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The Dual Origin Of The Duty To Disclose In Roman Law, Barbara Abatino, Giuseppe Dari-Mattiacci
The Dual Origin Of The Duty To Disclose In Roman Law, Barbara Abatino, Giuseppe Dari-Mattiacci
Faculty Scholarship
The Roman law remedies for failure to disclose in sales contracts were developed by two different institutions: that of the aediles, with jurisdiction on market transactions effected through auctions, and that of the praetor, with general jurisdiction including private transactions. The aedilician remedies — the actiones redhibitoria and quanti minoris — allowed for rapid transactions and inexpensive litigation but generated some allocative losses ex post, as they did not incentivize the parties to exchange information about idiosyncratic characteristics of the goods for sale. In contrast, the remedy developed by the praetor — the actio ex empto — implied …
The Lost Volume Seller In English Law, Victor P. Goldberg
The Lost Volume Seller In English Law, Victor P. Goldberg
Faculty Scholarship
If a buyer breaches a contract but the market price has remained unchanged, English courts and the treatises have treated the seller as a “lost volume seller.” The seller, it is argued, could have had two sales, not one, so it lost the profit on the second sale. This paper recognizes that the buyer has an option to terminate and that the contract prices that option. The implicit option price of the lost volume remedy results in an absurd contract, setting the option price high when it should be low and vice versa. The default rule ought to be the …
The Middleman’S Damages Revisited, Victor P. Goldberg
The Middleman’S Damages Revisited, Victor P. Goldberg
Faculty Scholarship
If A promises to sell to B who, in turn, promises to sell to C and either A or C breaches should B receive the gain it expected had both transactions occurred (lost profits) or the larger market/contract differential? Recent case law and commentary argues for the lost profit remedy. The argument is that there is a conflict between awarding market damages and making the nonbreacher whole. This paper argues that there is no conflict. If B were a broker, and C breached, then A would have an action against C for market damages. If B were party to the …