Economic Definition Of Agreement

There are many types of economic contracts in the USSR: delivery, capital construction, remittance, subcontracting, freight transport, agricultural product delivery, shipping, agency, water storage and transport. There are also planning and prospecting contracts, commissions and loans. Contract economy is a useful concept that contributes to the commercial parties not only thinking about the content of the contracts and whether they are favourable or not, but also about the relevance of the business processes associated with the contract. Under no circumstances can the terms of purchase and management prices be exceeded, under the economic conditions set out in the proposed notice of sale, to (i) the actual costs incurred by the seller for the acquisition, development, construction, completion and maintenance of the subject assets, and (ii) the basic tax of the administrator on the basis of a percentage of gross revenue and incentive costs. , but without reimbursement fees, set out in the administrative agreement (the amount is the ”real cost”). Modern capitalism would not be possible without the law of contracts. Thus, in planned economies such as the former Soviet Union and pre-capitalist China, the treaty did not determine the nature of an economic transaction. This operation was first defined by the national planning authorities; Only after the pre-established provisions set out in a written contract have been established. Modern capitalism has called for new contractual regimes in Russia and China; It passed its revised Contracts Act in 1999.

In the 1960s, Kenneth Arrow conducted the first formal research on this topic in the field of economics. Since contract theory includes both the behavioural incentives of a client and an agent, it falls within a field known as law and economics. This area of study is also called economic legal analysis. Your ship, which costs $10 million, was hit by a storm, was handicapped and is sinking little by little. Fortunately, a tugboat passes by and offers to save him. Unfortunately, the tug master, who knows the value of the vessel, offered to ask for $9 million for his services. If you make this offer, he`ll be happy to get you and your crew to safety and sink the ship. You accept its price, it carries the boat safely to port, and you refuse to pay by claiming that your agreement was obtained under duress.

The Admiralty Court concludes that a reasonable price for the towing contract is $1 million and rewrites your agreement accordingly. To find out how Gatekeeper can help you reduce your contract costs while increasing the value generated by existing and future agreements, contact us today. Soviet law provides for the principle of the specific execution of economic contracts. ”specific performance”: strict compliance with contracts; Benefits in kind cannot be replaced by financial compensation. Where an economic contract has not been executed or has not been sufficiently executed, the contracting party who broke the contract generally assumes essential liability, either in the form of various fines or in the form of compensation.

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