Remedies/Punitive Damages

Order Description In no more than 6 pages, complete the followin" rel="nofollow">ing two essays. 1. (8 poin" rel="nofollow">ints) On February 1, a firm agrees to sell a quantity of flour to a buyer on May 1, at a fixed price of $10,000. The buyer pays a $5,000 deposit on March 1, with the balance to be paid upon delivery of the flour. On May 1 the seller refuses to deliver the flour, for undisclosed reasons. The price on May 1 for that quantity of flour turns out to be $7,500. The buyer sues to recover the $5,000 plus in" rel="nofollow">interest, but the seller argues that only $2,500 should be returned sin" rel="nofollow">ince that is sufficient to put the buyer in" rel="nofollow">in the position he would have been in" rel="nofollow">in had the flour been delivered as promised. What kin" rel="nofollow">ind of remedy is the buyer callin" rel="nofollow">ing for? (Be very careful here; consider all possibilities!) The seller? Explain" rel="nofollow">in briefly. Which of these remedies should the court apply? Explain" rel="nofollow">in your decision, considerin" rel="nofollow">ing the arguments that could be raised by each side. 2. (12 poin" rel="nofollow">ints) In its 1995 BMW v. Gore opin" rel="nofollow">inion, a divided U.S. Supreme Court set out guideposts by which it could be assessed whether a punitive damages award could be deemed excessive. (Note that Justice Ruth Bader Gin" rel="nofollow">insburg, the most liberal member of the Court, was join" rel="nofollow">ined in" rel="nofollow">in her dissent by Chief Justice William Rehnquist, one of the more conservative members at the time.) Arguably, this is one of the issues on which judges have reached a very different conclusion than economists, applyin" rel="nofollow">ing deterrence theory, would have reached. (Recall Guido Calabresi’s critique of “economic analysis of law.”) Inform your analysis of the questions below by considerin" rel="nofollow">ing the paper by Polin" rel="nofollow">insky and Shavell, the majority opin" rel="nofollow">inion authored by Justice Stevens, the concurrin" rel="nofollow">ing opin" rel="nofollow">inion of Justice Breyer, and the dissentin" rel="nofollow">ing opin" rel="nofollow">inion of Justice Gin" rel="nofollow">insburg. Should both punishment and deterrence be objectives in" rel="nofollow">in the settin" rel="nofollow">ing of punitive damages? Explain" rel="nofollow">in. Make sure that you in" rel="nofollow">include a discussion of how economic theory guides the settin" rel="nofollow">ing of punitive damages to deter misbehavior. Do you agree more with the guideposts set by justices, or with the economists? Make as strong an argument as you can for your position. Puttin" rel="nofollow">ing this all together, was the U.S. Supreme Court majority correct in" rel="nofollow">in cappin" rel="nofollow">ing punitive damage awards, in" rel="nofollow">in your view? Explain" rel="nofollow">in.