Changing Statutory Forms
Journal of Small and Emerging Business Law, Vol. 1, No. 1 (1997)
Posted: 17 Sep 1998
Date Written: October 1997
This Article discusses the costs and benefits of the many changes in the law of unincorporated firms during the last few years. Business associations statutes are standard form contracts that reduce transactions costs by giving parties rules they would contract for in a frictionless world. Changing these statutes may save parties the costs of changing their agreements to respond to new circumstances, but it also may upset existing contracts. This Article proposes making statutory changes with due attention to possible transitions effects. It also proposes minimizing disruptive change by, among other things, reducing the role of uniform laws.
Suggested Citation: Suggested Citation