCC has laid down, as interpreted by the Judges of the present day. The Alchemist EssayThe principle followed in Olex Focas was endorsed by the New South Wales Supreme Courts in Boral Formwork. It was held by Austin J that it was unconscionable under the TPA, for the beneficiary to demand an amount over and above the amount due to be paid. Both parties to the underlying contract had agreed that the buyers had to incur rectification expenses on the subject matter of the contract amounting to $174,065. 39. Thus injunction was granted on the basis that it was unconscionable under the TPA to claim an amount over and above what was due under the underlying contract. Striking a Balance Having considered the approaches adopted by various legal systems as to the exceptions applicable to the fraud principle, the most important issue which needs to be addressed is, whether the original objective of the use of letter of credit still being served? Does it provide adequate security to the seller against default by the buyer? Does it protect a beneficiary from carrying credit risk during the course of a dispute under the underlying contract? It was stated by Kerr J referring to documentary credit as a payment instrument, in Harbottle (RD) (Mercantile) Ltd v National Westminister Bank : â€Å"They are the life blood of international commerce†¦ They must allow to be honoured, free from interference by the courts. Otherwise trust in international commerce could be irreparably damaged. † In the case of Wood Hall Ltd v Pipeline Authority it was held that performance guarantees were to be â€Å"as good as cash† . Therefore it is evident that the level of reliability and efficacy expected of payment instruments such as performance bonds and letters of credit is relatively high in that they are presumed to be â€Å"as good as cash†. The question that seems to persist is whether letters of credit continues to remain as a stimulant to international trade, considering the apparent restriction to the autonomy principle through the formulation of various novel principles as valid grounds upon which courts have thought it justifiable to grant an injunction. On the contrary, one may argue that it is important that a balance is struck between on the one hand safeguarding the original purpose of Letter of Credits as payment instruments, while at the same time ensuring that it is not used by certain persons, especially fraudsters for the purpose of making profits at a cost to another, in turn causing injustice to them. Conclusion It may be stated that the shift towards the recognition of a few novel methods as exceptions to the autonomy principle is justifiable. As stated before, in order for a payment instrument to work efficiently, it is important that it operates in such a manner that it draws the faith of all parties to the transaction. Therefore although the strict approach adopted by the British courts before may not be justified, the inclination to recognize exceptions more readily and grant an injunction against the beneficiary is commendable. The necessity of the latest developments in Australia with the developments of the principle of unconscionability under the TPA as an exception to the autonomy of credit is justifiable to the extent that a strict approach and a high standard of proof is adopted ensuring that the efficient working of the payment instrument is not hindered. One may argue that, a further move towards adopting a lower standard of proof is necessary because, although the buyer of the goods may be able to enforce his/her rights through a separate cause of action for breach of the underlying contract, often the fraudster disappears once he has obtained the money. However, it is important to understand that any further risk which the applicant of the letter of credit (the buyer of the goods) may be subject to would be a risk he/she is required to take in the usual course of trade, and any further changes would hamper the whole process, and the purpose the letter of credit in international business would be lost. The best balance seems to be stricken by the approach adopted by the US system. However there is a lack of certainty as to what the status of the law is with regard to the particular matter. Therefore it is important that a set of rules are laid down as to when a particular transaction would be regarded as fraudulent and when it would not be regarded so. This would in my opinion act as a further stimulant to international trade as the parties to a contract would be informed of the status of the law with regard to the principle of autonomy and it’s exceptions prior to committing to a contract. Therefore let us hope that the abovementioned issues with regard to the principle of autonomy are addressed in the next revision of the Uniform Customs and Practice for Documentary Credits. Finally may I emphasize the fact that it is of immense importance that the parties take all practical steps within their limits to ensure the avoidance of any complications which may arise later on. Bibliography 1. International Business Law by Bryan Mercurio, Leon Trakman, Meredith Kolsky Bruno Zeller. 2. Hamzeh Malas Sons V British Imex Industries Ltd 2 QB 3. ICC Uniform Customs and Practice for Documentary Credits 2007 Revision. 4. Matthew Bisley and James Mok, Unconscionable demands under letters of credit, performance bonds and bank guarantees (2005) JBFLP 5. International Trade Law (2010) by Indira Carr and Peter Stone, 6. Uniform Commercial Code (UCC) 7. Ground Air Transfer v Weststates Airlines 899 F. 2d 1269 (1990). 8. United City Merchants (Investments) Ltd v Royal Bank of Canada 1 Lloyds Rep 267, 1 Lloyds Rep 604, AC 168 9. Mahonia Ltd v JP Morgan Bank EWHC 1938 (Comm) 10. Montrod Ltd v Grundkotter Fleischvertriebs GmbH 1 All ER (Comm) 257 11. UNSW Law Journal (2001) 24(1) The Identity of the Fraudulent Party under the Law of Letter of Credit by Xiang Gao. 12. Sirius International Insurance Corp (Publ) v FAI General Insurance Co Ltd EWCA 470 13. RD) (Mercantile) Ltd v National Westminister Bank Ltd 2 All ER 862. 14. Journal of International Maritime Law (2003) 9 (6) ‘Documentary Credits and illegality in the underlying transaction’ by Jason Chuah. 15. Robin Burnett Vivienne Bath, Law of International Business in Australasia (2009). 16. Xiang Gao* and Ross P Buckley, ‘A Comparative Analysis of the Standard of Fraud Required Under the Fraud Rule in Letter of Credit Lawâ €™ (2003) Oxford U Comparative L Forum 3 at ouclf. iuscomp. org. 17. Dixon, William M, As good as cash? ‘The diminution of the autonomy principle’(2004) 32(6): Australian Business Law Review at 391-406.