A Canadian Multinational Was Interested in Developing a Market in a Third-World

question 12

True/False

A Canadian multinational was interested in developing a market in a third-world country, which had once been communist, and was moving to a free enterprise system. It negotiated with the government to buy and resurrect the fledging state-owned automobile industry. After presenting a contract under seal, the company got "cold feet" and decided to back out of the deal. The contract will be enforced against the company because the application of a seal together with a signature is considered to represent consideration for the contract.

---

Definitions:

Slave Labor

Work done under force or threat, without proper remuneration or consent, by individuals considered as property.

Industrialization

The transformation from an agricultural-based economy to one dominated by industry and machine manufacturing, typically seen as a hallmark of economic development.

New York Shipping Companies

Businesses based in New York that specialize in the transportation of goods and cargo across water bodies, significant in the development of global trade.

Frederick Douglass

An African-American social reformer, abolitionist, orator, writer, and statesman who after escaping from slavery in Maryland, became a national leader of the abolitionist movement.