What Are Some of the Main Advantages and Disadvantages of the Extensive

question 5

Essay

What are some of the main advantages and disadvantages of the extensive financial and commercial networks linking nations today?

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Definitions:

Oral Contract

An agreement between parties that is made verbally instead of being documented in writing.

Admission

A statement made in court, under oath, or at some stage during a legal proceeding in which a party against whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing.

Equal Dignity Rule

A legal principle requiring that agents’ actions and contracts signed on behalf of a principal must be in writing if the principal's contract is also required to be in writing.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and signed by the party to be charged, in order to be enforceable.