On the Efficiency of Standard Form Contracts

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis On the Efficiency of Standard Form Contracts by : Surajeet Chakravarty

Download or read book On the Efficiency of Standard Form Contracts written by Surajeet Chakravarty and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most contracts that individuals enter into are not written from scratch but depend upon forms and terms that have been successful in the past. In this paper we study the structure of the form construction contracts published by the American Institute of Architects (AIA). We show that these contracts are an efficient solution to the problem of procuring large, complex projects when unforeseen contingencies are inevitable. This is achieved by carefully structuring the ex post bargaining game between the Principal and the Agent. The optimal mechanism corresponding to the AIA construction form is consistent with decisions of the courts in several prominent, but controversial, cases, and hence provides an economic foundation for a number of the common-law excuses from performance. Finally, the case of form contracts for construction is an example of how markets, as opposed to private negotiation, can be used to determine efficient contract terms.

Control of Price Related Terms in Standard Form Contracts

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Publisher : Springer Nature
ISBN 13 : 3030230570
Total Pages : 772 pages
Book Rating : 4.0/5 (32 download)

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Book Synopsis Control of Price Related Terms in Standard Form Contracts by : Yeşim M. Atamer

Download or read book Control of Price Related Terms in Standard Form Contracts written by Yeşim M. Atamer and published by Springer Nature. This book was released on 2019-11-19 with total page 772 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores various approaches around the world regarding price term control, and particularly discusses the effectiveness of two major paths: ex ante regulatory and ex post judicial intervention. Price control and its limits are issues that affect all liberal market economies, as well as more regulated markets. For the past several years, courts in many different countries have been confronted with the issue of whether, and to what extent, they should intervene regarding price-related terms in standard form contracts – especially in the area of consumer contracts. Open price clauses, flat remunerations, price adjustment clauses, clauses giving the seller/supplier the right to ask for additional payments, bundling or partitioning practices, etc.: a variety of price related terms are used to manipulate customers’ choices, often also by exploiting their behavioral biases. The result is an unfavorable contract that is later challenged in court. However, invalidating a given price term in standard forms e.g. of a banking or utilities contract only has an inter partes effect, which means that in thousands if not millions of similar contracts, the same clauses continue to be used. Effective procedural rules are often lacking. Therefore, pricing patterns that serve to hide rather than to reveal the real cost of goods and services require special attention on the part of regulators. The aim of this book is to determine the various approaches in the world regarding price term control, and particularly to discuss the efficiency of both paths, ex ante regulatory and ex post judicial intervention. Thanks to its broad comparative analysis, this book offers a thorough overview of the methods employed in several countries. It gathers twenty-eight contributions from national rapporteurs and one supra-national rapporteur (EU) to the 2018 IACL Congress held in Fukuoka. These are supplemented by a general report presented at the same IACL Congress, which includes a comparative analysis of the national and supranational reports. The national contributors hail from around the globe, including Africa (1), Asia (5), Europe (17), the European Union (1) and the Americas (5).

University of Chicago Law Review: Volume 78, Number 4 - Fall 2011

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Publisher : Quid Pro Books
ISBN 13 : 1610279360
Total Pages : 607 pages
Book Rating : 4.6/5 (12 download)

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Book Synopsis University of Chicago Law Review: Volume 78, Number 4 - Fall 2011 by : University of Chicago Law Review

Download or read book University of Chicago Law Review: Volume 78, Number 4 - Fall 2011 written by University of Chicago Law Review and published by Quid Pro Books. This book was released on 2012-04-11 with total page 607 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading law review now offers a quality eBook edition. The fourth and final issue of 2011 (Volume 78) features articles and essays from internationally recognized legal scholars and governmental leaders, including Cass Sunstein (on empirically informed regulation), Jonathan Bressler (on jury nullification and Reconstruction), Daniel Schwarcz (on standardized insurance policies), and Bertral Ross II (writing against constitutional mainstreaming in stautory interpretation). In addition, the issue includes a review essay on the book The Master Switch, as well as student Comments on such subjects as same-sex divorce, religious practices by prisoners, falsely claiming Medal of Honor status, and enhancement in federal sentencing. The issue is presented in modern eBook formatting and features active Tables of Contents; linked footnotes and URLs; and legible graphs and tables.

The Fall and Rise of Freedom of Contract

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Publisher : Duke University Press
ISBN 13 : 0822380129
Total Pages : 479 pages
Book Rating : 4.8/5 (223 download)

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Book Synopsis The Fall and Rise of Freedom of Contract by : F. H. Buckley

Download or read book The Fall and Rise of Freedom of Contract written by F. H. Buckley and published by Duke University Press. This book was released on 1999-08-27 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: Declared dead some twenty-five years ago, the idea of freedom of contract has enjoyed a remarkable intellectual revival. In The Fall and Rise of Freedom of Contract leading scholars in the fields of contract law and law-and-economics analyze the new interest in bargaining freedom. The 1970s was a decade of regulatory triumphalism in North America, marked by a surge in consumer, securities, and environmental regulation. Legal scholars predicted the “death of contract” and its replacement by regulation and reliance-based theories of liability. Instead, we have witnessed the reemergence of free bargaining norms. This revival can be attributed to the rise of law-and-economics, which laid bare the intellectual failure of anticontractarian theories. Scholars in this school note that consumers are not as helpless as they have been made out to be, and that intrusive legal rules meant ostensibly to help them often leave them worse off. Contract law principles have also been very robust in areas far afield from traditional contract law, and the essays in this volume consider how free bargaining rights might reasonably be extended in tort, property, land-use planning, bankruptcy, and divorce and family law. This book will be of particular interest to legal scholars and specialists in contract law. Economics and public policy planners will also be challenged by its novel arguments. Contributors. Gregory S. Alexander, Margaret F. Brinig, F. H. Buckley, Robert Cooter, Steven J. Eagle, Robert C. Ellickson, Richard A. Epstein, William A. Fischel, Michael Klausner, Bruce H. Kobayashi, Geoffrey P. Miller, Timothy J. Muris, Robert H. Nelson, Eric A. Posner, Robert K. Rasmussen, Larry E. Ribstein, Roberta Romano, Paul H. Rubin, Alan Schwartz, Elizabeth S. Scott, Robert E. Scott, Michael J. Trebilcock

The Microfoundations of Standard Form Contracts

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Microfoundations of Standard Form Contracts by : Jonathan Klick

Download or read book The Microfoundations of Standard Form Contracts written by Jonathan Klick and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard form contracts, or contracts of adhesion, appear to provide contradictory evidence for the operation of bargaining in the markets where they are common. Non-negotiated contract terms that seemingly benefit sellers to the detriment of buyers call into question the efficiency implications of the Coase Theorem, which forms the foundation of positive law and economics. Proponents of the behavioral school of law and economics have suggested that behavioral biases, observed in experimental contexts, provide the most plausible explanation for standard form contracts. However, price discrimination might provide a more parsimonious explanation for abusive terms in contracts. If there is heterogeneity in the value consumers place on time, individuals will have differing propensities to bargain over individual terms, allowing sellers to extract greater surplus from high time value people through standard form contracts, while allowing low time value people to change individual contract terms. One of the major virtues of this explanation (and of standard economic theory in general) is that it generates testable hypotheses about cross-sectional variation. Specifically, the likelihood of a seller offering a standard form contract should increase: 1) as consumer heterogeneity increases; and 2) as arbitrage becomes increasingly costly.

Contracts of Adhesion Between Law and Economics

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Publisher : Springer
ISBN 13 : 3319131141
Total Pages : 84 pages
Book Rating : 4.3/5 (191 download)

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Book Synopsis Contracts of Adhesion Between Law and Economics by : Elena D'Agostino

Download or read book Contracts of Adhesion Between Law and Economics written by Elena D'Agostino and published by Springer. This book was released on 2014-11-21 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the most controversial issues concerning the use of pre-drafted clauses in fine print, which are usually included in consumer contracts and presented to consumers on a take-it-or-leave-it basis. By applying a multi-disciplinary approach that combines consumer’s psychology and seller’s drafting power in the logic of efficiency and good faith, the book provides a fresh and unconventional analysis of the existing literature, both theoretical and empirical. Moving from the unconscionability doctrine, it criticizes (and in some cases refutes) its main conclusions based on criteria which are usually invoked to sustain the need for public intervention to protect consumers, and specifically related to Law (contract complexity), Psychology (consumer lack of sophistication criterion) and Economics (market structure criterion). It also analyzes the effects of different regulations, such as banning vexatious clauses or mandating disclosure clauses, showing that none of them protect consumers, but in fact prove to be harmful when consumers are more vulnerable, that is whenever sellers can exploit some degree of market power. In closing, the book combines these disparate aspects, arguing that the solution (if any) to the problem of consumer exploitation and market inefficiency associated with the use of contracts of adhesion in these contexts cannot be found in removing or prohibiting hidden clauses, but instead has to take into account the effects of these clauses on the contract as a whole.

Contract Law in Perspective

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Publisher : Routledge
ISBN 13 : 1134066759
Total Pages : 261 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Contract Law in Perspective by :

Download or read book Contract Law in Perspective written by and published by Routledge. This book was released on with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Research Handbook on International and Comparative Sale of Goods Law

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Publisher : Edward Elgar Publishing
ISBN 13 : 1786436159
Total Pages : 480 pages
Book Rating : 4.7/5 (864 download)

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Book Synopsis Research Handbook on International and Comparative Sale of Goods Law by : Djakhongir Saidov

Download or read book Research Handbook on International and Comparative Sale of Goods Law written by Djakhongir Saidov and published by Edward Elgar Publishing. This book was released on 2019 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thorough and detailed Research Handbook explores the complexity of governance of sales contracts in the modern world. It examines many topical aspects of sales law and practice, with considerable emphasis being placed on the diversity of: commercial and transactional contexts; in which sales contracts are made and performed, including digital technologies, long-term contracts and global supply chains and sources governing such contracts, particularly those emanating from commercial players, such as standard form contracts, trade usages and trade terms. Written by leading experts from an international and comparative perspective, the Research Handbook is relevant to anyone with an interest in commercial sales and contract law.

Readings in the Economics of Contract Law

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Publisher : Cambridge University Press
ISBN 13 : 9780521349208
Total Pages : 270 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Readings in the Economics of Contract Law by : Victor P. Goldberg

Download or read book Readings in the Economics of Contract Law written by Victor P. Goldberg and published by Cambridge University Press. This book was released on 1989 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection brings together some of the main contributions to an important area of this work, the economics of contract law.

The Limits of Government

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Publisher : Transaction Publishers
ISBN 13 : 9781412837613
Total Pages : 308 pages
Book Rating : 4.8/5 (376 download)

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Book Synopsis The Limits of Government by : Gunnar Eliasson

Download or read book The Limits of Government written by Gunnar Eliasson and published by Transaction Publishers. This book was released on with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: When and why does government interference in the market process succeed and when and why does it fail? The limits of government and the consequences for economic growth of government interference in markets are the central themes in this book. Theoretical as well as case-oriented empirical studies are included. The anthology contains selected papers presented at the Sixth Conference of the International Joseph A. Schumpeter Society in Stockholm. There is no way to understand how an economy at large behaves without taking a close look at the actors who make it behave. There is no way to understand the agents operating in markets without placing them in the context of the institutions that determine the incentives that pull, and the competition that pushes, them in different directions and together coordinate all actors into a fairly consistent macro-economic whole. This also means that successful policymaking, whether directed at the macro or micro levels of the economy, demands insights on the part of the policymaker that go far beyond what mainstream economic theory is capable of providing. The volume is divided into two parts: Theories of State Interference and Consequences of State Interference and Non-Interference. The volume is remarkably current, including essays on Microsoft versus Netscape; Russia's Agrarian Dilemma; the Expanding Public Sector; and a contribution to fundamental economic policy analysis concerning prospects for democratic capitalism. The volume is serious, concrete, rich in statistical data of present-day worth and empirical research of larger theoretical value. Gunnar Eliasson is author of Technology Generation or a National Prestige Project: The Swedish Aircraft Industry (in Swedish). His colleague, Nils Karlson is president of the City University of Stockholm. Among his writings are The Future of the Social Insurance System; Can the Present Problems of Mature Welfare States Be Solved; and States within States.

The New Engineering Contract

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Publisher : Thomas Telford
ISBN 13 : 9780727729613
Total Pages : 698 pages
Book Rating : 4.7/5 (296 download)

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Book Synopsis The New Engineering Contract by : Arthur McInnis

Download or read book The New Engineering Contract written by Arthur McInnis and published by Thomas Telford. This book was released on 2001 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of the New Engineering Contract (NEC) encourages a systematic approach to contracting which is multidisciplinary in nature and fully interlocked in form. The NEC is intended by its supporters to be more flexible and easier to use than any current leading traditional standard forms of contract. It is believed that these features reduce adversariality and disputes. The NEC seeks to achieve this aim primarily through co-operative management techniques and incentives built into the NEC's procedures. This commentary analyses and evaluates these and related claims of innovation. The New Engineering Contract: A legal commentary examines the background to the NEC, its design objectives, structure, procedures and likely judicial interpretation to determine whether it improves upon the traditional standard forms of contract. Special attention is given in the commentary to the development and the significance of the principles underlying preparation of the NEC as well as the arguments in favour of and against them.Throughout the detailed commentary upon the NEC clauses comparisons to the traditional forms are also made to highlight unique features and principles of general application. The conclusion reached is that the NEC does make a significant contribution to the development of standard forms of contract, addresses many of their short comings and offers one of the best models for their future development, direction and design. The commentary draws upon the body of the project management literature and legal analysis to support its conclusions. The New Engineering Contract: A legal commentary will be essential reading for lawyers, barristers and solicitors, as well as engineers and project managers.

Contract Law Minimalism

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Publisher : Cambridge University Press
ISBN 13 : 110747020X
Total Pages : 314 pages
Book Rating : 4.1/5 (74 download)

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Book Synopsis Contract Law Minimalism by : Jonathan Morgan

Download or read book Contract Law Minimalism written by Jonathan Morgan and published by Cambridge University Press. This book was released on 2013-11-07 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commercial contract law is in every sense optional given the choice between legal systems and law and arbitration. Its 'doctrines' are in fact virtually all default rules. Contract Law Minimalism advances the thesis that commercial parties prefer a minimalist law that sets out to enforce what they have decided - but does nothing else. The limited capacity of the legal process is the key to this 'minimalist' stance. This book considers evidence that such minimalism is indeed what commercial parties choose to govern their transactions. It critically engages with alternative schools of thought, that call for active regulation of contracts to promote either economic efficiency or the trust and co-operation necessary for 'relational contracting'. The book also necessarily argues against the view that private law should be understood non-instrumentally (whether through promissory morality, corrective justice, taxonomic rationality, or otherwise). It sketches a restatement of English contract law in line with the thesis.

Contract Law and Economics

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Publisher : Edward Elgar Publishing
ISBN 13 : 1849806640
Total Pages : 497 pages
Book Rating : 4.8/5 (498 download)

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Book Synopsis Contract Law and Economics by : Gerrit de Geest

Download or read book Contract Law and Economics written by Gerrit de Geest and published by Edward Elgar Publishing. This book was released on 2010-10 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique and timely book offers an up-to-date, clear and comprehensive review of the economic literature on contract law. The topical chapters written by leading international scholars include: precontractual liability, misrepresentation, duress, gratuitous promises, gifts, standard form contracts, interpretation, contract remedies, penalty clauses, impracticability and foreseeability. Option contracts, warranties, long-term contracts, marriage contracts, franchise contracts, quasi-contracts, behavioral approaches, and civil contract law are also discussed. This excellent resource on contract law and economics will be particularly suited to contract law scholars, law teachers, policy makers, and judges. For experts in and practitioners of contract law this will be a key book to buy.

Standard Contract Terms in Europe

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Publisher : Kluwer Law International B.V.
ISBN 13 : 9041127844
Total Pages : 310 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Standard Contract Terms in Europe by : Hugh Collins

Download or read book Standard Contract Terms in Europe written by Hugh Collins and published by Kluwer Law International B.V.. This book was released on 2008-01-01 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ever since the Directive on Unfair Terms in Consumer Contracts of 1993, the European project has been working intensively towards harmonization of contract law across all EU Member States. To date, virtually none of the many problems that have arisen have been resolved. The SECOLA Annual Conference convened in Prague in 2005 to consider the specific topic of unfair terms and to imagine ways in which the obstacles raised by this provocative issue might be overcome. In this book, which presents revised versions of the papers presented at that conference, fourteen outstanding European scholars examine basic questions about the differing conceptions of contract law in the national legal systems of the Member States, divergent legal techniques such as interpretation of contract and divergent approaches to legal reasoning, and contrasting views about the nature of the problems presented by unfair terms in contracts. Among the contentious matters discussed are the following: the tension between party autonomy and social justice; control over freedom of contract in the name of substantive fairness and efficiency; interpretation of contract terms the intrusion of competition law into contract law; the disputed meanings of good faith and legitimate expectations; the requirement of 'plain intelligible language'; and characterization problems Above all the essays ask: Can harmonization of European contract law be achieved? And if so, how? The answers offered not only clarify the stage we have arrived at in this ongoing initiative, but also identify the essential conflicts that must be understood if we are to secure meaningful regulation of contract terms at a transnational level. For these reasons the book is enormously valuable to all parties interested in this crucial component of European integration.

A Theory of Contract Law

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Publisher : Oxford University Press
ISBN 13 : 0199707596
Total Pages : 348 pages
Book Rating : 4.1/5 (997 download)

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Book Synopsis A Theory of Contract Law by : Peter A. Alces

Download or read book A Theory of Contract Law written by Peter A. Alces and published by Oxford University Press. This book was released on 2011-04-07 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few decades, scholars have offered positive, normative, and most recently, interpretive theories of contract law. These theories have proceeded primarily (indeed, necessarily) from deontological and consequentialist premises. In A Theory of Contract Law: Empirical Insights and Moral Psychology, Professor Peter A. Alces confronts the leading interpretive theories of contract and demonstrates their doctrinal failures. Professor Alces presents the leading canonical cases that inform the extant theories of Contract law in both their historical and transactional contexts and argues that moral psychology provides a better explanation for the contract doctrine than do alternative comprehensive interpretive approaches.

A Comparative Guide to Standard Form Construction and Engineering Contracts

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Publisher :
ISBN 13 : 9781911035329
Total Pages : pages
Book Rating : 4.0/5 (353 download)

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Book Synopsis A Comparative Guide to Standard Form Construction and Engineering Contracts by : Jon Close

Download or read book A Comparative Guide to Standard Form Construction and Engineering Contracts written by Jon Close and published by . This book was released on 2017-08-31 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: An entry level guide for anyone involved with the drafting of specific construction or engineering contracts, this book looks to provide the busy professional with a road-map of how to get from desired cost, quality and time outcomes through using the most appropriate procurement route and the most appropriate contractual options.

Annual Report of the General Accounting Office

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Publisher :
ISBN 13 :
Total Pages : 942 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Annual Report of the General Accounting Office by : United States. General Accounting Office

Download or read book Annual Report of the General Accounting Office written by United States. General Accounting Office and published by . This book was released on 1927 with total page 942 pages. Available in PDF, EPUB and Kindle. Book excerpt: