legally enforceable. In common-law

legally enforceable. In common-law systems, such contracts include contracts for the conveyance of interests in real property, contracts in consideration of a party’s marriage, third-party guaranty contracts, contracts in which an executor agrees to pay the debts of an estate, contracts that cannot be completed within a year, and, as indicated above, contracts for the sale of goods above a monetary threshold (in the us, $500). These various writing requirements are collectively referred to as the “Statute of Frauds” because they derive originally from a parliamentary statute of 1677 that was justified by its proponents as a safeguard against false claims of contractual agreement. Similar writing requirements have been extended by statute to a variety of other transactions, including contracts that designate property as collateral for a secured loan and contracts for the sale of any personal property with value over $5000; and in some settings, such as option and guaranty contracts, a written promise suffices as a substitute for consideration. These various requirements surely serve the purposes of ex post efficiency in the enforcement setting; for example, courts might well wish to screen out contractual disputes where the key evidence is not just oral but stale (the usual rationale for the one-year provision of the Statute of Frauds). Given that the interpretation of oral evidence is typically more uncertainty, allowing high-value contracts to be alleged on purely oral evidence is particularly costly in terms of incentives for ex post rent seeking. And given the considerable private incentives for contracting parties to memorialize their agreement in writing even apart from the prospects of a dispute, the absence of a writing justifies, on Bayesian grounds, the inference that further proceedings are unlikely to be of much value. Most of these requirements, however, also correspond to some standard type ofmarketfailuresuchasexternalityorboundedrationality. Guarantycontracts, secured lending, and contracts for the conveyance of land, for instance, all implicate the interests of third parties, and in former times, so did contracts in consideration of marriage. Requiring such transactions to be evidenced in writing reduces information costs for third parties trying to determine the status of assets in which they may also have a claim. Similarly, the expected costs of bounded rationality are especially great in high-value contracts, contracts likely to be entered into under circumstances of emotional stress, and contracts that reach far into the future. In such cases, the extra transaction costs of a formal writing may be justified because they deter impulsive or myopic decisions.

Kết quả (Anh) 2:

Legally enforceable. In common-law systems, such 'Contracts include Contracts for the conveyance of Interests printing real property, Contracts print Consideration of a party's marriage, third-party Guaranty Contracts, Contracts chứa an executor agrees to pay the debts of an estate, Contracts mà không Within a year be completed, and, as indicated above, the Contracts for the sale of Goods above a threshold Monetary (in the US, $ 500). These various requirements are collectively writing Referred to as the "Statute of frauds" vì chúng derive originally from a Parliamentary statute of justi fi ed in 1677 That Was by its proponents as a SafeGuard với false claims of contractual agreement. Similar requirements được extended by writing to a variety of other statute transactions, gồm mà Contracts Designated as Collateral for a secured property loan and Contracts for the sale of any personal property with value over $ 5,000; and print some settings, options and Guaranty Contracts như, su ffi ces a ghi promise as a substitute for Consideration. These various requirements serve the Purposes of surely e ffi ciency ex post in the enforcement setting; for example, Courts of might well wish to screen out where the key contractual Disputes Evidence is not just oral but stale (the usual rationale for the one-year statute of frauds of the PROVISION). Given rằng Typically interpretation of oral Evidence is more uncertainty, either, allowing high-value Contracts to be alleged on purely oral Particularly Costly Evidence is printed terms of Incentives for ex post rent seeking. And given the Incentives for contracting private Considerable parties to memorialize có agreement apart from the print writing thậm prospects of a Dispute, the Absence of a justi fi es writing, on Bayesian grounds, the inference mà Further proceedings are unlikely to be of much value. Most of những requirements, Tuy nhiên, cũng Correspond to some standard type ofmarketfailuresuchasexternalityorboundedrationality. Guarantycontracts, Secured Lending, and Contracts for the conveyance of land, for instance, all implicate the Interests of third parties, and printed former times, than did Contracts print Consideration of marriage. Requiring such 'transactions to be evidenced print writing reduces Costs for third parties information thử quyết the status of assets chứa am also have a claim chúng sewing. Similarly, the expected Costs of bounded rationality Especially great are printed high-value Contracts, Contracts Likely to be nhập Into under Circumstances of emotional stress, and Contracts mà Reach Into the future far. In such 'Cases, the extra transaction Costs of a formal justi fi ed writing lẽ vì chúng Deter Decisions impulsive or myopic.