Courts may determine that an offer is irrevocable due to the offeree's reasonable reliance on it. For instance, the landmark case of Drennan v. Star Paving Co. (1958) held a subcontractor's price offer to be irrevocable once it had been relied upon by the general contractor in computing his...

Injurers often purchase the property of potential victims to avoid liability or to comply with regulations. This paper shows that injurers subject to cost–benefit standards could profit from buying out victims even if they attach no value to the victims' property. Because buyouts allow...

An injurer’s activity often exposes multiple potential victims to the risk of harm. We show that under negligence—the tort system’s dominant regime—such victims face a collective-action problem in choosing their activity levels. An increase in one victim’s activity level confers a...