Forthcoming, Handbook of Law and Economics (Francesco Parisi ed., Oxford University Press, 2017)
36 Pages Posted: 3 Dec 2016 Last revised: 6 Dec 2016
Date Written: December 1, 2016
This chapter emphasizes the common denominators of the remedies available to the victim in torts and contracts. Some remedies which are more typical of either contracts or torts are also discussed. The topics covered by the chapter are liability rules vs. property rules, specific performance vs. damages, the foreseeability requirement, tort liability for pure economic losses and non-pecuniary losses, caps on consequential damages, damages for bodily injury and lost income, liquidated damages, probabilistic recoveries and offsetting risks.
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