50 Pages Posted: 1 Apr 2013 Last revised: 22 Aug 2013
Date Written: August 22, 2013
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.
Keywords: Uniform Commercial Code, Contracts, Out Sourcing, Interpretation
Suggested Citation: Suggested Citation
Bernstein, Lisa, Merchant Law in a Modern Economy (August 22, 2013). University of Chicago Coase-Sandor Institute for Law & Economics Research Paper No. 639. Available at SSRN: https://ssrn.com/abstract=2242490 or http://dx.doi.org/10.2139/ssrn.2242490
By Meir Statman