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ABSTRACT. Schwartz and Scott defend applying the welfare maximization norm to the contracts of sophisticated actors, describe commercial parties' first order preference. On Caruso's reading, many transactions take place within loose regulatory schemes provided by international networks of public agenda or by horizontal clusters of transnational market actors. Wiener Katz contends that it is difficult to assess what legal rules are efficient in the formation and interpretation context.

 

DUMITRU VADUVA
 
 
 

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