Reputation Management

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August 31, 2024 4 min read Definitions

Reneging: Going Back on a Promise, Contract, or Bargain

Economics Law Business Ethics Contract Law Economic Efficiency Reputation Management Legal System Trust

Reneging refers to the act of going back on a promise, contract, or bargain. This can result in short-term gains but often leads to long-term losses in reputation, trust, and economic efficiency. The legal system plays a crucial role in mitigating the effects of reneging.

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