Document Type

Article

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Abstract

Default rule analysis has become a central feature of modem contracts scholarship. This scholarship is illuminating but less helpful than it could be for two reasons: first, there are several types of default rules but the literature does not distinguish adequately among them; second, legal' institutions vary in their ability to write helpful defaults but the question which institution should create what kind of rule has not been seriously asked. This essay addresses both deficiencies.

Date of Authorship for this Version

1994

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