Characteristic of public property

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Reference no: EM132197066

1. Any time parties litigate a problem there is a presumption that damages are the best remedy, since parties willing to pay litigation costs will clearly be influenced by compensatory damages and would never care about injunctions

TRUE

FALSE

2. Assume litigation will cost both parties $100 each and settling out of court is free. What is the largest relative optimism at which the parties can settle out of court?

$100

$150

$200

3. Which of the following is a characteristic of public property?

a. efficiency requires use and consumption be by the party that values the good the most

b. rivalry in consumption

c. one person's use precludes another's

d. none of these

4. Transaction cost is the difference between the price someone demands to give up something and what the same person would be willing to pay for an initial purchase of the same thing.

True

False

5. Which of the following best explains how trial costs are included in the Expected Value at Trial (EVT) calculations under the "loser pays all" system versus "each pays his own"?

Under the "loser pays all " system, trial costs for each party are impacted by the probability of winning at trial. Under "each pays his own", the trial costs of each party are subtracted as a lump sum.

None of these.

Trial costs are treated the same under each system when calculating the EVT.

Under the "loser pays all " system, trial costs for each party are not included in the EVT calculation. Under "each pays his own", the trial costs of each party are subtracted as a lump sum.

Reference no: EM132197066

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