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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3 of 11: Why are there set terms in contracts? [No. 86]

How are the terms of a contract set? Professor Richard Epstein of NYU School of Law argues that the theory of mutual gains over time between parties is key to setting the proper terms in contracts. Terms are set up to prevent specific problems arisin ... How are the terms of a contract set? Professor Richard Epstein of NYU School of Law argues that the theory of mutual gains over time between parties is key to setting the proper terms in contracts. Terms are set up to prevent specific problems arising from different kinds of duress and misrepresentation, which ensure mutual gain.

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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