'Tort Law gives unjustified preference to corrective justice over Essay

'Tort Law gives unjustified preference to corrective justice over distributive justice.' Critically evaluate this statement - Essay Example Some scholars like Coleman (1994) have argued that the nature of the law of torts favors the corrective ends, whereas others like Konow (2003) as well as Wolf and Musselman (1990) argues that there is a need for the law of torts to strike a balance between the distributive and the corrective ends of the law. Not withstanding the foregoing controversial debates, the law of torts tends to lean its balance more towards the corrective end than the distributive ends. Tort Law: Basic Features The term â€Å"tort† is a word that is derived from Latin word â€Å"tortum†, to mean â€Å"injustice â€Å"or wrong. The law of tort therefore proceeds from recognition of the fact that some acts in society may be unjust and therefore needs to be corrected through the law. According to Coleman (1994), a tort may be defined to mean â€Å"a wrongful act that causes injury to a person or property and the law allows for a claim by the injured party to be compensated for damages.† S ome of the generic labels that have been associated with torts include â€Å"breach of duty† although this is just on of the major concepts in the law of torts. The law of tort has no absolute formulas through which questions are resolved. Both the legal scholars and the judiciary have pointed out emphatically the facts that the law of torts is a complex process that is never mechanically applied nor is it static; rather it often depends on circumstances of the case, and that as time elapses, more and more torts get discovered (Blomqiuist [1990]; Koestler V. Pollard [199]); Patel [200]). The tortseeks to reflect the balance the society seeks to strike between competing values. The facts in the case in question determine the right decision. For instance, automobile drivers are made liable to the injuries that they cause as they carry out their duty but only if the injury results from their fault or negligence. On the other hand, manufactures take the liability of the injuries stemming from their defective products, the reasonable care they might have taken not withstanding. Most individual torts require that fault be shown on the defendant’s part. More often, the extent of the defendant’s fault will form the basis of the liability that the defendant bears to the plaintiff. This is the case with torts such as negligence, defamation, nuisance and trespass. However, within the law of torts there are also cases of strict liability torts where the defendant will not be required to prove fault on the part of the defendant; it will suffice for purposes of tortious remedies against the defendant that the plaintiff suffered damage and that the damage was occasioned by an action or omission of the defendant (strict liability torts).Generally, at common law, the strict liability torts are restricted to activities that are hazardous. There is also Liability for Defective Products Act, 1991 which creates strict liabilities on manufacturers with regard s to health sustained by consumers of their products. The principle function of the law of tort is to establish weather there is an offence and if there is to come up with a remedy. At common law, damages are the most widespread remedy. In such a judgment, the defendant is normally required to offer financial compensation to the

Analyse a Firm in the UK or EU Country with Micro and Macro Economics Essay

Analyse a Firm in the UK or EU Country with Micro and Macro Economics and a Recommendations of its Possible Strategies - Essay Example Contrary to wholesale firms, retail companies are required to cater to the needs of a local segment of the population. Accordingly, Tesco has concentrated on strengthening its local operations in the various markets. The company has designated a separate management team for its operations in the different markets. The core retail service business has been adequately supported by financial and information technology services. The firm has utilized its technical expertise and human skill resources from across the word to gain a strong foothold in the respective local markets. This has helped it to emerge as a successful international retail company. (Tesco Plc, 2011). The sales and profit growth of Tesco Plc during 2008-2011 can be observed from the table below: Table: Tesco Plc’s Sales and Profit Growth 2008 2009 2010 2011 Sales Growth of Tesco Group (including VAT) 11.1% 15.1% 6.8% 8.1% Sales Growth of Tesco UK (including VAT) 6.7% 9.5% 4.2% 5.5% International sales Growth (in cluding VAT) 25.3% 30.6% 8.8% 13.7% Profit Before tax 5.7% 4.1% 8.9% 11.3% Underlying Profit Before Tax 11.8% 9.8%s 8.7% 12.3% (Tesco Plc, 2011) Demand, Supply and Price Elasticity of the Retail Business The retail industry faces a strong market demand across the world. Though, consumers can buy necessary commodities at wholesale markets at a much cheaper price, they get ready access to these goods at the nearby stores. Wholesale markets in a particular city are few and far between. On the other hand, retail stores have been established in almost every neighborhood. Citizens get the daily provisions of their necessary commodities from the retail shops. Buoyed by the steady demand, their retail companies have established their retail chains across their markets. They maintain a steady supply of the retail products to their stores, so that the retail shops are never in dearth of the essential products which are in such high demand among the citizens. All tyhese factors have played a s ignificant part in Tesco Plc’s business. The price elasticity of the retail products and the retail industry in general can be said to be moderate. The various retail products are moderately sensitive to the changes in their respective prices. When one retail company increases the price of its retail products, the consumers always have the option of buying the products from another retail chain store. However, the necessary commodities like the food items sold through the retail stores have low prices elasticities. Customers will continue to buy them, even if their prices are increased. Since the retail companies offer a diverse portfolio of products through their stores, different products are endowed with different price elasticities. Thus, Tesco Plc remains very careful in devising its pricing strategies. Other International Businesses The company has forayed into online retailing services and financial services after evaluating that there was a strong demand for these new services in the international market. Tesco’s international businesses are characterized by a competitive outlook and a continuous endeavor to expand their scale of operations. This strategy has ensured a sound growth in worldwide sales, market shares, revenues and return on capital employed (Tesco Plc, 2011). Adopting Technology to suit Growth Requirements Tesco Plc is focused on expanding its scale of operations in all the aspects related to its businesses. It has