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Why might network externalities result in products that contain inferior technologies?
Consideration
Something of value exchanged by parties in a contract that is necessary for the agreement to be legally binding.
Existing Duty
An obligation that is already legally required or expected of a person or entity.
Verbal Agreement
An agreement made through spoken words between parties that can be legally binding, but is harder to prove than a written contract.
Enforceable
Capable of being imposed or carried out by legal process or authority.
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