What Are the Three Different Interests That Contract Remedies Serve

question 12

Essay

What are the three different interests that contract remedies serve to protect?

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Definitions:

Marginal Social Costs

The additional cost incurred by society as a whole from the production of one more unit of a good or service.

Abatement Costs

Expenses incurred by firms to reduce environmental negatives, such as pollution.

Pollution Standard

Pollution standards are regulatory norms established by governments or international bodies to limit the concentration of harmful substances released into the environment.

Social Rate

Often refers to the rate of return on a public investment or project that includes both the private and external benefits to society.