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.
General
Imprint: |
Cambridge UniversityPress
|
Country of origin: |
United Kingdom |
Series: |
Elements in Law, Economics and Politics |
Release date: |
August 2023 |
Authors: |
Kenneth Ayotte
• Ezra Friedman
• Henry E. Smith
|
Pages: |
75 |
ISBN-13: |
978-1-00-921794-1 |
Categories: |
Books
Promotions
|
LSN: |
1-00-921794-1 |
Barcode: |
9781009217941 |
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!