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Henry Demmert Course Page
ECONOMICS 126 ECONOMICS & LAW
REQUIRED READING MATERIALS
DO NOT THINK YOU CAN MISS AN EXAM WITHOUT A PRIOR, APPROVED (BY ME) EXCUSE. If you do, there will be no make-up; I will simply give you a zero on the exam.
I expect you to do your own work on exams. I can assure you that I will carefully monitor the class during exams and severely punish anyone caught with a suspiciously wandering eye. You may not leave the room during an exam, so take care of any bathroom needs beforehand.
I do not take role and I will not penalize you for missing a class now and then. However, if I observe a pattern of repeated or continued absence, I will simply withdraw you from the course.
To request academic accommodations for a disability, students must contact Disabilities Resources located on the second floor of Benson. Phone numbers are (408) 554-4111; TTY (408)554-5445. Students must register and provide documentation of a disability to Disabilities Resources prior to receiving academic accommodations.
COURSE OUTLINE AND READING ASSIGNMENTS
I. Introductory material (Barnes & Stout, Ch. 1; Friedman, Intermezzo & Ch. 1, 2) A. An overview of economic analysis of law
II. Economic analysis of property law and the law of nuisance (Barnes & Stout, Ch. 2; Friedman, Ch. 3-5, 8, 10, 11)
A. The benefits and costs of defining and enforcing property rights
B. Conflicting property rights as economic externalities
C. The Coase theorem and the exchange of property rights D. Trespass, necessity, and eminent domain E. Intellectual property (patents, copyright, trade secrets, etc.)
Discussion cases and readings for property law:
Week of 1/16: Orchard View Farms v. Martin Marietta Aluminum
Bryant v. Lefevre
Sturges v. Bridgeman
Fountainebleau Hotel Corp. v. Forty-Five Twenty-Five, Inc.
Walgreen v. Sara Creek Property Company (packet)
Boomer v. Atlantic Cement Co.
Spur Industries v. Del E. Webb Development Co.
Week of 1/23: Ploof v. Putnam
Vincent v. Lake Erie Transport Co.
Poletown Neighborhood Council v. City of Detroit (packet)
Kelo v. City of New London Connecticut (packet)
Pennsylvania Coal v. Mahon (packet)
Lucas v. South Carolina Coastal Council (packet)
Miller v. Shoene (packet)
Tues 1/30: Feist Publications v. Rural Telephone Service Co. (packet)
Campbell v. Acuff-Rose Music (packet)
*** First Midterm Thursday, 2/1***
III. Economic analysis of contract law (Barnes & Stout, Ch. 4, Friedman, Ch. 6, 12)
A. The economic functions of the law of contracts
B. Formation defenses: economic issues regarding the existence of contracts 1. Consideration 2. Capacity, duress, and unconscionability 3. Contracts based on incomplete or mistaken information
C. Performance excuses and risk allocation 1. Economically preventable losses 2. Principles of insurance
D. Remedies for breach of contract 1. Principles of contract damages 2. Limitations on damages Demmert: Economics & Law 3. Other remedies: specific performance, liquidated damages and penalties Discussion cases for contract law: |
Week of 2/6: Rexite Casting Co. v. Midwest Mower Corp
Stelmack v. Glen Alden Coal Co.
Mills v. Wyman Allegheny College v. National Chautauqua Bank (packet)
Ricketts v. Scothorn
Hamer v. Sidway (packet)
Williams v. Walker-Thomas Furniture Company (I & II)
Jones v. Star Credit Corp. (packet)
Alaska Packers v. Domenico (packet)
Post v. Jones (packet)
Harris v. Tyson Wilkin v. 1st Source Bank
Sherwood v. Walker (packet)
Week of 2/13: Canadian Industrial Alcohol Co. v. Dunbar Molasses Co.
Transatlantic Financing Corporation v. United States
Redgrave v. Boston Symphony Orchestra
Neri v. Retail Marine Corporation
Deitsch v. Music Company
Security Stove & Mfg. Co. v. American Ry. Express Co.
Week of 2/20: Hadley v. Baxendale
Florida East Coast Railway Co. v. Beaver Street Fisheries, Inc.
Campbell Soup Co. v. Wentz
Sedmack v. Charlie=s Chevrolet (packet)
Peeveyhouse v. Garland Coal & Mining Company
Eastern S.S. Lines, Inc. v. United States
Lake River Corporation v. Carborundum Company
*** Second Midterm, Tuesday 2/28***
IV. Economic analysis of tort law (Barnes & Stout, Ch. 3, Friedman, Ch. 7, 9, 14)
A. Liability and the internalization of accident costs
B. Negligence liability
C. Defences to negligence liability 1. Contributory negligence 2. Assumption of risk 3. Comparative Negligence
D. Strict liability 1. The economic rationale for strict liability Demmert: Economics & Law 2. Defenses to strict liability
E. Determining tort damages 1. Estimating lost earnings 2. Valuing a human life 3. Punitive damages
Discussion cases for tort law:
Thurs 3/1: Winn Dixie Stores, Inc. v. Benton
Drake v. Lerner Shops of Colorado, Inc.
Schomaker v. Havey
United States v. Carroll Towing Co.
McCarty v. Pheasant Run, Inc.
Davis v. Consolidated Rail Corporation
Week of 3/5: Butterfield v. Forrester
Davies v. Mann (packet)
Levi v. Southwest Louisiana Electric Membership Cooperative
Ordway v. Superior Court
Kelly v. Checker White Cab Scott v. Alpha Beta Company
Golden v. McCurry
Galena and Chicago Union Railroad Company v. Jacobs
Week of 3/12: The T. J. Hooper (packet)
Helling v. Carey (packet)
Escola v. Coca Cola Bottling Co.
Greenman v. Yuba Power Products, Inc.
Daniell v. Ford Motor Co.
Cryts v. Ford Motor Company
Anheuser-Busch, Inc. v. Starley
Sturm, Ruger & Co. v. Day
BMW of North America v. Gore (packet)
*** Final Exam, as scheduled by the University***