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It is also known as antitrust law (or just antitrust [4]), anti-monopoly law, [1] and trade practices law; the act of pushing for antitrust measures or attacking monopolistic companies (known as trusts) is commonly known as trust busting. [5] The history of competition law reaches back to the Roman Empire.
If the terms of ownership of risk are not defined by the parties, then the ‘default’ law of Sale of Goods applies. [4] For example, for a specific good, the ownership is identifying when the good is in the delivery stage. Additionally, for unascertained goods, the ownership is passed until the good is identified and sent to the buyer.
Commercial law (or business law), [1] which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of persons and organizations engaged in commercial and business activities.
In the civil law tradition, a legal good is an interest or right that the legal system protects. Legal goods are a central concern of criminal law . According to some theories, the state can only legitimately punish conduct if that conduct interferes with a legal good established in fundamental principles of law, such as a constitution.
In U.S. law, the legal concept of implied covenant of good faith and fair dealing arose in the mid-19th century because contemporary legal interpretations of “the express contract language, interpreted strictly, appeared to grant unbridled discretion to one of the parties”. [1] In 1933, in the case of Kirke La Shelle Company v.
Unfair business practices (also Unfair Commercial Practices) describes a set of practices by businesses which are considered unfair, and which may be unlawful. It includes practices which are covered by other areas of law, such as fraud , misrepresentation , and oppressive or unconscionable contract terms.
In jurisprudence and legal philosophy, legal positivism is the theory that the existence of the law and its content depend on social facts, such as acts of legislation, judicial decisions, and customs, rather than on morality. This contrasts with natural law theory, which holds that law is necessarily connected to morality in such a way that ...
The common law of business balance, often expressed as "you get what you pay for", is the principle that one cannot pay a little and get a lot. That is, paying a cheap price will not guarantee the buyer will receive a product of high quality value. In other words, a low price of a good may indicate that the producer compromised quality.