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Full-Text Articles in Law
The Limits Of Smart Contracts, Jens Frankenreiter
The Limits Of Smart Contracts, Jens Frankenreiter
Ira M. Millstein Center for Global Markets and Corporate Ownership
This essay investigates the potential of smart contracts to replace the legal system as an infrastructure for transactions. It argues that (contract) law remains relevant for most transactions even if they are entirely structured by way of smart contract. The reason for this is that the power of smart contracts to create and enforce obligations against attempts by the legal system to thwart their execution is limited. These limitations are most relevant for obligations to perform certain actions outside the blockchain, but also apply to other obligations contingent on facts outside the records stored on the blockchain.
Contract Creep, Tal Kastner, Ethan J. Leib
Contract Creep, Tal Kastner, Ethan J. Leib
Faculty Scholarship
Scholars and judges think they can address the multiple purposes and values of contract law by developing different doctrinal regimes for different transaction types. They think if we develop one track of contract doctrine for sophisticated parties and another for consumers, we can build a better world of contract: protecting private ordering for sophisticated parties and protecting consumers’ needs all at once. Given the growing enthusiasm for laying down these separate tracks and developing their infrastructures, this Article brings a necessary reality check to this endeavor by highlighting for scholars and judges how doctrine in contract law functions in fact: …
Contract Creep, Tal Kastner, Ethan J. Leib
Contract Creep, Tal Kastner, Ethan J. Leib
Scholarly Works
Scholars and judges think they can address the multiple purposes and values of contract law by developing different doctrinal regimes for different transaction types. They think if we develop one track of contract doctrine for sophisticated parties and another for consumers, we can build a better world of contract: protecting private ordering for sophisticated parties and protecting consumers’ needs all at once. Given the growing enthusiasm for laying down these separate tracks and developing their infrastructures, this Article brings a necessary reality check to this endeavor by highlighting for scholars and judges how doctrine in contract law functions in fact: …
Fingerprints: An Impressionistic And Empirical Evaluation Of Richard Posner’S Impact On Contract Law, Jeffrey L. Harrison
Fingerprints: An Impressionistic And Empirical Evaluation Of Richard Posner’S Impact On Contract Law, Jeffrey L. Harrison
UF Law Faculty Publications
Richard Posner’s retirement after 36 years on the federal bench presents an ideal opportunity to reflect on his sometimes controversial career as a scholar and a judge. Since his principal scholarly work, Economic Analysis of Law, has been cited in legal scholarship over 7500 times a good working hypothesis is that his impact on law has been substantial. This article considers his impact on contract law. Two lines of research were conducted: one line explores the impact of Judge Posner’s scholarly writings on judicial opinions; the other line examines the impact of his opinions on other courts.
Empiricism And Privacy Policies In The Restatement Of Consumer Contract Law, Gregory Klass
Empiricism And Privacy Policies In The Restatement Of Consumer Contract Law, Gregory Klass
Georgetown Law Faculty Publications and Other Works
The Draft Restatement of the Law of Consumer Contracts includes a quantitative study of judicial decisions concerning businesses’ online privacy policies, which it cites in support of a claim that most courts treat privacy policies as contract terms. This Article reports an attempt to reproduce that study’s results. Using the Reporters’ data, this study was unable to reproduce their numerical findings. This study found in the data fewer relevant decisions, and a lower proportion of decisions supporting the Draft Restatement position. It also found little support for the Draft’s claim that there is a clear trend recognizing privacy policies as …
Parol Evidence Rules And The Mechanics Of Choice, Gregory Klass
Parol Evidence Rules And The Mechanics Of Choice, Gregory Klass
Georgetown Law Faculty Publications and Other Works
Scholars have to date paid relatively little attention to the rules for deciding when a writing is integrated. These integration rules, however, are as dark and full of subtle difficulties as are other parts of parol evidence rules. As a way of thinking about Hanoch Dagan and Michael Heller’s The Choice Theory of Contracts, this Article suggests we would do better with tailored integration rules for two transaction types. In negotiated contracts between firms, courts should apply a hard express integration rule, requiring firms to say when they intend a writing to be integrated. In consumer contracts, standard terms …
Choice Theory: A Restatement, Michael A. Heller, Hanoch Dagan
Choice Theory: A Restatement, Michael A. Heller, Hanoch Dagan
Faculty Scholarship
This chapter restates choice theory, which advances a liberal approach to contract law. First, we refine the concept of autonomy for contract. Then we address range, limit, and floor, three principles that together justify contract law in a liberal society. The first concerns the state’s obligation to be proactive in facilitating the availability of a multiplicity of contract types. The second refers to the respect contract law owes to the autonomy of a party’s future self, that is, to the ability to re-write the story of one’s life. The final principle concerns relational justice, the baseline for any legitimate use …