Law and Economics

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  • What are the criteria for a perfectly competitive market? How do these matter with respect to conditions that invalid a contract?
  • You are perusing a local tag sale, and see an interesting looking vase. Suppose there is a .2 chance that it might be a Ming Dynasty vase worth $5,000, and otherwise itโ€™s only worth $50.
  • After you purchase the vase, you discover that it is a Ming dynasty era vase. If the contract is enforced (meaning you keep the vase), what will be the buyerโ€™s and sellerโ€™s profit? If the contract isย  not enforced (meaning you have to give back a Ming dynasty vase), what will be the buyer andย  sellerโ€™s profit? Explain any difference in total social welfare.
  • Suppose now that you snap pictures of the vase, pay a service $100 dollars to analyze them, and know for sure whether it is a Ming Dynasty vase before purchase. What will be the buyerโ€™s andย  sellerโ€™s profit if the contract is enforced? What will be the buyer and sellerโ€™s profit if the contract isย  not enforced? Explain any difference in total social welfare.
  • Now suppose the vase is assumed to be nothing special, and if you buy it you will move it from their attic to yours, unless you invest the $100 in the analyst service. What will be the buyerโ€™s andย  sellerโ€™s profit if the contract is enforced? What will be the buyer and sellerโ€™s profit if the contract isย  not enforced? Explain any difference in total social welfare.

(3) A buyer makes a contract to purchase a parcel of land for residential use for $10,000. In the processย  of preparing for development, however, the buyer discovers a mineral deposit worth $500,000. Theย  seller learns about the discovery and sues to invalidate the contract, claiming a mistake.

  • Is the discovery of the mineral deposit socially valuable?
  • Did the buyer discover the information deliberately or casually?
  • Will a decision by the court to invalidate the contract affect the discovery of valuable mineral deposits in the future?ย  Now suppose that prior to making the contract, the
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