A very, very learned man
Went by the name of Mr. Hand.
A famous judge, he was the sort
Who redefined the law of tort.
The T.J. Hooper was the case,
Where Hand was called upon to face,
A tug that failed to stay afloat.
It even sank another boat.
A sudden storm had struck. Oh no!
The tugboat had no radio.
If it had heard the storm report,
It might have sailed back into port.
But as it was, the boats were lost.
(An example of a true sunk cost.)
The tug was negligent, said Hand.
It should have made it back to land.
A radio would have saved the day.
The tug owner should have to pay.
Defer to custom? No sirree.
The PL here was more than B.
As any idiot would find,
The industry had lagged behind.
And so the story shows, you see,
The potential liability
Resulting when you do not lug
A radio aboard your tug.
It refers to Judge Hand's famous equation in Tort law: PL > B -- if the Probable Loss is greater than the Burden of preventative action, then the defendant's failure to take the preventative action renders him or her liable.
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