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When Should Contract Law Supply A Liability Rule Or Term?: Framing A Principle Of Unification For Contracts, Juliet P. Kostritsky
When Should Contract Law Supply A Liability Rule Or Term?: Framing A Principle Of Unification For Contracts, Juliet P. Kostritsky
Faculty Publications
To demonstrate the need for a unified instrumental framework for deciding gaps and implying liability rules, Part II of this Article will first describe the competing visions of the role of law in contract gap-filling. Although each vision has expanded the ways in which we think about contracts and has offered more realistic models of bargaining, each still fails to offer a unified framework for deciding how courts should decide *1290 incomplete contracts. Part III of the Article outlines the methodological framework for unifying judicial approaches to law-supplied terms or rules. The framework will incorporate a: (1) realistic model of …
“Why Infer”? What The New Institutional Economics Has To Say About Law-Supplied Default Rules, Juliet P. Kostritsky
“Why Infer”? What The New Institutional Economics Has To Say About Law-Supplied Default Rules, Juliet P. Kostritsky
Faculty Publications
A central question of contract law remains: when should the law supply a term not expressly agreed to? Many scholars have addressed that question, yet the justification for law-supplied terms often remains unconvincing. Because many proposals to supply terms do not incorporate a comparative framework for assessing the costs and benefits of legal interventions, they are incompletely justified. This Article proposes that a comparative net benefit approach (developed in institutional economics to explain private arrangements) be adapted and expanded to resolve the fundamental issues of legal intervention. The Article uses that framework to critique the hypothetical bargain and Ayres/Gertner penalty …