Examlex
A disadvantage of protection from import competition is the added cost of continuing to produce a good domestically that could be supplied more efficiently by an international supplier.
Equal Dignities Rule
The legal rule that provides that when a party appoints an agent to negotiate an agreement that must be in writing, the appointment of the agent must also be in writing.
Consideration
In contract law, something of value exchanged between parties that is required for the formation of a legal contract.
Assignment
The transfer of a contract right from one person to another.
Frustration of Purpose
A legal defense allowing parties to terminate a contract when an unforeseen event undermines the contract's principal purpose, rendering it impossible to fulfill.
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