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Last Updated on Nov. 13, 2012. This is the last update.

Midterm Grading Policy
    You are required to take the midterms unless you have a justifiable excuse. The syllabus contains the complete grading policy.

Content
    The test will cover readings and lectures from Fri. Oct. 15 to Mon. Nov. 12. See the course outline for details. I try to emphasize on exams the things I emphasize in the lectures and readings.

    The questions that will be primarily drawn from the following broad topics:
    8. Tort Law: 12 points
    9.  Risk and Uncertainty: 12 points
    10. Contract Law: 15 points
    One question is worth 10 points and incorporates aspects across different sections

Length
    The test will have about 4 questions for about 49 points. The number of points will be listed next to each questions. You will have 50 minutes to complete the exam.

Suggestions
    1) Print out web outline and go through the topics systematically. This will also help you target your reading.
    2) Think before you write. It is to your benefit to outline the answer before writing it out in detail.
    3) Be clear and organized--reduce the transactions costs of grading.
    4) Answer the question that is asked.
    5) If there are subsections to a question, arrange your answers by subsection.

During exam
    You can write directly on the question sheet and will not need additional paper.
    You may bring a calculator.

Types of questions I could ask:
    1) T, F, U & Explain: I make an assertion and you must indicate whether it is true, false or uncertain and explain why. Most of the points are given for your explanation, not your answer about whether it is true or false.
    2) Legal Problems with Economic Analysis.
    3) Economic Problems with legal applications.
    4) Questions from readings - you should be able to provide a coherent overview of the main arguments from the readings.
    5) Extensions of ideas and principles we discussed in class
    6) Cases 
    7) Multiple choice
    8) Definitions

Grades
    The summary statistics and grade distribution for the exam will be posted when I finish grading the exam. We will cover the exams in class.