A Safety Valve Model of Equity as Anti-opportunism

A Safety Valve Model of Equity as Anti-opportunism

Author: Kenneth Ayotte

Publisher: Cambridge University Press

Published: 2023-08-31

Total Pages: 96

ISBN-13: 100921795X

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Equity can be defined as the use of a more flexible, morally judgmental, and subjective mode of legal decision making that roughly corresponds with historical equity. This Element presents a simple contracting model that captures the role of equity as a safety valve, and shows how it can solve problems posed by opportunists–agents with unusual willingness and ability to take advantage of necessary imperfections in the law. In this model, a simple but imperfect formal legal regime is able to achieve first best in the absence of opportunists. But when opportunists are added, a more flexible regime (equity), can be preferred. However, equity is also vulnerable to being used opportunistically by the parties it intends to protect. Hence, the Element shows that it is often preferable to limit equity, reserving it for use only against those who appear sufficiently likely to be opportunists.


Philosophical Foundations of the Law of Equity

Philosophical Foundations of the Law of Equity

Author: Dennis Klimchuk

Publisher: Oxford University Press

Published: 2020-04-02

Total Pages: 752

ISBN-13: 0192549871

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The law of Equity, a latecomer to the field of private law theory, raises fundamental questions about the relationships between law and morality, the nature of rights, and the extent to which we are willing to compromise on the rule of law ideal to achieve social goals. In this volume, leading scholars come together to address these and other questions about underlying principles of Equity and its relationship to the common law: What relationships, if any, are there between the legal, philosophical, and moral senses of 'equity'? Does Equity form a second-order constraint on law? If so, is its operation at odds with the rule of law? Do the various theories of Equity require some kind of separation of law and equity-and, if they do, what kind of separation? The volume further sheds light on some of the most topical questions of jurisprudence that are embedded in the debate around 'fusion'. A noteworthy addition to the Philosophical Foundations series, this volume is an important contribution to an ongoing debate, and will be of value to students and scholars across the discipline.


Intellectual Property and the Common Law

Intellectual Property and the Common Law

Author: Shyamkrishna Balganesh

Publisher: Cambridge University Press

Published: 2013-09-02

Total Pages: 577

ISBN-13: 1107014158

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Leading scholars of intellectual property and information policy examine what the common law can contribute to discussions about intellectual property's scope, structure and function.


Philosophical Foundations of Fiduciary Law

Philosophical Foundations of Fiduciary Law

Author: Andrew S. Gold

Publisher:

Published: 2014

Total Pages: 449

ISBN-13: 0198701721

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Fiduciary law is one of the most important areas of law, governing a wide range of relationships that affect people in their daily lives. These new and innovative essays explore the foundations of fiduciary relationships and the duties of loyalty fiduciaries owe to their beneficiaries.


A Purposive Approach to Labour Law

A Purposive Approach to Labour Law

Author: Guy Davidov

Publisher: Oxford University Press

Published: 2016-05-05

Total Pages: 305

ISBN-13: 0191076856

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The mismatch between goals and means is a major cause of crisis in labour law. The regulations that we use - the legal instruments and techniques - are no longer in sync with the goals they are supposed to advance. This mismatch leads to a problem of coverage, where many workers who need the protection of labour law are not covered by it, as well as a problem of obsoleteness, as labour laws are not sufficiently updated in light of dramatic changes in the labour market. Adopting a purposive approach to interpretation and legislative reform, this volume addresses this crisis of mismatch. It first articulates the goals of labour law, both general and specific, through an in-depth normative discussion and a consideration of critiques. The book then proceeds to reconsider our means, asking what we need to change or improve in the laws themselves in order to better advance the goals. Some of the proposed solutions are at the level of judicial interpretation, others at the legislative level. The book offers several examples of the way a purposive analysis should be performed in concrete cases. It also recommends institutional structures that are suited to ongoing adaptation of the law to ensure that our goals are advanced even when circumstances frequently change. Finally, in response to the crisis of enforcement in this field, which frustrates the achievement of labour law's goals, several proposals to improve compliance and enforcement are considered.


The Oxford Handbook of Law and Economics

The Oxford Handbook of Law and Economics

Author: Francesco Parisi

Publisher: Oxford University Press

Published: 2017

Total Pages: 593

ISBN-13: 0199684200

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The Oxford Handbook of Law and Economics applies the theoretical and empirical methods of economics to the study of law. Volume 2 surveys Private and Commercial Law.


More is Less

More is Less

Author: Maija Halonen-Akatwijuka

Publisher: Cambridge University Press

Published: 2024-05-23

Total Pages: 57

ISBN-13: 1009396099

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Why are contracts incomplete? Transaction costs and bounded rationality cannot be a total explanation since states of the world are often describable, foreseeable, and yet are not mentioned in a contract. Asymmetric information theories also have limitations. We offer an explanation based on 'contracts as reference points'. Including a contingency of the form, 'The buyer will require a good in event E', has a benefit and a cost. The benefit is that if E occurs there is less to argue about; the cost is that the additional reference point provided by the outcome in E can hinder (re)negotiation in states outside E. We show that if parties agree about a reasonable division of surplus, an incomplete contract is strictly superior to a contingent contract. If parties have different views about the division of surplus, an incomplete contract can be superior if including a contingency would lead to divergent reference points.


Judging Equity

Judging Equity

Author: T. Leigh Anenson

Publisher: Cambridge University Press

Published: 2018-11-15

Total Pages: 237

ISBN-13: 1107160472

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This book explores the 'clean hands' doctrine, a safety valve in the legal system designed to correct injustice.


Private Law and the Rule of Law

Private Law and the Rule of Law

Author: Lisa M Austin

Publisher: OUP Oxford

Published: 2014-12-18

Total Pages: 514

ISBN-13: 0191045578

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The rule of law is widely perceived to be a public law doctrine, concerned with the way in which governmental authority conforms to the dictates of law. The goal of this book is to challenge this presumption. The chapters in this volume all consider the idea that the rule of law concerns the nature of law generally and the conditions under which any relationship - that among citizens as well as that between citizens and the state - becomes subject to law. Addressing two major questions, they ask if our understanding of the rule of law is enriched by considering how and to what degree it is expressed or realized in private law, and whether our understanding of the private law is enriched by adding the principles of the rule of law to the traditional list of core private law concepts. Bringing together leading philosophers of private and public law, this volume examines key questions in a little-explored field, and will be essential reading for all those interested in the rule of law and in private law theory.


Property and Practical Reason

Property and Practical Reason

Author: Adam J. MacLeod

Publisher: Cambridge University Press

Published: 2015-04-30

Total Pages: 269

ISBN-13: 110709576X

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Presents a moral argument, grounded in natural law, for private property and the limits of rights.