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The four specific sources of market failure are
Liable
Refers to being legally responsible for something, typically requiring compensation or remedy for damages caused.
Misrepresentation
A false statement of fact made by one party to another, which has the effect of inducing that party into the contract.
Ratification
The adoption of a contract or act of another by a party who was not originally bound by the contract or act.
Breach
The violation or infringement of a law, agreement, or code of conduct.
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