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Deep Pocket
Deep pocket is an American slang term; it usually means "extensive financial wealth or resources". It is typically used in reference to big companies or organizations (ex: the American tobacco companies have "deep pockets"), although it can be used in reference to wealthy individuals (e.g., Bill Gates, Warren Buffett). In the context of a lawsuit, the deep pocket is often the target defendant, even when the true ( moral) culpability is with another party because the deep pocket has money to pay a verdict. For example, a lawyer may comment that he or she sued the manufacturer of a product rather than the seller because the manufacturer has the deep pockets, meaning it has more money than the seller with which to compensate the victim and profit the attorney. Deep pocket as a slang term The term “deep pockets” (also given as “deep pocket” and “deep pocketed") is attested sparsely in the 1940s through the 1960s, but became popular with the litigation explosion of the 1970 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American English
American English, sometimes called United States English or U.S. English, is the set of variety (linguistics), varieties of the English language native to the United States. English is the Languages of the United States, most widely spoken language in the United States and in most circumstances is the de facto common language used in government, education and commerce. Since the 20th century, American English has become the most influential form of English worldwide. American English varieties include many patterns of pronunciation, vocabulary, grammar and particularly spelling that are unified nationwide but distinct from other English dialects around the world. Any North American English, American or Canadian accent (sociolinguistics), accent perceived as lacking noticeably local, ethnic or cultural markedness, markers is popularly called General American, "General" or "Standard" American, a fairly uniform dialect continuum, accent continuum native to certain regions of the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Liability
Product liability is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause. Although the word "product" has broad connotations, product liability as an area of law is traditionally limited to products in the form of tangible personal property. Product liability by country The overwhelming majority of countries have strongly preferred to address product liability through legislative means. In most countries, this occurred either by enacting a separate product liability act, adding product liability rules to an existing civil code, or including strict liability within a comprehensive Consumer Protection Act. In the United States, product liability law was developed primarily through case law from state courts as well as the ''Restatements of the Law'' produced by the American Law Institute (ALI). The United States and the European Union's product ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law And Economics
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance. History Origin The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought. As early as the 18th century, Adam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guido Calabresi
Guido Calabresi (born October 18, 1932) is an Italian-born American legal scholar and Senior United States circuit judge of the United States Court of Appeals for the Second Circuit. He is a former Dean of Yale Law School, where he has been a professor since 1959. Calabresi is considered, along with Ronald Coase and Richard Posner, a founder of the field of law and economics. Early life and education Calabresi is the son of the late cardiologist Massimo Calabresi and European literature scholar Bianca Maria Finzi-Contini Calabresi (1902–1982). Calabresi's parents, active in the resistance against Italian fascism, eventually fled Milan for New Haven, Connecticut, immigrating to the United States in September 1939. The family became naturalized American citizens in 1948. Guido's older brother Paul Calabresi (1930–2003) was a prominent medical and pharmacological researcher of cancer and oncology. Calabresi's mother descends from an Italian-Jewish family. He describes himself ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Safe Harbor (law)
A safe harbor is a provision of a statute or a regulation that specifies that certain conduct will be deemed not to violate a given rule. It is usually found in connection with a more-vague, overall standard. By contrast, "''un''safe harbors" describe conduct that ''will'' be deemed to violate the rule. For example, in the context of a statute that requires drivers to "not drive recklessly," a clause specifying that "driving under 25 miles per hour will be conclusively deemed not to constitute reckless driving" is a "safe harbor." Likewise, a clause saying that "driving over 90 miles per hour will be conclusively deemed to constitute reckless driving" would be an "unsafe harbor." In this example, driving between 25 miles per hour and 90 miles per hour would fall outside of either a safe harbor or an unsafe harbor, and would thus be left to be judged according to the vague "reckless" standard. Theoretical justifications Safe harbors have been promoted by legal writers as redu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lady Justice
Lady Justice ( la, Iustitia) is an allegorical personification of the moral force in judicial systems. Her attributes are scales, a sword and sometimes a blindfold. She often appears as a pair with Prudentia. Lady Justice originates from the personification of Justice in Ancient Roman art known as ''Iustitia'' or ''Justitia'', who is equivalent to the Greek goddess Dike. The goddess Justitia The origin of Lady Justice was Justitia (or Iustitia), the goddess of Justice within Roman mythology. Justitia was introduced by emperor Augustus, and was thus not a very old deity in the Roman pantheon. Justice was one of the virtues celebrated by emperor Augustus in his '' clipeus virtutis'', and a temple of Iustitia was established in Rome by emperor Tiberius. Iustitia became a symbol for the virtue of justice with which every emperor wished to associate his regime; emperor Vespasian minted coins with the image of the goddess seated on a throne called ''Iustitia Augusta'', and many em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judgment Proof
In the context of contract law, debt collection and civil litigation, the term judgment proof is commonly used to refer to defendants or potential defendants who are financially insolvent, or whose income and assets cannot be obtained in satisfaction of a judgment. Being "judgment proof" is not a defense to a lawsuit. If sued, the defendant cannot claim being "judgment proof" as an affirmative defense. The term "judgment proof" instead refers to the inability of the judgment holder to obtain satisfaction of the judgment. If a plaintiff were to secure a legal judgment against an insolvent defendant, the defendant's lack of funds would make the satisfaction of that judgment difficult, if not impossible, to secure. Exempt assets Some income and assets are exempt from being accessed to pay a judgment. If a judgment debtor has income, it may be possible to get an order of garnishment to collect a judgment from that source of income. However, if the debtor's income is low or if the de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protection Of Lawful Commerce In Arms Act
The Protection of Lawful Commerce in Arms Act (PLCAA) is a U.S law, passed in 2005, that protects firearms manufacturers and dealers from being held liable when crimes have been committed with their products. Both arms manufacturers and dealers can still be held liable for damages resulting from defective products, breach of contract, criminal misconduct, and other actions for which they are directly responsible. They may also be held liable for negligent entrustment when they have reason to know a gun is intended for use in a crime. The PLCAA is codified at 15 U.S.C. §§ 7901–7903. Background In the years before passage of the act, victims of firearms violence in the United States had successfully sued manufacturers and dealers for negligence on the grounds that they should have foreseen that their products would be diverted to criminal use.Munoz, SWhy Isn't The Media Discussing The Unprecedented Law Giving Gun Makers And Dealers Immunity?Media Matters, December 19, 2012. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negligence
Negligence (Lat. ''negligentia'') is a failure to exercise appropriate and/or ethical ruled care expected to be exercised amongst specified circumstances. The area of tort law known as ''negligence'' involves harm caused by failing to act as a form of ''carelessness'' possibly with extenuating circumstances. The core concept of negligence is that people should exercise reasonable care in their actions, by taking account of the potential harm that they might foreseeably cause to other people or property. Someone who suffers loss caused by another's negligence may be able to sue for damages to compensate for their harm. Such loss may include physical injury, harm to property, psychiatric illness, or economic loss. The law on negligence may be assessed in general terms according to a five-part model which includes the assessment of duty, breach, actual cause, proximate cause, and damages. Elements of negligence claims Some things must be established by anyone who wants to sue in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frivolous Litigation
Frivolous litigation is the use of legal processes with apparent disregard for the merit of one's own arguments. It includes presenting an argument with reason to know that it would certainly fail, or acting without a basic level of diligence in researching the relevant law and facts. That a claim was lost does not imply the claim in itself was frivolous. Frivolous litigation may be based on absurd legal theories, may involve a superabundance or repetition of motions or additional suits, may be uncivil or harassing to the court, or may claim extreme remedies. A claim or defense may be frivolous because it had no underlying justification in fact, or because it was not presented with an argument for a reasonable extension or reinterpretation of the law. A claim may be deemed frivolous because existing laws unequivocally prohibit such a claim, such as a so-called Good Samaritan law. In the United States, Rule 11 of the Federal Rules of Civil Procedure and similar state rules req ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independent Contractor
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, disability insurance. Employment is typically governed by employment laws, organisation or legal contracts. Employees and employers An employee contributes labour and expertise to an endeavo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply Chain
In commerce, a supply chain is a network of facilities that procure raw materials, transform them into intermediate goods and then final products to customers through a distribution system. It refers to the network of organizations, people, activities, information, and resources involved in delivering a product or service to a consumer. Supply chain activities involve the transformation of natural resources, raw materials, and components into a finished product and delivering the same to the end customer. In sophisticated supply chain systems, used products may re-enter the supply chain at any point where residual value is recyclable. Supply chains link value chains. Suppliers in a supply chain are often ranked by "tier", with first-tier suppliers supplying directly to the client, second-tier suppliers supplying to the first tier, and so on. Overview A typical supply chain begins with the ecological, biological, and political regulation of natural resources, followed by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
