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AbstractEuropean law gives consumers the right to withdraw from a range of contracts for goods and services; American law, with narrow exceptions, does not. Yet merchants in the United States frequently provide by contract that consumers have the right to return goods. We analyze the right to withdraw in a model that incorporates a trade-off between allowing consumers to learn about goods that they purchase and protecting sellers from the depreciation of those goods. The right to withdraw—at least, as a default rule—has a plausible economic basis. We identify a nascent version of it in the well-known, controversial case of ProCD v. Zeidenberg.
Current issues are now on the Chicago Journals website. Read the latest issue.Journal of Legal Studies (JLS) publishes interdisciplinary academic research about law and legal institutions. It emphasizes social science approaches, especially those of economics, political science, and psychology, but it also publishes the work of historians, philosophers, and others who are interested in legal theory and use social science methods.
Since its origins in 1890 as one of the three main divisions of the University of Chicago, The University of Chicago Press has embraced as its mission the obligation to disseminate scholarship of the highest standard and to publish serious works that promote education, foster public understanding, and enrich cultural life. Today, the Journals Division publishes more than 70 journals and hardcover serials, in a wide range of academic disciplines, including the social sciences, the humanities, education, the biological and medical sciences, and the physical sciences.
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