Ep. 1: An Overview of Contract Law

This episode on contract law explores the nature and sources of contract law. It contrasts descriptive theories, which seek to explain observed patterns in contract enforcement, with normative theories, which attempt to justify the state’s use of coercion to enforce contracts. The excerpt then discusses various sources of contract law, including common law decisions, statutory provisions, restatements of the law, and uniform commercial codes. Finally, the excerpt examines the role of default rules in contract law and explores the various justifications for these rules, including efficiency, fairness, and the protection of individual autonomy.