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48. College Fraternities
The Economics of Everyday Things
Formal Approach for Dealing with Delinquents
In a fraternity, a formal approach is taken with new members who sign documents agreeing to pay dues throughout their undergraduate career and face legal action if they fail to do so. The fraternity enforces dues collection strictly to cover various expenses like repairs for damages, thefts, and major liabilities, as insurance firms consider fraternities high-risk entities requiring specialized coverage.
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