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Full-Text Articles in Law
The Truth About Property, Jessica A. Shoemaker
The Truth About Property, Jessica A. Shoemaker
Michigan Law Review
A Review of Federal Ground: Governing Property and Violence in the First U.S. Territories. By Gregory Ablavsky.
Contractual Inequality, Manisha Padi
Contractual Inequality, Manisha Padi
Michigan Law Review
Most individuals strive to satisfy every obligation laid out in standard form contracts such as mortgages, insurance plans, or credit agreements. Sophisticated parties, however, adapt and modify their obligations during contract performance by negotiating for lenient treatment and taking advantage of unclear terms. The common law explicitly authorizes variance from standardized contract terms during performance. When the same standard terms create value for sophisticated individuals and destroy value for others, the result is contractual inequality. Contractual inequality has grown without scrutiny by courts or scholars, enabling regressive redistribution of resources and creating economic inefficiency by sowing distrust in markets for …