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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 ...
The freedom to contract is the underpinning of laissez-faire economics and is a cornerstone of free-market libertarianism. The proponents of the concept believe that through "freedom of contract", individuals possess a general freedom to choose with whom to contract, whether to contract or not, and on which terms to contract.
In moral and political philosophy, the social contract is an idea, theory or model that usually, although not always, concerns the legitimacy of the authority of the state over the individual. [1] Conceptualized in the Age of Enlightenment, it is a core concept of constitutionalism, while not necessarily convened and written down in a ...
Advanced Placement (AP) United States History (also known as AP U.S. History or APUSH (/ ˈeɪpʊʃ /)) is a college-level course and examination offered by College Board as part of the Advanced Placement Program.
Laissez-faire (/ ˌlɛseɪˈfɛər / LESS-ay-FAIR; or / lɑːˌsɛzˈfɛ.jər /, from French: laissez faire [lɛse fɛːʁ] ⓘ, lit.'let do') is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). As a system of thought, laissez-faire rests on the following axioms: "the ...
Compact theory. In United States constitutional theory, compact theory is a rejected [1] interpretation of the Constitution which asserts the United States was formed through a compact agreed upon by all the states, and that the federal government is thus a creation of the states. [2] Consequently, under the theory, states are the final ...
In contract law, an incomplete contract is one that is defective or uncertain in a material respect. A complete contract in economic theory means a contract which provides for the rights, obligations and remedies of the parties in every possible state of the world. [1] However, since the human mind is a scarce resource and the mind cannot ...
Advanced Placement (AP) examinations are exams offered in United States by the College Board and are taken each May by students. The tests are the culmination of year-long Advanced Placement (AP) courses, which are typically offered at the high school level. AP exams (with few exceptions [1]) have a multiple-choice section and a free-response ...