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Contracts

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2004

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Contracts With Consent: A Contextual Critique Of The No-Retraction Liability Regime, Ronald J. Mann Jan 2004

Contracts With Consent: A Contextual Critique Of The No-Retraction Liability Regime, Ronald J. Mann

Faculty Scholarship

This is a reply to Omri Ben-Shahar's Contracts with Consent, forthcoming in the Pennsylvania Law Review, and will be published along with his essay in that journal. The reply makes two main points. First, it argues that Omri's no-retraction liability regime will impose substantial costs, largely because of the frequency with which parties will have non-opportunistic reasons for retracting contract proposals that their negotiating partners have not yet accepted. Second, it argues that these costs will be substantial even though Ben-Shahar presents his proposal as a default rule. First, his rule vitiates the information-forcing benefits of the current ...