Construct · 1 fields · 1 citations

penalty default rule: a standalone construct

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Contract law

a gap-filling rule deliberately set against what the parties would want, to push the better-informed party to reveal information by contracting around it.

In contract law, penalty default rule refers to a gap-filling rule deliberately set against what the parties would want, to push the better-informed party to reveal information by contracting around it. This meaning comes from Ayres (1989) in The Yale Law Journal.[1]

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Nearby constructs

default rules1 fields · 1 citationsanchor · a standalone construct default3 fields · 3 citationsjingle · one word, three constructs information4 fields · 5 citationsjingle · one word, four constructs

References

Ayres, I., & Gertner, R. (1989). Filling Gaps in Incomplete Contracts: An Economic Theory of Default Rules. The Yale Law Journal, 99(1), 87. https://doi.org/10.2307/796722

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