13 June 2013

Efficient breach

A legal and economic theory which postulates that there are occasions when voluntarily breaching a contract and paying damages as a result, is more efficient, or will incur less cost, than fulfilling the terms of the contract.

Today’s aphorism

When there is no enemy within, the enemies outside cannot hurt you.

– African proverb

On this day

13 June 1944 – Germany launches 10 of its new rockets, known as the V1 (also called a doodlebug or buzz bomb). The V1s were pilot-less, pulse-jet-propelled rockets with a one ton payload with a 500km range. The Germans rained V1s over London. The V1 was an early version of the Cruise Missile.

13 June 1991 – Boris Yeltsin becomes Russia’s first democratically elected President following the end of the Soviet Union.