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Private parties entering into a contract with one another (i.e., commercial contracts) have more freedom to establish a broad range of contract terms by mutual consent compared to a private party entering into a contract with the Federal Government. Each private party represents its own interests and can obligate itself in any lawful manner.
The Walsh-Healey Act that applies to U.S. government contracts exceeding $15,000 for the manufacturing or furnishing of goods. Walsh-Healey establishes overtime pay for hours worked by contractor employees in excess of 40 hours per week, and sets the minimum wage equal to the prevailing wage as determined by the Secretary of Labor.
A central puzzle that motivates research in this vein is the "inefficiency puzzle of war": why do wars occur when it would be better for all parties involved to reach an agreement that goes short of war? [2] [3] In the bargaining model, war between rational actors is possible due to uncertainty and commitment problems. As a result, provision of ...
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Because the FAR is the law, and government contractors are presumed to be familiar with the FAR, a mandatory clause that expresses a significant or deeply ingrained strand of public procurement policy will be incorporated into a Government contract by operation of law, even if the parties intentionally omitted it.
Jennison, [2] Chief Justice Taney, referencing the Contract Clause, wrote an opinion which found that states had no power under it to honor an extradition request from a foreign government. More recently, the kindred idea that the responsibility for the conduct of foreign relations rests exclusively with the Federal Government prompted the ...
Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."
The current edition contains many more examples of models in which a government faces a nontrivial policy choice than did the earlier edition.' Despite the criticisms, Anatole Kaletsky has described Sargent and Wallace's proposition as a significant contributor to the displacement of Keynesianism from its role as the leading economic theory ...