Law Torts in economic sense Essay Example | Topics and Well Written Essays - 2250 words

Law Torts in economic sense - Essay Example Law Torts in economic sense The value that the law comes up in terms of property and treasure are mainly determined by economics. The law mainly entails making decision and providing guide lines according which the economic activities can operate. Without law people could conduct their business without discipline, thus it brings discipline in the field. To discuss the relationship between the two concepts we shall discuss the main components of law which include; law of torts, law of contract, law of property and the concepts of justice. Law Torts in economic sense This is any wrongful act done to a person hence resulting into losses and therefore the person is liable to some compensation due to the loss incurred. Tort laws are the most unintentional unlike the criminal laws. The tort laws may be divided into two categories either intentional or negligent torts. Torts that result to negligent include actions that touch on intangible resources attached to a person e.g. infringing someone’s safety, while i ntentional including occupying and building on someone’s piece of land. Law of contract and the economics This is a legal binding between two or more people. The law usually recognizes these bindings and any breach of these legal bindings could lead to one be charged in a court of law. The law of contract includes the process of buying and selling of commodities, and signing to long-term supplying agreements between companies and individual suppliers. (Princeton & OverDrive, 2013). Law of property and economics This law entails the ownership by an individual person of anything that is of value. This law tries to bring out the relationship between the person and the object. The important items to this law are possession and transfer of ownership. Possession mainly entails to be established in persons whose possession a particular property belongs, while transfer of ownership is taking the ownership of a particular person to another person (Princeton & OverDrive, 2013). Concept s of justice and economics Justice is doing right according to the society, there are several concepts to justice, these include; social perception, the consequences and the processes involved. In most societies they have, their own perception of what is just and what is not justified, the perception of rape can be justified in some societies while some societies do not entertain the vice at all. Justice is judged depending on the consequences of a particular action. The result from a particular action could lead one to see if it is justified or not. The worse the consequences the more they are not justified by the society. The steps involved in doing a particular action also determines if the action is justified or not (Princeton & OverDrive, 2013). In most countries, laws are legislated by acts of parliament. Thus means that the most powerful and decision-making body in any state is the legislature. This usually explains why some laws are different from other countries. Most state s make their laws depending on the mission and vision statement of the given country. Religion also plays a big role in the determination of the laws of a particular country. This is because religion plays a big role in the life of nay living human being (Princeton & Over