ment, and constitutes the element of exchange in the contract. This may involve either money, or a promise given in exchange.
Legality is the final stipulant of a valid contract. Agreements that call for an illegal performance, such as the sale of illegal substances, are not enforceable under the law. The "clean hands" approach will prevail in a court of law.
Property rights of American citizens relate to real property, i.e. land and that which is erected or growing upon it. These rights are, however, limited by the state's power of eminent domain, as well as by zoning and building ordinances. In addition, easements--the right to use the land of another for a particular purpose, such as the right of way over land, may impart on the content of a contract.
There has been considerable discussion of the encroachment of the government (particularly by its many agencies) upon business freedom in decision-making. Frequently, there are moves to reduce the role of government, but the ebb and flow of government's influence in the management of economic enterprise will continue to have a serious impact.
All industries are regulated to some extent. Regulation of financial reporting requirements, environmental safety requirements, and employment conditions, are all examples of government's involvement in the marketplace. In this respect, the government is an ubiquitous presence. The market does not regulate itself in too many instances. Chemical plants keep on spewing out hazardous materials that find their way into the ecological system. Drinking water is affected, and would remain so if it were not for the intervention of governmental agencies that protect the American people.
The major groups of companies that are regulated are subject to the prices that they charge for their products, as well as the way that they conduct their business. These companies are serving the public interests, such as energy distribution compa...