The Tendency for Shared or Jointly Owned Resources to Be

question 111

Short Answer

The tendency for shared or jointly owned resources to be wasted and not used in an optimal or advantageous fashion is known as the ____________________.

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Definitions:

Enforce

To compel obedience or compliance through legal or authoritative means; to ensure the fulfillment of a requirement.

Give Consideration

In contract law, the act of offering something of value, required by both parties for a contract to be legally binding.

Promissory Estoppel

A legal principle that prevents a person from going back on a promise even when a legal contract does not exist.

Unilateral Contract

An agreement in which one party makes a promise in exchange for an act performed by another party.