LWC1 STUDY PLAN CONTRACTUAL RELATIONSHIPS Chapter 10 1. What is the definition of a contract? A contract is a Promise that the Law will enforce. 2. Describe the various types of contracts. Bilateral Contract- both parties make a promise Unilateral Contract- one party makes a promise that the other party can accept only by doing something Express Contract- two parties explicitly state all important terms of their agreement Implied Contract - the words and conduct of the parties indicate
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in turn adversely affects economic efficiency and consumer welfare. In India‚ price fixing and other such activities that have an adverse effect on competition are offense under Competition Act‚2002. In US‚ price fixing can be prosecuted as a criminal federal offense under section 1 of Sherman Antitrust Act. 2. What are the implications of price fixing? Price fixing has various implications:- • Elimination or narrowing of competitive products. • Consumers are forced to pay more. • Consumers
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from maintaining cooperation‚ even when cooperation is in their mutual interest. The logic of the prisoners’ dilemma applies in many situations including arms races‚ advertising‚ common-resource problems‚ and oligopolies. Policymakers use the antitrust laws to prevent oligopolies from engaging in behavior that reduces competition. The application of these laws can be controversial‚ because some behavior that may seem to reduce competition may in fact have legitimate business purposes. Between
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HISTORY OF FINANCE: Research Paper “The people behind the American Industrial Revolution” May 1st‚ 2012 Table of Contents Introduction Page 3 The People behind the American Industrial Revolution * US Government Page 4 * Robber Barons Page 5 * The “masses” Page 7 Conclusion Page 7 Sources Page 8 “For the first time in history‚ the living standards of the masses of ordinary people have begun to undergo sustained growth … nothing
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aspects relating to the development‚ production‚ marketing‚ and delivery of their products(a monopoly) -Responding to criticisms of the apparent monopolies enjoyed by such companies‚ the U.S. Congress enacted antitrust legislation with the Sherman Antitrust Act (1890) and the Clayton Antitrust Act (1914). -A strategy of diversification spurred the formation of many conglomerates in the mid-20th century‚ especially as firms sought to acquire unrelated companies whose products and services might better
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laissez-faire policies were working for the very wealthy; this group was very resistant to any reforms. When the government did begin to pass policies to intervene‚ the wealthy found ways to get around them or use them to their own advantage. The Sherman Antitrust Act was passed in 1890 to prevent illegal trusts from being developed to “eliminate competition or restrain free trade” was largely ignored by the federal government who ignored most trusts (Keene p
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unethical methods like horizontal integration that ultimately hurt the middle working class. Around the time that the Sherman Antitrust act went into effect was the same time that her book was used as evidence in court against the Standard Oil Company. The interview accounts‚ company records‚ and other facts supporting that Rockefeller was in violation of the Sherman Antitrust Act helped force Standard Oil to break apart. Her work was essential to the Progressive Era because by
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Class 3 Anti-trust Laws Nature and Purposes of the Antitrust Laws * Prohibits agreements and collective action that unreasonably restrain trade. [section1] * Prohibits monopolization and attempted monopolization [section 2] * Purpose is to preserve a competitive marketplace and protect consumer welfare. NCAA v. Board of Regents of University of Oklahoma * S.C. established an analytical framework for applying antitrust law to the sports industry. * The “competition itself”
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1. Proprietary income refers to: A. revenue flowing to the government from taxes. B. money borrowed by the government to finance its operations. C. revenue generated by government-run businesses. D. transfer payments from the government to the owners of property resources. 2. The addition of government to the circular-flow model illustrates that government: A. purchases resources in the resource market. B. provides services to businesses and households. C. purchases goods in the product market
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1907: Lessons Learned from the Market ’s Perfect Storm‚ Hoboken‚ New Jersey: John Wiley & Sons Chernow‚ Ron. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance‚ (2001) Great Neck‚ Publishing. "Sherman Anti-Trust Act Of 1890." Sherman Anti-Trust Act Of 1890 (2009): 1. History Reference Center. Web. 19 Oct. 2012. Encyclopaedia‚ Britannica. "Morgan‚ John Pierpont." Britannica Biographies (2012): 1. History Reference Center. Web. 19 Oct. 2012.
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