1.what is contract definition and specify enforcement by means other than government 2. discuss Rent-seeking; in...

1.what is contract definition and specify enforcement by means other than government

2. discuss Rent-seeking; in patent vs. copyright give examples

Expert Solution

A ‘contract’ is an acknowledged proposal (agreement) which is totally understood by the law & is lawfully defined / enforceable by the law. Thus a ‘contract’ is a licit document which imparts the parties special privileges (outlined by the contract itself) & also responsibilities which are introduced, outlined & agreed upon by both the sides of the contract.

ans 1=Whilst 2 parties strike a bargain, there must be certain mechanism to safeguard that every party will adhere to the terms. The chief enforcement systems are self-enforcement (for example- posting bonds and ending a commercial relation), reputation (for example- risking an imminent commercial relation), organisational ( 3^rd party auditing), technology (for example- to monitor sales) & contract law. To be effectual, the expenses of enforcement mustn’t outweigh the gains obtained from enhanced contractual commitment.
Exclusive reliance on formal systems of contractual enforcement ( litigation thru the judiciary system) can be expensive & slow. Alternative dispute resolution mechanisms seek to resolve differences amongst parties in a timely & unbiased way. The chief examples are mediation, arbitration & conciliation hearings, usually by industrial bodies, specialised agencies or 3^rd party assessors, done at the national / international level. Alternative dispute settlement procedures usually supplement judicial contract enforcement processes & can fortify contractual commitment at lesser expenses .

Rahul Sunny answered 1 year ago

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