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With an entitlement protected by property rule, a collective decision is made as to who is to be given the initial entitlement, but not as to the value of the entitlement itself. An entitlement protected by a liability rule, however, involves a collective decision as to the value of the entitlement without the need for a voluntary transaction.
Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are required by law. [1] Congress established mandatory programs under authorization laws. Congress legislates spending for mandatory programs outside of the annual appropriations bill process. Congress can only reduce the ...
The New King James Version (NKJV) is a translation of the Bible in contemporary English. Published by Thomas Nelson, the complete NKJV was released in 1982.With regard to its textual basis, the NKJV relies on a modern critical edition (the Biblia Hebraica Stuttgartensia) for the Old Testament, [1] while opting to use the Textus Receptus for the New Testament.
Ijarah thumma al bai' (literally "renting/hiring/leasing followed by sale") [129] involves the customer renting/hiring/leasing a good and agreeing to purchase it, paying both the lease/rental fee and the purchase price in installments so that by the end of the lease it owns the good free and clear. This involves two Islamic contracts (very much ...
In mergers and acquisitions, a mandatory offer, also called a mandatory bid in some jurisdictions, is an offer made by one company (the "acquiring company" or "bidder") to purchase some or all outstanding shares of another company (the "target"), as required by securities laws and regulations or stock exchange rules governing corporate takeovers.
ROFR: Abe owns a house and Bo offers to buy that house for $1 million. However, Carl holds a right of first refusal to purchase the house. Therefore, before Abe can sell the house to Bo, he must first offer it to Carl for the $1 million that Bo is willing to buy it for. If Carl accepts, he buys the house instead of Bo.
Treitel defines an offer as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree". [1] An offer is a statement of the terms on which the offeror is willing to be bound.
A purchase and sale agreement (PSA), also called a sales and purchase agreement (SPA) [1] or an agreement for purchase and sale (APS), [2] is an agreement between a buyer and a seller of real estate property, company stock, or other assets.