INTB 1209 Lecture Notes - Lecture 3: Foreign Corrupt Practices Act, Extortion, Chemical Formula

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Contract- a document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved. Contract law- the body of law that governs contract enforcement. In a legal sense property refers to a resource over which an individual or business holds a legal title, that is a resource that it owns. Property rights- refers to the legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource. Private action- refers to the theft, piracy, blackmail, and the like by private individuals or groups. Public action- the extortion of income or resources of property holders by public officials, such as politicians and government bureaucrats. Can be done through legal measures such as levying excessive taxation, expensive licenses or permits from property owners etc.

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