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Conflict of laws (also called private international law) is the set of rules or laws a jurisdiction applies to a case, transaction, or other occurrence that has connections to more than one jurisdiction. [1]
For example, suppose State X has a law that limits recovery in a tort suit, and state Y has no such limit. A plaintiff from State X suing a defendant from State Y will want the rule of State Y to apply rather than the limit imposed by state X; the defendant will want the State X's limit to apply. In such a case, the law of the forum will prevail.
Along with an earlier article, “The Nature of the Firm”, "The Problem of Social Cost" was cited by the Nobel committee when Coase was awarded the Nobel Memorial Prize in Economic Sciences in 1991. The article is foundational to the field of law and economics, and has become the most frequently cited work in all of legal scholarship. [1]
The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought.As early as the 18th century, Adam Smith discussed the economic effects of mercantilist legislation; later, David Ricardo opposed the British Corn Laws on the grounds that they hindered agricultural productivity; and Frédéric Bastiat ...
Economic torts are tortious interference actions designed to protect trade or business. The area includes the doctrine of restraint of trade and, particularly in the United Kingdom, has largely been submerged in the twentieth century by statutory interventions on collective labour law and modern competition law, and certain laws governing intellectual property, particularly unfair competition law.
An "interest" is a commitment, obligation, duty or goal associated with a specific social role or practice. [1] By definition, a "conflict of interest" occurs if, within a particular decision-making context, an individual is subject to two coexisting interests that are in direct conflict with each other ("competing interests").
The presumptive choice of law rule for tort is that the proper law applies. [citation needed] This refers to the law that has the greatest relevance to the issues involved. In public policy terms, this is usually the law of the place where the key elements of the "wrong" were performed or occurred (the lex loci delicti). So if A is a pedestrian ...
International Conflict of Laws: Common, Civil, and Maritime. International Shipping Publications. 1994. Page 237. See also passim. Google; Lectures on the Conflict of Laws and International Contracts. University of Michigan Law School. 1951. Passim. Google; Petar Sarcevic (ed). International Contracts and Conflicts of Laws: A Collection of Essays.