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Full-Text Articles in Law
Bearded Ladies Walking On The Brooklyn Bridge, David G. Epstein
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
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 …