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Articles 1 - 9 of 9
Full-Text Articles in Law
The Dual Origin Of The Duty To Disclose In Roman Law, Barbara Abatino, Giuseppe Dari-Mattiacci
The Dual Origin Of The Duty To Disclose In Roman Law, Barbara Abatino, Giuseppe Dari-Mattiacci
Faculty Scholarship
The Roman law remedies for failure to disclose in sales contracts were developed by two different institutions: that of the aediles, with jurisdiction on market transactions effected through auctions, and that of the praetor, with general jurisdiction including private transactions. The aedilician remedies — the actiones redhibitoria and quanti minoris — allowed for rapid transactions and inexpensive litigation but generated some allocative losses ex post, as they did not incentivize the parties to exchange information about idiosyncratic characteristics of the goods for sale. In contrast, the remedy developed by the praetor — the actio ex empto — implied …
The Surety's Liability For "Bad Faith": Claims For Extra-Contractual Damages By An Obligee Under The Payment Bond, John J. Aromando
The Surety's Liability For "Bad Faith": Claims For Extra-Contractual Damages By An Obligee Under The Payment Bond, John J. Aromando
Maine Law Review
The theory of “bad faith” is by now well established in the areas of liability and casualty insurance. Although the relief available takes different forms in different jurisdictions, a common thread is the exposure of the insurance carrier to extra-contractual damages as a result of its conduct in handling a claim. Depending on the jurisdiction, these extra-contractual damages can include one or more of the following: penal interest and attorneys' fees; consequential damages for breach of contract; and recovery in tort. Even in the most restrictive jurisdiction the exposure is substantial, and in the most expansive it can be catastrophic. …
Reckoning Contract Damages: Valuation Of The Contract As An Asset, Victor P. Goldberg
Reckoning Contract Damages: Valuation Of The Contract As An Asset, Victor P. Goldberg
Washington and Lee Law Review
No abstract provided.
Instructing Juries On Noneconomic Contract Damages, David A. Hoffman, Alexander Radus
Instructing Juries On Noneconomic Contract Damages, David A. Hoffman, Alexander Radus
All Faculty Scholarship
Gathering pattern contract jury instructions from every State, we examine jurisdictions' treatment of noneconomic damages. While the conventional account holds that there is a uniform preference against awards of noneconomic damages, we find four different approaches in pattern instructions, with only one state explicitly prohibiting juries from considering noneconomic losses. Lay juries have considerably more freedom to award the promisee's noneconomic damages than the hornbooks would have us believe. We substantiate this claim with an online survey experiment asking respondents about a common contract case, and instructing them using the differing pattern forms. We found that subjects routinely awarded more …
The Missing Elements Of Contract Damages, Susan B. Schwab, Mitchell L. Engler
The Missing Elements Of Contract Damages, Susan B. Schwab, Mitchell L. Engler
Susan B. Heyman
In this article, we juxtapose two classic contract doctrines to expose a subtle, but dramatic, anomaly of damage law. The Jack Dempsey case heads one leading line of contract law. After Dempsey breached a contract to pursue another championship boxing match, the spurned promoter sued for his costs. The court limited the promoter’s recovery to costs incurred after the contract signing, thereby wiping out his pre-contract expenses. Separately, a promissory estoppel line of cases, headed by Red Owl, would allow promoters who never finalize a contract to recover their costs if reasonably incurred in reliance on a pre-contractual promise. While …
Rent Concessions, Reimposable Discounts, And The Return Of Medieval Contract Penalties, James P. George
Rent Concessions, Reimposable Discounts, And The Return Of Medieval Contract Penalties, James P. George
ExpressO
This article discusses penalty damages in consumer contracts. It focuses on rent concessions in apartment leases, and includes lesser discussions of deferred payments and interest in the purchase of cars, furniture and appliances. The sales pitch is a deferral or discount which is later reimposed if the buyer breaches, with some contracts keying on small breaches such as late payment. In contracts where the reimposed penalty reimburses the seller well beyond the consideration anticipated in the normal performance of the agreement, the reimposed discount is an illegal penalty. These contracts are pervasive but for the most part go unchalllenged.
The Law And Economics Of Contracts, Benjamin E. Hermalin, Avery W. Katz, Richard Craswell
The Law And Economics Of Contracts, Benjamin E. Hermalin, Avery W. Katz, Richard Craswell
Faculty Scholarship
This paper, which will appear as a chapter in the forthcoming Handbook of Law and Economics (A.M. Polinsky & S. Shavell, eds.), surveys major issues arising in the economic analysis of contract law. It begins with an introductory discussion of scope and methodology, and then addresses four topic areas that correspond to the major doctrinal divisions of the law of contracts. These areas include freedom of contract (i.e., the scope of private power to create binding obligations), formation of contracts (both the procedural mechanics of exchange, and rules that govern pre-contractual behavior), contract interpretation (what consequences follow when agreements are …
The Meaning Of Value In Contract Damages And Contract Theory , David W. Barnes
The Meaning Of Value In Contract Damages And Contract Theory , David W. Barnes
American University Law Review
No abstract provided.
Reflections On Fuller And Perdue's The Reliance Interest In Contract Damages: A Positive Economic Framework, Avery W. Katz
Reflections On Fuller And Perdue's The Reliance Interest In Contract Damages: A Positive Economic Framework, Avery W. Katz
Faculty Scholarship
Fuller and Perdue's classic article, The Reliance Interest in Contract Damages, is regarded by many contemporary contracts scholars as the single most influential law review article in the field. For those of us who teach and think about contracts from the perspective of law and economics, the consensus would probably be close to unanimous. The article displays an approach highly congenial to an economic perspective. The connection goes beyond Fuller and Perdue's explicitly functional approach to law (which law and economics shares with other schools of thought descended from the legal realists) and beyond Fuller and Perdue's focus on …