Restraint Of Trade
Summary of Restraint Of Trade
Combinations, contracts, agreements, or arrangements, either oral or written, designed to effect a monopoly, impede competition, fix prices, retard entry into the field, or otherwise obstruct trade that would otherwise occur if left to natural economic forces. Acts in restraint of trade are generally viewed as contrary to public policy, and many are specifically prohibited by law. renewed without the necessity of amending the credit.
A revolving letter of credit may revolve according to time, in which case a fixed sum becomes available at the beginning of a given time period-monthly, for example. If sums unused during one period may be carried over to the next period, the letter of credit is said to be cumulative', if such unused sums cannot be carried forward, the letter of credit is noncumulative.
A revolving letter of credit may also revolve according to value; such credits have their value reinstated after each drawing. Unless an overall value is assigned to the credit, this type of instrument permits unlimited drawings; for this reason, it is not commonly used.
(Main Author: William J. Miller)
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|"Restraint Of Trade" lawin.org. 12, 2013. Accesed 08 2014. http://lawin.org/restraint-of-trade|
|William J. Miller, 'Restraint Of Trade' (lawin.org 2013) <http://lawin.org/restraint-of-trade> accesed 2014 August 22|
This entry was last modified: December 1, 2013