ECON 348 Lecture Notes - Lecture 1: Externality, Title Insurance, Bona Fide Purchaser
11 Apr 2018
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Document Summary
A promise made as part of a bargain. What are the effects of rules for compensation and liability on: Must consider cost of the administration of legal actions. What are incentives for lawyers given the structure of the legal system. Governs interactions between firms and regulates market structure. Restrict mergers and acquisitions that decrease competition. Google"s 2. 4 euro billion fine for promoting own shopping service in searches. Enforcing the body of rules and statutes prohibited by government. Banks have direct influence over statutes that have been passed. Originated from roman times (justinian code) rewritten in napolean"s time. Laws change as the civil code is updated. Lawyers in this regime study civil code and commentaries. The other main legal system is common law. Law is based on precedents set by past cases (aka case law) Judges attempt to find the law using social norms, traditions, etc. Judges may re-interpret vague precedents or overturn old ones given different circumstances.
