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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5 of 11: When are promises legally enforceable? Contracts as formal promises [No. 86]

Are all promises legally enforceable? What difference is there between a moral obligation to honor a promise and a promise that is legally binding? Professor Richard Epstein of NYU School of Law gives the rough social distinction that is made, then ... Are all promises legally enforceable? What difference is there between a moral obligation to honor a promise and a promise that is legally binding? Professor Richard Epstein of NYU School of Law gives the rough social distinction that is made, then discusses the components of legally enforceable transactions, including quid pro quo and one-sided arrangements between parties.

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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RELATED LINKS

Curtis Bridgeman & John C.P. Goldberg, Do Promises Distinguish Contract from Tort?
https://www.youtube.com/playlist?list=PLWwcngsYgoUX3i5tMPI9kDQtoLuOXCsN_

Richard A. Epstein, In Defense of the Contract at Will
https://www.youtube.com/playlist?list=PLWwcngsYgoUX3i5tMPI9kDQtoLuOXCsN_

Clarence D. Ashley, What Is a Promise in Law?
https://www.youtube.com/playlist?list=PLWwcngsYgoUX3i5tMPI9kDQtoLuOXCsN_

Sherwin Rosen, Commentary, In Defense of Contract at Will
https://www.youtube.com/playlist?list=PLWwcngsYgoUX3i5tMPI9kDQtoLuOXCsN_