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The Phase 1 trade agreement between the United States and China was signed on January 15, 2020, and it marked a significant milestone in the ongoing trade war between the two countries. The agreement was aimed at reducing tensions and addressing some of the longstanding issues that had been at the heart of the dispute.

The agreement was welcomed by both countries, with President Trump calling it a “historic and momentous” deal that would benefit American farmers, workers, and businesses. So, what were the key details of the Phase 1 trade agreement?

Under the agreement, China committed to purchasing an additional $200 billion worth of American goods and services over the next two years. This includes $77 billion in manufactured goods, $52 billion in energy products, $32 billion in agriculture, and $38 billion in services. The agreement also includes specific targets for purchases in each of these categories.

In addition, China agreed to improve protection for intellectual property rights, which has been a longstanding concern for American companies operating in China. This includes measures to prevent the theft and forced transfer of technology and the enforcement of intellectual property rights.

Another significant aspect of the agreement was the commitment by China to address the issue of currency manipulation. The agreement includes specific provisions to ensure that China does not devalue its currency in order to gain an unfair advantage in trade.

The Phase 1 trade agreement also addressed some of the regulatory barriers that have been hindering American companies from accessing the Chinese market. This includes measures to streamline the process for obtaining licenses and permits, and to ensure that American companies are treated fairly in the Chinese market.

Overall, the Phase 1 trade agreement represents a major breakthrough in the U.S.-China trade relationship. While there are still many issues that need to be addressed, the agreement provides a framework for further negotiations and cooperation between the two countries. As the world`s two largest economies, the U.S. and China have a vital interest in maintaining a stable and productive trade relationship, and the Phase 1 trade agreement is an important step towards achieving that goal.

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Quasi contract, also known as implied contract, is a legal term that refers to a situation where there is no formal or expressed agreement between two parties, but the law imposes certain obligations on them. This happens when one party has received benefits or payment from the other party without any contractual obligation.

In Hindi, quasi contract is known as “अनुमतित संविदा” or “कृत्रिम संविदा”. It is a common legal term used in Indian courts, and it is important to understand the concept in order to protect your rights and interests.

The Indian Contract Act of 1872 defines a quasi contract as a legal relationship where one party has received a benefit from another party, but there is no formal agreement between them. This can happen in several situations, such as when a person performs a service for another person without any agreement or when a person pays for goods or services that were not ordered.

In these situations, the law imposes certain obligations on the parties involved. The party who received the benefit is obligated to compensate the other party for the value of the benefit received. This is known as the principle of unjust enrichment.

For example, if you hire a carpenter to repair your house and he ends up also fixing your neighbor`s fence without your knowledge, he has received a benefit from your neighbor without any agreement. In this situation, the carpenter is obligated to compensate your neighbor for the value of the benefit received.

Quasi contracts are important because they help to ensure fairness in situations where there is no formal agreement between the parties. They also help to prevent unjust enrichment and ensure that parties are compensated for the value of the benefits they provide.

In conclusion, quasi contract or “अनुमतित संविदा” or “कृत्रिम संविदा” is a legal concept that is widely used in India. It refers to a situation where there is no formal agreement between two parties, but the law imposes certain obligations on them. Understanding this concept is important to protect your rights and interests in legal matters.