LEGITIMACY THEORY Definition

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LEGITIMACY THEORY posits that businesses are bound by the social contract in which the firms agree to perform various socially desired actions in return for approval of its objectives and other rewards, and this ultimately guarantees its continued existence.

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STATUTORY LAW is law enacted by the legislative branch of government, as distinguished from case law or common law.

PURCHASE MONEY AGREEMENT is an agreement under which a person pledges the property or item bought as security.

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