Describe the Concept of Competitive Advantage

question 39

Essay

Describe the concept of competitive advantage. Discuss the differences between competitive advantage and leverageable advantage.

Differentiate between statutory and equitable assignments in contract law.

Comprehend the privity of contract rule and its exceptions.

Explain the implications of the parol evidence rule in contract interpretation.

Recognize the effect of non est factum in negating contractual obligations.

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Definitions:

False Uniqueness Effect

The tendency of people to underestimate the commonality of their abilities and desirable or successful behaviors.

Base Rate Information

Statistical data that represents the general probability of an event or characteristic within a population.

False Consensus

The belief that one's own opinions, beliefs, or behaviors are more common in the general population than they actually are.

External Attribution

The method of assigning the reason for one's own or other people's actions to external elements or circumstances.