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Why Are Many Mixed Economies Converting to Market-Based Systems? How

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Essay

Why are many mixed economies converting to market-based systems? How does the role of government change when a mixed economy transitions to a market economy?


Definitions:

Mistake Of Fact

Mistake as to the existence of the subject matter of a contract or the identity of a party.

Rescission

The act of revoking, cancelling, or annulling a contract, returning all parties to their positions prior to the agreement.

Franchise Contract

A legal agreement granting someone the right to operate a business under the franchisor's brand and business model.

Duress

A situation where a person performs an act as a result of coercion or threat of immediate danger to life or personal safety.

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