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. Are there ethical reasons why freedom of contract should not be upheld by the law?
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- Under U.S. law, in international contracts, the parties can agree on how and where their disputes will be resolved and which law will apply, as long as the place and the law selected bear some relationship to the nature of the contract and its place of performance. True or False?How do the principles of contract law support public policy?Question 7: According to Doctrow, the copyright wars date back _____ hundred years. A Three B Five C Seven
- 3. Do you think the twenty-five-year sentence against Bernie Ebbers from WorldCom and the twenty-four-year sentence for Jeff Skilling form Enron will be sufficiently harsh to impact ethical business behavior?Juan Valdez, a coffee farmer in Colombia, sells his coffee to Cafe Emporium, a U.S. firm which specializes in gourmet coffee blends. a. What must be true of this arrangement? Which sentence is true? Juan believes he is better off with this contract, but in reality, the wealthy American buyer is taking advantage of Juan's naiveté. When Juan and other farmers in Colombia sell their coffee beans to foreigners, their nation as a whole gains in the long run, as countries gain from trade. While this arrangement is good for Juan, he would be better off if the government had negotiated the contract for him because the government could have gotten a better price. Juan and other farmers in Colombia who make such transactions are made better off as a result. b. What can be inferred from the fact that Juan has voluntarily entered into a contract with Cafe Emporium? Which sentence is true? Juan is earning zero economic profit selling coffee. Juan has…Each time a song is played on the radio, the record company and the songwriter are paid a royalty of $0.30.Of the total, 75% goes to the company and the rest to the writer. If on a network of 50 radio stations, a certainsong is played 4 times a day during the first week and then 20 times a day for the next three weeks, how muchdoes the network owe in royalties for the four weeks? How much do the record company and the songwriterreceive each
- Does the number of bands playing on a Saturday night depend on how manytenants there are in the building? (Assume that the costs described in the table aboverefer to the total costs to tenants, not the cost to each tenant.)A. Maybe, due to possible transaction costsB. No, since they see the owner often and it is easy to negotiateC. Yes because it makes an agreement harder to enforceD. No, due to the free‐rider theoryWhat are the factors a court uses to determine whether a defendant's use of copyrighted material may be excused under the Fair Use doctrine?Classify the following as a government-enforced barrier to entry, a banker to entry that is not government enforced, or a situation that does not involve a barrier to entry. A City passes a law on how many licenses it will issue for taxicabs A city passes a law that all taxicab drivers must pass a driving safety test and have insurance A well-known trademark Owning a spring that offers very pure water An industry where economies of scale are very large compared to the size of demand in the market
- If Congress reduced the period of patent protection from 20 years to 10 years, what would likely happen to the amount of private research and development?Why would a firm choose to use one or more of the anticompetitive practices described in Regulating Anticompetitive Behavior?HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?