- Video
Why Are There Set Terms in Contracts?
How are the terms of a contract set? Professor Richard Epstein of NYU School of Law argues that the theory of mutual gains over time between parties is key to setting the proper terms in contracts. Terms are set up to prevent specific problems arising from different kinds of duress and misrepresentation, which ensure mutual gain. https://youtube.com/watch?v=MayGosq6uI8