Globalization Is

question 48

Multiple Choice

Globalization is:

• A)The development of an increasingly differentiated global markets.
• B)The development of an increasingly integrated global economy marked by free trade, free flow of capital and the tapping of cheaper foreign labor markets
• C)A trending marketing strategy.
• D)The developing business strategy for gaining foreign direct investors.

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Definitions:

Common Law

A legal system characterized by judicial decisions creating precedent, originating in England and forming the basis of legal systems in many English-speaking countries.

Clause

A specific provision or section within a contract or legal document that stipulates particular terms, conditions, or obligations.

Frustrated Contract

A legal concept describing a contract that, due to unforeseeable circumstances, has become impossible to perform, thus being voided without penalty to either party.

Material Alteration

The major alteration of an agreement that has the effect of discharging the contract and replacing it with another.