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The optimal level of information relies on cost and benefit of its acquisition. When an accident liability relies on an injurer, the expected accident cost and precaution cost is on them. Therefore the injurer benefits from any investment information and bears the cost of accessing the information…
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Download file to see previous pages... The two cases constitute to intentional or negligence cases. There are other cases where the person causing damage remains liable to the victim regardless of whether they intended to cause harm. These constitute to strict liability cases. A country’s court has many cases to handle ranging from criminal cases to civil cases, among many others. Among the many cases the court handles are tort cases. The court seeks to administer justice to those involved through compensation as well as they look for ways of deterring further occurrence of torts (Best and David 8). Sometimes, compensation for losses incurred becomes the core function of tort law, and contributes to its development. Although the primary function of tort law can be described as the need to determine the required compensation. However, prevention and punishment measures too are important factors that help prevent further tort cases. This is because as the court looks for compensation of the injured, it also looks to send a warning to the offender. When a court makes its decisions on the case and defendants understand they may have liability in the case, it may act as a deterrent measure on further tort cases. However, research shows that goals of compensation and deterrence of future damage may differ in some cases as the court may favor one side than the other (Best and David 8). When courts in the U.S started undertaking tort cases, they considered compensation and deterrence as the main goals of concern. However, compensation became easier to perceive than deterrence and courts expanded tort law focusing on compensation. Later, economic hardships that hit the country largely affected the court's decision to follow compensation (Best and David 9). Impact of legal issues on economy Economic analysis of...
The social cost incurred from the accident is the cumulative precaution and the cost of the expected accident, and becomes what the society is liable for. Economically, for the society to reduce the costs of an accident they should take a precaution that lies in between two extremes; the cost of the precaution itself and the cost of the expected accident (Mattiacci 5).The in-between precaution is the optimal care the society takes because it reduces the cost of the precaution and the expected accident cost thus minimizing the social cost.
Therefore, decisions made by the tort law system should ensure that the incentives they give to the injurer to avoid the accident should enable them take an in-between precaution. The legal issues existing in tort law systems include giving parties incentives to acquire information on the accident occurrence. The court authority should ensure that incentives given for accessing information about the accident should not constrain the economy. This in one way relieves the country economic pressures.
To minimize spending on risks, the tort law system should ensure a most favorable allocation of risks between the injurer and the victim, and it can only achieve this goal through insurance (Shavell 188). On the side of the transaction costs, the tort system’s goal is to minimize the administrative costs that result from the system’s attorney’s and magistrate’s payment. However there is conflict between the distinction on allocations of incentives towards the prevention or precautions taken or compensation for the accident. Acquiring equilibrium between the injurer and the victim will help achieve the social goal of compensation and deterrence and minimize cost on economy. ...Download file to see next pagesRead More
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