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Option Contract
An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer". Option contracts are common in relation to property (see below) and in professional sports. An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1). Typically, an offeree can provide consideration for the option contract by paying money for the contract or by providing value in some other form such as by rendering other performance or forbearance. Courts will generally try to find consideration if there are any grounds for doing so. See consideration for more information. The Uniform Commercial Code (UCC) has eliminated a need for consideration for firm offers between me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Letter Law
In common law legal systems, black-letter law refers to well-established legal rules that are no longer subject to reasonable dispute. Black-letter law can be contrasted with legal theory or unsettled legal issues. History and etymology In an 1831 case in the U.S. Supreme Court, ''Jackson ex dem. Bradstreet v. Huntington'', the phrase "black letter" was used: "It is seldom that a case in our time savours so much of the black letter; but the course of decisions in New York renders it unavoidable...". The phrase "black-letter law" was used in the Pennsylvania Supreme Court case ''Naglee v. Ingersoll,'' 7 Pa. 185 (1847). The phrase does not apparently come directly from association with '' Black's Law Dictionary'', which was first published in 1891. It may refer to the practice of setting law books and citing legal precedents in blackletter type, a tradition that survived long after the switch to Roman and italic text for other printed works. It may also be linked to the Black ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Firm Offer
A firm offer is an offer that will remain open for a certain period or until a certain time or occurrence of a certain event, during which it is incapable of being revoked. As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face. In the United States, an exception is the merchant firm offer rule set out in Uniform Commercial Code - § 2-205, which states that an offer is firm and irrevocable if it is an offer to buy or sell goods made by a merchant and it is in writing and signed by the offeror. Such an offer is irrevocable even in the absence of consideration. If no time is stated, it is irrevocable for a reasonable time, but in no event may a period of irrevocability exceed three months. Any such term of assurance in a form supplied by the offeree must be separately signed by the offeror. However, even when the period of irrevocability expires, the offer may still remain open until revoked or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incomplete Contracts
In contract law, an incomplete contract is one that is defective or uncertain in a material respect. In economic theory, an incomplete contract (as opposed to a complete contract) is one that provides for the rights, obligations and remedies of the parties in every possible state of the world. Since the human mind is a scarce resource and the mind cannot collect, process, and understand an infinite amount of information, economic actors are limited in their rationality (the limitations of the human mind in understanding and solving complex problems) and one cannot anticipate all possible contingencies. Or perhaps because it is too expensive to write a complete contract, the parties will opt for a "sufficiently complete" contract. In short, in practice, every contract is incomplete for a variety of reasons and limitations. The incompleteness of a contract also means that the protection it provides may be inadequate. Even if a contract is incomplete, the legal validity of the contra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hold-up Problem
In economics, the hold-up problem is central to the theory of incomplete contracts, and shows the difficulty in writing complete contracts. A hold-up problem arises when two factors are present: # Parties to a future transaction must make noncontractible relationship-specific investments before the transaction takes place. # The specific form of the optimal transaction (such as quality-level specifications, time of delivery, what quantity of units) cannot be determined with certainty beforehand.Rogerson, W.P. (1992). Contractual Solutions to the Hold-Up Problem. ''The Review of Economic Studies, 4''(59), 777-793. The hold-up problem is a situation where two parties may be able to work most efficiently by cooperating but refrain from doing so because of concerns that they may give the other party increased bargaining power and thus reduce their own profits. When party A has made a prior commitment to a relationship with party B, the latter can 'hold up' the former for the val ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oliver Hart (economist)
Sir Oliver Simon D'Arcy Hart (born October 9, 1948) is a British-American economist, currently the Lewis P. and Linda L. Geyser University Professor at Harvard University. Together with Bengt R. Holmström, he received the Nobel Memorial Prize in Economic Sciences in 2016. Biography Oliver Hart was born in Britain to Philip D'Arcy Hart, a medical researcher, and Ruth Meyer, a gynecologist. Both his parents were Jewish; his father was a member of the Montagu family; Oliver's great-grandfather was Samuel Montagu, 1st Baron Swaythling. Hart earned his B.A. in mathematics at King's College, Cambridge, in 1969 (where his contemporaries included the former Bank of England Governor Mervyn King), his M.A. in economics at the University of Warwick in 1972, and his Ph.D. in economics at Princeton University in 1974. He completed his doctoral dissertation, titled "Essays in the economics of uncertainty", under the supervision of Michael Rothschild. He was a lecturer in economics a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Theory
From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentive In general, incentives are anything that persuade a person or organization to alter their behavior to produce the desired outcome. The laws of economists and of behavior state that higher incentives amount to greater levels of effort and therefo ...s, contract theory is often categorized within a field known as law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eminent Domain
Eminent domain, also known as land acquisition, compulsory purchase, resumption, resumption/compulsory acquisition, or expropriation, is the compulsory acquisition of private property for public use. It does not include the power to take and transfer ownership of private property from one property owner to another private property owner without a valid public purpose. This power can be legislatively delegated by the state to municipalities, government subdivisions, or even to private persons or corporations, when they are authorized to exercise the functions of public character. The most common uses of property taken by eminent domain have been for roads, government buildings and public utility, public utilities. Many railroads were given the right of eminent domain to obtain land or easements in order to build and connect rail networks. In the mid-20th century, a new application of eminent domain was pioneered, in which the government could take the property and transfer it to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Market Road
Free may refer to: Concept * Freedom, the ability to act or change without constraint or restriction * Emancipate, attaining civil and political rights or equality * Free (''gratis''), free of charge * Gratis versus libre, the difference between the two common meanings of the adjective "free". Computing * Free (programming), a function that releases dynamically allocated memory for reuse * Free software, software usable and distributable with few restrictions and no payment *, an emoji in the Enclosed Alphanumeric Supplement block. Mathematics * Free object ** Free abelian group ** Free algebra ** Free group ** Free module ** Free semigroup * Free variable People * Free (surname) * Free (rapper) (born 1968), or Free Marie, American rapper and media personality * Free, a pseudonym for the activist and writer Abbie Hoffman * Free (active 2003–), American musician in the band FreeSol Arts and media Film and television * ''Free'' (film), a 2001 American dramedy * '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England And Wales Court Of Appeal
The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom. The Court of Appeal was created in 1875, and today comprises 39 Lord Justices of Appeal and Lady Justices of Appeal. The court has two divisions, Criminal and Civil, led by the Lady Chief Justice and the Master of the Rolls respectively. Criminal appeals are heard in the Criminal Division, and civil appeals in the Civil Division. The Criminal Division hears appeals from the Crown Court, while the Civil Division hears appeals from the County Court, High Court of Justice and Family Court. Permission to appeal is normally required from either the lower court or the Court of Appeal itself; and with permission, further appeal may lie to the Supreme Court. Its decisions are binding on all courts, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frederick Lawton (judge)
Sir Frederick Horace Lawton (21 December 1911 – 3 February 2001) was a British barrister and judge who served as Lord Justice of Appeal from 1972 to 1986. Early life and career Frederick Lawton was born in Wandsworth, London, the son of William John Lawton and Ethel, ''née'' Hanley. His father, a former insurance agent, had joined the Prison Service, and became Governor of Wandsworth Prison, the first prison governor to rise from the ranks. He was educated at Battersea Grammar School and then at Corpus Christi College, Cambridge, where he took first-class honours in part one of the History tripos and an upper second-class honours in part two of the Law tripos. After flirting with Communism there, Lawton joined the British Union of Fascists and founded the Cambridge University Fascist Association. Early legal career Lawton was called to the bar at the Inner Temple in 1935, and joined the chambers of Norman Birkett — 1 Brick Court. As a junior barrister, he defende ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England And Wales
England and Wales () is one of the Law of the United Kingdom#Legal jurisdictions, three legal jurisdictions of the United Kingdom. It covers the constituent countries England and Wales and was formed by the Laws in Wales Acts 1535 and 1542. The substantive law of the jurisdiction is English law. The Welsh devolution, devolved Senedd (Welsh Parliament; ) – previously named the National Assembly for Wales – was created in 1999 under the Government of Wales Act 1998 and provides a degree of Self-governance, self-government in Wales. The powers of the legislature were expanded by the Government of Wales Act 2006, which allows it to pass Welsh law, its own laws, and the Act also formally separated the Welsh Government from the Senedd. There is currently no Devolved English parliament, equivalent body for England, which is directly governed by the parliament and government of the United Kingdom. History of jurisdiction During the Roman occupation of Britain, the area of presen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
