The legal institution of trust gives rise to two basic sets of question. The first set concerns the respective rights held by the trustee and the beneficiary with respect to the trust property — do these rights feature a structure characteristic of property, contract, or something in between....

Assumption of risk — the notion that one cannot complain about the harmful state to which one has willingly exposed oneself — figures prominently in our extra-legal lived experience. In spite of its deep roots in our common-sense morality, the tort doctrine of assumption of risk has long...