In the traditional model of the law and economics of torts, harm accrues proportional to use. This has the remarkable implication for products-generated torts that product performance concerns (e.g., issues of care and of liability for harm) can be considered independently of market performance concerns (e.g., market structure and competition). Moreover, the classical analysis finds that all li...

We study the consequences of the introduction of widespread limited liability for corporations, with particular reference to the liability reforms introduced in Great Britain during the nineteenth century. In the view that is most widely accepted, by reducing transactions costs associated with screening and monitoring in capital markets , limited liability increases eciency of capital markets a...

as a rule, like other criminal legal systems, insane people are exempted from criminal liability in iranian criminal law. the previous penal code, replaced in 1982, had classified the mentally ill people into two groups. those completely insane were totally free from criminal liability and those suffering from less serious mental illnesses benefit to some extent liable to a certain lenient degr...

the law of the continental europe is considered an offspring of the roman law. in the roman law the “fault” was considered as the basis of liability. the doctrine of fault was included in the french civil code of 1804 through the roman law, and from there, made its way into the laws of other european and non-european countries. according to the instruction of the holy prophet of islam (pbuh), i...

Negative and positive externalities pose symmetrical problems to social welfare. The law internalizes negative externalities by providing general tort liability rules. According to such rules, those who cause harm to others should pay compensation. In theory, in the presence of positive externalities, negative liability should apply: those who produce benefits should be paid a compensatory awar...