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Why is labor demand a derived demand? Explain.What is a linkage between markets?
Restatement of Contracts
A set of model legal rules relating to contracts intended to clarify the principles of contract law and serve as a reference for judges and lawyers.
Preexisting Moral Obligation
A moral duty or responsibility that already exists before any new agreement or contract is made.
Consideration
The value (such as money, a service, or a promise) that is exchanged between parties in a contract.
Doctrine of Promissory Estoppel
A legal principle that prevents a promisor from retracting a promise that the promisee has relied upon, resulting in a significant change of position.
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