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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11 of 11: Classification in Contracts in the Roman System [No. 86]

What are the basic types of contracts that governed transactions in Roman Law? Professor Richard Epstein gives a simple example of an everyday bona fide or “good faith” contract. This type of simple arrangement can then be extended to contracts i ... What are the basic types of contracts that governed transactions in Roman Law? Professor Richard Epstein gives a simple example of an everyday bona fide or “good faith” contract. This type of simple arrangement can then be extended to contracts involving sales, hire, partnership and other things. A few other types of contracts also govern different agreements, but the genius of the Roman system is setting basic terms which can be developed for complex situations.

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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