The Tragedy of the Commons

question 156

Multiple Choice

The Tragedy of the Commons

• A)occurs most often with public goods.
• B)is only applicable to shared grazing rights among sheep herders.
• C)is eliminated when property rights are assigned to individuals.
• D)occurs when social incentives are in line with private incentives.

Understand the concept of scienter and its importance in establishing fraud.

Differentiate between mistakes in contract terms and how they affect contract enforceability.

Recognize the elements required to establish a case of fraud, including reliance and misrepresentation.

Understand the role of physical compulsion and improper threats as forms of duress in contract law.

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Definitions:

FAIS

Financial Accounting Information System, a specialized subsystem of the information system that collects, processes, and reports information related to the financial aspects of business activities.

Freight Forwarding

Freight forwarding is a service industry that coordinates and facilitates the shipment of goods across international borders on behalf of shippers.

BI Systems

Business Intelligence Systems; these are computer-based tools that allow companies to gather, store, access, and analyze corporate data to aid in decision-making.

Corporate Databases

Centralized repositories of organizational data that support business operations, decision-making, and information management.