The Many Faces of Fault in Contract Law: Or How to Do Economics Right, Without Really Trying
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Description
The concept of fault plays a dominant role not only in contract but also in tort. Often “fault” is the equivalent of the term “negligence.” Commonly, its definition is said to track the Hand formula, which compares the burden of precaution (B) with the expected losses, equal to the probability of loss (P) multiplied by the expected severity of the loss (L). Hand's earlier discussion of custom in The T.J. Hooper is often ignored.
Source Publication
Fault in American Contract Law
Source Editors/Authors
Omri Ben-Shahar, Ariel Porat
Publication Date
2010
Recommended Citation
Epstein, Richard A., "The Many Faces of Fault in Contract Law: Or How to Do Economics Right, Without Really Trying" (2010). Faculty Chapters. 2059.
https://gretchen.law.nyu.edu/fac-chapt/2059
