Conventional wisdom holds that consumer well being is best advanced by expansive consumer protection laws that frame a rigorous two-way contract between buyer and seller. But experience suggests that the more these laws grow, the less careful consumers become and the less attention sellers give...

This article explores the spectacular prevalence, and failure, of the single most common technique for protecting personal autonomy in modern society: mandated disclosure. The article has four sections:(1) A comprehensive summary of the recurring use of mandated disclosures, in many forms and...

During contractual negotiations, parties often make reliance expenditures that would increase the surplus should a contract be made. This paper analyzes decisions to invest in precontractual reliance under alternative legal regimes. Investments in reliance will be socially suboptimal in the...

During contractual negotiations, parties often make (reliance) expenditures that would increase the surplus should a contract be made. This paper analyzes decisions to invest in pre-contractual reliance under alternative legal regimes. Investments in reliance will be socially suboptimal in the...

This paper argues that enforcement of an agreement, reached under a threat to refrain from dealing, should be conditioned solely on the threat's credibility. When a credible threat exists, enforcement promotes social welfare and the threatened party's interests. If agreements backed by credible...

Legal rights may erode as a result of past, uncontested, breach. In light of ongoing violations, the rightholder's lackluster enforcement may result in the loss of the entitlement. The doctrines of course of performance in contract law and adverse possession in property law are prominent...