...Competition Policy: Introduction What is Competition Policy Brief history of competition laws Objectives of competition policy Relationship with other public policy objectives 1 What is competition policy? Definition: Competition Policy aims at ensuring that competition in the marketplace is not restricted in a way that is detrimental to society Why do we need a competition policy? Market failure also in markets without natural monopoly features. Even if entry is possible, dominant positions might persist, due to: • sunk costs industries • lock-in effects and switching costs • network effects 2 What is competition policy, II We need competition policy also because: Un-monitored, firms may resort to actions that increase their profits, but harm society, such as: • • • • Collusion Mergers which lessen competition Predatory behaviour Exclusionary behaviour 3 Competition policy vs. regulation Both justified by market failures, but they differ by: Procedures and control rights • Regulation: more extensive powers (price, investments, products…), intervenes on market structure Timing of oversight • C.P.: ex-post; regulation: ex-ante • C.P.: usually more time • Occasional vs. continuous intervention Information intensiveness • Industry-specific for regulation 4 Demarcation lines become fuzzier Despite these differences, the distinction between competition and regulation is less clearcut: Merger control: preventive authorization...
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...Name Course Instructor Institution Date of Submission Was a valid contract formed between Pierre's and Maynard? Explain A valid contract was formed between Maynard and Pierre. A valid contract consists of an offer, acceptance, consideration, and an intention to create a legal relationship. All these elements were fulfilled in the contract between Pierre and Maynard. Pierre made the offer when he offered to sell the car for $4000, which Maynard accepted by signing the sale agreement. A legal relationship was formed at the end of the signing of the sale agreement. If a valid contract was formed, does Maynard have any arguments to have his money refunded? Maynard has various arguments to have his money refunded. Under the common law rules of the law of contract, a contract is voidable if at its making there were vitiating factors such as fraud, misrepresentation, mistake, duress, and intoxication among others. Vitiating factors may render a voidable contract void at the will of the injured party. In this case, Pierre fraudulently misrepresented that the car was “the best in town”, "one of a kind" and "the engine and brakes are in tip-top shape." Pierre made all these representations fraudulently to induce Maynard to enter into a contract with him. Due to Pierre’s fraudulent misrepresentations, Maynard bought the car that turned out to be faulty, and that caused him an accident. It also turned out that Pierre had overstated the price fraudulently. The effect of a fraudulent...
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...Running head: Law, Tort Law, Criminal Law, Contracts, and Civil Procedure | | | Law, Tort Law, Criminal Law, Contracts, and Civil Procedure In defining the term law, tort law, criminal law, contract and the sources from which law derives, I will use a case that took place in 1929 “Donoghue v Stevenson” to demonstrate the these laws which will show a successful negligence suit, as well as defenses a defendant presenting evidence to refute a plaintiffs evidence. J.G. Holland said it best! In the words of J. G. Holland “Laws are the very bulwarks of liberty; they define every man’s rights, and defend the individual liberties of all men”. Laws are derived from the United States Constitution; Constitutional law is the body of law which defines the relationship of different entities within a state, namely, the executive, the legislature and the judiciary. Established Constitutional and administrative law govern the affairs of the state. Constitutional law concerns both the relationships between the executive, legislature and judiciary and the human rights or civil liberties of individuals against the state. Most jurisdictions, like the United States and France, have a single codified constitution with a bill of rights. A few, like the United Kingdom, have no such document. A "constitution" is simply those laws which constitute the body politic, from statute, case law and convention. Law is defined as a system of rules...
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...Aspects of Contract and Negligence for Business *Unit abstract:- Introduction to the law of contract, with a particular emphasis on the formation and operation of business contract. Business contract shall be defined within the context of law of contract and business law . The former is narrower and the later is wider but all its components are subject to the essential elements of contract. Business law which is also known as mercantile law refers to laws governing and regulating trade , industry and agriculture . It includes laws relating to Contracts , Sale of Goods , Partnership , Companies , Negotiable Instruments , Insolvency , Carriage of Goods , Arbitration..etc. The difference between the law of Tort and the law of Contract is based on obligations and liabilities . In tort the obligations are imposed by law while in contract the obligation of the parties are created by their own free will and mutual consent. Key questions : 1.What are ...
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...dissimilarities of liability in tort and contractual liability along with elaborating the essence of liability in negligence and vicarious liability with the aim at depicting their applications in business contexts and daily situations. Besides, the study pursues litigations and statutes in the United Kingdom, the United State and Vietnam from the late seventeenth century until now. PART 1 THE PRINCIPLES OF LIABILITY IN NEGLIGENCE IN BUSINESS CONTEXTS 3.1 Contrast between liability in tort and contractual liability 3.1.1 The similarities and differences between liability in tort and contractual liability A tort is civil wrong for which precedents and legislative enactments imposes legal liability as personal injury, psychiatric harm, damage to property and economic loss in negligence, undermining reputations in defamation or the interference with the enjoyment of land in nuisance.(Allison, 1996) Contract law imposes obligations which the party has voluntarily agreed to assume. Tort should recompense for harm suffered rather than wrongdoer’s punishment that can be convicted by criminal law.(Baer, 1997) By contrast, contract law directs at forcing keeping promises. Besides, contractual liabilities are owed by contracting parties but tort liabilities are owed to groups of people.(Oldham, 2004) This can be a liability to the public at large, or to another individual because of the nature of the relationship.(Banakas, 1988) Similarly, in case of breach, both tort and...
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...Contract law is that body of rules that govern contractual agreements between persons or merchants. A contract is basically an agreement between parties outlining their duties and responsibilities to one another. Contracts can be formed for nearly any type of interaction. Thus, contract laws may address various transactions for the sale of goods and services. Contract laws outline what a person can or cannot include in a contract, and what the remedies are if a party breaches their contractual duties. In contrast, tort laws govern situations where one person has harmed or injured another person. Tort laws cover violations where the party intentionally harmed the other person, such as in a battery claim. Tort laws also address incidents where the party may be held liable even if they did not act intentionally, such as in negligence claims or strict liability claims. Tort laws usually result in the liable party paying the victim monetary damages to compensate for their losses. Similarities of Contract laws and tort laws Contract laws and tort laws share many similarities. At the most basic level, both contract and tort laws usually deal with a duty that has been breached. With contract violations, the breach has to do with the duties that have been named in the contract. For example, a contract may state that one party has the duty to pay the other for repair services, and the other party has a duty to perform the services. If also party fails to perform their duties, contract laws...
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...INTRODUCTION The word ‘Tort’ has been derived from a Latin word ‘Tortum’ which means crooked or twisted act. This word is a French equivalent of English word wrong and of the Roman law term ‘delict’. It is a civil wrong independent of contract for which the appropriate remedy is action for unliquidated damages. Person committing a tort is called tortfeasor and the act is called tortious act. In this piece of research project, we will analyze which one is more authentic or valid, whether law tort or law of torts. Jurists have debated this question for a long time. It is generally asked in the form, “is there a law of tort or only a law of torts?” Those who call it Law of Tort (Winfield) base their understanding on the Latin maxim ‘ubi...
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...Table of contents Abstract 3 Introduction 4 ESSENTIAL ELEMENTS OF A VALID CONTRACT 5 Explain different types of business agreements and the importance of key elements require for the formation of a valid contract. 5 Apply the rules of offer and acceptance in the given scenario, also considering any impact of new technology. 5 Assess the importance of the rules of intention and consideration of parties to the agreement by applying. 7 Explain the importance of the contracting parties having the appropriate legal capacity to enter into a binding agreement 7 SPECIFIC TERMS IN A BUSINESS CONTRACT. 8 Analyze specific contract terms with reference to there importance and impact if these terms are broken using Mr. John’s contract for purchase of computers. 8 Justify the selection of methods/ techniques that Mr. John should use for the termination of contract with Mr. Bobs Company. 8 Apply and analyze the law on standard form contracts in the given scenario 9 Discuss the effect of exemption clauses in attempting to exclude contractual liability in the given scenario 11 LAW OF TORT IN BUSINESS ACTIVITIES AND PARTICULAR FORMS OF TORTIUOS LIABILITY. 12 Describe the nature of general tortuous liability comparing and contrasting to contractual liability 12 Explain the liability applicable to an occupier of premises in the given scenario 13 Discuss the nature of employer’s liability with reference to vicarious liability and health and safety implications taking Mr. Bobs Company...
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...LEGAL AND REGULATORY ENVIRONMENT OF BUSINESS………….50 things! 16.1 LAW AND THE LEGAL SYSTEM 1. How does law differ from the legal system? * The legal system evolves to respond to changes in social norms and commercial activities. . Legal system is remarkably fair. The legal system establishes the rules of the game, adopting and enforcing them in a reasonably predictable manner. One U.S. law that creates unique challenges for American firms operating overseas is the Foreign Corrupt. Practices Act, which prohibits the distribution of bribes and other favors in the conduct of business. 2. Should laws be flexible? * Rules and Regulations provide a framework to any system. I believe that Laws should never be bounded by situations they should be equal for everyone under any circumstances. Flexibility would only make the system vulnerable. 3. Are our laws fair? * There are, of course, abuses and mistakes by judges and juries, and procedural mishaps occasionally tip the scales of justice in the wrong direction. Sometimes—as in George McGovern’s case—innocent parties are forced to bear the cost of defending themselves in court. On the whole, however, the U.S. legal system is remarkably fair. 4. Do people consider laws fair? * I think most of the people consider that a United States law is not fair. 5. In the United States legal decisions are based on the rule of law. What is the rule of law? * Predictability and Fairness. How do we know what’s legally...
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...from contract and towards tort in product liability cases desirable? Introduction The approach taken with product liability cases has shifted over time. The Sale of Goods Act (1893) was an act put in place to state the terms and conditions of the contracts for the buying and selling particular goods. This act was later reformed in 1979, which fundamentally followed the same rules; the buying and selling of good were regulated by contractual agreements between the buyer and the seller. However as time progressed the sale of goods and product liability is moving from contracts and more towards tort liability. Contracts are legal promises between the buyer and seller in which the buyer promises to pay for a product that the seller must promise adheres to the standard expected from the product. A breach of contract includes that the buyer does not pay the right amount, or the more likely breach that the product has a design or manufacture defect that causes injury to the buyer. Tort liability instead simply makes the manufacturer responsible for any ‘injuries’ that the product causes the consumer. The idea behind this was because the seller is simply the agent of the manufacturer who has no part in the production process of the good sold. In this essay we will explain why product liability is starting to shift from contracts to tort. We will also discuss how tort law has developed over time focusing on the negligence rule and strict liability. Product liability law has become...
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...Tort Law p2 * The difference between contract law and trot law is that: （这个可以不用写下来） At the core of contracts, we have agreed with specific others to do or not to do things. With Tort law, it’s much broader than that. In the agreements that we make, are not necessarily so specific and identifiable. They are much more general. * Contract law is the law that enforces agreements that I reach with individual people. There are parties to a contract. 例：I agree not to build on my property. I agree to sell you my automobile. I agree to tutor your child. Whatever your agreement might be, I agree to cater your daughter’s wedding. ---That’s contract law. It’s specific between identified parties. * A contract is an agreement between two or more individual identified parties. * Tort law is where in essence I enter into an obligation, a contract if you will with society. 例： I will act with reasonable care. I will not pollute the water of your town. I will not spread false information about you as harmful and wrong and damage your reputation. I will drive my car in a reasonable manner. If I am preparing a meal, I will take all the reasonable steps necessary to make sure that the meal is prepared in accordance with all health and safe regulations. If I operate a store, I will use all reasonable means that I have available at my disposal to make sure that the aisle ways are safe. * A tort is a “Civil Wrong”. --- That’s how we define a tort. * As...
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...Assignment on: Aspect of Contract Executive summary For our everyday purpose, we have to meet with different category people. Due to the blessings of globalization, now, we people have been able to communicate with people from outside of our country. Globalization system has made it easy for us to express our needs and demand to outside of the world and get the best solution. All these developments have made our business world faster than ever and this trend is still going on. But to take any sort of massive or minor project, we have to sit with many different parties and make lawful agreement with them so that one party can demand for their legal right if necessary. This assignment has been designed completely on aspects of contract. How a contract can be formed and what are the necessary elements for the formation of a contract have been comprehensively explained here. Table of Contents Executive summary ii Introduction 1 01 Initial evaluation 1 1.1 Explanation of the importance of essential elements required for the formation of a valid contract 1 1.2 The impact of three methods in terms of forming and binding enforceable contract under the English Law. 2 02 Initial Business situations 4 2.1 Essential elements of a valid contract to advise Andrew 4 2.2 Law on contract terms to advise Cheltenham Champions Hotel on the claim of the guest 5 2.3 The effect of the contract terms to advise the downton hotel will be described in below 5 03 Further assessment...
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...reference to Prime Computers (3 d) 10 6 Explain and apply the various elements of the tort of negligence and analyse the practical applications of breach of duty and remoteness in the given situation (4 a, b) 11 7 Conclusion 15 8 Reference 16 Introduction As a legal executive in a firm of solicitors, some clients have approached and seeking advice on several claims and legal disputes, which have recently arisen to them. I am required to write a report for the following contents: 1. General tortuous liability in comparison to contractual liability. 2. Vicarious liability and health and safety issues. 3. Strict liability in comparison with general tortuous liability. 4. The various elements of the tort of negligence. Describe the nature of general tortuous liability comparing and contrasting to contractual liability (3a) A tort is a legal wrong, and the principle is the law gives various rights to person, such as right of a person in possession of land to occupy it without interference or invasion by trespassers. When such a right is infringed the wrongdoer is liable in tort. The law of tort is concerned really with a person’s responsibility to others. It applies to both individuals and companies. (Common Law, Introduction to Types of Torts, p. 231) Generally tort refers to private and civil offenses for which law may...
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...Assignment Topic: Laws that Affecting Business Name: Sumon Roy ID: 4050 MBA (Evening Program) Department of International Business University of Dhaka Submission Date: Saturday, 17th May 2010. Table of Contents: Contents | Page | Introduction | 1 | Definition of Business, Law & Business Law | 2 | Sources of law | 3 | Different laws affecting business | 6-11 | Laws regarding commerce in Bangladesh | 12 | Laws regarding Industry in Bangladesh | 13 | Conclusion | 14 | Introduction: In the present world business plays an important role in every sphere of life. Business determines one’s life style, standard of living, education and even cultural standard. So to lead a bette-r life we need to understand business and study business. Business is dynamic – always changing. Coping with both predictable and unpredictable events can be easier, more efficient, and less traumatic if we understand business. Study of business will help us to understand that today national economies are no more independent entities rather interdependent and taking an uniform global shape, economic depression in U.S.A. has an impact on the whole world, business and global warming are not different issues, war in Iraq or Afghanistan has some kind of link with business, China becoming a factor in the world economy because of excellent business skill and the system known as “Free Enterprise”. However the road to success will be easier for those who understand how business...
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...ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS Unit code 6 STUDENT NAME CALIN ZIMBRAN Student ID: p1002572 London 2013 Contents The essential elements of a valid contract in a business context 2 The impact of different types of contract 3 Terms in contracts 4 Elements of contract in given business scenarios 4 Law on terms in different contracts 5 Effect of different terms in given contracts 6 Liability in tort vs. contractual liability 6 Nature of liability in negligence 7 Vicarious liability 7 Elements of the tort of negligence and defences in different business situations 7 Elements of vicarious liability in given business situations 8 References: 8 The essential elements of a valid contract in a business context There are 4 essential elements necessary to form a valid and legally binding contract: 1. Agreement, which means offer and acceptance (notice that even though we put in the same category, they should be treated as two separate entities); 2. Consideration; 3. Intention (to create a legal relation); 4. Capacity. Even though we have 5 elements, which must all occur in order to generate a contract, the most relevant and the main indicator of a potential legally binding contract are the offer and the acceptance. This step can be long and difficult but once it comes to a conclusion, steps 2 to 4 can occur at the same time. The offer An offer expresses the strong will of a person making the offer (the offeror)...
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