Time

International Laws Which Are Limited in Point of Time

Lassa Oppenheim, in the book entitled The Future of International Law, about International Laws Which Are Limited in Point of Time, wrote in 1921: 40. So also, the difficulty is not insuperable as regards the other point, namely, that international enactments when once in existence cannot be repealed or amended save by a unanimous resolution of the participant states. Here, too, the analogy between municipal and international legislation must not be pushed too far. Municipal legislation can at any time be annulled or altered by the sovereign law-maker; but international legislation, for want of a sovereign over sovereign states, is not open to such treatment. Here there is a way out, which was in fact adopted at the second Peace Conference, and also at the Naval Conference of London, namely, the enactment of laws so limited in duration to a period of years, that at the expiry of the period every participant state can withdraw. In this way, for example, it was agreed that the law about the International Prize Court and the Declaration of London should only be in force for twelve years, and that any of the powers which were parties thereto might withdraw twelve months before the expiry of that period, and that, if and as far as no withdrawal ensued, these laws should from time to time be continued in force automatically for a further period of six years. This kind of international legislation, with its time limit and the right of denunciation, is to be recommended wherever more or less hazardous legislative experiments are being made, or where interests are at stake which in course of time are liable to such an alteration as obliges states to insist on the amendment or repeal of the previously made law. For example, the International Prize Court as a whole, and its composition, constitution, and procedure in particular, form an unparalleled experiment. But the fact that its institution is only to be agreed on for a period of twelve years facilitates its general acceptance, because of the possibility of either abrogating it altogether, or of reforming it, should experience show this to be necessary.

Conditions, Bequest, Deed, Time

From the book The Clergyman’s Hand-book of Law, about Conditions, Bequest, Deed, Time (1): Where property has been devised for a particular purpose or on certain conditions attached thereto, the law may be invoked to protect the fund according to the bequest.506 And where a deed contained a clause that the lots should never be sold nor used in any other way except for the benefit of a specified Protestant Church, although the deed contained no clause of forfeiture, when the congregation sold the property the grantor was entitled to have the deed set aside and the title re-vested in himself.507 And a grant made upon condition that a church be erected thereon, prevents the grantee from conveying it for other purposes without the consent of the grantor or his heirs.508 But where a devise was made on condition that a church be built on the property within three years, the provision being a condition subsequent, a court has the right to extend the time.509

Literature Review on Time Value of Money

In the Encyclopedia of Public Administration and Public Policy, [1] John D. Wong offers the following summary about the topic of Time Value of Money: According to economics, the value of a commodity is directly related to its scarcity relative to demand. The concept of the time value of money is based on the fact that most people would prefer to receive a given sum of money today than the same amount at some time in the future. If nothing else, receiving the money now potentially affords additional opportunities that may not be available later. Also, money held today is worth more than a promise of payment in the future because of the risk that the payment maynot be made in the future and because cash held today could be invested to earn a return in the future. Time value analysis has many applications, ranging from setting up schedules for paying off debt to decisions about whether to acquire new equipment. When an organization acquires a capital asset, it must either borrow the funds needed for the acquisition or use resources currently held by the organization. In the first case, the organization would be paying interest over the life of the loan. In the second case, the organization would be foregoing the return that it could have earned from using those resources in their next best alternative use.

Resources

Notes and References

1. Entry about Time Value of Money in the Encyclopedia of Public Administration and Public Policy (2015, Routledge, Oxford, United Kingdom)

See Also

Further Reading

• Global Encyclopedia of Public Administration, Public Policy, and Governance (2018, Springer International Publishing, Germany)

Resources

Notes and References

1. Charles M. Scanlan, The Clergyman’s Hand-book of Law. The Law of Church and Grave (1909), Benziger Brothers, New York, Cincinnati, Chicago

See Also

• Religion
• Church