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The Economics of Civil and Common Law by Zagros Madjd-Sadjadi

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CHAPTER 4

Torts

A tort is an intentional or negligent civil wrong under the common law that is brought against another party who suffers injury as a result of an action or a failure to act. Such injuries can be economic, physical, emotional, reputational, or rights-based in nature. Although torts can arise out of criminal actions (or failures to act), they need not. However, there is a necessity that the individual who is sued is at least partially the causal agent of the damage that results.

Key Economic Concepts

adverse selection

insurance

moral hazard

Key Legal and Political Concepts

accident

assumption of risk

cause, probabilistic

cause, proximate

damages, compensatory

damages, punitive

damages, statutory

duty

Good Samaritan defense

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