Law Torts in economic sense - Essay Example

? Macro and Micro Economics 8th December INTRODUCTION Law simply means doing what is right according to the society. Economics on the other hand mainly deals with consumption and manufacture and distribution of goods and services. The two terms are inseparable since they are both social sciences, in that they both revolve around the daily life of human beings. Economic mechanisms explain laws in terms of distribution of resources to bring the concept of equilibrium. The laws in one country cannot be the same as the other country; it is economics that usually try to bring the universal aspect of law. The international economic activities try to encompass every one in the world bringing international laws on which people can conduct their business activities. The value that the law comes up in terms of property and treasure are mainly determined by economics. The law mainly entails making decision and providing guide lines according which the economic activities can operate. Without law people could conduct their business without discipline, thus it brings discipline in the field. To discuss the relationship between the two concepts we shall discuss the main components of law which include; law of torts, law of contract, law of property and the concepts of justice. Law Torts in economic sense This is any wrongful act done to a person hence resulting into losses and therefore the person is liable to some compensation due to the loss incurred. Tort laws are the most unintentional unlike the criminal laws. The tort laws may be divided into two categories either intentional or negligent torts. Torts that result to negligent include actions that touch on intangible resources attached to a person e.g. infringing someone’s safety, while intentional including occupying and building on someone’s piece of land. Law of contract and the economics This is a legal binding between two or more people. The law usually recognizes these bindings and any breach of these legal bindings could lead to one be charged in a court of law. The law of contract includes the process of buying and selling of commodities, and signing to long-term supplying agreements between companies and individual suppliers (Princeton & OverDrive, 2013). Law of property and economics This law entails the ownership by an individual person of anything that is of value. This law tries to bring out the relationship between the person and the object. The important items to this law are possession and transfer of ownership. Possession mainly entails to be established in persons whose possession a particular property belongs, while transfer of ownership is taking the ownership of a particular person to another person (Princeton & OverDrive, 2013). Concepts of justice and economics Justice is doing right according to the society, there are several concepts to justice, these include; social perception, the consequences and the processes involved. In most societies they have, their own perception of what is just and what is not justified, the perception of rape can be justified in some societies while some societies do not entertain the vice at all. Justice is judged depending on the consequences of a particular action. The result from a particular action could lead one to see if it is justified or not. The worse the consequences the more they are not justified by the society. The steps involved in doing a particular action also determines if the action is justified or not (Princeton & OverDrive, 2013). In most countries, laws are legislated by acts of parliament. Thus means that the most powerful and decision-making body in any state is the legislature. This usually explains why some laws are different from other countries. Most states make their laws depending on the mission and vision statement of the given country. Religion also plays a big role in the determination of the laws of a particular country. This is because religion plays a big role in the life of nay living human being (Princeton & OverDrive, 2013). Take an example of the Islam they have their own sharia laws, while in Christianity, they encourage the virtue of peaceful coexistence and therefore they discourage murder among the members of the Christian society. Using the case of a divorce to get social and economic justice The social goal of the legal process in any society is that it tries to bring the economic equilibrium between the aggrieved party and the accused. It mainly brings the social part of law apart from the economic sense of law. The essence of social goals is that it tries to bring about the mechanism on which justice in a society that worships money more than anything else does. Meanwhile, times justice shifts from economic gain or loss but also on the moral and social part of the parties involved, this includes satisfaction and achievement (Princeton & OverDrive, 2013). Marriage is the social and legal bonding between a woman and a man in order to come with an entity called the family. It is just like a partnership to form a company, which is a different person according to law from the given people in marriage. The law of property mainly entails the ownership of a given object by a given party or a person. It clearly spells out of who has the right of ownership of any treasure. In this mechanism, we are trying to establish on whose ownership a given property belongs to when a dispute arises. In a marital setting, it is a bit challenging since most of the laws consider both parties mutually own any item that belongs to the two partners in the marriage. Take a paradigm whereby the husband (man) initially before marriage had already bought a piece of land while the wife (woman) had also previously a salon business before marriage. In such a case, the woman is the legal owner of the salon business despite of their marriage. The man on the hand is the legal owner of the piece of land the family is established. Taking marriage just like a company to be a legal person, it has the right of ownership. The land would be in the family`s ownership if the husband puts the family interest first before personal interests and transfers the ownership of the family from personal to joint ownership. This does not deter the man on claiming still ownership of the land because before marriage the land still belonged to him. In a marital situation regardless, this mechanism however has the third person who is the children. The children are true beneficiaries of whatever is from the family. Therefore, when the man and woman claim to be the truthful owners of a given property the children in a court of law have the right to claim to be owners (Princeton & OverDrive, 2013). In case of a divorce, both parties in the marriage are liable regardless of what they have to contribute to the welfare of their children regardless of who has gone with the kids. The salon business still belongs to the wife till she transfers the property from her name to the family`s name whereby revenue from the businesses would entirely go to the family account. For the case of salon, it is a bit different from the ownership of land, the difference being that the salon is a business entity whereby, it has to run by someone from the family. The wife can decide that she owns some stakes and then leaves another percentage to the family or the husband. In that case, the business becomes a fully-fledged company, which does not put in consideration the relationships that come in play in a family setting (Princeton & OverDrive, 2013). Thus, understanding of property law would really help in solving dispute in case the marital ties are being broken and every one lays claim to a given property. Initially, in that situation every one could get half-half of the property, nowadays they go by how much did a given party contribute to help bring wealth to a certain level. It helps bring to justice of aggrieved party and each one be satisfied with the decision that the court of could come up with. The cause of disagreement is usually the ownership of property in any civil case pertaining divorce. Having clearly spelt out laws on the ownership of property enhances faster solving of problems that could arise from property ownership and thus bring that equality that everyone deserves (Princeton & OverDrive, 2013). Law of contract and the marital union in terms of economics Just as if formation of a company there is usually a contract that the founding fathers usually sign, in this case it is between the husband and the wife. Most marital union is based on the principle of faithfulness and honesty while at the same time respecting the right of either party in the union. This explains why they are recognized by law, and in most cases they are bound by the certificate which is usually issued at the magistrate`s court or attorney’s office. This is usually the reference point in case a breach occurs between the parties (Princeton & OverDrive, 2013). The certificate clearly spells out how the union is supposed to be, and any breach could lead to disqualification of the union in totality. Unfaithfulness by a given party could lead to the other party in marital partnership to file a complaint to the courts that the other better half has gone against the terms of the contract. This is justified by a cheated party and therefore, if it reaches in a court of law the party is justified to walk out of the marital partnership. To avoid cases of unfair hearing and coming up with unfair rulings the aggrieved party should come up with very solid evidence to the courts to prove solidly that the other party breached the contract. In such cases more consideration on the contract, they were made while also acquiring property this would help a lot in solving dispute that could arise from ownership of property after marriage (Princeton & OverDrive, 2013). Application of justice and marital union in economic sense Concepts of justice in a martial situation in marital situation are contingent depending on the time and the nature of action one has done. It is a main social goal in achieving economic justice , which brings equality and satisfaction among the aggrieved party in a situation where married couples have disagreed and seek settlement in a court case. This is where one party sees that there was inequality where the other person took something from him/her and needs to see justice done in terms of compensation and see that the liability incurred is paid(Princeton & OverDrive, 2013). In any civil court, case the three components of justice, that is, fair, moral, and impartial treatment of all persons should be adhered to so that people are confident of the legal process that would be undertaken. The concept of justice tries to restore proper economic equilibrium between the married couple since ensures that the couple either are re-united or leave the court process without any complains and keeping grudges on each other. It brings the idea of advantage on which between the aggrieved parties whereby if my wife took something away she should return it or face the legal process by paying in terms of compensation (Princeton & OverDrive, 2013). Sometimes it is usually tricky to determine what is just to a given person. In marriage just like in any partnership what is just for me could not be justified by my wife. Take an example of where the wife tells the husband to go and do some dishes while she is preparing the children. In some cases this small situation can result in a big problem where the husband sees that being the head of family it is a disgrace for him to wash the dishes, while the wife sees that it is just for him to do the dishes while she preparing the children so that they can go to school. In such a situation you find out that, the husband becomes very confrontational that he hits his wife because he sees this as very disrespectful on by his wife. In this case, to bring justice in this family as a social goal we should try to explain the couple on the importance of helping one another despite the position one holds in the family (Princeton & OverDrive, 2013). The social virtue that we could be encouraging is helping one another and sharing responsibility, where if I have a lot of work the other partner should come in hand and help one another after role for the success of any marriage is helping one another. To bring the concept of equilibrium between the couples who are in dispute we should encourage everyone to do personal adjudication on the situation and gauge him/her on the action that he has done was it justice on the other party. This brings personal reflection and makes everyone to judge the consequences of his/her action. This way the judgment be made quickly with no opposition as one party would start being remorseful because of what it has done. Personal adjudication also makes the court to see clearly, what the person had in mind. This is where what he thought was correct is distorted and made to think correctly or it can give room for further legal consideration, especially if there many grey areas in the courts judgment (Princeton & OverDrive, 2013). Using the law of torts to bring economic equilibrium The law of torts is an important point in our discussion in terms of social goal of law in terms of the mechanism of solving a marital dispute in a court of law. This is because analyses component of law that deals with any civil wrong that causes someone be harmed or lose something unfairly and this usually calls for the legal liability. The cause of legal action may not necessary legal action as the harm could be from negligence on one part. This comes in handy, since in a family setting there are many responsibilities that each person, party in the marriage must play some roles. Some people usually view as though negligence as not a civil wrong. In a marriage situation, negligence is a big crime since it means that the given person is not respecting the marriage vows (Princeton & OverDrive, 2013). Negligence in marriage has many examples; some of these examples include forgetting in taking part in the taking care of one’s own child and ignoring in catering for the family due to heavy drinking. Not forgetting attending to ones conjugal rights in the marriage, this is the essence of the marriage in the first place. This is usually mainly because of not contributing financially on the wellbeing of their child. The husband is liable to pay for being negligent and therefore he should pay to the court the amount that the wife incurred while she was taking the child alone. This usually happens mostly where the husband and the wife were divorced and the child is in the custody of the mother (Princeton & OverDrive, 2013). Negligence is also present in a case where as a couple there were some agreement on how they would act as husband and wife for example the wife would take care of household while the husband would take care of all the bills of the family such as rent and electricity. When either party faults is liable to face the law because of breach of contract. It is only feasible if one party does its party while the other party does not. If both parties are negligent then there is no one to accuse the other person of any wrongdoing. In this case, of law of torts it brings out the idea of evidence, this is because it many actions that result from torts are usually hard to prove. This encourages the parties if hurt and want the legal process to take its course then they have to have concrete proof to justify their claim on why they are in dire need of justice. This encourages providing of concrete evidence to the court in terms of both video and audio evidence. This ensures that the evidence is not debatable by the accused party (Princeton & OverDrive, 2013). CONCLUSION In conclusion discussions above have tried to discuss the concepts of law in bringing economic equilibrium in the society. This has been done to show that transaction is not entirely one, but a two-way process. The social goal of law using the economic mechanism of marital setting is a good perception of studying law and getting to know how the law operates. Marriage is a good example of studying this paradigm because it consists of three people, the family that is a different entity from the husband and wife, and not forgetting it includes the children who are third party persons to the union. Law in essence tries to bring the real world situation to the economic world. Thus the two disciplines depend on one another, which ensure that there is efficient running of the two disciplines without each conflicting with one another. Reference Princeton, R., & OverDrive, Inc. (2013). Cracking the Ap economics macro & micro exams, 2014 edition. New York: Random House Information Group. Read More