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Default Law
{{not to be confused with, Default (law) In legal theory, a default rule is a rule of law that can be overridden by a contract, trust, will, or other legally effective agreement. Contract law, for example, can be divided into two kinds of rules: ''default rules'' and ''mandatory rules.'' Whereas the ''default rules'' can be modified by agreement of the parties, ''mandatory rules'' will be enforced, even if the parties to a contract attempt to override or modify them. One of the most important debates in contract theory concerns the proper role or purpose of default rules. The idea of a default rule in contract law is sometimes connected to the notion of a complete contract. In contract theory, a complete contract fully specifies the rights and duties of the parties to the contract for all possible future states of the world. An incomplete contract, therefore, contains gaps. Most contract theorists find that default rules fill in the gaps in what would otherwise be incomplete ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complete Contract
A complete contract is an important concept from contract theory. If the parties to an agreement could specify their respective rights and duties for every possible future state of the world, their contract would be complete. There would be no gaps in the terms of the contract. However, because it would be prohibitively expensive to write a complete contract, contracts in the real world are usually incomplete. When a dispute arises and the case falls into a gap in the contract, either the parties must engage in bargaining or the courts must step in and fill in the gap. The idea of a complete contract is closely related to the notion of default rules, e.g. legal rules that will fill the gap in a contract in the absence of an agreed upon provision. In economics, the field of contract theory can be subdivided into the theory of complete contracts and the theory of incomplete contracts. Complete contracting theory is also called agency theory (or principal-agent theory) and closely re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Theory
From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentive In general, incentives are anything that persuade a person or organization to alter their behavior to produce the desired outcome. The laws of economists and of behavior state that higher incentives amount to greater levels of effort and therefo ...s, contract theory is often categorized within a field known as law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Theory
From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentive In general, incentives are anything that persuade a person or organization to alter their behavior to produce the desired outcome. The laws of economists and of behavior state that higher incentives amount to greater levels of effort and therefo ...s, contract theory is often categorized within a field known as law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complete Contract
A complete contract is an important concept from contract theory. If the parties to an agreement could specify their respective rights and duties for every possible future state of the world, their contract would be complete. There would be no gaps in the terms of the contract. However, because it would be prohibitively expensive to write a complete contract, contracts in the real world are usually incomplete. When a dispute arises and the case falls into a gap in the contract, either the parties must engage in bargaining or the courts must step in and fill in the gap. The idea of a complete contract is closely related to the notion of default rules, e.g. legal rules that will fill the gap in a contract in the absence of an agreed upon provision. In economics, the field of contract theory can be subdivided into the theory of complete contracts and the theory of incomplete contracts. Complete contracting theory is also called agency theory (or principal-agent theory) and closely re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peremptory Norm
A peremptory norm (also called ) is a fundamental principle of international law that is accepted by the international community of states as a norm from which no derogation is permitted. There is no universal agreement regarding precisely which norms are ''jus cogens'' nor how a norm reaches that status, but it is generally accepted that ''jus cogens'' bans genocide, maritime piracy, enslaving in general (i.e. slavery as well as slave trade), wars of aggression and territorial aggrandizement, and generally as well torture, and refoulement. Status of peremptory norms under international law Unlike ordinary customary law, which has traditionally required consent and allows the alteration of its obligations between states through treaties, peremptory norms may not be violated by any state "through international treaties or local or special customs or even general customary rules not endowed with the same normative force".''Prosecutor v. Furundžija'', International Cri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Randy Barnett
Randy Evan Barnett (born February 5, 1952) is an American legal scholar. He serves as the Patrick Hotung Professor of Constitutional Law at Georgetown University, where he teaches constitutional law and contracts, and is the director of the Georgetown Center for the Constitution. After graduating from Northwestern University and Harvard Law School, Barnett tried felony cases as a prosecutor in the Cook County State's Attorney's Office in Chicago. A recipient of a Guggenheim Fellowship in Constitutional Studies and the Bradley Prize, Barnett has been a visiting professor at Penn, Northwestern and Harvard Law School. In 2004, Barnett argued the medical marijuana case of '' Gonzalez v. Raich'' before the U.S. Supreme Court. In 2012, he was one of the lawyers representing the National Federation of Independent Business in its constitutional challenge to the Affordable Care Act in '' NFIB v. Sebelius''. He blogs on the Volokh Conspiracy. Life and career Barnett was born on Februar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
