Property Law and Economics: Outline the role of transaction costs in determining whether injunctions or compensatory money damages are the best remedy for violation of a legal right. Then use the theory of transaction costs to explain whether the following rights should be protected by injunction or damages:
– A land owners right to exclude from his property a neighbour’s gas line;
– A new car owners right to have her cars defective transmission replaced by the seller;
– A homeowners right to be free from air pollution by a nearby factory;
– A spouse’s right to half the house on divorce.
The focus of this essay is Law and Economics of Regulation.
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