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The law-and-economics movement remains a dominant force in American
private law, even though courts and commentators recognize that
many of its assumptions are implausible and that efficiency is not
the law's only goal. This book adds to the debate by showing that
many leading law-and-economics arguments fail on their own terms,
even for those who accept their most important assumptions and
goals. Adopting an analytical approach and using some
law-and-economics methods against the leading arguments in that
field, Shawn Bayern shows that economic thinking fails to explain
or justify most rules in the common law. Bayern masterfully surveys
leading law-and-economics arguments in tort, contract, and property
law and shows them to be fragile, self-contradictory, or otherwise
problematic. Those who accept that efficiency is important should
not be persuaded by the kind of law-and-economics arguments that
have remained in vogue among legal scholars for decades.
The law-and-economics movement remains a dominant force in American
private law, even though courts and commentators recognize that
many of its assumptions are implausible and that efficiency is not
the law's only goal. This book adds to the debate by showing that
many leading law-and-economics arguments fail on their own terms,
even for those who accept their most important assumptions and
goals. Adopting an analytical approach and using some
law-and-economics methods against the leading arguments in that
field, Shawn Bayern shows that economic thinking fails to explain
or justify most rules in the common law. Bayern masterfully surveys
leading law-and-economics arguments in tort, contract, and property
law and shows them to be fragile, self-contradictory, or otherwise
problematic. Those who accept that efficiency is important should
not be persuaded by the kind of law-and-economics arguments that
have remained in vogue among legal scholars for decades.
This book discusses principles of the common law, with attention to
how the subjects of tort law, contract law, and property law have
developed in the United States. The focus is on modern law and how
it has changed from more formalistic rules that were used in the
past. It is an ideal introductory guide for law students and others
interested in modern legal reasoning. The book pays special
attention to parallels and correspondences between its legal
subject areas, showing how they fit together into a larger picture.
While teaching the material at a sophisticated level and avoiding
"tips" and "tricks," the book includes notes on what to focus on
when learning the common law and includes a significant amount of
material that shows the subtleties of modern legal education.
Under current business law, it is already possible to give legal
personhood, or a very close surrogate of it, to software systems of
any kind (from a simple automated escrow agent to a more
hypothetical, truly smart artificial intelligence). This means
that, for example, robots could enter into contracts, serve as
legal agents, or own property. Ultimately, entire companies could
actually be run by non-human agents. This study argues that this is
not as scary as it might sound at first. Legal theorist and noted
software developer Shawn Bayern argues that autonomous or
zero-person organizations offer an opportunity for useful new types
of interactions between software and the law. This creative
contribution to the theory and practice of law and technology
explores the social and political aspects of these new
organizational structures and their implications for legal theory.
Under current business law, it is already possible to give legal
personhood, or a very close surrogate of it, to software systems of
any kind (from a simple automated escrow agent to a more
hypothetical, truly smart artificial intelligence). This means
that, for example, robots could enter into contracts, serve as
legal agents, or own property. Ultimately, entire companies could
actually be run by non-human agents. This study argues that this is
not as scary as it might sound at first. Legal theorist and noted
software developer Shawn Bayern argues that autonomous or
zero-person organizations offer an opportunity for useful new types
of interactions between software and the law. This creative
contribution to the theory and practice of law and technology
explores the social and political aspects of these new
organizational structures and their implications for legal theory.
This Contracts outline discusses consideration (including
promissory estoppel and past consideration), offer and acceptance,
interpretation, defenses (including mistake, fraud, duress,
unconscionability, the Statute of Frauds, and illegality),
third-party beneficiaries, assignment of rights, and delegation of
duties. It also covers conditions, substantial performance,
material vs. minor breach, anticipatory breach, impossibility,
discharge, and remedies (including expectation damages, specific
performance, and liquidated damages).
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