’The dynamics of the Law of Contract as per the Code Civil is ,but, a myth’’. Assess the pertinence of such a statement in relation to the individual and a business entity.
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’The dynamics of the Law of Contract as per the Code Civil is ,but, a
myth’’. Assess the pertinence of such a statement in relation to the individual and a business
entity.
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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?Is the dynamics of the Law of Contract as per the civil code a myth with relation to a business entitySuppose the marginal cost of writing a contract of length L is MC(L) = 20 + 5L. Find the optimal contract length when the marginal benefit of writing a contract is: a. MB(L) = 120. b. MB(L) = 180. c. What happens to the optimal contract length when the marginal benefit of writing a contract increases?
- How does a court determine the terms of a contract? Which of the following is correct?Courts are not permitted to examine anything other than a written document or express statements made by the parties themselvesThe courts may guess at what the parties intended, this is done on a reasonable man testThe courts will usually determine the terms of the contract to be those that other contractors would have hadA court will examine the statements of the parties, actions, and any written documents and any implied terms when determining the contents of a contractWhat do you mean by ‘Information Rent’ in contract design? If agents are boundedly self-interested (i.e., they have social preferences), instead of self-interested, what would happen to the volume of information rent and why? Explain with an example.3. In a von Thunen model with homogeneous labor with subways and cars, an improvement in automobile speed (e.g. due to better roads) will . . . A. Raise rents in the areas where the residents use cars, because these areas are more attractive now. B. Raise rents in the areas where the residents use subways because landlords there feel less com- petitive pressure from the landlords in the automobile areas. C. Reduce the number of people living in areas where people use cars because the price of housing is higher there. D. None of the above.
- In the contract curve, do all the points equally represent desirable conditions to a just society? Explain22) Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 20 units of clothing but no food. Suppose each has the utility function U = F * C. Derive the contract curve. 23) Robinson starts out with 10 lobsters and 5 coconuts. Friday starts out with 10 lobsters and 15 coconuts. After trading, Robinson ends up with 8 lobsters and 10 coconuts. Robinson feels neither better nor worse off than when he started but cannot get Friday to agree to any more trades. Friday feels better off than when he started. Draw the Edgeworth box consistent with this story.Decide whether that sentence is true or false? The validity of the contract completely depends on the form of contract. Contract for the benefit of a third party is a contract which is concluded by three parties and the third party shall enjoy benefits from the performance of such obligations; Time of entry into civil contract shall be the time when the offeree‘s letter of acceptance was posted In cases where a third party refuses to enjoy its benefits from a contract for the benefits of a third party, the contract shall still take effect toward the contracting parties. When the individual entering into the contract dies, such contract shall terminate, unless otherwise agreed upon by parties. When the object of the contract does not longer exist, it does not lead to the termination of the contract, unless the object of the contract is a distinctive object. A pledge of property shall take effect as from the time at which the last party signs the document of pledge of…
- Consider a Sraffa system that describes production with a surplus. Assume that the whole of the wage is variable. The number of commodities in the system is ?. Some are non-basic commodities. . State the economic meaning of the viability condition and express it mathematically. . Assume that the viability condition is satisfied and the rate of profit is given exogenously at a level that is lower than the maximum rate of profit. Explain, with the help of the relevant theorem, why the solution for prices must be nonnegative. NOTE: You need to use only three equations, one for specifying the numeraire, the second for expressing the final solution of the price equations, and third for expressing the condition for nonnegative prices.In some ways, contracts can be very easy to enter into. In fact, we often enter into agreements simply by our actions. For example, many businesses place small notices near their entryways warning that by entering the building you consent to video recording or by parking in a specific lot you agree that the lot owner is not liable should anything happen to your car (even if you paid to park there). Are these agreements valid? Should individuals be held to agreements even if they did not know about them?Suppose the marginal benefit of writing a contract is $100 and the marginal cost of that contract is $150. Based on this information, the optimal contract length should be:
