'Intention to create legal relations' forms the basic ingredient of any valid contract in many jurisdictions around the world. The paper argues that such requirement is neither required nor is purposeful if any particular jurisdiction has 'Consideration' as the basic requirement to prove the formation of validly formed contract. The paper postulates that 'consideration' in itself is, and should ideally be, indicative of such intention. Therefore, as far as common law countries are concerned, 'consideration' in itself should be capable of dealing with the intention of the parties and there should not be any separate requirement of proving an 'intention to create legal relation'. By natural corollary, the requirement to prove such 'intention' can be justified in countries where 'consideration' is not a requirement for a form- ing a valid and legally enforceable contract. The paper, while dealing with the proposed postulations, also deals with the difference in presumption with regard to such intention while dealing with contractual relations that arise in do- mestic set-up as differing from those arising in a commercial set-up
Predatory pricing, as an instrument of abuse of dominance, has always been a conundrum for antitrust regulators, academia, and businesses alike. Starting from the very rationality of predatory pricing strategy to various tests that form part of the assessment framework adopted by competition agencies and courts, there has hardly been a consensus. This paper starts by highlighting how frictions and dilemmas have been further intensified in digital economy markets and highlights how, faced with “hyper-competition,” and riding on network effects and big data, deep discounting and abysmally low pricing is the most widely adopted pricing strategy. This calls for a revised assessment framework to ensure that competition authorities do not end up penalising efficient low pricing. To this end, the paper highlights myths associated with low pricing strategies which may not merit antitrust intervention, while also pointing out fallacies of the existing assessment framework. The paper further suggests an alternative dominance assessment and pitches for developing novel theories of harm that factor in the characteristic features of digital markets.
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