All of these items affect the incentives for the production and marketing of goods and services, since they guarantee legal, procedural and quantitative security for the negotiations.
Liability rules and property rights are two complementary warranties, as legal rules can cause complaints that require different remedies.
Liability rules are a way of establishing non-contractual liabilities and create the possibility of a party seeking damages if they feel injured.
Property rights are a way of legally securing possession of a good or service that has been purchased. If there is any disagreement, this can be done by means of an injunction. This is a matter of legal certainty.
contract enforcement: Contracts are made to make clear all negotiation points and must be fulfilled as established.
standards for weights and measures: the standardization of weights and measures were important to give precision to the traded products, so as to ensure that the traded quantity is made available in a correct and fair way.
