Merchant Law in a Modern Economy
University of Chicago - Law School
August 22, 2013
University of Chicago Coase-Sandor Institute for Law & Economics Research Paper No. 639
Drawing on empirical evidence from the Middle Ages to the present and theoretical arguments developed by neo-formalist scholars over the past decade, this Essay 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 when the effects of the Code on multi-agent firms dealing with other multi-agent firms are taken into account, it becomes clear that to support trade in the modern economy mere amendments to Article 2 will not suffice; commercial law must be rethought from the ground up.
Number of Pages in PDF File: 50
Keywords: Uniform Commercial Code, Contracts, Out Sourcing, Interpretation
Date posted: April 1, 2013 ; Last revised: August 22, 2013