Chapter 12: Capacity and Legality (Only pages 221-228 On Legality) Legality (221) • One requirement to have an enforceable contract is that the object of the contract must be lawful. Most contracts that individuals and businesses enter into are lawful contracts that are enforceable. • These include contracts for the sale of leases; licenses; and other contracts. • Some contracts have illegal objects. That such contract is VOID and therefor unenforceable. These are called Illegal contracts.
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Keynesian principals which is an economic theory which advocates government intervention, or demand side management of economy by increasing money supply or by actually buying things on the market itself, they believe that this will achieve full employment and stable prices (Web finance 2010:1). Market economy has come to be accepted as a norm across the world with many developing countries like India and China moving towards a full market oriented economy (economy watch 2010:1). The social democratic
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These laws prevent monopolies, fixed pricing, they regulate trade and commerce and promote ethical production of products and services, at reasonable price points. The four major pieces of legislation that make up the antitrust laws are? The Sherman Antitrust Act, The Clayton Antitrust Act, the Celler-Kefauver Act of 1950, and the Federal Trade commission act. The Sherman Antitrust Act focuses on restraint and prevention of trade between foreign nations, prohibition of monopolies, and is the
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WHAT IS GLOBAL/INTERNATIONAL TRADE? Global trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history (see Silk Road, Amber Road), it’s economic, social, and political importance has been on the rise in recent centuries. Industrialization, advanced transportation, globalization, multinational
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took place between the state and social, domestic as well as foreign actors affected by it. Many entrepreneurs see the new law as a threat to their businesses in China. Chinese new Labor Contract Law is the most significant reform to the law of employment relations in more than a decade. Its final form emerged following highly contentious debates over the terms of earlier drafts- debates involving not only a range of Chinese actors, but also international business lobbyists and labor organizations
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up prices by using questionable tactics. Different businesses and consumers began to complain to the government about the unfairness of prices The government responded with the Sherman Act of 1890 making both monopoly and conspiracies to restrain trade criminal offenses. While the Sherman Act was for breaking up Monopolies, there was nothing in place to stop companies from using practices that would form a monopoly. Therefore, the government came up with the Clayton Act of 1914 this strengthened
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A country’s degree of development, growth opportunities, market size and purchasing power are the main aspects that influence the degree of investment in that country. In the case of China, it has long been considered as one of the most important investment heavens thanks to its economic reform, which helped lured in billions of dollars in investment. As of today, China is the host of more than 190 countries and about 450 of the top 500 companies In the world. The major reason for such attraction
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Morals and Ethics LECTURE 4 Concept of ethics * Developed by moral philosophers over generations * Used to distinguish ethical from unethical behavior * Each has problems 1. Relativism * There is no universal standard by which morality can be judged * What is correct for one society may be wrong for another * Ethics and morality are relative ( is it ethical to pay bribes) Relativism – Problems * There are no absolutes - murder, slavery, torture, rape OK * What
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productivity, and labourers' dexterity; then levers this as an introductory microcosm of the greater, yet less obvious division of labour in the broader economy. The advantages of this division were likely the driving force behind diversification of the trades and industry, and this diversification was greatest for nations with more industry and improvement. Agriculture is differentiated from industry for its comparative lack of division of labour, and the attendant lack of improved productivity; hence
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A new department, the Department of Economic Affairs (DEA) was set up, led by George Brown and a National Plan had been drawn up. He had set growth targets and devised a national system of “economic planning councils”. The aim was to secure the restraint needed to prevent inflation rising which the government would then need to stop with controls. However, Brown’s economic proposals came to nothing which suggests that the Labour government was strong on rhetoric, but not on action. Furthermore
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