What changes would you make to the English law of restitution Explain Essay

What changes would you make to the English law of restitution Explain why you think these are desirable, but also identify any potential disadvantages that might result from them - Essay Example fusion of contract and equity based remedies justified under the head of restitution and generally, the courts have been unwilling to recognise restitution as a separate principle of recovery due to alternative common law methods of recovery such a quantum valebat and quantum meruit, the doctrine of waiver in tort and equitable claims3. As such, Tettenborn argues that â€Å"faced with this situation it is not surprising that the judges chose to remain within the existing categories of recovery rather than postulate any new theory of liability4.† The focus of this paper is to critically evaluate the law of restitution and consider possible reform. To this end, I shall firstly consider the essential principles of restitution and it is submitted that the inherent problem with restitution based claims is the doctrinal difficulty of quantifying the concept of â€Å"unjust enrichment†. As such, the underlying objective of restitution has often been confused with equitable trust law principles, compounding legal certainty in this area as evidenced by the swaps litigation in decisions such as Westdeutsche Landesbank Girozentrale v Islington LBC5 Accordingly, in evaluating the law of restitution and possible reform, I shall contextually consider the swaps litigation and submit the proposition that possible reform in restitution should consider categorisation of according to the nature of the dispute and consider the common intention of the parties in considering the concept of unjust enrichment. As highlighted above, the underlying basis for restitution under English law is to protect a claimant against the unjust enrichment of a defendant. However, in practice the inherently ambiguous nature of what constitutes â€Å"unjust† in order to merit recovery has led the judiciary to obfuscate the distinction between restitution, equity and contractual principles for recovery6. This in turn has fuelled academic debate as to the appropriate role and applicability of restitution

The U.S Debt Ceiling Term Paper Example | Topics and Well Written Essays - 2000 words

The U.S Debt Ceiling - Term Paper Example In essence, it can just limit the Treasury from settling expenditures once the limit has been achieved, but which have already been permitted and appropriated. When the debt limit is normally reached devoid of any raise in the limit having been passed, the Treasury has to use extraordinary measures to provisionally fund government expenditure and responsibilities till a resolution can be reached. The U.S. Treasury has never, in the past, reached the level of wearing out extraordinary actions, leading to a default, even though the Congress, on a number of occasions, seemed like it would permit a default to occur (Masters, 2013). Managing of the U.S. public debt is a significant aspect of the macroeconomics of the country’s financial system and economy, and the debt limit is a restraint on the Treasury’s capacity to run the United States economy (Abotalaf, 2011). However, there are talks on how the U.S. financial system should be controlled, and whether a debt limit is a suitable method for restraining government expenditure (Abotalaf, 2011). This paper will discuss the consequences of debt ceiling in the United States economy, how the country got there and how they can get out of it. What the United States Got to the Current Debit Ceiling In Article I, Section 8 of the American Constitution, only the Congress can consent to the loaning of money by the United States on credit (Levit et al., 2013). From the independence days of the U.S. till the early 90’s, the Congress openly consented to every singled debt issued (Masters, 2013). To offer more elasticity to support the U.S.’s involvement in the First World War, the Congress modified the technique through which it legalized debt in the 1917, 2nd Liberty Bond Act. Under this law, the Congress created a summative limit also known as a â€Å"ceiling†, on the overall amount of fresh bonds, which could be issued (Austin et al., 2012). The current debt limit is a summative limit relev ant to almost all national debt, which was significantly created by the both the 1939 and 1941 Public Debt Acts that have consequently been amended to transform the limit amount (Abotalaf, 2011). From time to time, political disagreements occur when the Treasury informs the Congress that the debt limit is almost to be reached (Masters, 2013). When the debt ceiling is achieved and pending a raise in the limit, the Treasury can use "extraordinary measures" to seek extra time before the limit can be increased by the Congress (Austin et al., 2012). The U.S. has never got to the level of a default where the Treasury was not able to pay United States debt requirements, even if it has been close on a number of occasions. The only exemption was in the 1812 War when a number of areas in Washington D.C., and also the Treasury, were burned to the ground (Levit et al., 2013). The U.S. reached, in 2011, a crisis level of close to a default on public debt. The holdup in raising the debt limit led to the initial downgrade in the U.S. credit ranking, a quick plunge in the stock market, as well as a raise in borrowing expenditure. Another debt limit crisis developed in early 2013 when the ceiling was reached once more, and the Treasury assumed extraordinary measures to evade another default (Levit et al., 2013). The 2013 debt limit crisis was settled, for now, on 4th February, 2013, when the President consented to the No Budget, No Pay Act and also delayed the debt