David Ricardo Made the Statement That 'It Is a Maxim

question 53

True/False

David Ricardo made the statement that 'It is a maxim of every prudent master of a family never to attempt to make at home what it will cost him more to make than to buy'.

Understand the concept and legal principles of consideration in contract law.

Differentiate between legal sufficiency of consideration and adequacy of consideration.

Identify the requirements for a valid modification of contracts under both common law and the Uniform Commercial Code (UCC).

Analyze the enforceability of agreements based on past consideration or moral obligations.

---

Definitions:

Corporate Treasury

The division within a corporation that manages the company's finances, including cash flow, investments, and risk.

Cumulative Voting

A voting system commonly used in corporate elections that allows shareholders to concentrate their votes on a single candidate, as opposed to distributing them among multiple candidates.

Straight Voting

A voting system where shareholders must vote for directors individually, with each shareholder's vote proportional to their shareholding.

MBCA

The Model Business Corporation Act (MBCA) provides a template for states in the United States to use in drafting their corporate statutes, aiming to harmonize the law of corporations across states.