Law Commons^™

Contract Theory And The Failures Of Public-Private Contracting, Wendy Netter Epstein

Wendy Netter Epstein

The market for public-private contracting is huge and flawed. Public-private contracts for services such as prisons and welfare administration tend to result in cost savings at the sacrifice of quality service. For instance, to cut costs, private prisons skimp on security. Public law scholars have studied these problems for decades and have proposed various public law solutions. But the literature is incomplete because it does not approach the problem through a commercial lens. This Article fills that gap. It considers how economic analysis of contract law, in particular efficiency theory and agency theory, bear upon the unique problems of public-private …

Commodification And Contract Formation: Placing The Consideration Doctrine On Stronger Foundations

David Gamage

Under the traditional consideration doctrine, a promise is only legally enforceable if it is made in exchange for something of value. This doctrine lies at the heart of contract law, yet it lacks a sound theoretical justification – a fact that has confounded generations of scholars and created a mess of case law. This paper argues that the failure of traditional justifications for the doctrine comes from two mistaken assumptions. First, previous scholars have assumed that anyone can back a promise with nominal consideration if they wish to do so. We show how social norms against commodification limit the availability …

Dirty Debts Sold Dirt Cheap, Dalie Jimenez

Dalie Jimenez

More than 77 million Americans have a debt in collections. Many of these debts will be sold to debt buyers for pennies, or fractions of pennies, on the dollar. This Article details the perilous path that debts travel as they move through the collection ecosystem. Using a unique dataset of 84 consumer debt purchase and sale agreement, it examines the manner in which debts are sold, oftentimes as simple data on a spreadsheet, devoid of any documentary evidence. It finds that in many contracts, sellers disclaim all warranties about the underlying debts sold or the information transferred. Sellers also sometimes …

Hollywood Deals: Soft Contracts For Hard Markets, Jonathan Barnett

Jonathan M Barnett

Hollywood film studios, talent and other deal participants regularly commit to, and undertake production of, high-stakes film projects on the basis of unsigned “deal memos”, informal communications or draft agreements whose legal enforceability is uncertain. These “soft contracts” constitute a hybrid instrument that addresses a challenging transactional environment where neither formal contract nor reputation effects adequately protect parties against the holdup risk and project risk inherent to a film project. Parties negotiate the degree of contractual formality, which correlates with legal enforceability, as a proxy for allocating these risks at a transaction-cost savings relative to a fully formalized and specified …

Entender Los Males Económicos Modernos A La Luz De La Doctrina Social Católica, Brian M. Mccall

Brian M McCall

In a general sense, St. Thomas Aquinas predicted the paralysis and chaos of the financial and economic systems in America and Europe which occurred in 2008, when he predicted that in a society where unjust exchanges dominate, eventually all exchanges will cease. St. Thomas also points out that although human law cannot prohibit all injustice, society cannot escape the consequences of transgressing the divine law which leaves “nothing unpunished.” Thus, at least part of the explanation for that crisis whose effects remain with us today lies in continuous violations of natural justice by our economic system. Neither one product nor …

Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. Mccall

Brian M McCall

Entender Los Males Economómicos Modernos A La Luz De La Doctrina Social Cátolica (Understanding Modern Economic Woes In Light Of Catholic Social Doctrine), Brian M. Mccall

Brian M McCall

En sentido general, Santo Tomás Aquino predijo la parálisis y el caos del sistema financiero económico en Estados Unidos y Europa que ocurrió en 2008, cuando predijo que en una sociedad donde los intercambios injustos dominan, eventualmente todos los intercambios podrán cesar. Santo Tomás también señala que aunque la ley humana no pueda prohibir todas las injusticias, la sociedad no puede escapar de las consecuencias de trasgredir la ley divina que no deja nada en la impunidad. Así, al menos una parte de la explicación para esta crisis cuyos efectos permanecen con nosotros en la actualidad se encuentra en las …

Presentation Slides - “Built To Suit” As An Instrument For The Business Constrution Or Renovation In The Contemporary Era: Definition, Characteristics And The Real Estate Receivables Certificates (Rerc)”, Claudia Ribeiro Pereira Nunes

Claudia Ribeiro Pereira Nunes

The construction or renovation is a high economic value investment to the entrepreneur. In many cases, this values disbursement, without prompt financial returns required to carry out the establishment construction or restructuring, hinders its own growth. Justified this work, therefore, implies the need to understand the Built to Suit and its relation to the Real Estate Receivables Certificates (RERC).The aim of this essay is to understand Built to Suit in Contemporary Era. The specific objectives are, after a brief historical analysis of the contract: (i) to outline the definition, (ii) submit their characteristics and special clauses, and (iii) understand the …

La Preconfiguración Del Contrato: Una Propuesta De Definición De Las Reglas Predeterminadas En El Derecho De Contratos, Daniel A. Monroy

Daniel A Monroy C

El Homo Economicus Y La Libertad De Contratación, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

Se compartió la mesa con el profesor Juan José Martínez, en la presentación se debatió acerco del rol que cumple el presupuesto de racionalidad en el modelo standard del análisis económico del Derecho y las acotaciones del Behavioral Law and Economics.

Si Algo Puede Salir Mal... Saldrá Mal (Y En El Peor Momento Posible): Una Rápida Revisión Ius-Económica A La Imposibilidad Contractual, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

En la presente nota se desea subrayar algunas características económicas y jurídicas de figuras que sirven como justificación para el incumplimiento contractual, tales como la imposibilidad y la excesiva onerosidad.

Fomentando Más Visitas A La Catedral: El Aporte De Calabresi En El Debate Sobre Titularidades Y Nuevos Caminos, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

En la presente nota procuro exponer algunos de los principales méritos de la propuesta efectuada por Guido Calabresi y Douglas Melamed en 1972. Tal esfuerzo se inserta en un reconocimiento al impacto que tal teoría tuvo para la comprensión de los sistemas jurídicos, relevancia que merece ser subrayada y revisitada sobre todo cuando, como sucede en estas fechas, se cumplen cuarenta años desde su divulgación.

Aplicaciones Prácticas Del Behavioral Law And Economics: ¿Superando Sesgos Cognitivos?, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

En las últimas décadas los postulados del Law and Economics tradicional han venido sufriendo una serie de acotaciones por parte de los académicos de las denominadas ciencias conductuales. A pesar de las pruebas empíricas que se ofrecen para sustentar las objeciones elevadas, un sector tradicionalista se empeña, una y otra vez, en alegar la poca utilidad de esta visión alternativa. Es por esta razón que se reseñarán algunas de sus posibles aplicaciones.

Debate - Incumplir, O No Incumplir, He Allí El Dilema: Análisis De La Teoría Del Incumplimiento Eficiente, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

Se compartió la mesa con el profesor Christian Chávez, en nuestra presentación se expusieron algunos de los defectos en los que incurre la citada teoría y sobre todo las inconsistencias que tiene dentro de los sistemas del civil law, sin evitar presentar los problemas que ella enfrenta aún dentro de su propio sistema jurídico de origen.

Obstaculos Juridicos Y Economicos A La Aplicacion De La Teoria Del Incumplimiento Eficiente: ¿Un Irritante Juridico O Una Figura De Aplicacion Imposible?, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

Invisible Ink In The Eighth Arrondissement, Karl T. Muth

Karl T Muth

IMPORTANT: This document may prompt you for a username and password. If this occurs, please simply click "cancel" and the document will load. Thank you. This Article deals with the history of the secret contract that governs the distribution of economic rents enjoyed by Formula One. It further explores the environment in which this secret contract evolved and briefly discusses applications for secret contracts in other scenarios and industries.

Opportunism, Uncertainty, And Relational Contracting - Antitrust Rules In The Film Industry, Ryan M. Riegg

Ryan M. Riegg