Topic
Damages
About: Damages is a research topic. Over the lifetime, 9365 publications have been published within this topic receiving 89750 citations. The topic is also known as: compensation award.
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TL;DR: In this article, it is shown that American standard form construction contracts can be viewed as an efficient mechanism for implementing building projects given existing legal rules, and that a central feature of these contracts is the inclusion of governance covenants that shape the scope of authority and regulate the bargaining power of parties.
Abstract: Economic models of contract typically assume that courts enforce obligations based on verifiable events (corresponding to the legal rule of specific performance). As a matter of law, this is not the case. This leaves open the question of optimal contract design given the available remedies used by the courts. This article shows that American standard form construction contracts can be viewed as an efficient mechanism for implementing building projects given existing legal rules. It is shown that a central feature of these contracts is the inclusion of governance covenants that shape the scope of authority and regulate the ex post bargaining power of parties. Our model also implies that the legal remedies of mistake, impossibility and the doctrine limiting damages for unforeseen events developed in the case of Hadley v. Baxendale are efficient solutions to the problem of implementing complex exchange.
42 citations
Book•
13 Feb 1992
TL;DR: In this article, the authors discuss the borderland of strict liability and strict liability fault in relation to other rules affecting remedies, including the compensatory principle, the interests protected relationship between expectation, reliance and restitution bases of assessment.
Abstract: Part 1 Fault: cases of strict liability the borderland of fault and strict liability fault in relation to other rules affecting remedies. Part 2 Enforced performance: concept and availability of enforced performance. Part 3 Substitutionary relief in money - general principles: the compensatory principle the interests protected relationship between expectation, reliance and restitution bases of assessment. Part 4 Damages for different types of default: delay, non-performance and defective performance notice of default - civil and common law. Part 5 Methods of limiting damages: foreseeability causation judicial discretion mitigation "certainty" of damage specific limitations. Part 6 Payments stipulated by the contract: nature and purposes of penalty clauses effects and enforceability of penalty clauses penalty clauses as limitations of liability deposits and part payments. Part 7 Defence of refusal to perform: classifications of contracts conditions order of performance partial and defective performance effects and nature of the remedy. Part 8 Termination of the contract: the machinery and grounds for termination the option to terminate effects of termination restrictions on the right to terminate analogous remedies.
42 citations
TL;DR: The results of these studies were standardized for a 2.5 °C warming, a 50 cm sea level rise, 1990 income and population, and a 4% real rate of return on investments as discussed by the authors.
Abstract: Nordhaus (1991), Cline (1992), Fankhauser (1992), and Titus (1992) have published comprehensive estimates of annual climate change damages to the United States in about 2060 that vary from $55 billion to $111 billion ($1990). The estimates are comprehensive because they address market and nonmarket impacts. They based their estimates on different assumptions about the rates of climate change and sea level rise, rates of return on investment, and changes in population and income. In addition, many of the damage estimates, although reported for a 2.5–3.0 °C warming, were based on studies that assumed higher rates of warming. Thus, these studies may have overestimated damages associated with a 2.5–3.0 °C warming. In this paper, the results of these studies were standardized for a 2.5 °C warming, a 50-cm sea level rise, 1990 income and population, and a 4% real rate of return on investments. After standardization, the total damage estimates range from $42.3 billion to $52.8 billion, slightly less than 1% of United States GNP in 1990. Yet, within individual sectors, such as agriculture and electricity, standardized damages differ by more than an order of magnitude. In addition, a significant amount of speculation underlies the damage estimates. Thus, the small range of total standardized damages and apparent agreement about the magnitude of such damages should be interpreted with caution.
42 citations
Book•
20 May 2011
TL;DR: The use of economic evidence in competition cases has been studied in this paper, where the authors present a market definition, market power, abuse of dominance, horizontal agreements, and state aid.
Abstract: 1. Introduction 2. Market definition 3. Market power 4. Abuse of dominance 5. Cartels and other horizontal agreements 6. Vertical restraints 7. Mergers 8. State aid 9. Design of remedies 10. Quantification of damages 11. The use of economic evidence in competition cases
42 citations
Journal Article•
TL;DR: This paper investigated the relationship between settlements and D&O liability insurance and found that, although securities settlements are influenced by some factors that are arguably merit related, such as the "sex appeal" of a claim's liability elements, they are also influenced by many that are not, including, most obviously, the amount and structure of D &O insurance.
Abstract: This Article seeks what may be the holy grail of securities law scholarship— the role of the “merits” in securities class actions—by investigating the relationship between settlements and directors’ and officers’ (D&O) liability insurance. Drawing upon in-depth interviews with plaintiffs’ and defense lawyers, D&O insurance claims managers, monitoring counsel, brokers, mediators, and testifying experts, we elucidate the key factors influencing settlement and examine the relationship between these factors and notions of merit in civil litigation. We find that, although securities settlements are influenced by some factors that are arguably merit related, such as the “sex appeal” of a claim’s liability elements, they are also influenced by many that are not, including, most obviously, the amount and structure of D&O insurance. The virtual absence of adjudication results in payment to the plaintiffs’ class for every claim surviving the motions stage and, as importantly, a lack of authoritative guidance about merit at settlement. Without such adjudication, the weight of various factual patterns is untested, and the validity of competing damages models remains
42 citations