The use of open terms in contract

Article Abstract:

Contracts with open terms, allowing discretion in performance and often open payment terms, do not always induce optimal performance, but they do reduce the cost of contracting. Open terms reduce costs by aligning individual and joint risks when uncertainty raises the cost of negotiating fixed-performance terms. A typical open-term contract combines a sharing arrangement with a negligence term. Courts should enforce open-term contracts using a rule of joint maximization to evaluate performance. In addition, a higher standard of scrutiny should apply when individual and joint interests are not aligned.

Interpretation and construction, Contracts

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The great transformation of regulated industries law

Article Abstract:

Government regulation of business in the last quarter of the 20th century has dramatically changed from the original model focused upon discriminatory factors. The change to a model stressing competitive and consumer choice factors is evident in the regulation of the telecommunications, utilities, and transportation industries. The Telecommunications Act of 1996 evidences this change which may be explained by material forces and interests and beliefs of interest group members and economists.

United States, Competition (Economics), History, Influence, Economic policy, Consumer behavior, Public opinion, Industry regulations, Government regulation of business, Trade regulation

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