_____ Refer to the Influence of Political and Legal Institutions

question 158

Short Answer

_____ refer to the influence of political and legal institutions on people and organizations.

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Definitions:

Contract

A legally binding commitment between parties to perform or refrain from performing specified acts.

Promissory Estoppel

A legal principle that prohibits a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.

Statute of Frauds

A legal concept that requires certain types of contracts to be in writing and signed by the party to be charged, in order to be legally enforceable.

Collateral Promise

A collateral promise is a secondary agreement that one party will assume responsibility for another's debt or obligation if that other party fails to fulfill it.