Consumer Democracy vs. Good Governance

"Democracy is the worst form of government except for all those other forms that have been tried from time to time", Churchill famously said in the House of Commons in 1947. The prestige of the great British statesman who held forth when the empire was already on its last legs was such that democratic institutions have scarcely evolved as the world moved on, even after the end of the Cold War.     

REMEDIES UNDER CONTRACT LAW: Designing Rules to Facilitate Out-of-Court Settlements

The law of contract is analyzed in economic terms, focusing on the influence of formal rules in contract disputes. An argument is presented for the utility of designing rules with an understanding of their impact on the relative regulating strength of the parties seeking to bargain out of court. Several reasons are identified for suggesting that unless designed for such out-of-court negotiations formal rules need to be different from those suitable for the resolution of contract disputes in the courts.