What is the basic definition of communism?
What is the basic definition of communism?
Communism (from Latin communis, ‘common, universal’) is a philosophical, social, political, and economic ideology and movement whose goal is the establishment of a communist society, namely a socioeconomic order structured upon the ideas of common ownership of the means of production and the absence of social classes.
What is representation and warranties clause?
A representation is basically an assertion of a past or existing fact, true on the date that it is made. It is generally given to induce another party to enter into a contract. A warranty on the other hand, is similar to a representation but it refers to the present or future i.e. a present or future promise of a fact.
What are the three attributes associated with communism?
Nevertheless, six defining characteristics of Communist ideology are identified and elaborated—the monopoly of power of the ruling Communist party; democratic centralism; state ownership of the means of production; centrally planned rather than market economy; membership of an international Communist movement; and the …
What is difference between capitalism and communism?
In a capitalist economy, production is determined by free market forces such as supply and demand. In a communist economy, the government determines which goods and services get produced and how much is available at any given time. When the government controls supply and demand, it also controls prices.
What is the difference between representations and warranties and covenants?
The key difference among these words is temporal – past and present for representations; past, present, but mainly future for warranties; and mainly future for covenants. The remedies for a false representation, breach of a warranty or violation of a covenant also have differed.
Why are representations and warranties important?
The purpose of representations and warranties is to disclose information between the two parties. Those given by the seller in a business contract tend to be more extensive because they could include information about stocks, liabilities, assets, and any target companies involved in the transaction.
What are 5 characteristics of communism?
Characteristics of Communist System
- Abolition of Private Property.
- Collective Ownership of Means of Production.
- Central Planning.
- Elimination of Unfair Gaps in Incomes.
- Provision of Necessaries of Life.
What is the difference between representations and warranties?
Representations and warranties may also be shortened to “represents and warrants” in a contract. If the representation in the contract is found to be false, it is called “inaccurate,” while a false warranty is considered breached. Representations always refer to past information,…
Is the phrase’represents and warrants’only way to make something a representation?
In a comment to a blog post by this author, Stark has stated that she doesn’t suggest that using represents or warrants is the only way to make something a representation or warranty. That means she in effect endorses the permissive remedies rationale. By contrast, Bryan Garner in effect endorses the restrictive remedies rationale.
What happens if you don’t use represents and warrants?
So under the restrictive version, failure to use represents, warrants, or both, or to otherwise explicitly characterize a statement of fact as a representation, a warranty, or both, should prevent that statement from being deemed a representation or a warranty, or both, respectively.
Why are expressed warranties more important than implied warranties?
Expressed warranties are included in written contracts and signed by both parties. If a buyer is trying to take legal action against a seller, it is easier to prove that the seller violated the terms of an expressed warranty than an implied warranty. Why are Representations and Warranties Important?
