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Article: The Statute of Frauds and business norms: a testable game-theoretic model.(Symposium: Law, Economics, & Norms)
- Article from:
- University of Pennsylvania Law Review
- Article date:
- May 1, 1996
- Author:
CopyrightCOPYRIGHT 1996 University of Pennsylvania, Law School. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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INTRODUCTION
This Article uses models drawn from the theory of repeated games and evolutionary game theory to analyze the relationship between contract law and business norms. This relationship is central to modern, post-legal Realist contract and commercial law. To borrow from Grant Gilmore, one of the fundamental tenets underlying the Uniform Commercial Code ("Code") is that commercial legislation ought "to clarify the law about business transactions rather than to change the habits of the business community," to be "accurate and not to be original."(1) On this view, Article 2 of the Code does not provide judges with a set of rules, but instead directs them to find ...
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