Common Pool Resources Common Pool Resources are defined as non-excludable‚ but rival in consumption. Excludability is a property of a good where a person can be prevented from using it. Rivalry is a property of a good where one person’s use diminishes another person’s use. Externalities: costs/benefits that others face due to individuals’ actions. Externalities arise when those who use an asset (sink/source) but do not pay the full cost of maintaining the asset. The costs are transferred to common
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Law of Contract II Semester 2‚ 2011 Word Count: 1932 A party’s right to terminate a contract arises from a particular type of breach of contract by another party. The facts of the breach and the nature of the term breached in each case inform the party with whose contract has been terminated‚ as to whether it is lawful or not. Common law rights to terminate arise in one or more of the following three ways: * Any breach of a condition of the contract; * A serious breach of an intermediate
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CONTRACT & AGENCY LAW END-OF-COURSE ASSESSMENT JULY 2012 PRESENTATION Submission Date : 08 Sept 2012 Question 1: Legal issues: As there are different parts to “Clause 8” in the employment contract which Julia as an employee has signed with Calypso Private Limited‚ we shall examine four separate legal issues. The first legal issue is whether Calypso is able to enforce part (a) of Clause 8 which states that Julia shall not be directly or indirectly
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Year 12 Unit 1 Model Answers Question 1 (a) Outline what is meant by alternative dispute resolution and how it operates within the civil justice system – 14 marks The phrase alternative dispute resolution‚ also known as ‘ADR’ essentially is a range of ways to avoid full scale litigation. Access to justice is a fundamental right and is protected under Article 6 European Convention of Human Rights‚ therefore‚ if society is to operate effectively there must a way of ensuring that disputes between
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The ways in which contracts can become frustrated A contract may be discharged by frustration on a few circumstances. According to Section Contract Act 1950‚ there are provisions of three (3) clauses which may be the circumstances of frustration of contract. Generally‚ contract can become frustrated when an agreement to do impossible or unlawful act has been made. Referring to the Contract Act 1950‚ the three clauses provide for frustration of contract are as follow: * S57 (1) CA - An agreement
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res ipsa loquitur- the facts speak for themselves It means that the plaintiff can prima facie establish negligence where the facts are so obvious that somebody must be negligent otherwise the accident would not have happen. In the common law of negligence‚ the doctrine of res ipsa loquitur (Latin: the thing speaks for itself) states that the elements of duty of care and breach can be sometimes inferred from the very nature of the accident‚ even without direct evidence of how any defendant
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Outline the development of common law and equity. A The Law in England didn’t come about all at once‚ but has developed over the centuries. There are 5 different sources of law: Customs‚ Judicial decision‚ Acts of Parliament‚ Delegated Legislation and‚ most recently‚ European Law. However‚ new law is still being created today. The law as we know it today all started in 1066‚ when William the Conqueror invaded England. He found a country with no single system of law‚ just sets of customary
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2012 Workshop 4- August 13‚ 2012 Workshop 5- August 20‚ 2012 Course Description This course reviews the U.S. legal system‚ common law and its development‚ organizational structures‚ and the regulatory environment pertinent to business. Students will learn to critically examine torts‚ crimes‚ and business ethics. They will also examine contracts; business associations including agencies‚ partnerships‚ and corporations; wills‚ estates‚ trusts‚ and other legal entities; securities regulations;
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| |REGISTRATION NO. |1013103214 | |UNIT TITLE |Common Law | |ASSIGNMENT TITLE |Take Home Assignment | |ASSIGNMENT NO
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Pre-Incorporation Contract Problem A creative use of the common law provides a number of ways of avoiding the common law pre-incorporation contract problem discussed above. 1. Promoter as Trustee of a Chose in Action: The promoter could be treated as a trustee of a chose in action for the corporation. This would put the promoter under a fiduciary obligation to enforce the contract and would allow an order permitting the company to sue in the name of the promoter as trustee. 2. Company as
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