395.Final.Study.Questions.Fall.2008

395.Final.Study.Questions.Fall.2008 - Law and Economics...

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Law and Economics Economics 395: Fall 2008 Martin K. Perry Study Questions for the Final Examination December 19, 2008 These are study questions about the cases on Contract Law and Tort Law. There will also be questions about the other material discussed in class and posted on my webpage. Under Contract Law, there will be other questions about futures markets, UCC remedies, requirement contracts (Westinghouse uranium contracts), and agreements in principle (Pennzoil v. Texaco). Under Tort Law, there will be other questions about tort remedies and the Hand formula for establishing negligence. Contract Law Cases (1) Shepherd v. Hampton (1818) In this case, the courts assumed that there is a monetary remedy in the form of expectations damages, but clarified that date at which to calculate the spot price. You should understand: (a) What is the contract, who breached, and why? (b) What is the difference between the possible remedies for breach of contract: restitution, specific performance, and expectations damages? (c) How do expectations damages effectuate fully executory contracts? (d) What were the arguments of plaintiff and defendant and the court’s final decision? (e) How does the UCC modify this calculation to incorporate repudiation of the contract? (f) Is this remedy consistent with the original idea behind expectations damages? (2) Hinckley v. Pittsburgh Bessemer Steel (1877) In this case, a breach occurred before the goods specified in the contract were manufactured. You should understand: (a) What is the contract, who breached, and why? (b)
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This note was uploaded on 02/28/2009 for the course ECON 322 taught by Professor Francisco during the Spring '07 term at Rutgers.

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395.Final.Study.Questions.Fall.2008 - Law and Economics...

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