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87-713: Various types of rent are referenced in Roman law : rent ( canon ) under the long leasehold tenure of Emphyteusis ; rent ( reditus ) of a farm; ground-rent ( solarium ); rent of state lands ( vectigal ); and the annual rent ( prensio ) payable for the jus superficiarum or right to the perpetual enjoyment of anything built on the surface of land. There are many possible reasons for renting instead of buying, for example: Short-term rental of all sorts of products (excluding real estate and holiday apartments) already represents an estimated €108 billion ($ 160 billion) annual market in Europe and

174-457: A hotel , using a computer in an Internet cafe , or riding in a taxicab (some forms of English use the term "hiring" for this activity). As seen from the examples, some rented goods are used on the spot, but usually they are taken along; to help guarantee that they are brought back, one or more of the following applies: If the customer has a credit account with the rental company, they may rent over several months (or years) and will receive

261-441: A transaction cost is a cost incurred when making an economic trade when participating in a market . The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931. Oliver E. Williamson 's Transaction Cost Economics article, published in 2008, popularized the concept of transaction costs. Douglass C. North argues that institutions , understood as

348-432: A Roman citizen ( status civitatis ) unlike foreigners, or he could have been free ( status libertatis ) unlike slaves, or he could have had a certain position in a Roman family ( status familiae ) either as the head of the family ( pater familias ), or some lower member alieni iuris (one who lives under someone else's law). The history of Roman Law can be divided into three systems of procedure: that of legis actiones ,

435-401: A Roman male citizen. The parties could agree on a judge, or they could appoint one from a list, called album iudicum . They went down the list until they found a judge agreeable to both parties, or if none could be found they had to take the last one on the list. No one had a legal obligation to judge a case. The judge had great latitude in the way he conducted the litigation. He considered all

522-405: A complete and coherent system of all applicable rules or give legal solutions for all possible cases. Rather, the tables contained specific provisions designed to change the then-existing customary law . Although the provisions pertain to all areas of law, the largest part is dedicated to private law and civil procedure . Among the most consequential laws passed during the early Republic were

609-485: A more transient workforce also mean that consumers are increasingly searching for rentals online. A 2010 US survey found 27% of renters plan to never buy a home. Net income received, or losses suffered, by an investor from renting of properties is subject to idiosyncratic risk due to the numerous things that can happen to real property and variable behavior of tenants. There is typically an implied, explicit, or written rental agreement or contract involved to specify

696-419: A recurring or continuation invoice each rental period until they return the equipment. In this case deposits are rarely required. In certain types of rental (sometimes known as operated or wet rental) the charge may be calculated by the rental charge + timesheets of operators or drivers supplied by the rental company to operate the equipment. This is particularly relevant for crane rental companies. Sometimes

783-552: A second decemvirate ever took place. The decemvirate of 451 BC is believed to have included the most controversial points of customary law, and to have assumed the leading functions in Rome. Furthermore, questions concerning Greek influence on early Roman Law are still much discussed. Many scholars consider it unlikely that the patricians sent an official delegation to Greece, as the Latin historians believed. Instead, those scholars suggest,

870-465: A theoretical framework for predicting when certain economic tasks would be performed by firms , and when they would be performed on the market . While he did not coin the specific term, Coase indeed discussed "costs of using the price mechanism" in his 1937 paper The Nature of the Firm , where he first discusses the concept of transaction costs, marking the first time that the concept of transaction costs

957-420: Is a legal action by which the plaintiff demands that the defendant return a thing that belongs to the plaintiff. It may only be used when plaintiff owns the thing, and the defendant is somehow impeding the plaintiff's possession of the thing. The plaintiff could also institute an actio furti (a personal action) to punish the defendant. If the thing could not be recovered, the plaintiff could claim damages from

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1044-577: Is believed that Roman law is rooted in the Etruscan religion , emphasizing ritual. The first legal text is the Law of the Twelve Tables , dating from the mid-fifth century BC. The plebeian tribune, C. Terentilius Arsa, proposed that the law should be written in order to prevent magistrates from applying the law arbitrarily. After eight years of political struggle, the plebeian social class convinced

1131-526: Is expected to grow further as the internet makes it easier to find specific items available for rent. According to a poll by YouGov , 76% of people looking to rent would go to the internet first to find what they need; rising to 88% for those aged 25–34. The Great Recession may have contributed to the rapid growth of online rental marketplaces, such as erento, since consumers are more likely to consider renting instead of buying in times of financial hardship. Environmental concerns, fast depreciation of goods, and

1218-403: Is often called a lease , and usually involves specific property rights in real property , as opposed to chattels . In India, the rental income on property is taxed under the head "income from house property". A deduction of 30% is allowed from total rent which is charged to tax. The time use of a chattel or other so called "personal property" is covered under general contract law , but

1305-461: Is said to have published around the year 300 BC the formularies containing the words which had to be spoken in court to begin a legal action. Before the time of Flavius, these formularies are said to have been secret and known only to the priests. Their publication made it possible for non-priests to explore the meaning of these legal texts. Whether or not this story is credible, jurists were active and legal treatises were written in larger numbers before

1392-477: Is traditionally the part of the law that changes least. For example, Constantine started putting restrictions on the ancient Roman concept of patria potestas , the power held by the male head of a family over his descendants, by acknowledging that persons in potestate , the descendants, could have proprietary rights. He was apparently making concessions to the much stricter concept of paternal authority under Greek-Hellenistic law. The Codex Theodosianus (438 AD)

1479-471: Is used to explain a number of different behaviours. Often this involves considering as "transactions" not only the obvious cases of buying and selling , but also day-to-day emotional interactions and informal gift exchanges. Williamson was one of the most cited social scientists at the turn of the century, and was later awarded the 2009 Nobel Memorial Prize in Economics . Technologies associated with

1566-594: The Lex Canuleia (445 BC), which allowed marriage ( conubium ) between patricians and plebeians ; the Leges Liciinae Sextiae (367 BC), which restricted the amount of public land ( ager publicus ) that any citizen could occupy, and stipulated that one of the two annual consuls must be plebeian; the Lex Ogulnia (300 BC), which permitted plebeians to hold certain priestly offices; and

1653-582: The Lex Hortensia (287 BC), which stated that the determinations of plebeian assemblies (plebiscita) would henceforth be binding on the entire populus Romanus , both patricians and plebeians. Another important statute from the Republican era is the Lex Aquilia of 286 BC, which may be regarded as the root of modern tort law . Rome's most important contribution to European legal culture

1740-708: The Battle of Actium and Mark Antony 's suicide, what was left of the Roman constitution died along with the Republic. The first Roman emperor , Augustus , attempted to manufacture the appearance of a constitution that still governed the Empire, by utilising that constitution's institutions to lend legitimacy to the Principate , e.g., reusing prior grants of greater imperium to substantiate Augustus' greater imperium over

1827-489: The Fourth Industrial Revolution such as distributed ledger technology and blockchains may reduce transaction costs when compared to traditional forms of contracting. A supplier may bid in a very competitive environment with a customer to build a widget . To make the widget, the supplier needs to build specialized machinery that cannot be used to make other products. Once the contract is awarded to

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1914-623: The French civil code came into force. In the course of the 19th century, many European states either adopted the French model or drafted their own codes. In Germany, the political situation made the creation of a national code of laws impossible. From the 17th century, Roman law in Germany had been heavily influenced by domestic (customary) law, and it was called usus modernus Pandectarum . In some parts of Germany, Roman law continued to be applied until

2001-417: The Principate in 27 BC. In the period between about 201 to 27 BC, more flexible laws develop to match the needs of the time. In addition to the old and formal ius civile a new juridical class is created: the ius honorarium , which can be defined as "The law introduced by the magistrates who had the right to promulgate edicts in order to support, supplement or correct the existing law." With this new law

2088-552: The ecclesiastical courts and, less directly, through the development of the equity system. In addition, some concepts from Roman law made their way into the common law. Especially in the early 19th century, English lawyers and judges were willing to borrow rules and ideas from continental jurists and directly from Roman law. The practical application of Roman law, and the era of the European Ius Commune , came to an end when national codifications were made. In 1804,

2175-467: The formulary system , and cognitio extra ordinem . The periods in which these systems were in use overlapped one another and did not have definitive breaks, but it can be stated that the legis actio system prevailed from the time of the XII Tables (c. 450 BC) until about the end of the 2nd century BC, that the formulary procedure was primarily used from the last century of the Republic until the end of

2262-470: The imperial provinces and the prorogation of different magistracies to justify Augustus' receipt of tribunician power. The belief in a surviving constitution lasted well into the life of the Roman Empire . Stipulatio was the basic form of contract in Roman law. It was made in the format of question and answer. The precise nature of the contract was disputed, as can be seen below. Rei vindicatio

2349-471: The patricians to send a delegation to Athens to copy the Laws of Solon ; they also dispatched delegations to other Greek cities for a like reason. In 451 BC, according to the traditional story (as Livy tells it), ten Roman citizens were chosen to record the laws, known as the decemviri legibus scribundis . While they were performing this task, they were given supreme political power ( imperium ), whereas

2436-433: The "exchange" of commodities. It is this shift from commodities and individuals to transactions and working rules of collective action that marks the transition from the classical and hedonic schools to the institutional schools of economic thinking. The shift is a change in the ultimate unit of economic investigation. The classic and hedonic economists, with their communistic and anarchistic offshoots, founded their theories on

2523-423: The 2nd century BC. Among the famous jurists of the republican period are Quintus Mucius Scaevola , who wrote a voluminous treatise on all aspects of the law, which was very influential in later times, and Servius Sulpicius Rufus , a friend of Marcus Tullius Cicero . Thus, Rome had developed a very sophisticated legal system and a refined legal culture when the Roman republic was replaced by the monarchical system of

2610-928: The 7th century onward, the legal language in the East was Greek. Roman law also denoted the legal system applied in most of Western Europe until the end of the 18th century. In Germany , Roman law practice remained in place longer under the Holy Roman Empire (963–1806). Roman law thus served as a basis for legal practice throughout Western continental Europe, as well as in most former colonies of these European nations, including Latin America, and also in Ethiopia. English and Anglo-American common law were influenced also by Roman law, notably in their Latinate legal glossary (for example, stare decisis , culpa in contrahendo , pacta sunt servanda ). Eastern Europe

2697-506: The German civil code ( Bürgerliches Gesetzbuch , BGB) went into effect in 1900. Colonial expansion spread the civil law system. Today, Roman law is no longer applied in legal practice, even though the legal systems of some countries like South Africa and San Marino are still based on the old jus commune . However, even where the legal practice is based on a code, many rules deriving from Roman law apply: no code completely broke with

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2784-596: The Germanic kings, however, the influence of early Eastern Roman codes on some of these is quite discernible. In many early Germanic states, Roman citizens continued to be governed by Roman laws for quite some time, even while members of the various Germanic tribes were governed by their own respective codes. The Codex Justinianus and the Institutes of Justinian were known in Western Europe, and along with

2871-831: The Isaurian issued a new code, the Ecloga , in the early 8th century. In the 9th century, the emperors Basil I and Leo VI the Wise commissioned a combined translation of the Code and the Digest, parts of Justinian's codes, into Greek, which became known as the Basilica . Roman law as preserved in the codes of Justinian and in the Basilica remained the basis of legal practice in Greece and in

2958-569: The Middle Ages. Roman law regulated the legal protection of property and the equality of legal subjects and their wills, and it prescribed the possibility that the legal subjects could dispose their property through testament. By the middle of the 16th century, the rediscovered Roman law dominated the legal practice of many European countries. A legal system, in which Roman law was mixed with elements of canon law and of Germanic custom, especially feudal law , had emerged. This legal system, which

3045-460: The Roman civil law ( ius civile Quiritium ) that applied only to Roman citizens, and was bonded to religion; undeveloped, with attributes of strict formalism, symbolism, and conservatism, e.g. the ritual practice of mancipatio (a form of sale). The jurist Sextus Pomponius said, "At the beginning of our city, the people began their first activities without any fixed law, and without any fixed rights: all things were ruled despotically, by kings". It

3132-405: The Roman tradition. Rather, the provisions of the Roman law were fitted into a more coherent system and expressed in the national language. For this reason, knowledge of the Roman law is indispensable to understand the legal systems of today. Thus, Roman law is often still a mandatory subject for law students in civil law jurisdictions . In this context, the annual International Roman Law Moot Court

3219-556: The Romans acquired Greek legislations from the Greek cities of Magna Graecia , the main portal between the Roman and Greek worlds. The original text of the Twelve Tables has not been preserved. The tablets were probably destroyed when Rome was conquered and burned by the Gauls in 387 BC. The fragments which did survive show that it was not a law code in the modern sense. It did not provide

3306-478: The Senate controlled the treasury; and the consuls had the highest juridical power. By the middle of the 3rd century, the conditions for the flourishing of a refined legal culture had become less favourable. The general political and economic situation deteriorated as the emperors assumed more direct control of all aspects of political life. The political system of the Principate , which had retained some features of

3393-475: The administrative procedure ( transaction costs ) on each occasion. Signing out books from a library could be considered renting when there is a fee per book. However the term lending is more common. Rental of personal property or real property for periods often longer than a year, which is governed by the signing of a lease , is known as leasing. Leasing is usually used for high-value capital equipment, both in business and by consumers. A lease in which

3480-649: The ancient Roman legal texts, and to teach others what they learned from their studies. The center of these studies was Bologna . The law school there gradually developed into Europe's first university. The students who were taught Roman law in Bologna (and later in many other places) found that many rules of Roman law were better suited to regulate complex economic transactions than were the customary rules, which were applicable throughout Europe. For this reason, Roman law, or at least some provisions borrowed from it, began to be re-introduced into legal practice, centuries after

3567-556: The basic framework for civil law , the most widely used legal system today, and the terms are sometimes used synonymously. The historical importance of Roman law is reflected by the continued use of Latin legal terminology in many legal systems influenced by it, including common law . After the dissolution of the Western Roman Empire , the Roman law remained in effect in the Eastern Roman Empire . From

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3654-427: The bureaucratization, this procedure disappeared, and was substituted by the so-called "extra ordinem" procedure, also known as cognitory. The whole case was reviewed before a magistrate, in a single phase. The magistrate had obligation to judge and to issue a decision, and the decision could be appealed to a higher magistrate. German legal theorist Rudolf von Jhering famously remarked that ancient Rome had conquered

3741-451: The car companies forcing price cuts on their suppliers. Defense suppliers and the military appear to have the opposite problem, with cost overruns occurring quite often. An example of measurement, one of North's four factors of transaction costs, occurs when roving bandits calculate the success of their banditry based on how much money they can take from their citizens. Enforcement, the second of North's factors of transaction costs, may take

3828-419: The classical period (c. AD 200), and that of cognitio extra ordinem was in use in post-classical times. Again, these dates are meant as a tool to help understand the types of procedure in use, not as a rigid boundary where one system stopped and another began. During the republic and until the bureaucratization of Roman judicial procedure, the judge was usually a private person ( iudex privatus ). He had to be

3915-788: The courts of the Eastern Orthodox Church even after the fall of the Byzantine Empire and the conquest by the Turks, and, along with the Syro-Roman law book , also formed the basis for much of the Fetha Negest , which remained in force in Ethiopia until 1931. In the west, Justinian's political authority never went any farther than certain portions of the Italian and Hispanic peninsulas. In Law codes issued by

4002-430: The current era are the period during which Roman law and Roman legal science reached its greatest degree of sophistication. The law of this period is often referred to as the "classical period of Roman law". The literary and practical achievements of the jurists of this period gave Roman law its unique shape. The jurists worked in different functions: They gave legal opinions at the request of private parties. They advised

4089-432: The defendant with the aid of the condictio furtiva (a personal action). With the aid of the actio legis Aquiliae (a personal action), the plaintiff could claim damages from the defendant. Rei vindicatio was derived from the ius civile , therefore was only available to Roman citizens. A person's abilities and duties within the Roman legal system depended on their legal status ( status ). The individual could have been

4176-613: The earlier code of Theodosius II , served as models for a few of the Germanic law codes; however, the Digest portion was largely ignored for several centuries until around 1070, when a manuscript of the Digest was rediscovered in Italy. This was done mainly through the works of glossars who wrote their comments between lines ( glossa interlinearis ), or in the form of marginal notes ( glossa marginalis ). From that time, scholars began to study

4263-485: The eastern part of the Empire, most of the subtleties of classical law came to be disregarded and finally forgotten in the west. Classical law was replaced by so-called vulgar law . The Roman Republic's constitution or mos maiorum ("custom of the ancestors") was an unwritten set of guidelines and principles passed down mainly through precedent. Concepts that originated in the Roman constitution live on in constitutions to this day. Examples include checks and balances ,

4350-401: The end of the Roman empire. This process was actively supported by many kings and princes who employed university-trained jurists as counselors and court officials and sought to benefit from rules like the famous Princeps legibus solutus est ("The sovereign is not bound by the laws", a phrase initially coined by Ulpian , a Roman jurist). There are several reasons that Roman law was favored in

4437-488: The evidence and ruled in the way that seemed just. Because the judge was not a jurist or a legal technician, he often consulted a jurist about the technical aspects of the case, but he was not bound by the jurist's reply. At the end of the litigation, if things were not clear to him, he could refuse to give a judgment, by swearing that it wasn't clear. Also, there was a maximum time to issue a judgment, which depended on some technical issues (type of action, etc.). Later on, with

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4524-465: The existence of institutions . For Cheung, term "transaction costs" are better described as "institutional costs". Many economists, however, restrict this definition to exclude costs internal to an organization. The idea that transactions form the basis of an economic theory was introduced by the institutional economist John R. Commons in 1931. He said that: These individual actions are really trans-actions instead of either individual behavior or

4611-479: The forces of nature, and transactions are, not the "exchange of commodities", but the alienation and acquisition, between individuals, of the rights of property and liberty created by society, which must therefore be negotiated between the parties concerned before labor can produce, or consumers can consume, or commodities be physically exchanged". The term "transaction cost" is frequently and mistakenly thought to have been coined by Ronald Coase , who used it to develop

4698-626: The form of a mediator in dealings with the Sicilian mafia when it is not certain that both parties will maintain their end of the deal. Williamson argues in The Mechanisms of Governance (1996) that Transaction Cost Economics (TCE) differs from neoclassical microeconomics in the following points: The transaction costs frameworks reject the notion of instrumental rationality and its implications for predicting behavior. Whereas instrumental rationality assumes that an actor's understanding of

4785-410: The jurist Salvius Iulianus drafted a standard form of the praetor's edict, which was used by all praetors from that time onwards. This edict contained detailed descriptions of all cases, in which the praetor would allow a legal action and in which he would grant a defense. The standard edict thus functioned like a comprehensive law code, even though it did not formally have the force of law. It indicated

4872-478: The magistrates who were entrusted with the administration of justice, most importantly the praetors. They helped the praetors draft their edicts , in which they publicly announced at the beginning of their tenure, how they would handle their duties, and the formularies, according to which specific proceedings were conducted. Some jurists also held high judicial and administrative offices themselves. The jurists also produced all kinds of legal punishments. Around AD 130

4959-554: The market". Measurement refers to the calculation of the value of all aspects of the good or service involved in the transaction. Enforcement can be defined as the need for an unbiased third party to ensure that neither party involved in the transaction reneges on their part of the deal. These first two factors appear in the concept of ideological attitudes and perceptions , North's third aspect of transaction costs. Ideological attitudes and perceptions encapsulate each individual's set of values, which influences their interpretation of

5046-450: The old formalism is being abandoned and new more flexible principles of ius gentium are used. The adaptation of law to new needs was given over to juridical practice, to magistrates , and especially to the praetors . A praetor was not a legislator and did not technically create new law when he issued his edicts ( magistratuum edicta ). In fact, the results of his rulings enjoyed legal protection ( actionem dare ) and were in effect often

5133-434: The parties can negotiate about dividing the surplus, each party must incur transaction costs. Anderlini and Felli find that transaction costs cause a severe problem when there is a mismatch between the parties' bargaining powers and the magnitude of the transaction costs. In particular, if a party has large transaction costs but in future negotiations it can seize only a small fraction of the surplus (i.e., its bargaining power

5220-472: The person(s) or party who lives in or occupies the real estate is often called a tenant , paying rent to the owner of the property, often called a landlord (or landlady). The real estate rented may be all or part of almost any real estate, such as an apartment , house , building , business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things all under Real estate law . The tenancy agreement for real estate

5307-437: The power of the magistrates was restricted. In 450 BC, the decemviri produced the laws on ten tablets ( tabulae ), but these laws were regarded as unsatisfactory by the plebeians. A second decemvirate is said to have added two further tablets in 449 BC. The new Law of the Twelve Tables was approved by the people's assembly. Modern scholars tend to challenge the accuracy of Latin historians . They generally do not believe that

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5394-426: The relation of man to nature, but institutionalism is a relation of man to man. The smallest unit of the classic economists was a commodity produced by labor. The smallest unit of the hedonic economists was the same or similar commodity enjoyed by ultimate consumers. One was the objective side, the other the subjective side, of the same relation between the individual and the forces of nature. The outcome, in either case,

5481-562: The rental period, usually at the renter's option on payment of a nominal fee. Such arrangements may be known as Roman law Roman law is the legal system of ancient Rome , including the legal developments spanning over a thousand years of jurisprudence , from the Twelve Tables ( c.  449 BC ), to the Corpus Juris Civilis (AD 529) ordered by Eastern Roman emperor Justinian I . Roman law forms

5568-406: The renter benefits from an increase in value of the asset is known as a finance lease . A leasing agreement which is not a finance lease is known as an operating lease . In housing, when a tenant rents an apartment but only pays for their room and the common space is a lease-by-room arrangement. A rental agreement may provide for the renter or lessee to become the owner of the asset at the end of

5655-524: The republican constitution, began to transform itself into the absolute monarchy of the Dominate . The existence of legal science and of jurists who regarded law as a science, not as an instrument to achieve the political goals set by the absolute monarch, did not fit well into the new order of things. The literary production all but ended. Few jurists after the mid-3rd century are known by name. While legal science and legal education persisted to some extent in

5742-440: The requirements for a successful legal claim. The edict therefore became the basis for extensive legal commentaries by later classical jurists like Paulus and Ulpian . The new concepts and legal institutions developed by pre-classical and classical jurists are too numerous to mention here. Only a few examples are given here: The Roman Republic had three different branches: The assemblies passed laws and made declarations of war;

5829-440: The risk that the good is kept is reduced by it being a special model or having signs on it that cannot easily be removed, making it obvious that it is owned by the rental company; this is especially effective for goods used in public places, but even when used at home it may help due to social control. Persons and businesses that regularly rent goods from a particular company generally have an account with that company, which reduces

5916-575: The separation of powers , vetoes , filibusters , quorum requirements, term limits , impeachments , the powers of the purse , and regularly scheduled elections . Even some lesser used modern constitutional concepts, such as the block voting found in the electoral college of the United States , originate from ideas found in the Roman constitution. The constitution of the Roman Republic was not formal or even official. Its constitution

6003-419: The set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs can boost economic growth . Alongside production costs , transaction costs are one of the most significant factors in business operation and management. Williamson defines transaction costs as a cost innate in running an economic system of companies, comprising

6090-448: The source of new legal rules. A praetor's successor was not bound by the edicts of his predecessor; however, he did take rules from edicts of his predecessor that had proved to be useful. In this way a constant content was created that proceeded from edict to edict ( edictum traslatitium ). Thus, over the course of time, parallel to the civil law and supplementing and correcting it, a new body of praetoric law emerged. In fact, praetoric law

6177-452: The supplier, the relationship between customer and supplier changes from a competitive environment to a monopoly / monopsony relationship, known as a bilateral monopoly . This means that the customer has greater leverage over the supplier. To avoid these potential costs, "hostages" may be swapped, which may involve partial ownership in the widget factory and revenue sharing. Car companies and their suppliers often fit into this category, with

6264-417: The term lease also nowadays extends to long term rental contracts of more expensive non-Real properties such as automobiles, boats, planes, office equipment and so forth. The distinction in that case is long term versus short term rentals. Some non-real properties commonly available for rent or lease are: In various degrees, renting can involve buying services for various amounts of time, such as staying in

6351-413: The terms of the rental, which are regulated and managed under contract law . Examples include letting out real estate (real property) for the purpose of housing tenure (where the tenant rents a residence to live in), parking space for a vehicle(s), storage space, whole or portions of properties for business, agricultural, institutional, or government use, or other reasons. When renting real estate,

6438-807: The time Roman law was rediscovered. Therefore, the practical advantages of Roman law were less obvious to English practitioners than to continental lawyers. As a result, the English system of common law developed in parallel to Roman-based civil law, with its practitioners being trained at the Inns of Court in London rather than receiving degrees in Canon or Civil Law at the Universities of Oxford or Cambridge . Elements of Romano-canon law were present in England in

6525-466: The total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. According to Williamson, the determinants of transaction costs are frequency, specificity , uncertainty, limited rationality, and opportunistic behavior. Douglass North states that there are four factors that comprise transaction costs – "measurement", "enforcement", "ideological attitudes and perceptions", and "the size of

6612-410: The world is the same as the objective reality of the world, scholars who focus on transaction costs note that actors lack perfect information about the world (due to bounded rationality). In game theory, transaction costs have been studied by Anderlini and Felli (2006). They consider a model with two parties who together can generate a surplus. Both parties are needed to create the surplus. Yet, before

6699-457: The world three times: the first through its armies, the second through its religion, the third through its laws. He might have added: each time more thoroughly. When the centre of the Empire was moved to the Greek East in the 4th century, many legal concepts of Greek origin appeared in the official Roman legislation. The influence is visible even in the law of persons or of the family, which

6786-408: The world. The final aspect of transaction costs, according to North, is market size , which affects the partiality or impartiality of transactions. Dahlman categorized the content of transaction activities into three broad categories: Steven N. S. Cheung defines transaction costs as any costs that are not conceivable in a " Robinson Crusoe economy"—in other words, any costs that arise due to

6873-423: Was a codification of Constantian laws. Later emperors went even further, until Justinian finally decreed that a child in potestate became owner of everything it acquired, except when it acquired something from its father. The codes of Justinian, particularly the Corpus Juris Civilis (529–534) continued to be the basis of legal practice in the Empire throughout its so-called Byzantine history. Leo III

6960-507: Was also influenced by the jurisprudence of the Corpus Juris Civilis , especially in countries such as medieval Romania ( Wallachia , Moldavia , and some other medieval provinces/historical regions) which created a new system, a mixture of Roman and local law. Also, Eastern European law was influenced by the " Farmer's Law " of the medieval Byzantine legal system . Before the Twelve Tables (754–449 BC), private law comprised

7047-598: Was common to all of continental Europe (and Scotland ) was known as Ius Commune . This Ius Commune and the legal systems based on it are usually referred to as civil law in English-speaking countries. Only England and the Nordic countries did not take part in the wholesale reception of Roman law. One reason for this is that the English legal system was more developed than its continental counterparts by

7134-483: Was developed in order to better educate the students and to network with one another internationally. As steps towards a unification of the private law in the member states of the European Union are being taken, the old jus commune , which was the common basis of legal practice everywhere in Europe, but allowed for many local variants, is seen by many as a model. Transaction costs In economics ,

7221-614: Was introduced into the study of enterprises and market organizations. The term "Transaction Costs" itself can be traced back to the monetary economics literature of the 1950s, and does not appear to have been consciously 'coined' by any particular individual. Transaction cost as a formal theory started in the late 1960s and early 1970s. And refers to the "Costs of Market Transactions" in his seminal work, The Problem of Social Cost (1960). Arguably, transaction cost reasoning became most widely known through Oliver E. Williamson 's Transaction Cost Economics . Today, transaction cost economics

7308-464: Was largely unwritten, and was constantly evolving throughout the life of the Republic. Throughout the 1st century BC, the power and legitimacy of the Roman constitution was progressively eroding. Even Roman constitutionalists, such as the senator Cicero , lost a willingness to remain faithful to it towards the end of the Republic. When the Roman Republic ultimately fell in the years following

7395-510: Was not the enactment of well-drafted statutes, but the emergence of a class of professional jurists ( prudentes or jurisprudentes , sing. prudens ) and of a legal science. This was achieved in a gradual process of applying the scientific methods of Greek philosophy to the subject of law, a subject which the Greeks themselves never treated as a science. Traditionally, the origins of Roman legal science are connected to Gnaeus Flavius . Flavius

7482-426: Was so defined by the famous Roman jurist Papinian (142–212 AD): " Ius praetorium est quod praetores introduxerunt adiuvandi vel supplendi vel corrigendi iuris civilis gratia propter utilitatem publicam " ("praetoric law is that law introduced by praetors to supplement or correct civil law for public benefit"). Ultimately, civil law and praetoric law were fused in the Corpus Juris Civilis . The first 250 years of

7569-419: Was the materialistic metaphor of an automatic equilibrium, analogous to the waves of the ocean, but personified as "seeking their level". But the smallest unit of the institutional economists is a unit of activity – a transaction, with its participants. Transactions intervene between the labor of the classic economists and the pleasures of the hedonic economists, simply because it is society that controls access to

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