Instructions: Identify the Following

question 56

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Chesapeake Bay

---

Definitions:

Coase Theorem

A principle that asserts that if property rights are clearly defined and transaction costs are low, parties will negotiate to correct externalities without government intervention.

Negotiations

The process by which parties with differing interests arrive at a mutual agreement or compromise through discussion and bargaining.

Liability Rule

A legal framework in which an infringer must compensate the owner for unauthorized use of property, typically applied in cases of copyright or patent infringements.

Injunction

A court order forbidding the continuation of behavior that leads to damages.