RMIN 317 Lecture Notes - Lecture 8: Pickup Truck, Lift Ticket, Marginal Utility
16 Nov 2016
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Two sources of law: common law (law set by precedent in the courts, statutory law. Sometimes an act can fall under both criminal and civil. Tort = a civil wrong which unfairly causes someone else to suffer loss or harm resulting in legal liability for the person who commits the tortious act. Tort law is different from criminal law in that: 1. Torts may result from negligent but not intentional or criminal actions and: 2. Tort lawsuits have a lower burden of proof compared to criminal law. Personal liability: if you cause an accident while driving you are liable to the other driver for damages (injuries and property damage) Business liability: product liability: if an automobile is defective and results in the driver being in an accident the manufacturer is liable for damages, other examples: Example: pedestrian is hit by a car. Liability rules determine responsibility and allocate risk.
