PaymentA payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation/philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Payments can be effected in a number of ways, for example: the use of money, cheque, or debit, credit, or bank transfers, whether through mobile payment or otherwise the transfer of anything of value, such as stock, or using barter, or personal data, the exchange of one good or service for another.
Evidence-based policyEvidence-based policy is a concept in public policy that advocates for policy decisions to be grounded on, or influenced by, rigorously established objective evidence. This concept presents a stark contrast to policymaking predicated on ideology, 'common sense,' anecdotes, or personal intuitions. The approach mirrors the effective altruism movement's philosophy within governmental circles. The methodology employed in evidence-based policy often includes comprehensive research methods such as randomized controlled trials (RCT).
Payment systemA payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. A common type of payment system, called an operational network, links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment.
Intellectual historyIntellectual history (also the history of ideas) is the study of the history of human thought and of intellectuals, people who conceptualize, discuss, write about, and concern themselves with ideas. The investigative premise of intellectual history is that ideas do not develop in isolation from the thinkers who conceptualize and apply those ideas; thus the intellectual historian studies ideas in two contexts: (i) as abstract propositions for critical application; and (ii) in concrete terms of culture, life, and history.
Contract theoryFrom a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as law and economics.
English contract lawEnglish contract law is the body of law that regulates legally binding agreements in England and Wales. With its roots in the lex mercatoria and the activism of the judiciary during the industrial revolution, it shares a heritage with countries across the Commonwealth (such as Australia, Canada, India), from membership in the European Union, continuing membership in Unidroit, and to a lesser extent the United States. Any agreement that is enforceable in court is a contract.
Recorded historyRecorded history or written history describes the historical events that have been recorded in a written form or other documented communication which are subsequently evaluated by historians using the historical method. For broader world history, recorded history begins with the accounts of the ancient world around the 4th millennium BC, and it coincides with the invention of writing. For some geographic regions or cultures, written history is limited to a relatively recent period in human history because of the limited use of written records.
Renaissance of the 12th centuryThe Renaissance of the 12th century was a period of many changes at the outset of the High Middle Ages. It included social, political and economic transformations, and an intellectual revitalization of Western Europe with strong philosophical and scientific roots. These changes paved the way for later achievements such as the literary and artistic movement of the Italian Renaissance in the 15th century and the scientific developments of the 17th century.
Liquidated damagesLiquidated damages, also referred to as liquidated and ascertained damages (LADs), are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). This is most applicable where the damages are intangible. An average of the likely costs which may be incurred in dealing with a breach may be used. Authority for the proposition that averaging is the appropriate approach may be taken from the case of English Hop Growers v Dering, 2 KB 174, CA (1928).
Counterfactual historyCounterfactual history (also virtual history) is a form of historiography that attempts to answer the What if? questions that arise from counterfactual conditions. As a method of intellectual enquiry, counterfactual history explores history and historical incidents by extrapolating a timeline in which key historical events either did not occur or had an outcome different from the actual historical outcome. Counterfactual history seeks by "conjecturing on what did not happen, or what might have happened, in order to understand what did happen.
