Examlex
Which of the following are barriers to entry that can give rise to a monopoly?
(i) a patent giving exclusive right to manufacture a new electronic device
(ii) a single firm buys all the rights to mine iron ore in Australia
(iii) a single firm can produce at lower cost than several firms
Willful Misconduct
Intentional wrongdoing or reckless disregard for the safety and rights of others.
Limits Liability
Refers to strategies or legal structures, like forming an LLC, aimed at reducing the financial risk individuals bear.
UCC
Short for Uniform Commercial Code, it's a set of laws that provide legal rules and guidelines for commercial transactions in the United States.
Constituting Contract
An agreement that establishes the rights and obligations between parties.
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