Open Access. Powered by Scholars. Published by Universities.®

Law Commons

Open Access. Powered by Scholars. Published by Universities.®

Courts

Juliet P Kostritsky

2011

Articles 1 - 1 of 1

Full-Text Articles in Law

Judicial Intervention As Risk Reduction, Juliet P. Kostritsky Aug 2011

Judicial Intervention As Risk Reduction, Juliet P. Kostritsky

Juliet P Kostritsky

JUDICIAL INTERVENTION AS RISK REDUCTION J. P. Kostritsky Employing an economics-based consequentialist approach to contract interpretation (focusing on the prospective effect and the factors that might justify intervention) this Article attempts to identify the precise parameters of an optimal framework for contract interpretation. Such a framework would seek to maximize gains from trade. The issue in such cases is always, given the words the parties used, what is the best (surplus maximizing) interpretation of the bargain. Courts can achieve that interpretation by, in part, minimizing the interpretive risk that parties face when they draft an express contract but fail to ...