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Ericson and Baranek (1982) argue that the formal system operates only in theory, therefore "legal justice" does not exist. What form of justice do most defendants receive?
Onerous Contract
A contract where the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received from it.
Unavoidable Costs
Costs that cannot be eliminated, reduced, or postponed, and must be incurred regardless of specific business decisions or changes in operations.
Present Value Method
A technique used to determine the present value of future cash flows or income streams to evaluate investment projects or financial products.
Net Market Value
The amount that could be obtained from selling an asset in the market after deducting any selling costs or liabilities.
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