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Full-Text Articles in Law
Law School News: Distinguished Research Professor: John Chung 05-24-2020, Michael M. Bowden
Law School News: Distinguished Research Professor: John Chung 05-24-2020, Michael M. Bowden
Life of the Law School (1993- )
No abstract provided.
The Paradox Of Contracting In Markets, Robert E. Scott
The Paradox Of Contracting In Markets, Robert E. Scott
Faculty Scholarship
Traditional economic analysis distinguishes economic organization along three dimensions: firm, contract, and market. This categorization is misleading in any number of respects, but none more so than the assumption that contract and market are separate modes of exchange. In fact, other than barter, which is almost unknown in contemporary commercial transactions, every market transaction is implemented by contract. Thus, in markets the two modes of exchange are inextricably combined. Moreover, the vast majority of contract activity occurs in some form of market, so it does not require much loss of generalization to say that not only are contracts in all …
Unequal Promises, Aditi Bagchi
Unequal Promises, Aditi Bagchi
All Faculty Scholarship
This essay explores the nature and implications of a type of inequality that is widespread but largely ignored. Promises deliver important ethical value, and commercial promises, because they are our most common experience of promise with strangers, are of special value. But not all commercial promises generate that value equally. This paper makes the following claims: (1) while some retail promises are promises either to deliver a good or service, or to pay some compensation, other retail promises are simple promises to deliver a good or service; (2) retail promises in high-end markets are more likely to have the simple …
Replacing Strict Liability With A Contract-Based Products Liability Regime, Richard C. Ausness
Replacing Strict Liability With A Contract-Based Products Liability Regime, Richard C. Ausness
Law Faculty Scholarly Articles
When strict products liability first appeared on the scene some thirty-five years ago, it was heralded as a boon to consumers whose claims to compensation had hitherto been frustrated by the law of sales. Warranty law, it was said, worked fairly well in purely "commercial" transactions, but tort law did a better job in cases where ordinary consumers suffered personal injuries or property damage from defective products. To be sure, defenders of warranty law pointed out that the newly-drafted Uniform Commercial Code (the "Code" or "U.C.C.") was much more consumer friendly than the old Uniform Sales Act. Nevertheless, the proponents …
Kentucky Law Survey: Commercial Law And Consumer Credit, Harold R. Weinberg
Kentucky Law Survey: Commercial Law And Consumer Credit, Harold R. Weinberg
Law Faculty Scholarly Articles
This article is a survey of commercial law and consumer credit in the Commonwealth of Kentucky. The most significant development during the past survey year was the demise of the holder in due course doctrine and other related doctrines which insulated creditors financing consumer sales from consumer claims and defenses. As a result of this development, consumers will now be able to assert claims or defenses arising out of the sale financed against the financer under certain circumstances. Other developments also surveyed herein relate to the Uniform Commercial Code statutes of frauds and prejudgment creditors’ remedies.