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Full-Text Articles in Law
A Paradigm Shift In Comparative Institutional Governance: The Role Of Contract In Business Relationships And Cost/Benefit Analysis, Juliet P. Kostritsky
A Paradigm Shift In Comparative Institutional Governance: The Role Of Contract In Business Relationships And Cost/Benefit Analysis, Juliet P. Kostritsky
Faculty Publications
Stewart Macaulay’s research on the ways that Wisconsin manufacturers transact debunked the centrality of contract law by revealing a disinclination to consult contract documents or invoke legal sanctions. This research revolutionized contracts scholarship, highlighting that a contract, instead of being viewed as an inevitable necessity of exchange, should be viewed as one of many institutions that might be available to parties as a solution to problems and a method for facilitating exchange. Macaulay’s research further revealed that the cost of legal sanctions, the importance of maintaining business relationships, and the desire for informal solutions actually push parties to conclude that …
Statutes And The Common Law Of Contracts: A Shared Methodology, Juliet P. Kostritsky
Statutes And The Common Law Of Contracts: A Shared Methodology, Juliet P. Kostritsky
Faculty Publications
This chapter explores the intersection between, or the impact of, statutes on contract law, and compares the relative importance of, and intersections between, statutory and common law in contract.
A Bargaining Dynamic Transaction Cost Approach To Understanding Framework Contracts, Juliet P. Kostritsky
A Bargaining Dynamic Transaction Cost Approach To Understanding Framework Contracts, Juliet P. Kostritsky
Faculty Publications
This Article takes a different approach. It draws on the literature of these scholars but suggests that another way to understand the arrangements parties enter into in a variety of settings to purchase or sell goods or to innovate on a product or drug can best be understood in terms of a bargaining dynamic that looks at how the private interests of the parties are turned into joint interests in the agreement reached. It is a mistake to talk about the form of a contract without first understanding the bargaining needs and positions of the parties and how those needs …