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The investment opportunities are assumed to be quite general. The time horizon is not supposed to be finite. The authors don't assume that there exists a num\u00e9raire, enabling investors to transfer wealth from one date to another and even if such possibilities exist, the authors don't assume that the lending rate is equal to the borrowing rate or that the investors have possibilities to borrow. In this general model the assumption of no-arbitrage is equivalent to the existence of a normalization process such that the ``net present value'' of any available investment opportunity is nonpositive. Then this general result is applied to specific financial market models and mainly financial models with frictions like imperfections on the num\u00e9raire, proportional transaction costs, short sale constraints, convex cone constraints, no borrowing or different borrowing and lending rates. 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