Term

Hot News Doctrine

Definition

All of the following conditions must be met: Their process of information collection involves significant expenditures. The collected information is time sensitive. A defendant “free rides” on the collected material. The “freeriding” party directly competes with the plaintiff’s market. The “freeriding” is likely to diminish incentives to collect information in a timely manner.

Term

The Bundle of Sticks

Definition

Property ownership consists of these rights: The right to use The right to sell The right to give away The right to abandon The right to destroy The right to exclude

Term

Coase Theorem

Definition

When transaction costs are 0, private bargaining between two parties is far more efficient than going through court.