To the degree that arbitration might be considered in the law and economics literature it is typically treated as a procedural choice for resolution of a contract disputes, and it clearly is true that arbitration may be chosen for any of a number of procedural advantages. For instance,...

The law and economics literature on contracts and contract enforcement has focused almost exclusively on judicial adjudication, despite the fact that the vast majority of contracts are never adjudicated. Indeed, most contracts disputes are sttled through negotiation, sometimes with the...

Section I distinguishes custom from authority in the context of an examination of the spontaneous evolution of customary commercial law in early medieval Europe, a period when authority had virtually no influence. Since then, however , the evolution of commercial law has generally invlved an...

Lex Mercatoria, the Law Merchant, generally refers to the custiomary law governing European commercial interactions during the medieval period. Despite its customary nature, however, the Law Merchant constituted a true system of law in the sense defined by Hart (1961), as there were well known...