Contract theory and the limits of contract law¶
Schwartz, A., & Scott, R. E. (2003). Contract theory and the limits of contract law. Yale Law Journal, 113(3), 541-619.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Mandatory vs. Default Norms
- As Schwartz and Scott (2003) argue in their account of the limits of contract law, this segregation of immutable protections from waivable terms is what allows contract regimes to remain efficient for sophisticated parties while preserving a non-negotiable floor for vulnerable ones.
This sourceArgues that efficient contract regimes for sophisticated parties require a clear segregation of immutable rules (fraud, good faith) from default terms, with the immutable floor providing baseline protection while default terms remain freely alterable.
- As Schwartz and Scott (2003) argue in their account of the limits of contract law, this segregation of immutable protections from waivable terms is what allows contract regimes to remain efficient for sophisticated parties while preserving a non-negotiable floor for vulnerable ones.
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