The Law of Contracts

The Law of Contracts

What kinds of agreements are covered by the law of contracts?  Professor Richard Epstein of NYU School of Law gives a basic definition, then goes through a variety of transactions, from simple to complex, where contracts with increasing degrees of formality are used.  He also discusses the role the law of contracts plays in the greater social order - it allows people to use their specific skills in a more optimal way, creating a net benefit for society.

 

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10 of 11: When Do We Need Contracts? [No. 86]

Professor Richard Epstein explains how society revolves around voluntary transactions. Contracts are needed as the rules or mechanism that govern these exchanges. There are a variety of both personal and business motives for transactions. Professor E ... Professor Richard Epstein explains how society revolves around voluntary transactions. Contracts are needed as the rules or mechanism that govern these exchanges. There are a variety of both personal and business motives for transactions. Professor Epstein discusses some examples of exchange where it is not obvious that both parties immediately gain a benefit, but a transaction still takes place under certain rules.

Professor Richard Epstein is the inaugural Laurence A. Tisch Professor of Law at NYU School of Law, a Senior Fellow at the Hoover Institution, and Professor of Law Emeritus and a senior lecturer at the University of Chicago.

As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker.

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