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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7 of 11: What are limits on freedom of contract? Conspiracy, force, cartels, and rate regulation [No. 86]

What are limitations on freedom of contract? Professor Richard Epstein of NYU School of Law lays out the three main situations where negative externalities render contracts unenforceable: force, fraud and monopolies, the last of which is prohibited b ... What are limitations on freedom of contract? Professor Richard Epstein of NYU School of Law lays out the three main situations where negative externalities render contracts unenforceable: force, fraud and monopolies, the last of which is prohibited by antitrust law, formulated in the Sherman Act of 1890.

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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