A Safety Valve Model of Equity as Anti-opportunism PDF Download
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Author: Kenneth Ayotte
Publisher: Cambridge University Press
ISBN: 100921795X
Category : Political Science
Languages : en
Pages : 96
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Book Description
Equity can be defined as the use of a more flexible, morally judgmental, and subjective mode of legal decision making that roughly corresponds with historical equity. This Element presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists–agents with unusual willingness and ability to take advantage of necessary imperfections in the law. In this model, a simple but imperfect formal legal regime is able to achieve first best in the absence of opportunists. But when opportunists are added, a more flexible regime (equity), can be preferred. However, equity is also vulnerable to being used opportunistically by the parties it intends to protect. Hence, the Element shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be opportunists.
Author: Kenneth Ayotte
Publisher: Cambridge University Press
ISBN: 100921795X
Category : Political Science
Languages : en
Pages : 96
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Book Description
Equity can be defined as the use of a more flexible, morally judgmental, and subjective mode of legal decision making that roughly corresponds with historical equity. This Element presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists–agents with unusual willingness and ability to take advantage of necessary imperfections in the law. In this model, a simple but imperfect formal legal regime is able to achieve first best in the absence of opportunists. But when opportunists are added, a more flexible regime (equity), can be preferred. However, equity is also vulnerable to being used opportunistically by the parties it intends to protect. Hence, the Element shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be opportunists.
Author: Dennis Klimchuk
Publisher: Oxford University Press
ISBN: 0192549871
Category : Law
Languages : en
Pages : 752
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Book Description
The law of Equity, a latecomer to the field of private law theory, raises fundamental questions about the relationships between law and morality, the nature of rights, and the extent to which we are willing to compromise on the rule of law ideal to achieve social goals. In this volume, leading scholars come together to address these and other questions about underlying principles of Equity and its relationship to the common law: What relationships, if any, are there between the legal, philosophical, and moral senses of 'equity'? Does Equity form a second-order constraint on law? If so, is its operation at odds with the rule of law? Do the various theories of Equity require some kind of separation of law and equity-and, if they do, what kind of separation? The volume further sheds light on some of the most topical questions of jurisprudence that are embedded in the debate around 'fusion'. A noteworthy addition to the Philosophical Foundations series, this volume is an important contribution to an ongoing debate, and will be of value to students and scholars across the discipline.
Author: Shyamkrishna Balganesh
Publisher: Cambridge University Press
ISBN: 1107014158
Category : Law
Languages : en
Pages : 577
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Book Description
Leading scholars of intellectual property and information policy examine what the common law can contribute to discussions about intellectual property's scope, structure and function.
Author: Andrew S. Gold
Publisher:
ISBN: 0198701721
Category : Law
Languages : en
Pages : 449
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Book Description
Fiduciary law is one of the most important areas of law, governing a wide range of relationships that affect people in their daily lives. These new and innovative essays explore the foundations of fiduciary relationships and the duties of loyalty fiduciaries owe to their beneficiaries.
Author: Francesco Parisi
Publisher: Oxford University Press
ISBN: 0191507199
Category : Business & Economics
Languages : en
Pages : 635
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Book Description
Covering over one-hundred topics on issues ranging from Law and Neuroeconomics to European Union Law and Economics to Feminist Theory and Law and Economics, The Oxford Handbook of Law and Economics is the definitive work in the field of law and economics. The book gathers together scholars and experts in law and economics to create the most inclusive and current work on law and economics. Edited by Francisco Parisi, the Handbook looks at the origins of the field of law and economics, tracks its progression and increased importance to both law and economics, and looks to the future of the field and its continued development by examining a cornucopia of fields touched by work in law and economics. The uniqueness of its breadth, depth, and convenience make the volume essential to scholars, students, and contributors in the field of law and economics.
Author: Maija Halonen-Akatwijuka
Publisher: Cambridge University Press
ISBN: 1009396099
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
Why are contracts incomplete? Transaction costs and bounded rationality cannot be a total explanation since states of the world are often describable, foreseeable, and yet are not mentioned in a contract. Asymmetric information theories also have limitations. We offer an explanation based on 'contracts as reference points'. Including a contingency of the form, 'The buyer will require a good in event E', has a benefit and a cost. The benefit is that if E occurs there is less to argue about; the cost is that the additional reference point provided by the outcome in E can hinder (re)negotiation in states outside E. We show that if parties agree about a reasonable division of surplus, an incomplete contract is strictly superior to a contingent contract. If parties have different views about the division of surplus, an incomplete contract can be superior if including a contingency would lead to divergent reference points.
Author: Guy Davidov
Publisher: Oxford University Press
ISBN: 0191076856
Category : Law
Languages : en
Pages : 305
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Book Description
The mismatch between goals and means is a major cause of crisis in labour law. The regulations that we use - the legal instruments and techniques - are no longer in sync with the goals they are supposed to advance. This mismatch leads to a problem of coverage, where many workers who need the protection of labour law are not covered by it, as well as a problem of obsoleteness, as labour laws are not sufficiently updated in light of dramatic changes in the labour market. Adopting a purposive approach to interpretation and legislative reform, this volume addresses this crisis of mismatch. It first articulates the goals of labour law, both general and specific, through an in-depth normative discussion and a consideration of critiques. The book then proceeds to reconsider our means, asking what we need to change or improve in the laws themselves in order to better advance the goals. Some of the proposed solutions are at the level of judicial interpretation, others at the legislative level. The book offers several examples of the way a purposive analysis should be performed in concrete cases. It also recommends institutional structures that are suited to ongoing adaptation of the law to ensure that our goals are advanced even when circumstances frequently change. Finally, in response to the crisis of enforcement in this field, which frustrates the achievement of labour law's goals, several proposals to improve compliance and enforcement are considered.
Author: Andrew S. Gold
Publisher:
ISBN: 0190919663
Category : Law
Languages : en
Pages : 640
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Book Description
The Oxford Handbook of the New Private Law promises to help redefine and reinvigorate the subject of private law, a domain that includes property, contract, and tort law, as well as intellectual property, unjust enrichment, and equity. It emphasizes cross-cutting perspectives and relations between areas of private law, with special attention to the doctrines and structures of the law-an approach now known as "the New Private Law." This perspective includes explanation, justification, and criticism of existing law, reflecting the conviction of the editors that it makes sense to know what the law is in order to be in a position to criticize and reform it. The Handbook will be an essential resource for legal scholars interested in the future of this important field.
Author: T. Leigh Anenson
Publisher: Cambridge University Press
ISBN: 1107160472
Category : Business & Economics
Languages : en
Pages : 237
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Book Description
This book explores the 'clean hands' doctrine, a safety valve in the legal system designed to correct injustice.
Author: Adam J. MacLeod
Publisher: Cambridge University Press
ISBN: 110709576X
Category : Law
Languages : en
Pages : 269
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Book Description
Presents a moral argument, grounded in natural law, for private property and the limits of rights.
