Category: Trade

There are different approaches in the political science literature to the study of the history of political doctrines. However, most authors present the history of political thought in chronological (temporal) terms, based on the usual periodization of history: the ancient world, the Middle Ages, new and modern times. In any approach, attention is drawn to the close connection of the political teachings of the past with the present. Knowledge of the past helps to better understand the present. It is no accident today, as early as in the 21st century, we continue to analyze texts of eminent thinkers of the past and even debate them. For example, in his book Open Society and Its Enemies, the eminent Austrian philosopher Karl Popper (1902-1994) argues with Plato about his "political agenda." K.…

Essay on the Advantages and Disadvantages of International Trade ! Advantages of International Trade: International trade which enable every country to specialise and to export those things that it can produce cheaper in exchange for what others can provide at a lowest cost have been and still are one of the basic factors promoting economic well-being and increasing national income of every participating country. The World Trade can increase real income and consumption two.International Trade has many more benefits. It promotes growth and enhances economic welfare by stimulating more efficient utilisation of factor endowments of different regions and by enabling people to obtain goods from efficient sources of supply. Trade also makes available to people goods which cannot be produced in their country due to various reasons. ADVERTISEMENTS: Small countries…

Essay on Achievements of World Trade Organization !Member-countries of the WTO have sought to fulfil the objectives reflected in the preamble of the WTO agreement of conducting the trade relations with a view to raising standards of living worldwide. The rise in global trade facilitated by trade liberalisation within the rule-based system has created more and better-paid jobs in many countries.Forty eight least developed countries, with 12 per cent of the world population had only 0.4 per cent of global trade. It is therefore called for better access to them increased technology transfer, aid and debt relief, protection from negative consequences of the agreements and greater transparency in the WTO. ADVERTISEMENTS: It is the rapid growth of trade in the past half century that has been responsible for the global…

Here is your essay on International Criminal Law and International Criminal Court in Present Age:International law is a body of rules and principles which regulate the conduct and relations of the members of international community there are many factors which led to the development of law in 19th and 20th centuries. ADVERTISEMENTS: The relation of the state and their mutual contracts has greatly increased during the said period and many rules and principles were formulated on the basis of the practice of states and the needs and requirements of the changing times and circumstances in this period witnessed the birth, growth and development of public International Law as a universal face or a legal system to reckon with.The modern International Law as a definite branch of jurisprudence there has been…

Chamberlin theory has been severely criticised by a number of economists like Stigler, Coten and Cyert. The evils and defects of monopolistic competition, which are generally spoken of as ‘wastes of competition’ are as follows. 1. Interdependence: The assumption that the firms take decisions independently and ignore the possible reactions by their competitors has been criticised on the ground that the products under monopolistic competition are close substitutes to one another.The very fact that the firms resort to product differentiation implies that they are aware of the market structure and actions as well as possible reactions of their competitors. Actually, the assumptions of product differentiation and independent actions by the rivals are inconsistent. Image Source: leadingeffectively.com 2. Naive Behaviour: ADVERTISEMENTS: Chamberlin’s implicit assumption of naive behaviour that firms do not…

A contract has been defined in Section 2(h) as “an agreement enforceable by law.” To be enforceable by law, an agreement must possess the essential elements of a valid contract as contained in Sections 10, 29 and 56. According to Section 10, all agreements are contracts if they are made by the free consent of the parties, competent to contract, for a lawful consideration, with a lawful object, are not expressly declared by the Act to be void, and, where necessary, satisfy the requirements of any law as to writing or attestation or registration. As the details of these essentials form the subject-matter of our subsequent chapters, we propose to discuss them in brief here. ADVERTISEMENTS: The essential elements of a valid contract may be summed up as follows: 1.…

From the point of view of enforceability a contract may be valid or voidable or void or unenforceable or illegal.1. Valid contract:A valid contract is an agreement enforceable by law. An agreement becomes enforceable by law when all the essential elements of a valid contract as enumerated above are present. ADVERTISEMENTS: 2. Voidable contract:According to Section 2(i), “an agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract.”Thus, a voidable contract is one which is enforceable by law at the option of one of the parties. Until it is avoided or rescinded by the party entitled to do so by exercising his option in that behalf, it is a…

Here is your essay on Political Corruption in India:It is well-known that a large number of politicians, not only in India, but almost in all countries are corrupt. People are never shocked when politician’s corruption is divulged. Honest politicians are a rare breed today. Ministers like Lal Bahadur Shastri, Sardar Vallab Bhai Patel, Jawaharlal Nehru, etc. are rare who had very little bank balance at the time of death. ADVERTISEMENTS: Money and politics have thus an “adulterous relationship”. In a democracy all political parties need money. While all political parties are guilty of seeking the support of trade and commerce and big business. All done only with the aim of rule on people or to be in ‘Power’ and for the fulfilment of this aim, they violate morals and ethical…

The last essential of a valid contract as declared by Section 10 is that it must not be one which is ‘expressly declared’ to be void by the Act. Thus, there arises a question, as to what are ‘expressly declared’ void agreements? The following agreements have been ‘expressly declared’, to be void by the Indian Contract Act:1. Agreements in restraint of marriage (Sec. 26).2. Agreements in restraint of trade (Sec. 27). ADVERTISEMENTS: 3. Agreements in restraint of legal proceedings (Sec. 28).4. Agreements the meaning of which is uncertain (Sec. 29).5. Agreements by way of wager (Sec. 30). ADVERTISEMENTS: 6. Agreements contingent on impossible events (Sec. 36).7. Agreements to do impossible acts (Sec. 56). Image Source:naturallyadvanced.files.wordprss.comAt the very outset, it may be borne in mind that the law declares these agreements…

Implied conditions for the law incorporates into a contract of sale of goods are given below:1. Condition as to title [Sec. 14 (a)]:In every contract of sale, the first implied condition on the part of the seller is that, in the case of a sale, he has the right to sell the goods and that, in the case of an agreement to sell; he will have a right to sell the goods at the time when the property is to pass. ADVERTISEMENTS: Ordinarily the seller has the right to sell the goods if either he is the owner of the goods or he is owner’s agent. As a result of this condition, if the seller’s title turns out to be defective the buyer is entitled to reject the goods and…