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Philosophical Foundations of Contract Law$
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Gregory Klass, George Letsas, and Prince Saprai

Print publication date: 2014

Print ISBN-13: 9780198713012

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780198713012.001.0001

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Merchant Law in a Modern Economy

Merchant Law in a Modern Economy

Chapter:
(p.238) 13 Merchant Law in a Modern Economy
Source:
Philosophical Foundations of Contract Law
Author(s):

Lisa Bernstein

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198713012.003.0013

Drawing on empirical evidence from the Middle Ages to the present and theoretical arguments developed by neoformalist scholars over the past decade, this chapter explores the uneasy fit between the jurisprudence of the Uniform Commercial Code and its machinery for adjusting to change, and the needs of a modern outsourced economy. It concludes that, given the effects of the Code on multi-agent firms dealing with other multi-agent firms, mere amendments to Article 2 will not suffice to support trade in the modern economy; commercial law must be rethought from the ground up.

Keywords:   Uniform Commercial Code, contracts, outsourcing, interpretation, neoformalism

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