Key Concepts, Terms or Issues
First "Topics in Law and Economics" Exam
To facilitate your studying for the upcoming exam I have put together this list of key aspects of the course.
Stare decisis Inductive method of analysis
Deductive method of analysis Insurance principle in primitive societies
Evolution of property law Cooperative and noncooperative solutions to
Usufruct rights bargaining games
Threat values Cooperative surplus
Transactions costs Coase theorem
Purposes of property law Injunctions versus damage remedies
Entitlements Fugitive property
Rule of First Possession Tying ownership of fugitive property to settled Public purpose property
Coming to the nuisance Governmental taking
Eminent domain Police power
Inverse condemnation (regulatory taking) Paradox of compensation (property law)
Diminution of value Bargaining theory of contract
Consideration Perfect contracts
Firm offers Purposes of contract law
Role of risk allocation Role of information
Duress Incompetency
Impossibility Productive verses redistributive facts
Fraud Mistake (Unilateral and Mutual)
Duty to disclose Unconscionability
Liquidated damages Specific performance
Expectation damages Reliance damages
Paradox of compensation (contract law) Foreseeability
Efficient breach of contract Alternative methods of computing damages
Restitution Consequential damages
Express warranties Implied warranties
Endgame problem Disgorgement damages
Standard form contracts Least cost spreader of risk
Frustration of Purpose
Damage remedies and incentives for efficient precaution and efficient reliance
Implied warranty of fitness for a particular purpose
You should be aware of what each item on this list is and how it figures into an economic analysis of the law.