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Articles 31 - 39 of 39
Full-Text Articles in Law
Of Posin And Pigs, Of Coase And Cost, Of Profits Gained And Opportunities Lost, Stephen G. Marks
Of Posin And Pigs, Of Coase And Cost, Of Profits Gained And Opportunities Lost, Stephen G. Marks
Faculty Scholarship
In his article, "The Coase Theorem: If Pigs Could Fly," Professor Daniel Posin purports to demonstrate that the Coase Theorem fails because it incorrectly accounts for opportunity costs. This short paper will demonstrate that there is a mistake in the example Posin uses to prove his assertion. Although the mistake is a small one, it completely drives his result. In fact, after correcting the mistake, Posin's example corroborates, rather than refutes, the Coase Theorem.
Chapter 5 - Matrimonial Bonds: Slavery And Divorce In Nineteenth-Century America (Previously Published Article), Elizabeth B. Clark
Chapter 5 - Matrimonial Bonds: Slavery And Divorce In Nineteenth-Century America (Previously Published Article), Elizabeth B. Clark
Manuscript of Women, Church, and State: Religion and the Culture of Individual Rights in Nineteenth-Century America
In the covenant of marriage, woman is compelled to promise obedience to her husband, he becoming, to all intents and purposes, her master -- the law giving him power to deprive her of her liberty, and to administer chastisement. He has so framed the law of divorce . . . as to be wholly regardless of the happiness of women -- the law, in all cases, going upon a false supposition of the supremacy of man, and giving all power into his hands.
Foreword: The Economics Of Contract Law, Michael J. Meurer
Foreword: The Economics Of Contract Law, Michael J. Meurer
Faculty Scholarship
The articles in this issue are samples from the burgeoning economics of contract law. They demonstrate that lawyers a can bring economic models to bear on quite specific issues of co offer normative guidance regarding the structure of efficient The success of the symposium and the quality of the articles of this field will continue to flourish. The articles cover a fairly narrow range of contract law issues. The second through sixth articles all address topics involving remedies. Two of these loo at the optimal remedies to be provided by contract law, and the other three are concerned with remedies …
Efficient Remedies For Breach Of Warranty, Kenneth Chapman, Michael J. Meurer
Efficient Remedies For Breach Of Warranty, Kenneth Chapman, Michael J. Meurer
Faculty Scholarship
This article attempts to suggest valuable refinements and extensions of the economic theory of warranty by explicitly considering the choice of remedies for breach of warranty in conjunction with the choice of warranty protection itself. In particular, it offers explanations for the prevalence of replacement terms rather than refund terms in warranties. Economists studying the general issue of breach of contract have noted that the choice of remedy has important implications for risk sharing, renegotiation, transaction-specific investment, and the incentive to breach.5 This article derives much of its insight from the recognition that work on the economics of contract breach …
Contract Law As A System Of Values Book Review, Jack M. Beermann
Contract Law As A System Of Values Book Review, Jack M. Beermann
Faculty Scholarship
Contract law has changed dramatically since the heyday of free contract ideology. The false conflict in the cases and literature between facilitation of market transactions and regulation to achieve social aims has been transcended, largely due to the realization that social aims are behind all of contract law. In place of this false conflict, new questions about the values advanced through contract law have been posed. Contract theory needs an account of the values underlying doctrines that were previously justified (wrongly) as means to effectuate the intent of the parties. Hugh Collins has given us such an account in his …
Arbitration Of International Contract Disputes, William W. Park
Arbitration Of International Contract Disputes, William W. Park
Faculty Scholarship
International commercial arbitration has been the victim of its own success. Arbitration is often the only dispute resolution process acceptable in business contexts where parties from different countries have rejected recourse to each other's legal system at the outset of the contractual relationship. For example, when a Swedish shipyard contracts to build tankers for an agency of the Libyan government, the Swedes are unlikely to relish the prospect of appearing before Libyan courts, and the Libyans may view submission to the courts of Sweden (or of another industrialized Western nation) as an affront to Libyan national sovereignty. Neither the Swedish …
Modern Unilateral Contracts, Mark Pettit
Modern Unilateral Contracts, Mark Pettit
Faculty Scholarship
Why would anyone write about unilateral contracts today? After all, Karl Llewellyn argued convincingly more than forty years ago' that unilateral contracts are rare and unimportant and should be relegated to the "freak tent. ' 2 Academics, he said, created the "Great Dichotomy" between unilateral and bilateral contracts; lack of support for the unilateral contract idea in the cases required those academics to illustrate the concept with ridiculous hypotheticals about climbing greased flagpoles and crossing the Brooklyn Bridge. The drafters of the Second Restatement of Contracts thus considered it a step forward when they not only minimized the importance of …
Tax Characterization Of International Leases: The Contours Of Ownership, William W. Park
Tax Characterization Of International Leases: The Contours Of Ownership, William W. Park
Faculty Scholarship
Pondering the human tendency to pay dearly for short-lived adornments, Shakespeare asks a question of interest to lawyers as well as poets: "Why so large cost, having so short a lease.. .? The lawyer's analysis of the issue might begin with a scenario set in an imaginary world in which the tax effects of business transactions are determined by their legal form rather than their economic substance. In such a world, each of two companies decides to build a new factory. One acquires the land outright, paying in several installments. The other enters into a shortterm lease at a very …
International Products Liability Litigation: Choosing The Applicable Law, William W. Park
International Products Liability Litigation: Choosing The Applicable Law, William W. Park
Faculty Scholarship
Growth in transnational commerce and travel has substantially increased the cases in which injury-causing products have significant contacts with more than one state. A defective automobile is manufactured in Italy, by an Italian company, and exported to France; it is purchased by a French student who drives it to Oxford, where a defect in the steering causes an accident and injury. Or, an Englishman on a business trip to Italy buys a box of Swiss chocolate, eats the candy during a stopover in Paris, and falls ill on arrival back in London; as a result of the illness, he is …