‘Legal Theory Lexicon: Default Rules and Completeness’

“At some point in the introductory class in contract law, students are likely to encounter a very powerful idea – the distinction between ‘default rules’ and ‘mandatory rules’. The basic distinction is easy to grasp. Some rules of contract law supply default terms that are subject to contractual override; other rules of contract law are mandatory – they can’t be modified by the contract. Lurking in the background of this distinction is a theoretical construct – the complete contract, an idealized contract that would include explicit terms covering every possible contingency …” (more)

[Legal Theory Blog, 17 June]

First posted 2018-06-18 06:25:42

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