Discuss Judicial Actions as an Implementation Strategy for Nonmarket Issues

question 10

Essay

Discuss judicial actions as an implementation strategy for nonmarket issues.

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Definitions:

Specific Performance

A legal remedy requiring a party to execute a contract as agreed, rather than paying damages for non-performance.

Specific Performance

A legal remedy that compels a party to execute a contract according to the precise terms agreed upon, rather than awarding damages for breach.

Punitive Damages

Financial compensation awarded to a plaintiff in a lawsuit, intended to punish the defendant for particularly harmful behavior.

Novation

Novation is the legal process by which an existing contract is replaced with a new contract, involving the same or different parties, where the obligations of the original contract are extinguished and replaced by new obligations.