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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2 of 11: What role do contracts play in social order? [No. 86]

Litigation tends to focus on breach of contract in particular cases, so does that mean that any positive benefits from contracts are also limited to individuals? Professor Richard Epstein of NYU School of Law argues that contracts in proper sequence ... Litigation tends to focus on breach of contract in particular cases, so does that mean that any positive benefits from contracts are also limited to individuals? Professor Richard Epstein of NYU School of Law argues that contracts in proper sequence create a net benefit for society, and that we should look at them in their full social context, not merely as isolated transactions. Contracts build and depend upon one another, and that cumulative benefit for society depends on contracts being fulfilled in proper sequence.

Professor 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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