Increasing GNP Is a Necessary but Not a Sufficient Condition

question 8

Essay

Increasing GNP is a necessary but not a sufficient condition for improving living standards in less developed countries.True or false,explain.

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Definitions:

Doctrine of Unconscionability

A legal principle that contracts with terms that are excessively unfair or oppressive can be found invalid or modified by a court.

Implied Warranties

Legal guarantees implied by law regarding the satisfactory quality and fit for purpose of goods, even if not expressly stated by the seller.

Remedy Limitation

Restrictions placed on the types or extent of legal remedies available to a plaintiff in a lawsuit, often stipulated in contracts.

Recovery of Damages

The process by which a victim of a breach of contract or tort seeks financial compensation or restitution for loss or injury.