The above which is based on the application of Coase theory only works if , amongst others, the [smoke] only impacts the business of the textile shop and no other businesses. No transaction cost 17. Further, there is also an assumption that there is no transaction cost. The immediate question would be whether this is a realistic condition? There are arguments that bargaining power between 2 parties are not likely to be equal in a real world.
The company’s promise is not supported by consideration because they have not requested any service, or exchange for their action such as promise or payment. According to a law article written by Stan Abram; contracts drafted for use in Civil Law countries are brief with broad language. Because any possible disagreement will be decided based on codified law, there is no need to simply restate those legal principles in a commercial agreement. A Common Law contract on the other hand is lengthy, detailed and full of
There are no commissions for buying or selling securities if the markets are perfect. There is a bid-ask spread. If the markets are efficient, then there would not be a bid-ask spread. The transaction costs and bid-ask spread are non-existent in frictionless markets. However, because of people’s different thoughts, different benefits and different purposes, frictionless markets won’t be exist in the real world.
Russia’s industries were becoming inefficient due to a lack of competition and no incentives to work or innovate. This was noted in a report written by Grogoriavinsky about the miners. This is the result of a centrally planned, closed off economy. Without outside competition, there is no reason for people to innovate. When there are no opportunities to better a person’s living standards for themselves and their families there is no reason to put in a hard day’s work, if the outcome is going
Because the workers were free not to work, the courts found that there was not sufficient mutuality of obligation to form a contract of service and then, the plaintiffs weren’t employee and then, they cannot pretend to the common law employment rights. Initially the casual worker were not seen as employee, but the jurisprudence have evolved. In Stringfellow restaurants ltd v Quashie the tribunal had held that the plaintiff was not an employee due to the nonexistence of mutuality of obligation but Elias L J said that: “There are some circumstances where a worker works intermittently for the employer, perhaps as and when work is available. There is in principle no reason why the worker should not be employed under a contract of employment for each separate engagement, even if of short duration”. Therefore a causal worker can be an employee when working and employment rights may apply to them.
The picture which emerges in the end shows that BiH is a transitional economy where IMC is still not adopted by marketers. Marketers are using IMC components but a fully fledged IMC campaign has not been devised by any company so far with intention of cost effectiveness and high brand awareness. This doesn’t mean that marketers are not aware of this concept. Rather, they are limited due to the current economic turmoil that the organisations are facing at large (Kent, Taylor, & Turcilo,
Additionally, this country’s workers have no ethic nationalities for equal rights and autonomy, union representation and political enfranchisement are not allowed. The creation of sweatshop in Myanmar is also very commons in Myanmar, in which long hours and low pay are the typical conditions of work. Thus, if TATA conduct business in Myanmar, will face problem of labour employment which is the potentially employed child or women been forced as worker, against the proper human right. Other than human rights, corruption is also
It is comprise of its essential business and investment activities. There are few standard of Sharia, for example, the absent of interest based transaction (riba), the shirking of financial activities including oppression (gharar) and abuse (zulm). That is the reason in Sharia standard, it deny the component, for
First of all in no particular order of importance I feel it should be mentioned that GDP does not take into account areas or markets of non-money making, when it is thought about you then realize that is a lot not being thought about examples would be babysitters/childminding, charity work and volunteers. Also in another way doing volunteer work could lower a country’s GDP if in instances that this may turned around and gone to a paying employer or company. Also it does not take into account the illegal markets such as the illegal drug trade if that was to be taken into account the GDP would be much different to what it is, as the illegal drug industry is growing at a rapid rate and worth millions of
Its protectionis r Common Law based. Section 27 of the Indian Contract Act provides some sort of limited remedy as it prohibits any individual from disclosing any information which he requires as a result of a contract. There are reasons for the absence of any statute dealing with trade secrets. Due to India’s socialist pattern Indian Law has always strived for social benefits and public rights as a result of which private rights like trade secrets have not been given much importance. Indian courts have time and again recognised few information like details of suppliers and customers, pricing policies, marketing management, as crucial that can qualify as trade secrets.