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Convergence By Design: Who Contracts And The Plural Purposes Of Contract Law, Gregory Klass
Convergence By Design: Who Contracts And The Plural Purposes Of Contract Law, Gregory Klass
Georgetown Law Faculty Publications and Other Works
A theory is robustly pluralist if it maintains that law is justified by multiple independent nonordered principles. Some have argued that robustly pluralist theories are deficient because they can provide no practical guidance when those principles conflict. The objection is misplaced when applied to pluralist theories of contract law.
This article demonstrates the possibility of a robustly pluralist and practically relevant theory of contract law by modeling a multipurpose law of contract. Five simple models are constructed to illustrate several purposes a contract law might serve, depending on preferences of the populace (self-interested utility maximizers, a preference for sharing, a …
Formalism In Contract Exposition, Gregory Klass
Formalism In Contract Exposition, Gregory Klass
Georgetown Law Faculty Publications and Other Works
Formalism in contract law has had many defenders and many critics. What lawmakers need, however, is an account of when formalist approaches work and when they do not. This article addresses that need by providing general theory of the rules of contract interpretation and construction and identifying several ways those rules can be more or less formalist. The theory draws from legal philosophy, the philosophy of language, economic contracts scholarship, and caselaw.
The result is a distinction between two forms of formalism in contract law. Formalities effect legal change by virtue of their form alone, thereby obviating interpretation. Examples from …
How To Interpret A Vending Machine: Smart Contracts And Contract Law, Gregory Klass
How To Interpret A Vending Machine: Smart Contracts And Contract Law, Gregory Klass
Georgetown Law Faculty Publications and Other Works
A smart contract is software designed to do the job of a legal contract: ensuring the performance of parties who might not otherwise trust one another to do so. By running a smart contract on blockchain, users can lock themselves into future performances without relying on a third-party enforcer or platform host, thereby realizing a “fully trustless” exchange. This new technology has wide range of potential applications, and contracts are likely to become an increasingly common part of the economy.
Some have argued that smart contracts represent a new type of legal contract, analogizing the software’s code to a contractual …