skirmishes

Kahan, Jeffrey

doi:10.1007/978-3-319-48781-6_2

Cited by 1 publication

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“…For example, Kahan and Klausner have commented on how underwriters have significantly influenced firms' contracting choices, and how these intermediaries have the ability to affect a high volume of contracts. 46 Finally, compatibility of the new innovation with the old system facilitates migration to the new system, as it is not necessary to entirely overhaul or abandon the old system; this is described as an`evolutionary' strategy by Shapiro and Varian. 47 This mirrors Geels's theory of technological transitions, as he points out that new technologies often appear first 366 as`add-ons' or hybridization.…”

Section: Network Theory and Contract Innovationmentioning

confidence: 99%

Romalpa and Contractual Innovation

Davey

Kelly

2015

Journal of Law and Society

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Socio‐legal studies have given relatively little attention to the mechanisms by which change occurs to the boilerplate that constitute modern contracts. Contrary to the impression left by neo‐classical contract theory (and its descendant, Chicago School law and economics), contracts are not routinely revised to provide an optimal solution. As recent empirical studies show, change is sporadic, even within high‐value contracts drafted by expert practitioners. Improvements to contractual form only arise after some external shock, which reveals the weakness in the prior norm. In the first application of this principle within the United Kingdom, the article considers the reputed rapid change in ‘retention of title’ clauses in sales transactions in the mid‐1970s, and identifies the factors, and personalities, that led to such rapid legal innovation and change.

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Section: Network Theory and Contract Innovationmentioning

confidence: 99%