One, two, tort: the BMW and Tebbetts cases

Article Abstract:

The existing US tort law effectively illustrates the economic theory of the 'second best.' This theory holds that, in the absence of one condition for the efficient operation of a market, the requirements for correcting the market efficiency may be complicated and difficult to satisfy. In the case of product liability, the best solution is a contract between buyers and sellers. However, since product liability contracts have not been enforced by courts, the next best solution is the highly complicated tort law. The 'BMW v. Gore' and 'Tebbets v. Ford' cases demonstrate how this process works.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Product Liability Regulation, Cases, Product liability, Automobile industry, Corporations, Ford Motor Co., Products liability, F, Tort liability, Tort liability of corporations, Sales law

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Fundamental reform of tort law

Article Abstract:

Tort laws deter manufacturers from causing excess harm or in the case of medical services, deter malpractice. However, the real purpose of the law is defeated because courts are granted the authority to define parties' liability for damages. An effective tort system should respect the rights of contract. Regulatory reform aimed at allowing parties to determine for themselves the liability for damages will provide cost-effective protection for consumers.

Powers and duties, Courts

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Creating a market for tort claims

Article Abstract:

Reform of the tort system would do more harm than good to businesses and ignore the rights of tort victims. Instead of introducing regulatory reforms, Congress should consider the viability of a tort claims market. A tort claims market will allow the free exchange of certain kinds of assets and tort victims will receive payments based upon average jury awards. This kind of arrangement will expand the options available to tort victims.

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