Principles of Law and Economics, Third Edition provides a comprehensive yet accessible guide to the field of law and economics. With its focus on principles, and use of illustrative examples, this is the ideal introduction for law students, with or without prior knowledge of economics. The textbook focuses largely on the economics of core areas in common law: property, contract and tort, with additional chapters on criminal law, procedural matters and family law. This updated third edition also includes a chapter on the economics of corporate law that addresses the key issues surrounding the nature of the firm and the incentives attached to corporate legal structures. Key features include:? Clear and succinct language used throughout with limited use of jargon or specialist terms An educational design which is accessible for use by students of law and economics alike? Economic analysis and legal principles treated in a self-contained manner for ease of reference? Legal cases summarized for the benefit of highlighting relevant economic issues ? A focus on the common law, including comparative references to civil law? Review questions at the end of each chapter to encourage further analysis and debate around key topics. The clear and non-technical approach to the subject matter makes this a perfect text for law students, or indeed for students in economics or business studies who are studying law and economics for the first time.

Public procurement law is a necessary component of the single market because it attempts to regulate the public markets of Member States and represents a key priority for the European Union. This Research Handbook makes a major contribution to the understanding of the current EU public procurement regime, its interface with the law of the internal market and the pivotal role that this will play in the delivery of the European 2020 Growth Strategy. Led by Christopher Bovis, a team of internationally acclaimed expert contributors provide comprehensive analysis of the law, jurisprudence and regulation of public procurement in the EU. Coverage is organised into five thematic parts exploring public procurement regulation; strategic procurement; justiciability in public procurement; public procurement and competition; and public procurement and public service. Offering invaluable, contemporary insights, the Research Handbook on EU Public Procurement Law is both detailed and accessible, making it an indispensable resource for researchers, academics, policy makers, regulators and judges at national and international levels. Its wealth of detail and practical assessment will also appeal to current and future generations of procurement practitioners across the European Union. Contributors include: M. Andrecka, C. Bovis, R. Canavan, R. Caranta, C. Clarke, D.C. Dragos, M. Kekelekis, E. Matei, K. Neslein, E. Olsson, S. Panagopoulos, O.S. Pantilimon Voda, K. Pedersen, A. Sanchez Graells, S. Schoenmaekers, T. Tatrai, M. Trybus, S. van Garsee

Using an innovative 'law and political science' methodology, this timely book carries out a critical assessment of the reform of the EU public procurement rules. It provides a rich account of the policy directions and the spaces for national regulatory decisions in the transposition of the 2014 Public Procurement Package, as well as areas of uncertainty and indications on how to interpret the rules in order to make them operational in practice. Most EU law research focuses on the content of rules and the impact of case law on their interpretation and application. It rarely discusses how the CJEU's case law influences the creation of new rules, or the way EU law-makers enact them - issues which, conversely, are a staple for political scientists. By blending both approaches this book finds that political science provides a useful framework to describe the law making process and shows that the influence of the CJEU was significant. Though the specific case studies identify many reforms, the ultimate assessment is that EU public procurement law was deformed. Offering a clear contribution to the emerging scholarship on 'flexible' EU law-making, this book's novel methodology will appeal to scholars and students of both law and political science. Law and policy makers as well as legal practitioners will also find its practical approach compelling.

Legislation and case law following the relatively recent corporate scandals have increased scrutiny on the ethics and integrity of individuals, and the culture they create, at the highest levels within the corporate structure. The corporate General Counsel (GC) is a key member of that group. This enhanced attention increases the already substantial tensions facing the GC, who must navigate the demands and interests of various corporate stakeholders-including the board of directors, officers (particularly the CEO), stockholders, and employees-while also serving the best interests of the client, which is-and should only be-the corporation itself. In light of these heightened expectations on ethics, integrity, and other liability concerns, Indispensable Counsel: The Chief Legal Officer in the New Reality examines the key role of the independent, yet business-oriented, chief legal officer. Indispensable Counsel provides readers with the foundations of corporate representation followed by practical guidelines on how the multiple roles of GC are, or should be, resolved, with best practices as the goal. Former Supreme Court Justice of Delaware E. Norman Veasey and coauthor Christine T. Di Guglielmo bring their stature and wealth of experience in the field to bare in this must-have resource for anyone interested in the role of corporate counsel.

The Companies Act 71 of 2008, as amended, has created a new corporate law regime for South Africa that poses exceptional challenges to practitioners, who have to interpret and apply concepts, principles and rules borrowed from other jurisdictions even before they have been tested or pronounced upon by our courts. Corporate law for commerce students is a comprehensive yet basic guide to the structure and fundamentals of the new company dispensation.

Corporate law for commerce students provides a brief, clear and especially practical overview of the law of business entities. It covers partnerships, companies, close corporations, business trusts and cooperative societies, each of which carries different rights and obligations, and ultimately liabilities, for the entrepreneur. It discusses all of these within the framework of the new Companies Act, the common law, and recent court judgments and the King IV report. It includes figures, tables and mind maps to clarify each topic, and provides assessments at the end of each chapter.

Contents include the following:

• How to choose the right option for a specific business
• The partnership concept, the business trust and the establishment of legal personality, companies and cooperatives
• Compliance, transparency, accountability and governance
• Securities, debt instruments and public offers
• Directors, shareholders and company meetings, fundamental transactions, takeovers and offers
• Business rescue and compromise with creditors
• Termination and dissolution

Corporate law for commerce students is aimed at students studying commercial law, business entities or corporate law subjects as well as practising accountants, auditors, company secretaries and paralegal practitioners.

China and International Commercial Dispute Resolution presents important contributions from eminent legal scholars from Europe, the United States, Australia, South America, and China in a variety of areas of international commercial law with relevance to China. The authors provide expert analyses from a number of perspectives - doctrinal, comparative, empirical, economic, and legal - on an array of issues, private and public, involved in or arising from international commercial dispute resolution in China.

With the advent of globalization--where corporate organizations and the commercial relations that accompany them are argued to be becoming increasingly transnational--the locus of powers, authorities, and responsibilities has shifted to the global level. The nation-state arena is losing its capacity to regulate and control commercial processes and practices as a transformational logic kicks-in, associated with new forms of global rule-making and governance. It is this new arena of global rule-making that can be considered as a surrogate form of global constitutionalization, or "quasi-constitutionalization." But as might be expected, this surrogate process of constitutionalization is not a coherent system or set of rounded outcomes but full of contradictory half-finished currents and projects: an "assemblage" of many disparate advances and often directionless moves--almost an accidental coming together of elements. It is this assemblage that is to be investigated and unbundled by the analysis of the book.
The book discusses governance, law, and constitutional matters in the context of international corporate constitutional governance. It examines how and why the business world, commercial relations, and company activities have increasingly become subject to legal and constitutional forms of regulation and governance at the international level. It analyzes how we should characterize the process that has seen the international corporate arena increasingly subject to juridical and constitutional-like regulatory initiatives and interventions and whether this amounts to a new attempt to subject international commercial relations to the "rule of law" and, indeed, to rule the world through these very means.

The "Livingston Code"A comprehensive system of criminal law which, while not adopted in the United States, is still influential today because it is the first complete penal code built on Jeremy Bentham's principles of codification. From a penal standpoint the code is important as well not only in terms of its completeness and order, but from its perspective of the advancement of crime prevention over punishment. " The Code]...will certainly arrange your name with the sages of antiquity."--Thomas Jefferson"You have done more in giving precision, specification, accuracy and moderation to the system of crimes and punishments 'than any other legislator of the age, and your name will go down to posterity with distinguished honor."--James Kent"You will be numbered among the men of this age who have deserved most and best of mankind." --Victor Hugo " Edward Livingston is] . . . the first legal genius of modern times."--Henry Sumner MaineEdward Livingston 1764-1836] graduated from Princeton College at the age of 17. He was a senator from New York and later Louisiana. He served as U.S. Secretary of State from 1831-1833.

This book offers an in-depth analysis of the function of certification in general and of certification systems in a range of different sectors. The authors examine certification from both a theoretical and a practical standpoint and from the perspectives of different disciplines, including law, economics, management, and the social sciences. They also discuss instruments that help ensure the quality of certification, which can range from public law measures such as accreditation, to private law incentives, to deterrents, such as liability towards victims. Further, they assess the role of competition between certification bodies. Readers will learn the commonalities as well as the necessary distinctions between certification bodies in various fields, which may stem from the different functions they serve. These similarities and differences may also be the result of different types of damage that the certified producer or service provider could potentially cause to individuals or to the public at large. Often, companies use certification bodies as an argument to assure the general public, e.g. regarding the safety of medical products. Closer inspection reveals, however, that sometimes certification bodies themselves lack credibility. The book offers essential information on the benefits and pitfalls associated with certification.

A comprehensive, stimulating introduction to trusts law, which provides readers with a clear conceptual framework to aid understanding of this challenging area of the law. Aimed at readers studying trusts at an undergraduate level, it provides a succinct and enlightening account of this area of the law.
Concise and clear, this book also identifies and discusses many analytical perspectives, encouraging a deeper understanding of the issues at hand. It offers an outstanding treatment of specific areas, in particular remedial constructive trusts and trusts of family homes. Ideal for providing a broad background to the issues before embarking on an in-depth study of trusts, it can also be used to help the reader to develop their understanding. For those looking to challenge themselves, detailed footnotes highlight further issues and point the direction for future reading.
Fully revised to take into account the Charities Act 2006, judicial developments through case law, and recent academic work in this area, this new edition in the renowned Clarendon Law Series offers a well-written, careful, and insightful introduction to the law of trusts.

Based on theoretical foundations and evidence-based case studies, this book identifies the fundamental motivations underpinning corporate fraud in both developing and developed countries. The book offers practical solutions in terms of monitoring and potentially preventing future corporate fraud activity. It is expected that uncovered corporate fraud negatively affects the public reputation, and financial performance of fraudulent firms. However, what is of more importance for fraudulent firms is how to regain the trust of customers, investors, and other stakeholders, as this impacts the long-term sustainability of businesses. Operational strategies, including reform, provide an effective channel for a fraudulent firm's business sustainability yet this notion remains unexplored in the literature. This authored research book argues that the choice of appropriate operational strategies is critical as they serve as an effective channel for fraudulent firms to re-gain the trust from customers and markets, re-establish their reputation, and enhance the firm's long-term value. The authors posit that there is no 'one-size fits-all' approach because the choice of effective operational strategies is needed to acknowledge the significance of context such as industry type, economic conditions, legal frameworks as well as the firm's fraudulent characteristics.

Delay clauses in construction contracts are notoriously inadequate when invoked. The inherent, evidentiary uncertainties surrounding the causes and effects of project delays render them not only difficult to resolve when a dispute arises, but also difficult to regulate contractually. It is not surprising, then, that the governing law of the contract often plays a role when it comes to interpreting and applying contractual clauses dealing with delays, such as liquidated damages clauses and time extension clauses. And in many jurisdictions the governing law, while asserting the parties' right to contractual freedom, in fact fully or partly disables such clauses by restraining the employer's right to claim liquidated damages or imposing unfair contract terms rules. In this book well-known practitioners from twelve countries that attract large-scale international construction projects describe and analyse the interpretation and application of delay clauses under the laws of their respective countries. In each of their presentations the reader will find in-depth responses to the following questions: * Is the employer required to demonstrate a loss in order to claim liquidated damages? * Can the employer claim damages for delay as an alternative or in addition to a claim for liquidated damages? * Under which circumstances can the employer defeat a clause limiting the contractor's liability for delays? * Do interim delays trigger claims for liquidated damages? * How are claims for liquidated damages calculated and enforced? * Can the contractor claim a reduction of the employer's claim for liquidated damages? * Under what circumstances can the contractor or the employer claim an extension of an agreed time limit and who owns the 'float'? * How are concurrent delays dealt with? * Does the law impose any notice requirements on the employer in regard to claiming liquidated damages? * Under which circumstances does a delay warrant termination of the construction contract? In addition, each author includes a brief description of the construction law environment in his or her country and highlights pitfalls and advantages to be aware of when dealing with a standard construction contract, such as the FIDIC Red Book, in that country. As an eminently practical guide to relevant local law for project managers, engineers, consultants and others concerned in the administration and planning of major construction projects, this book will prove to be a very welcome resource. It will also be very helpful to legal advisors involved in the drafting and negotiation of major international construction contracts and/or in dispute resolution proceedings.

As usage of the NEC (formerly the New Engineering Contract) family of contracts continues to grow worldwide, so does the importance of understanding its clauses and nuances to everyone working in the built environment. This set of contracts, currently in the third edition, is different to others in concept as well as format, so users may well find themselves needing a helping hand along the way. Understanding the NEC3 Engineering and Construction Short Contract uses plain English to lead the reader through the contract's key features, including: the use of early warnings programme provisions payment compensation events preparing and assessing tenders Common problems are signalled to the reader throughout, and the correct way of reading each clause explained. In addition, the things to consider when deciding between the ECSC and the longer Engineering and Construction Contract are discussed in detail. Written for professionals without legal backgrounds, by a practicing construction contract consultant, this handbook is the most straightforward, balanced and practical guide to the NEC3 ECSC available. An ideal companion for Employers, Contractors, Project Managers, Supervisors, Engineers, Architects, Quantity Surveyors, Subcontractors, and anyone else interested in working successfully with the NEC3 ECSC.

In recent years, there has been a decentralisation of the enforcement of the EU competition law provisions, Articles 101 and 102 of the Treaty on the Functioning of the European Union (TFEU). Consequently, the national application of these provisions has become increasingly more common across the European Union. This national application poses various challenges for those concerned about the consistent application of EU competition law. This edited collection provides an in-depth analysis of the most important limitations of, and the challenges concerning, the applicability of Articles 101 and 102 TFEU at national level. Divided into five parts, the book starts out by examining how the consistent enforcement of Articles 101 and 102 TFEU operates as a general EU competition policy. It then discusses several recent landmark cases of the European Court of Justice on Articles 101 and 102 TFEU, before proceeding to analyse certain additional, unique jurisdictional challenges to the uniform application of the EU competition law provisions. Subsequently, it focuses on one of the most important instruments that can help to achieve the uniform application of EU competition law in cases handled by the national courts: preliminary rulings. Finally, it provides selective examples of how Articles 101 and 102 TFEU are effectively applied at national level, thereby providing additional input into how problematic the issue of consistent application of EU competition law is in practice.

This edited volume focuses on specific, crucially important structural measures that foster corporate change, namely cross-border mergers. Such cross-border transactions play a key role in business reality, economic theory and corporate, financial and capital markets law. Since the adoption of the Cross-border Mergers Directive, these mergers have been regulated by specific legal provisions in EU member states. This book analyzes various aspects of the directive, closely examining this harmonized area of EU company law and critically evaluating cross-border mergers as a method of corporate restructuring in order to gain insights into their fundamental mechanisms. It comprehensively discusses the practicalities of EU harmonization of cross-border mergers, linking it to corporate restructuring in general, while also taking the transposition of the directive into account. Exploring specific angles of the Cross-border Mergers Directive in the light of European and national company law, the book is divided into three sections: the first section focuses on EU and comparative aspects of the Cross-border Mergers Directive, while the second examines the interaction of the directive with other areas of law (capital markets law, competition law, employment law, tax law, civil procedure). Lastly, the third section describes the various member states' experiences of implementing the Cross-border Mergers Directive.

This book offers readers a comprehensive and in-depth legal analysis of corporate social responsibility (CSR) by examining the theoretical foundations of corporate governance and its legal mechanism in the United States and South Korea. Moreover, it proposes legislative blueprint for establishing the legal frameworks that might serve to legitimize and effectively implement CSR in general. Reflecting the zeitgeist of improved corporate accountability and transparency, the ongoing movement to enhance CSR has permeated entire sectors of society the world over. Despite the apparent ubiquity of CSR, the corporate laws of many countries remain relatively silent on the issue, omitting to include any explicit provision governing the concept. Partly in response to this lack of legislation, Korean corporate scholars, for example, have attempted to introduce American legal theories, systems and laws on CSR into Korea. Yet traditional Korean jurisprudence provides no defining foundation for CSR; indeed, the prevailing view in jurisprudence and scholarship passively resists instituting corporate responsibility into the law. In response to this jurisprudential and academic shortcoming, and as an example for other countries, this book provides a comprehensive guide to the relevant legislation and theory on CSR in Korean corporate law by employing a comparative study of the relevant American theories and laws. Proceeding from this analysis, the book then puts forward a legislative blueprint for establishing a foundation to legitimize and effectively implement CSR.

This book, about international contracting and contract management, is written from the angle of the contractor and discussed from an international perspective. It comments on real-life cases, taken from various kinds of projects: infrastructural works (roads, bridges, tunnels, rail roads), wind- and sunfarms, oil and gas installations, such as platforms, pipe lines, power generating works, and large buildings. The book is structured around the contracting cycle. Chapters include dealing with the role of the contractor in international contracting, the tender process, landing and negotiating the contract, types of contract, problems that may occur during project execution, project delivery, and handling guarantee claims. Written primarily for business practitioners operating in the international contracting industry, the title assumes that the reader will have a basic understanding and knowledge of theories related to project management, construction engineering, business law and economics. Though not an academic book, due to its unique blend of practitioners' insight and academic theory, it can be taught in courses at institutes at the master level.As most engineers are going to deal with contracts, this book is specifically recommended for engineering programs both at the graduate and postgraduate level. Lawyers will find the book useful to understand the business context in which their customers and/or colleagues work.

In this fully revised and updated edition, Christopher Bovis provides a detailed, critical, concise and accessible overview of the public procurement legal framework and its interaction with policies within the European Union and the Member States. Public procurement represents an essential part of the Single Market project, launched by European Institutions in 2011. Its regulation will insert competition and transparency in the market and be a safeguard to the attainment of fundamental principles of the Treaties. This book demonstrates the impact of the relevant Directives on Member States through the development of the case law of the European Court of Justice and assesses the judicial review of public contracts at national level. It positions public procurement at the centre of the legal and policy debate surrounding the delivery of public services and the advancement of competitiveness and industrial policy in the EU. The book highlights the pivotal role of public procurement for the Europe 2020 Growth Strategy. Demonstrating the concepts and principles of public procurement, this comprehensive book will have a strong appeal to academic researchers, lawyers, judges, practitioners, and policymakers at the European, international and national levels as well as students of law, policy and management.

This comprehensive book offers a thoughtful survey of theories, issues and cases in order to reassess the present vision of contract law. Comparative refers both to the specific kind of methodologies implied and to the polyphonic perspectives collected on the main topics, with the aim of superseding the conventional forms of representation. In this perspective, the work engages a critical search for the fault lines, which crosses traditions of thought and globalized landscapes. Notwithstanding contract's enduring presence and the technicalities devoted to managing clauses and interpretation, the inquiry on the proper nature of contract and its status and collocation within private legal taxonomies continues to be a controversial exercise. Moving from a vast array of dissimilar inclinations, which have historically produced heterogeneous maps of law, this book is built around the genealogies of contractual theoretical thinking; the contentious relationship between private governance and normative regulations; the competing styles used to stage contract law; the concurring opinions expressed within the domain of other disciplines, such as literature and political theory; the tensions between global context and local frames; and the movable thresholds between canonical expressions and heterodox constructions. For its careful analysis and the wide range of references employed, Comparative Contract Law will be a tremendous resource for academics, legal scholars and interdisciplinary experts as well as judges and law practitioners. Contributors include: G. Bellantuono, B.H. Bix, D. Carpi, C.L. Cordasco, C. Costantini, S. Fiorato, J. Gordley, M. Granieri, A. Hutchison, M.R. Marella, G. Marini, P.G. Monateri, F. Monceri, P. Moreno Cruz, H. Muir Watt, F. Parisi, P. Pardolesi, G. Samuel

Over the past fifteen years, the optimal enforcement of EU competition law has become a major concern. This book contains a unique collection of articles by lawyers and economists on current issues in the public and private enforcement of competition law. Public enforcement has been strengthened in numerous ways for example, through the introduction of a leniency programme and a substantial increase in fines for competition law violations. At the same time the EU Commission has been promoting private enforcement for example, by developing a legal framework that grants victims of EU antitrust law infringements access to compensation.

The contributions in this book address a range of topics in the area of competition law enforcement, including the role of fines and leniency programmes in public enforcement; access to evidence and the quantification of damages in private enforcement; and the interaction between public and private enforcement of competition law in Europe."

With the expected rise in the global total of ultra-wealthy individuals, and the trillions of dollars and family businesses predicted to change hands over the next two decades, the considerable challenges involved in managing and transitioning 'surplus' wealth are set to multiply rapidly, affecting a much larger number of families and family members. Family governance, which refers to the structures and processes families use to organise themselves and guide their relationship with their wealth, is a key tool in the transition of ownership and wealth between the generations, but it is neither well understood nor explained, particularly in the context of surplus wealth. Family Governance and Surplus Wealth: Sustaining Family Fortunes, written by Russell Prior, an experienced consultant and adviser in Family Governance, Family Enterprise Succession and Philanthropy, de-mystifies the topic and shows advisers and families how governance can assist with the challenges of managing and transitioning surplus wealth. It covers the characteristics and challenges of surplus wealth, why wealthy families need family governance and how family governance can help families with the successful transition of surplus wealth between the generations. Key takeaways include: Understand the need for a sense of shared purpose between the generations for surplus wealth and family enterprises, so it can succeed into future generations; Determine ownership and leadership succession within the family enterprise; Manage the balance of power and decision-making in and between the generations; Prepare the younger generation for their role in a family with surplus wealth; Prepare the older generation to let go of some responsibilities but show them how to take up new reins within the family; Balance the interests of family members managing the family wealth or enterprise with those who do not, and with non-family members involved in the management of the wealth of business; and Understand how major decisions can be taken within a complex family wealth structure or a family enterprise. This title will be important reading and reference for all practitioners advising ultra-wealthy individuals and business families, including family business advisers, private bankers, lawyers, accountants, and financial advisers. It will also be of significant interest to ultra-wealthy family members and family office leaders.

This book analyses EU food law from a regulatory, economic and managerial perspective. It presents an economic assessment of strategies of food safety regulation, and discusses the different regulatory regimes in EU food law. It examines the challenges of food safety in the internal market as well as the regulatory tools that are available. The book's generic theorising and measurement of regulatory effects is supplemented by detailed analysis of key topics in food markets, such as health claims, enforcement strategies, and induced risk management at the level of the organizations producing food. The regulatory effects discussed in the book range from classical regulatory analysis covering e.g. effects of ex-ante versus ex-post regulation and content-related versus information-related regulation to new regulatory options such as behavioral regulation. The book takes as its premise the idea that economic considerations are basic to the design and functioning of the European food supply arena, and that economic effects consolidate or induce modification of the present legal structures and principles. The assessments, analyses and examination of the various issues presented in the book serve to answer the question of how economic theory and practice can explain and enhance the shaping and modification of the regulatory framework that fosters safe and sustainable food supply chains.

Professional services are a key component of the EU internal market economy yet also significantly challenge the legal framework governing this internal market. Indeed, specific professional regulatory structures, which are often the result of a blend of government and self-regulation, hold clear potential for conflict with EU free movement and competition law rules. Hence this book looks at the manner in which both free movement and competition laws might apply to such self- and co-regulatory set-ups, and at the leeway given to quality considerations (apparently) conflicting with free movement or competition objectives. In addition, since court action will seldom suffice to genuinely integrate a market, the book also explores those instruments of EU secondary legislation that are likely to impact the most on the provision of professional services. However, the book goes beyond a mere inventory to ask how EU Internal Market policy could contribute to the optimal legal environment for professional services. A law and economics analysis is employed to investigate the need for specific professional rules, the preferred type of regulator (self-, co- or government regulation), and the level - national and/or European - at which regulation should be adopted. As becomes clear, the story of the market for professional services is one of market and government failure; the author is thus left to compare imperfect situations where market failures compete with rent-seeking efforts, the tendency towards over-centralisation and national protectionism. This book offers both an in-depth legal analysis of the EU framework as it applies to professional services as well as a more normative evaluation of this framework based on insights from law and economics scholarship. It will therefore be a valuable resource for all practitioners, policy-makers and academics dealing with professional services, as well as, more generally, with questions of quality and self-regulation.