Examlex
Why does an external cost lead to inefficient overproduction?
Consideration
An essential element in contract law, referring to the exchange of something of value between parties as part of an agreement.
Simple Contract
A contract that is not formalized in writing but is made orally or by conduct, requiring only mutual agreement and consideration to be valid.
Security Interest
A legal claim or lien on collateral that secures the payment or performance of an obligation.
Secured Transactions
Financial transactions in which the borrower pledges collateral to ensure repayment of a loan.
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