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Legal economics Introduction to common Law

2020-06-24 来源: 51Due教员组 类别: 写作技巧

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下面为大家整理一篇优秀的essay代写范文 -- Legal economics Introduction to common Law,文章讲述英美法系又称普通法或海事法,是指根据英国普通法的发展而制定的普通法。它首先从英国产生,并扩展到许多国家和地区,包括美国,加拿大,印度,巴基斯坦,孟加拉国,新加坡和马来西亚,韩国以及非洲的多个国家和地区。

 

Legal economics

Introduction to common Law

 

Anglo American Law System, also known as Common Law or Maritime Law, refers to the common law on the basis of the development of the general law of the United Kingdom. It is firstly generated from the United Kingdom and expanded to many countries and regions, including the United States, Canada, India, Pakistan, Bangladesh, Singapore, and Malaysia, South Korea and several countries and regions in Africa.

Generally speaking, the common law has four features. Firstly, it takes cases as an important source of the law. The law lays emphasis on the role of previous cases. Secondly, in the perspective of the legislation, the formulation of the common law is generally a single line of laws and regulations instead of the code of law. Thirdly, the legislative proceedings rely on the all parties and the debate of all parties. Fourthly, in the perspective of legal profession, professional mobility is frequent and federal court judges are generally from lawyers. And lawyers are very active in politics. Judges and lawyers embrace high social status. (Wang, 2006)

Economics in the Common Law

In the contemporary society, economy and the law are closely related with each other. On the one hand, economy decides the law. The law is determined by the economic base of a particular society. The formulation, the content and the nature of the law and its important characteristics, the development and change generally depend on the economic basis. If a class want to occupy a dominant position in the economy, it is necessary to get the rule in politics, which is the pillar of a country. The laws made by the ruling class must reflect the requirements of its dominant economy. Therefore, the economy is the source the original of the law. On the other hand, the law serves the economy. After the law has been made, it is actively serving its economic base. The law serves the economic base with its special attribute and function.

Meanwhile, mathematics is commonly used in calculating the economic loss and compensation in the cases of the common law. Mathematics is a tool to be applied in the judgment and decision of the common law.

A famous analysis of economics and the common law is from Posner's economic analysis of the common law in Anglo American law system. The common law scope is very wide, he mainly analyzes the property law, the contract law, the civil tort law, the family law and the criminal law. (Shen, 1990),

The contract law is taken as an example to illustrate the application of the law, economics and mathematics. If a customer goes into the store to shop, the deal process is relatively simple. The customer has to pay his dues and the salesperson should deliver the goods to the customer. If a transaction is not synchronized and the deal is finished after a period of time or involves more complex issues, it requires both parties to bear a greater risk. If there is no contract, it is very easy to cause the interruption of the transaction by two sides of. So the basic function of the contract law is to reduce the interruption of the trading process as much as possible.

In addition to provide effective incentives to stimulate the exchange process, the contract law has three other functions. Firstly, it reduces the complexity of the transaction by some standard clauses in the contract. Secondly, it provides a lot of unexpected information for the future transactions and the parties. Thirdly, the function of contract law is also reflected in the damages caused by the breach of contract. For the breach of the contract, the demand for further performance of the contract is not economic, which will lead to waste of resources. According to damages mitigation clause, when receiving the buyer's notice to terminate the contract, if the seller continue to fulfill the contract, the loss will not be compensated by the buyer.

Contract helps to maintain a trade in a long time and it is conducive to the efficiency of resource usage. At the same time, the contract clauses have regulated the economic loss or compensation of the default of the contract. Therefore, the contract law has applied the economic relationship, the enforcement of the law and the economic mathematics.

Conclusion

In a summary, the common law and economics are closely related with each other. The economy determines the development of the common law and the common law provides the regulations and supervisions to the operation of the economy. In the quantitative perspective, mathematics is an effective tool to determine the economic consequences in the economic cases. Therefore, the law, economics and mathematics are combined as a whole to precede the development of the society.

 

 

 

Bibliography

Wang, Y. (2006), The Common Law and Its Features, Journal of Beijing College of Politics & Law. 

 

Shen, ZL. (1990), Posner's Economic Analysis of the Law, Chinese Law, 3.

 

 

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