How can parties in a contractual relationship effectively mitigate the risks associated with moral hazards and adverse selection?
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How can parties in a contractual relationship effectively mitigate the risks associated with moral hazards and adverse selection?
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- Discuss any five (5) remedies available to the employees in case of breach of contract. b) With the aid of examples, explain the term vicarious liability.explain the following terms in your own words and understanding and give specific examples. - Obligations - Contracts - Law - Quasi-Contracts - Quasi-DelictsA contract will be considered illegal from inception where performance can only be pursued via an illegal act. Contracts falling into this category cannot be enforced. Indeed, if a contract is illegal from the start, all contractual parties will not acquire any rights under that contract, regardless of their intentions at formation of the contract. The contract will be void and treated as if it was never created. critically discuss FIVE (5) CONTEMPORARY CASE LAWS related to illegality focusing on the judgments handed down in those cases as it relates to: What was the issue, The facts of the relevant case, The judgment The reasons for the judge’s decision. Finally, in your opinion do you agree or disagree with the decision
- a. true or false It is not necessary to prove a contract to sell land by a writing when both parties admit in court that they entered into a contract. b. true or false Consideration must be a bargained for legal benefit for both of the parties to the contract. c. true or false A contact exists and can be enforced even where one side's alleged consideration was a past un-bargained for act that benefited the other party.How are duties discharged by a party under a contract?Please explain what a noncompetition agreement is. Explain what makes a noncompetition agreement not enforceable. Explain the business interests sought to be protected by noncompetition agreements. Think of an example where a business could protect these interests without saying an employee cannot work for a competitor.
- In which type of Contract is there a "lack of meeting of the minds?" a) Bilateral b) Unilateral c) Fraudulent d) Oral 2. Generally where a unilateral mistake is made in a Contract, the Contract will still be enforced, except where the non-mistaken party was aware of the mistake. a) True b) False 3. A home builder misjudges the cost of the windows to be installed in the house. This is: a) Bilateral mistake leading to rescission. b) Unilateral mistake which can be corrected. c) A mathematical mistake which is correctable. d) An error of judgment, not correctable. 4. "Sign or I'll kill you" is an example of: a) Undue Influence b) Misrepresentation c) Duress d) either a or b 5. An attorney who over a period of time convinces an elderly widow to deed…A contract will be considered illegal from inception where performance can only be pursued via an illegal act. Contracts falling into this category cannot be enforced. Indeed, if a contract is illegal from the start, all contractual parties will not acquire any rights under that contract, regardless of their intentions at formation of the contract. The contract will be void and treated as if it was never created. a) You are required to critically define and discuss the concept of illegality in law from a theoretical standpoint.How can parties protect their intellectual property rights in contracts, and what are the implications of including non-compete and confidentiality clauses in these agreements?
- Mr. Henok claims he has been unfairly dismissed by his employers. He consults a law firm owned by Mrs. Justice, who agrees to take up Henok’s case. The law consulting firm, owned by Ms Justice advises him that if Henok wins his case he can expect a compensation of 30,000 birr but if he loses he will receive nothing. The law consultant firm estimates her fee to be 5,000 birr. As an alternative the consultant offer him a ‘no win, no fee’ deal under which he pays no fee but if he wins his case, the consulting firm will take half of the compensation he receives. Henok also asked to pay his employer’s cost which is 1000 birr in both deals. He can decide against bringing the case, which will incur no cost and result in no compensation. Based on the information given above: a. Develop a payoff table to Henok’s case b. Advise Henok what to do: i. Using the maximax decision ruleii. Using the maximin decision rule.iii. Using the Minmax regret decision ruleMay a moral obligation constitute a sufficient cause to support an onerous contract?Describe a typical grievance process by reference to common issues that form the basis of a grievance and the procedure that one will usually find in a collective bargaining contract with reference to the parties involved, procedures undertaken and outcomes anticipated.