Image Contractcurve on edgeworth box.svg thumb 400px right Blue contractcurve showing tangential intersections of indifference curve s on an Edgeworth box The contractcurve represents the locus of Pareto efficient allocations, or points from which no further mutually beneficial trading is possible, between two agents in a two good pure exchange economy. Two agents in a two good pure exchange economy will continue to trade from their initial endowments as long as there is a gain to be made and the result of such trades will eventually end up at some point on the contractcurve because once you reach the curve, there is no further trade that can make both agents better off. In other words, it is the set of Pareto efficient allocations in an economy, lying between the agents initial endowments. Any Walrasian equilibrium lies in the contractcurve of the Pareto set . In the case of two goods and two individuals it can be represented in an Edgeworth box . On the contractcurve, the marginal rate of substitution is the same for all agents. Example Assume the existence of an economy with two agents, Octavio and Abby who consume two goods, X and Y, of which there are fixed i.e. finite supplies. Further, assume an initial distribution endowment of the goods between Octavio and Abby and let each have normally structured convex preferences represented by indifference curves . Octavio and Abby make mutually beneficial trades so long as each one s marginal rate of substitution differs. At the point where Octavios s marginal rate of substitution equals Abby s marginal rate of substitution .... The contractcurve represents a locus of Pareto Efficient equilibria from southwest to northeast ..., the contractcurve can be found by math max x 1,x 2 u 1 x 1 math subject to math x 1 1 x 1 2 leq .... In the Edgeworth Box, it is the point at which Octavio s indifference curve is tangent to Abby s indifference curve. Theoretically, Pareto Efficient equilibria can appear anywhere in the Edgeworth ... more details
Summary Contractcurve on an edgeworth box and pareto Licensing self2 GFDL with disclaimers cc by 2.5 migration relicense Category Economics curves ... more details
In Canadian contract law , Contract A is a concept that has recently been applied by courts regarding the fair and equal treatment of bidders in a contract tendering process. Essentially this concept formalizes previously applied precedents and strengthens the protection afforded to those who submit bids in the tendering process. The concept was introduced in 1981 by the Supreme Court of Canada , in R. v. Ron Engineering and Construction Eastern Ltd . The court found that a duty of fairness was owed to all bidders by an owner in a tendering process. The Contract A is formed when a request for proposal is responded to in the form of a valid bid, sometimes also known as submission of price. As many Contracts A are formed between the owner person, company or organization tendering the project and the bidders as there are bids received. The owner must now deal fairly and equally with all bidders, and must not show any favoritism or prejudice towards any bidder s . In essence, this concept boils down to the right of an individual to have equal opportunity to be successful with their bid for work. A breach of Contract A may occur if the owner or an owner s officer or representative, see vicarious liability , provides information, changes specification during the tendering process to unfairly benefit a particular bidder, enters into closed negotiations with an individual bidder in an effort to obtain more desirable contract conditions, etc. The most common situation in which an owner is accused of having breached Contract A occurs when a bidder is selected who is not the lowest bidder. This contravenes established custom and practice, which would normally dictate that the lowest bid be awarded the contract, but is not normally a source of a breach if handled properly. The successful suits for breach typically occur if the lowest bidder has been excluded based on a stipulation ... to be too broadly worded to have any meaning. See also Call for bids Contract B Duty of fairness ... more details
Unreferenced stub auto yes date December 2009 Wills, trusts, estates A will contract is a term used in the law of will law wills describing a contract to exchange a current performance for a future bequest. In such an agreement, one party the promisee will provide some performance in exchange for a promise by the other party the testator , because they must draft a will to make a specific bequest to the promisee party in the testator s will. Most jurisdictions recognize such contracts as valid, although a few hold them as void against public policy . Some jurisdictions will not recognize an oral contract for such a purpose, requiring instead that the contract be executed in writing and signed by both parties. The general rule, where such contracts are recognized, is that the promisee can not specific performance specifically enforce the contract if the testator later revokes or supersedes the will making the promised bequest, but can only sue the testator s estate for breach of contract. This protects the testator s very strong freedom to dispose of his property however he sees fit. For example, suppose Joey agrees to execute a will bequeathing his house to Rachel in exchange for services provided by Rachel. If Joey later revokes that will, Rachel can not force Joey s estate to convey the house to her, but can only sue for the value of the house. Typically, will contracts are made between people who have different heirs to whom they wish to leave their property at death, but they may wish for the other person to have the use of until all of their combined assets until the death of the second to die. A married couple with children from an earlier marriage is a good example. The husband may leave his separate estate to his wife at his death, instead of directly to his children ... work the same if she died first. A will contract only becomes irrevocable only at the first party ... can be accessed during the time that the creator of the fund is still alive. DEFAULTSORT Will Contract ... more details
The Curve may refer to The Curve shopping mall , a shopping mall in Malaysia The Curve film , a 1998 thriller neo noir film The Curve, an art gallery within Barbican Centre , London See also Curve disambiguation disambiguation ... more details
S Curve can refer to the following S Curve art , an art term for a sinuous body position, noted in ancient marble sculpture Sigmoid function , a mathematical function that produces a sigmoid curve or a curve having an S shape S Curve Records , a record label Reverse curve , a type of horizontal curve disambig fr Courbe en S ... more details
other uses File Parabola.svg right thumb A parabola , a simple example of a curve In mathematics , a curve ... case of curve, namely a curve with null curvature . ref In current language, a line is typically ... instances of the definition which follows. A curve is a topological space which is locally homeomorphic to a line. In every day language, this means that a curve is a set of points which, near each of its points, looks like a line, up to a deformation. A simple example of a curve is the parabola ... mathematical fields. The term curve has several meanings in non mathematical language as well. For example, it can be almost synonymous with mathematical function as in learning curve , or graph of a function as in Phillips curve . A Arc geometry arc or segment of a curve is a part of a curve that is bounded by two distinct end points and contains every point on the curve between its end points. Depending ... term curve . Hence the phrases straight line and right line were used to distinguish what are today ... geometry in the seventeenth century. This enabled a curve to be described using an equation rather ... equation s, algebraic curve s, and those that cannot, transcendental curve s. Previously, curves .... Newton had studied the cubic curve s, in the general description of the real points into ovals . The statement ... there is not a separate curve theory, but rather the appearance of curves as the one dimensional ... curve theorem was understood to lie quite deep, as well as being required in complex analysis . The era of the space filling curve s finally provoked the modern definitions of curve. Topology ... as closed curves In topology , a curve is defined as follows. Let math I math be an Interval mathematics ... mathbb R math . Then a curve math , gamma math is a continuous function topology continuous Map mathematics mapping math , gamma I rightarrow X math , where math X math is a topological space . The curve ... . In other words this curve does not cross itself and has no missing points . ref http dictionary.reference.com ... more details
Unreferenced date December 2009 Optimum contract and par contract are two closely related and sometimes confused terms in the card game contract bridge Optimum contract The optimum contract is that contract which offers the best chances, in unopposed bidding, of gaining bonus points for part score, game or slam whilst minimising the risk of failure. It is that contract which cannot be improved upon by further bidding nor could it have been improved upon by taking a different line in earlier bidding. At Duplicate bridge Scoring Chicago or IMP scoring it is generally worth bidding game even with a slightly less than 50 chance of success due to the relatively high value of the bonuses especially when vulnerable . In duplicate pairs scoring, the subtle difference between a major suit game, a NT game and a minor suit game make the choice of denomination an important decision. Each side has its own optimum contract and, for a side with poor hands, pass may be the optimum call. Par contract Where there is competitive bidding ie both sides are bidding the extra dimension of sacrificial bidding is added, and the theoretical optimum contract can be overtaken by the par contract . The par contract on a deal is that contract which results from optimal bidding by both sides and which neither side could improve by further bidding. It will either be equal to the optimum contract of one side or it will exceed the optimum contract of both sides. If the latter, it is only considered par if the doubled penalty is less than the value of the opposing optimum contract. Par score or par result The par result is that score which arises from the par contract and on which neither side could reasonably improve by changing their line of play. Game theory Game theoreticians would refer to such a par result as a Nash equilibrium . The term Par score par score originated in the game of golf . DEFAULTSORT Optimum Contract And Par Contract Category Contract bridge ... more details
to specific letter grades. Contract grading may be contrasted with other Grade education grading methods, such as grading on a curve or percentile systems. Basis of Contract Grading In traditional grading ...Orphan date February 2009 Contract Grading is a form of grading which results from an instructor to student ... are expected to follow a path that reflects the syllabus. However, the contract grading system allows ... between the student and the professor. With contract grading, students have a say in their curriculum ... to a contract , both the student and professor must come to an agreement. After students turn in their initial contract or proposal, the teacher may make revisions or require some changes be made before a final agreement is made. Similar to a contract, a contract grade must also be signed by both parties, confirming the agreement for a particular grade. However, the contract grading system is not as binding as a business contract. Should the student change his or her mind mid semester, he or she may re submit the contract provided the professor approves the changes. ref cite web publisher ... of Contract Grade Application Dr. Scott Alberts, professor at Truman State University , has implemented contract grading in a few of the courses he teaches, including his Junior Interdisciplinary Seminar ... assignments they will complete, Dr. Alberts does implement some constraints. The contract used in his ... them toward their desired grade. That quality is also an intrinsic part of Dr. Alberts contract ... of their contract. Once the student determines the amount of works he or she chooses to complete .... Student Reaction to Contract Grading A study published in 1990 received opinions about the contract ... at Acadia University in Nova Scotia , Canada . Students at both education levels reacted to the contract .... When asked to rank the effectiveness and importance of the various aspects of contract grading ... 0 ED328196&ERICExtSearch SearchType 0 no&accno ED328196 title Student Reaction to Contract Grading ... more details
A service contract can refer to the following, among others Service oriented architecture Service contract Water service contract Metropolitan Bus Service ContractContract for services disambiguation ... more details
A contract price is the price listed in the contract for the good or services to be received in return. Contract law Common law In contract law, the contract price is a Contract Uncertainty, incompleteness and severance material term . The contract price is the price for the goods or services to be received in the contract. The contract price helps to determine whether a contract may exist. If the contract price is not included in the written contract, then upon litigation the court may hold that a contract did not exist. In litigation, the contract price is a factor for determining damages upon a party forsaking its contractual obligations. The contract price as a point of reference may help determine the Expectation damages expectancy interest of the party suffering damages as well as the Reliance damages reliance interest along with damages under Estoppel Promissory Estoppel promissory estoppel . See also Contract Uniform Commercial Code References References External links law term stub Category Contract law eo Kontrakta prezo ... more details
Orphan date February 2009 Unreferenced date August 2009 A parametric contract is a financial or investment contract . Citation needed date December 2009 DEFAULTSORT Parametric Contract Category Contract law law term stub ... more details
A contract is a promise or an agreement made of a set of promises, the breach of which is recognized by the law and for which legal remedies can be provided Contract may also refer to Academics and education Contract Grading , a hands on, student involved form of grading in schools Business CONTRACT, the Airline codes Call signs .28Flight identification or flight ID.29 call sign of the airline, Air Contractors Computers and technology Design by contract , the notion of contracts between modules in the field of computer programming Entertainment Film Contract animated short film Contract , a Soviet animated film based on a short story by Robert Silverberg The Contract 1978 film The Contract , a 1978 Hong Kong film starring Michael Hui The Contract 1988 film The Contract , a 1998 UK film based on Gerald Seymour s novel The Contract 1998 film The Contract , a 1998 American film with Billy Dee Williams The Contract 2006 film The Contract , a 2006 American film with John Cusack and Morgan Freeman The Contract , a 2006 Chinese film, also known as Lease Wife Contract 2008 film The Contract , a 2008 film by Ram Gopal Varma Games Contract bridge Music Contract , a song by Gang of Four band from their 1979 album, Entertainment The Contract EP The Contract , an Extended play EP by hardcore punk band, Crime in Stereo The Contract , a song by Bad News from the album Bad News Bad News album Bad News Television Contract Law & Order Criminal Intent Contract Law & Order Criminal Intent , an episode of Law & Order Criminal Intent Publications The Contract , a religious tract published by Chick Publications and its controversial founder, Jack Chick Social sciences and philosophy Contract theory , the field of economics Social contract , a philosophical concept of how individuals connect with society Science and medicine wikt ContractContract transitive verb , as in to contract an illness Contract, in mathematics and physics, refers to tensor contraction disambig fr The Contract ko it Contratto ... more details
Unreferenced date December 2009 A voidable contract , unlike a void contract , is a valid contract . At most, one party to the contract is bound . The unbound party may repudiate the contract, at which time the contract is void law void . For example, depending upon jurisdiction , a minor law minor has the right to repudiate certain contracts. Any contract with a minor is thus a voidable contract. If a minor were to enter into a contract with an adult, the adult would be bound by the contract, whereas the minor could choose to avoid performing the contract. Therefore, when entering into contracts with a minor, people often require the cosignature of an adult, preferably a parent or legal guardian . See also voidable generally void contract unenforceable DEFAULTSORT Voidable Contract Category Contract law ... more details
Unreferenced date December 2009 Globalize date December 2010 A collateral contract is a contract where the consideration is the entry into another contract, and co exists side by side with the main contract. For example, a collateral contract is formed when one party pays the other party a certain sum for entry into another contract. A collateral contract may be between one of the parties and a third party. A party to an existing contract may attempt to show that a collateral contract exists if their claim for a breach of contract fails because the statement they relied upon was not held to be a Contractual term term of the main contract. It has been held that for this to be successful, the statement must have been promissory in nature J J Savage & Sons Pty Ltd v. Blakney 1970 119 CLR 435 . A collateral contract, if forged between the same parties as the main contract, must not contradict the main contract i.e. If the term was agreed upon prior to the completion of the formal contract but was still included as a term, and could not be executed until completion of the second term , the first term will still be allowed Hoyt s Pty Ltd v. Spencer 1919 27 CLR 133 . Collateral contracts are an exception to the Doctrine of Privity of Contract Shanklin Pier Ltd v Detel Products Ltd 1951 2 KB 854 DEFAULTSORT Collateral Contract Category Contract law Law term stub ... more details
Unreferenced stub auto yes date December 2009 Orphan date May 2009 A Contract B is formed when an Owner formally accepts a Bid or, colloquially, a submission of price. Only a single Contract B is formed between the Owner and the successful bidder. Tied to the concept of Contract A , Contract B is a place holder in the concept, a marker at the end of a formalized process of equitable treatment of both bidders and owners. In many ways it is more of an academic detail within the Contract A Contract B concept, but can also be thought of as a label for the actual construction contract. See also Contract A Duty of Fairness Request For Proposal reverse auction Category Contract law Canada law stub ... more details
Unreferenced date July 2009 A formal contract is a contract where the parties have signed under seal, while an informal contract is one not under seal. A seal can be any impression made upon the document by the parties to the contract. This was traditionally done in wax stating the intentions of the parties to be bound by the contract. Only parties to a sealed documents are the people who have rights under it, thus only people party to the contract can be found liable. According to Harvey Boller, J.D. Professor of Law at Loyola University, roughly 100 percent of contracts today are informal contracts. The legitimacy of a contract, however, does not rely upon whether a contract is formal or informal. Both are considered binding, given all other elements of a contract exist. In which both parties agree to each comply with each others wishes to a certain limit. Usually the contract is formed by a greater authority, such a government, or corporation. DEFAULTSORT Formal Contract Category Contract law law stub ... more details
Unreferenced auto yes date December 2009 Orphan date December 2009 In contract law, a severable contract is a contract that is actually composed of several separate contracts concluded between the same parties , so that failing breach of contract breaching one part of such a severable contract does not breach the whole contract. Therefore, the other party must still honor the other subparts and cannot cancel the whole agreement. A severable contract generally must contain a severability clause that allows certain clauses and aspects of the contract to be severed without affecting the validity of the rest of the contract. For example, if Mr. X purchases a computer , a Image scanner scanner , a printer and a desk from a retailer , and the retailer cannot deliver the printer, the other parts of the contract the computer, the scanner and the desk are still valid and must be honored. The above example, however, is incomplete. If Mr. X purchases a computer, scanner, printer and desk as part of a package, with the explicit agreement that all parts must be delivered together, the failure to deliver the printer may be material breach of the entire contract. In addition, if a contract is made explicitly for a set such as a complete set of books, furniture or clothes the failure to deliver the entire set is almost certainly a breach of the entire contract. Also termed divisible contract. Category Contract law DEFAULTSORT Severable Contract Law term stub ... more details
Refimprove date December 2009 A verbal contract is any contract which is expressed in words written or spoken . This contrasts with a contract which is implied by actions of the party law parties . An implied contract can be either implied in fact contract implied in fact or implied in law contract implied in law . A contract which is implied in fact is one in which the circumstances imply that parties have reached an agreement even though they have not done so expressly. For example, by going to a doctor for a physical, a patient agrees that he will pay a fair price for the service. If he refuses to pay after being examined, he has breached a contract implied in fact. Verbal contract is a frequently misused expression . It is often used by journalist s when they mean to say oral contract . When used in this sense, the term is confusing as well as incorrect, since a written contract is also a verbal one. ref http www.expertlaw.com library business contract law.html Contract Law An Introduction , Expert Law ref References Reflist DEFAULTSORT Verbal Contract Category Contract law Law term stub ... more details
Unreferenced date December 2009 A complete contract is an important concept from contract theory . If the parties to an agreement could specify their respective rights and duties for every possible future state of the world, their contract would be complete. There would be no gaps in the terms of the contract. However, because it would be prohibitively expensive to write a complete contract, contracts in the real world are usually incomplete. When a dispute arises and the case falls into a gap in the contract, either the parties must engage in bargaining or the courts must step in and fill in the gap. The idea of a complete contract is closely related to the notion of default rule s, e.g. legal rules that will fill the gap in a contract in the absence of an agreed upon provision. DEFAULTSORT Complete Contract Category Contract law ... more details
Unreferenced stub auto yes date December 2009 Orphan date December 2009 In Civil law legal system civil law systems , a synallagmatic contract is a contract in which each party to the contract is bound to provide something to the other party. Its name is derived from the Ancient Greek synallagma , meaning mutual agreement. Examples of synallagmatic contracts include contracts of sale, of service, or of hiring. In common law jurisdictions, it is roughly the equivalent of a bilateral contract rather than a Gift law gift as such a relationship is not one of contract or a unilateral contract in which only one party makes an enforceable promise. In civilian jurisdictions, the proper contrast is with a gift as such a relationship is one of contract. DEFAULTSORT Synallagmatic Contract Category Civil law legal system Category Contract law Law term stub de Synallagma es Contrato bilateral fr Contrat synallagmatique it Sinallagma sr Sinalagmati ni ugovor th ... more details
An oral contract is a contract the terms of which have been agreed by spoken communication, in contrast to a written contract, where the contract is a written document. There may be written, or other physical evidence, of an oral contract for example where the parties write down what they have agreed but the contract itself is not a written one. In general, oral contracts are just as valid as written ones, but some jurisdictions either require a contract to be in writing in certain circumstances for example where real property is being conveyed, or that a contract be evidenced in writing though it may be oral . An example of the latter being the requirement that contract of guarantee be evidenced in writing that is found in the Statute of Frauds . Similarly, the limitation period prescribed for an action may be shorter for an oral contract than it is for a written one. The term verbal contract is sometimes incorrectly used as a synonym for oral contract. However, a verbal contract is one that is agreed to using words, either written or spoken , as opposed to an implied contract. ref http www.wisegeek.com what is a verbal contract.htm What is a Verbal Contract? , Wisegeek. ref ref http www.expertlaw.com library business contract law.html Contract Law An Introduction , Expert Law ref Texaco vs. Pennzoil case Samuel Goldwyn said, An oral contract is as good as the paper it s written on, but this is not always the case. For example, In 1984 after Getty Oil was sold to Pennzoil in a handshake deal, Texaco made a higher offer, and the company was sold to Texaco. Pennzoil filed a lawsuit alleging tortious interference with this oral contract, which the court upheld and awarded 11.1 billion in damages, later reduced to 9.1 billion, but increased again by interest and penalties. ref http www.agsm.edu.au bobm teaching MDM pennzoil.pdf pennzoil V Texaco ref References references Category Contract law de Form Recht pl Forma czynno ci prawnej ... more details
orphan date February 2010 Unreferenced stub auto yes date December 2009 Contract law A void contract , also known as a void agreement , is not actually a contract . A void contract cannot be enforced by law. Void contracts are different from voidable contract s, which are contracts that may be but not necessarily will be nullified. An agreement to carry out an illegal act is an example of a void contract or void agreement. For example, a contract between drug dealers and buyers is a void contract simply because the terms of the contract are illegal. In such a case, neither party can go to court to enforce the contract. A void contract is void ab initio, i e from the beginning while a voidable contract can be voidable by one or all of the parties. A contract can also be void due to the impossibility of its performance. E g If a contract is formed between two parties A & B but during the performance of the contract the object of the contract becomes impossible to achieve due to action by someone or something other than the contracting parties , then the contract cannot be enforced in the court of law and is thus void. A void contract can be one in which any of the prerequisites of a valid contract is are absent for example if there is no contractual capacity, the contract can be deemed as void. In fact,void means that a contract does not exist at all. The law can not enforce any legal obligation to either party especially the disappointed party because they are not entitled to any protective laws as far as contracts are concerned. Features of Void agreements br An agreement made by incompetent parties Minor Lunatic Person is void. Any agreement with a bilateral mistake is void. Agreements which have unlawful consideration is void. Agreement with a unlawful object is void. Agreements made without consideration is void. Agreement in restraint of marriage of any major person ... Void Contract Category Contract law Law term stub ru ... more details
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