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Series

Contracts

Employment contracts

2006

Articles 1 - 2 of 2

Full-Text Articles in Law

Bearded Ladies Walking On The Brooklyn Bridge, David G. Epstein Jan 2006

Bearded Ladies Walking On The Brooklyn Bridge, David G. Epstein

Law Faculty Publications

This article discusses the post-Restatement Second use, misuse, and abuse of the terms "bilateral contract" and "unilateral contract" and answers the hypotheticals in the first paragraphs of the article.


On The Stickiness Of Default Rules, Omri Ben-Shahar, John A. E. Pottow Jan 2006

On The Stickiness Of Default Rules, Omri Ben-Shahar, John A. E. Pottow

Articles

It was once perceived, and still is commonly taught, that default rules in contract law must mimic efficient arrangements. Otherwise, these rules impose needless transaction costs upon parties who seek to opt out of them to reach more efficient positions. In settings where these costs are high, parties might find themselves "stuck" in a default, unable to reach the outcome that they prefer. The strong version of this account-that the only factor that can make an inefficient default rule stick is the direct cost of drafting a tailored provision-has been gradually reappraised. It is by now recognized that factors beyond …