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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8 of 11: Establishing conditions in contracts [No. 86]

What happens if one party doesn’t fulfill their end of the bargain in a contract? Professor Richard Epstein of NYU School of Law gives an overview of the law of simultaneous conditions, where one party doesn’t deliver and the other party therefor ... What happens if one party doesn’t fulfill their end of the bargain in a contract? Professor Richard Epstein of NYU School of Law gives an overview of the law of simultaneous conditions, where one party doesn’t deliver and the other party therefore doesn’t need to pay, and the law of sequential conditions, which are more complicated because the transaction happens over time and an interruption of part might interfere with the remaining part of the bargain.

The Doctrine of Implication, which says that skeletal terms should be provided and additional terms determined to maximize the efficiency of the relationship, governs the Law of Conditions in contracts law overall.

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

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

Richard Epstein, The Many Faces of Fault in Contract Law: Or How to Do Economics Right https://www.youtube.com/playlist?list=PLWwcngsYgoUX3i5tMPI9kDQtoLuOXCsN_

UpCounsel, Features of Contingent Contract: Everything You Need to Know
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Guhan Subramanian, Don’t rush into a flawed contract
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How to Create Value at the Negotiation Table: Strategies for Creating Win-Win Negotiations
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