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Full-Text Articles in Law
A Comprehensive Theory Of Civil Settlement, J. J. Prescott, Kathryn E. Spier
A Comprehensive Theory Of Civil Settlement, J. J. Prescott, Kathryn E. Spier
Articles
A settlement is an agreement between parties to a dispute. In everyday parlance and in academic scholarship, settlement is juxtaposed with trial or some other method of dispute resolution in which a third-party factfinder ultimately picks a winner and announces a score. The “trial versus settlement” trope, however, represents a false choice; viewing settlement solely as a dispute-ending alternative to a costly trial leads to a narrow understanding of how dispute resolution should and often does work. In this Article, we describe and defend a much richer concept of settlement, amounting in effect to a continuum of possible agreements between …
Property Rules, Liability Rules, And Uncertainty About Property Rights, Stewart E. Sterk
Property Rules, Liability Rules, And Uncertainty About Property Rights, Stewart E. Sterk
Michigan Law Review
Clarity can be a considerable virtue in property rights. But even when property rights are defined clearly in the abstract, ascertaining the scope of those rights in concrete situations often entails significant cost. In some instances, the cost of acquiring information about the scope of property rights will exceed the social value of that information. In those circumstances, further search for information about the scope of rights is inefficient; the social harm avoided by further search does not justify the costs of the search. Potential resource users, however make decisions based on private costs and benefits, not social costs and …