One of the Changes in Contract Law Between the Nineteenth

question 60

Multiple Choice

One of the changes in contract law between the nineteenth century and the twentieth century is that in more recent times:

• A) contractual liability,once assumed,can rarely be escaped.
• B) contract damages are viewed more narrowly and equitable remedies are no longer available.
• C) privity of contract is required.
• D) intended third-party beneficiaries may sue in their own right.

Identify the principal-agent problem and its effects in labor markets.

Comprehend the composition and historical trends of union membership in the United States.

Describe the mechanisms through which unions can affect the number of jobs and wage levels.

Understand the rationale behind, and the impact of, efficiency wages and piece-rate pay systems.

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Definitions:

Labour Costs

The total expenditure incurred by employers to compensate their employees, including wages, benefits, and taxes.

Organization

A structured group of people who come together to achieve common goals, often through a division of tasks, responsibilities, and hierarchical structure.

Reduce Expenses

Implementing strategies and actions aimed at cutting down costs and spending less money in personal or business operations.

Headcount

The total number of individuals working for a company, either as full-time employees or in positions equivalent to full-time employment.