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Private markets fail to reach a socially optimal equilibrium when negative externalities are present because
Privity of Contract
A doctrine in contract law stipulating that only parties to a contract can sue or be sued on it.
Notice of Assignment
A formal notification to the concerned parties that the rights or interests of an agreement have been transferred from one party to another.
Restrictive Covenant
A clause in a contract that limits certain actions or uses of property to protect business interests or preserve property value.
Public Policy
Principles and actions adopted or proposed by a government to address societal issues and achieve beneficial outcomes.
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