LawEconHW2

LawEconHW2 - 1) Describe how the common law evolves using...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Law and Economics – Problem Set #3 1. (a) Common Law: When a judge makes a case law based on the common practices of the people. They base their judgments on precedents and social norms. An example of common law in practice would be when a judge rules a certain case based on a verdict decided by a similar case. (b) Civil law: When laws are based on code and the judge’s role is to interpret the law. An example of this law would be with copyright laws. If you write a story and someone your published work you can sue them for stealing your property. (c)Relativity of title: This concept deals with co-ownership and limitations cause this problem. An example to explain this would be the Paschal vs. Hamilton case where Paschal sold the car and the buyer’s check bounced and Hamilton paid and bought the same car from a dealer not knowing it was stolen. Both have some form of ownership since Paschal did not get paid from the buyer and Hamilton paid the car dealership, but Hamilton wins the case. (d) Pigovian Tax: is a tax imposed to correct negative externalities in the market.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/23/2008 for the course ECON 101 taught by Professor Themeli during the Spring '08 term at Fordham.

Page1 / 2

LawEconHW2 - 1) Describe how the common law evolves using...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online