​Scope of Services an Apartment Owner Has Contracted for Lawn Mowing Services for Mowing

question 23

Essay

​Scope of Services
An apartment owner has contracted for lawn mowing services for a number of apartment complexes he owns.He negotiated a price per month but the scope of services to be performed remained a bit vague.Why is he disappointed that the winning contractor provides less than the desired level of services?

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Definitions:

Coase Theorem

A principle that asserts that if property rights are clearly defined and transaction costs are low, private negotiations will lead to the efficient resolution of disputes regardless of initial distribution of rights.

Property Rights

Legal rights that determine the ownership and use of resources such as land, buildings, and intellectual property.

Negatively Affects

To cause harm or reduction in quality, performance, or value.

Air Traffic

The movement of aircraft within the earth's atmosphere, controlled and regulated to ensure safety and efficiency.