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A Note On Trend-Spotting In The Case Law, Keith N. Hylton
A Note On Trend-Spotting In The Case Law, Keith N. Hylton
Faculty Scholarship
Professor Robert Hillman tells us that he "will not try to resolve whether ... we should be enthusiastic or lament the recent judicial trend to apply rules that favor written contracts." This is a refreshingly non-dogmatic approach in a field where scholars are continually asserting reasons to celebrate or lament some new judicial trend. Moreover, Professor Hillman, again admirably in my view, is not even sure such a trend exists. If there is a trend in favor of written contracts, however, he believes that it has resulted because (1) "judicial decisions applying private law reflect changes in public opinion," and …
An Economic Analysis Of The Guaranty Contract, Avery W. Katz
An Economic Analysis Of The Guaranty Contract, Avery W. Katz
Faculty Scholarship
Guaranty arrangements, in which one person stands as surety for a second person's obligation to a third, are ubiquitous in commercial transactions and in commercial law. In recent years, however, scholarly attention to the topic has been scant; and no one has systematically analyzed this body of law and practice from an economic policy perspective. Accordingly, this Article attempts to outline the basic economic logic underlying the guaranty relationship, and applies the results to a variety of specific issues in government policy and private planning. It poses and answers three main questions: First, why would a creditor prefer to make …