If a Part of a Divisible Contract Is Illegal

question 1

Multiple Choice

If a part of a divisible contract is illegal:

• A)the whole contract is void.
• B)the illegal parts will be removed and the legal parts remain in force.
• C)the whole contract will be unenforceable.
• D)the whole contract is still enforceable.

Define the characteristics of different economic systems and their impact on societal welfare.

Differentiate between behavioral economics and traditional economic models.

Explain the roles and importance of the IMF and WTO in international trade and economics.

Identify ethical issues specific to multinational corporations and international business practices.

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Definitions:

Mass Manufacturing

The production of large quantities of standardized products, often using assembly lines or automated technology, to achieve economies of scale.

Labor Relations

The interaction between management and labor unions or workers, encompassing negotiation, compliance with labor laws, and workplace conflict.

Business Environment

The combination of external and internal factors that influence a company's operating situation, including economic, legal, technological, and social conditions.

Cost Reduction

The process or strategy of reducing the amount of money required to produce goods or services without compromising on quality, often through efficiencies, economy of scale, or re-negotiation of contracts.